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Sustainable, Responsible, Impact Investing Conference

See our video here concerning the SRI conference.

Sustainable, Accountable, Impact Investing Conference

I attended the 28th annual Sustainable, Accountable, Impact Investing Conference. There have been about 800 individuals. It was great to see how giant the convention has grown over the past 28 years. #AllinForImpact was the hashtag for the conference this yr. Click on right here to see video

It’s an annual three day convention. First Affirmative holds its annual meeting for advisors immediately after for an additional three days. First Affirmative is a community of fee-only (fiduciary) financial planners who provide asset administration and monetary consulting providers to individuals and organizations who need to align their investments with their private values and/or institutional missions.

There have been about 40 shows at every convention. One might get about eight persevering with schooling credits for CFP, CFA, and CIMA. The periods I attended included:

  • The Objective of Capital
  • Environmental, Social, Governance (ESG) Integration Across Asset Courses: Fairness Indexes, Inexperienced Bonds, and Personal Fairness
  • The Convergence of U.S. / Mexico Trade and Demand for Natural Merchandise
  • The Value of a Local weather Change Comb-Over
  • Funding Analysis and Administration: A Device for Change
  • Integrity Is How You Behave When No One Is Wanting
  • Sustainable Improvement Objectives (SDGs): Roadmap to a Really Sustainable Future”
  • Viva the Revolution! What Ladies and Millennials Need!
  • Partaking Conservatives on Climate: Completing the Puzzle for Local weather Activism
  • ESG Knowledge / Scores: New Youngsters on the Block
  • International Thematic Investing
  • 5 Things Every Advisor Ought to Know About Mutual Fund SRI/ESG Score
  • Investing for a Better World: From Vision to Impact to Disruption
  • Beware the Major Carbon Polluters! Science for a Wholesome Planet and a Safer World
  • Lively and Passive, International and Domestic: ESG Integration at the Portfolio Degree
  • Accountable Investment Research: The Newest and Biggest
  • Re-paving the Brazil, Russia, India, China (BRICS): How ESG Unlocks End-Market Progress in Emerging Markets
  • California’s Management within the Low Carbon Financial system
  • The Inevitable: Earthquakes, Tsunamis & the Way forward for the Capital Markets
  • Mapping the Future of Responsible Investing
  • Investing for a Better World: How the Sustainable Improvement Objectives (SDGs) Are Reshaping Corporations and Investing
  • Know What You Personal: Fact Past the Facade
  • Economic Forcast
  • The Future of Wealth Administration
  • Health Financial savings Accounts with Social Impact
  • Share owner Advocacy and impression
  • Folio Inovations SRI Robo

There was a present room for sponsors which included: First Affirmative, Folio, Calvert, Parnassus, Pax, Donimi, Eventide, JLL, Green Century, Praxis, Trillium, Boston Widespread, Inexperienced America, Iroquois Valley Farms, Jantz, Miller Howard, Serenity Shares, Tides, US SIF, Union of Involved Scientists and others.

On this and the subsequent weblog submit, I’ll summarize my notes on several of those shows.

ESG Integration Across Asset Courses: Fairness Indexes, Inexperienced Bonds, and Personal Fairness

Environmental, Social, Governance (ESG) integration is spreading quick. About one out of every investment dollars $5 (over $eight trillion) use ESG elements in investment selections. Giant asset house owners embrace sustainability indexes. ESG elements are being utilized to the fastened revenue area, particularly in inexperienced bonds. Personal fairness investments are ready for far more ESG use.

Presenters:

  • Sarah Wilson is Director, ESG Investing, Responsible Investing at TIAA.
  • Thomas Kuh, PhD was Government Director, ESG Indexes, at MSCI from 2010 to 2017.
  • Ryan Miller is Vice President at Malk Partners the place he leads the ESG transactional advisory follow.
  • Jeff Scheer, CFA, is a Director and Associate of Pathstone Federal Road.

Take Aways from Speak:

  • Green Bonds: The inexperienced bond market has taken off in recent times. Inexperienced bonds have principally been created to fund tasks that have constructive environmental benefit, comparable to wind farms, solar crops, clear consuming water, and so on. Just lately, inexperienced bonds have been issued to help social challenge, corresponding to housing and sustainability.
  • ESG indexes for benchmarks and ESG reporting as turn into more widespread. There’s going strain to report carbon influence and different
  • ESG benchmarks and elements are used increasingly more
  • Personal fairness is usually involved about shorter period, 2 to three years. Personal equity is just not as involved about long term impacts. ESG has not been as much of a problem for private fairness but ESG issues have some influence on choice.
  • ESG reporting by corporations is voluntary. It may be troublesome to match corporations if not all are reporting. As increasingly more report on ESG, there’s extra strain to report. Report varies enormously from industry to industry.
  • The longer term for indexes and change traded funds (ETF) – they’ll think about many ESG elements as extra knowledge becomes out there.
  • The panel said that the ESG efficiency question has been answered. It is understood that ESG funds perform in addition to traditional. The subsequent situation is to measure the impression and examine funds based mostly on how a lot impression they’ve.
  • As ESG factor analysis scale increases firms will need to concentrate.

The Value of a Climate Change

The price of local weather change, to only tackle power demand over the subsequent 20 years, has been estimated at over $67 trillion. Non-energy costs associated with a changing climate will add dramatically to that figure. In this session, funding and environmental specialists will talk about and show ways that funding capital could be directed to deal with this pressing need.

PRESENTERS

  • Molly Betournay – Molly Betournay is the Director of Social Analysis and Shareholder Advocacy at Clear Yield Asset Management. She leads Clear Yield’s sustainability analysis and shareholder engagement efforts.
  • Chris Davis – is senior director of the Ceres Investor Community on Climate Danger and Sustainability (INCR). INCR promotes leading investment practices, company engagement strategies and policy options for institutional buyers.
  • Emily Kreps CDP – Head of Investor Initiatives – North America at CDP – International environmental reporting system
  • Glen Yelto – Glen Yelton, ESG and Impact Analysis Analyst, has analytical obligations for the Impact strategies on the SNW Investment Workforce.

NOTES

  • Buyers are shifting money in the direction of addressing climate change
  • Renewable power funds are growing
  • Motivation could possibly be: CO2 emissions reported up significantly this yr and the Trump administration´s withdrawal from the Paris accord and the dismantling of the EPA
  • There are lots of state requirements in place
  • Many new initiatives
  • Climate Motion 100+ – http://www.climateaction100.org/ – a brand new five-year investor initiative to interact with the world’s largest corporate greenhouse fuel emitters to curb emissions, strengthen climate-related monetary disclosures and improve governance on climate change.
  • WeAreStillIn – https://www.wearestillin.com/ – the broadest cross-section of the U.S. financial system ever assembled in pursuit of climate action.
  • RE100 – http://there100.org/ – Renewable Power 100 The world’s most influential corporations, committed to 100% renewable power.
  • EP100 – https://www.theclimategroup.org/project/ep100 – EP100 is a worldwide, collaborative initiative of influential businesses that pledge to double their power productivity.
  • EV100 – https://www.theclimategroup.org/project/ev100 – EV100 is a worldwide initiative bringing collectively forward wanting corporations committed to accelerating the transition to electrical automobiles (EVs) and making electric transport the new regular by 2030.
  • Rest of world shifting forward on climate change
  • We’re getting into a brand new age of activism – individuals can take motion via portfolio
  • Sustainability breeds innovation
  • Debate about excluding fossil fuels utterly and holding some and influencing the businesses
  • Sustainable, Accountable, Impact Investments (SRI) with out giving up returns. SRI have been outperforming traditional investments over the past 5 years.
  • Could make an influence by means of investments: green bonds, shareholder activism
  • By way of personal selections: weatherproof, electric car, consuming vegetarian
  • By means of being politically lively: local in addition to nationwide – reminiscent of EV fleets for faculties
  • Climetrics: http://climetrics-rating.org/ – carbon score of investment funds
  • There are many new investments obtainable but they should get out to the broader market – reminiscent of in more 401ks
  • Declining value of renewable power together with photo voltaic and wind have made various power competitive
  • Process Drive on Climate-Related Financial Disclosures (TCFD) – https://www.fsb-tcfd.org/ – disclosure is voluntary now. There’s a have to have local weather disclosure and constructing strain to disclose. There are massive issues if the reporting is false
  • Climate litigation might comply with what occurred with tobacco corporations. Causation is more durable to point out with local weather change than with tobacco. Litigation is a danger for fossil gasoline corporations. Nevertheless, the Trump administration judicial appointees will in all probability shield corporations
  • Citizen Carbon Foyer – https://citizensclimatelobby.org/ – By constructing constructive, working relationships with members of
  • Congress we seek passage of Carbon Charge and Dividend, a climate change answer that bridges the partisan divide. Citizen
  • Carbon Lobby might impression stocks
  • Lively vs index funds – analysis is more important for indexes because they’re more permanent house owners

Sustainable Improvement Objectives (SDGs): Roadmap to a Really Sustainable Future

For the primary time, we all have a universal framework inside which each company and each government of influence investing and innovation can concentrate the capital, the efforts, and the power necessary to create a sustainable future. This creates a chance to deliver via the SDG framework a excessive functioning impression financial system that serves human prosperity and planet with a objective of doing it by 2030.

Speakers

Patsy Doerr, Jared Dubey, Sergio Fernandez de Cordova, Ron Garan, Priya Mathur, Amber Nystrom
NOTES
SDGs 17 objectives from UN provides a guiding mild

  • Objective 1: Finish Poverty
  • Aim 2: Finish Starvation
  • Aim Three: Ensure Health and Nicely-being
  • Aim Four: High quality Schooling
  • Objective 5: Gender Equality
  • Objective 6: Clean Water and Sanitation
  • Aim 7: Reasonably priced and Clean Power
  • Aim 8: Respectable Work and Economic Progress
  • Objective 9: Business, Innovation and Infrastructure
  • Objective 10: Lowered Inequalities
  • Objective 11: Sustainable Cities and Communities
  • Aim 12: Responsible Consumption and Production
  • Objective 13: Local weather Action
  • Aim 14: Life Under Water
  • Aim 15: Life on Land
  • Objective 16: Peace, Justice and Robust Institutions
  • Objective 17: Partnerships for the GoalsSocial Improvement Objective

As fiduciary financial planners – if we care about our shoppers’ cash, we have now to care concerning the planet

Many money managers using ESG elements throughout their portfolios – ladies and millenials particularly want ESG investing

Viva the Revolution! What Ladies and Millennials Want

Over 70% of girls and a shocking 85% of millennials are changing their monetary advisors as soon as they’re in the place to make that decision. Ladies and millennials are the quickest rising groups of impression buyers, and are in place to inherit about $60 trillion over the subsequent 30 years. About $30 trillion might be inherited by these teams by 2020.

Audio system: Colborn Bell, Donna Morton, Melanie Pease-Davidson, Stephanie Wilson

Partaking Conservatives on Local weather: Completing the Puzzle for Climate Activism

This presentation was fascinating. Two conservative Trump supporters spoke. They consider that climate change is artificial and need to work to deal with it. Debbie referred to as herself part of the ‘Green Tea Party’. They spoke about how one can interact with conservatives on local weather change and why there are so many climate change deniers at this level.

Speakers: Matt Anderson, Debbie Dooley, Bill Shireman, Jerry Taylor
NOTES

  • Conservative speakers from tea social gathering and libertarian
  • Many conservatives consider that the majority scientists and environmentalists are liberal and need huge government – tribal id – 75% of Trump supporters and 80% of NASCAR followers help clear power
  • It’s all concerning the message and messenger
  • Being hostile to the surroundings is part of the Republican id
  • Nevertheless, since when is it conservative to disregard risks
  • It’s inexpensive to deal with the risks now than clear up a bigger drawback later
  • Capitalism (a precept cherished by conservatives) is one of the best answer to climate change is capitalism – carbon tax
  • The messenger necessary proper now – one of the best Al Gore film shouldn’t be going to be seen by conservatives
  • Don’t discuss local weather change – discuss power, selection, power security, decentralize power, self-reliance, stability, stewards of the surroundings, clean air/water
  • Can get conservatives on board – if solutions don’t contain huge government
  • The overwhelming majority of individuals don’t care about politics
  • The majority views have an out proportioned affect
  • Have mutual respect – avoid other subjects – concentrate on power
  • Future 500 – https://www.future500.org/ – finding widespread floor between uncommon allies

Things Everybody Ought to Know About Mutual Fund SRI/ESG Score

Environmental, Social, Governance (ESG) and Socially Accountable Investing (SRI) Scores, reporting, and knowledge units are more and more out there and used to assist buyers perceive how totally different funding examine with respect to ESG/SRI points.

Growing shopper curiosity in SRI/ESG has to a rise in new market entrants, and potential confusion. Scores providers have stepped in to assist streamline the process. But all will not be as simple as it seems. Come study what everyone should know when partaking these essential instruments.

Audio system: Kumesh Aroomoogan,, Hendrik Bartel, Amisha Parekh, Ben Webster, Mark Regier, Benjamin Bailey

NOTES

  • ESG/SRI scores usually are not good – for mutual funds not that useful
  • Give a score for his or her industry, do not decide industries – could be rated high for ESG/SRI and have plenty of fossil gasoline, army, and international bank corporations
  • Fossil gasoline can have excessive ESG score
  • Army corporations can have excessive ESG scores
  • Sustainalitics charges for Morningstar – MSCI Rates Funds – CSR Hub
  • Scores from totally different corporations don’t all the time match – if potential, it is best to use a mean from several sources
  • The scores have a bias in the direction of larger corporations and in the direction of international corporations
  • Avoidance doesn’t equal impression – engagement wanted for change
  • Scores don’t assess potential for actual change
  • The current score techniques are a begin – they are good to have – however they are solely a begin

Investing for a Higher World: From Imaginative and prescient to Impact to Disruption

The sustainable, responsible, influence investment industry is rising fast. ESG and SRI being thought-about is one step by how are we with impacting corporations and the worldwide financial system? What can the SRI group do?

Audio system: Alice Tepper Marlin

NOTES

  • 1 in 5 ($eight trillion) use some ESG think about determination making
  • Disrupting corporations ought to be the objective. For instance with Amazon – #Four company by measurement with a low ESG score – low score partially due to poor transparency. One strategy could possibly be to push for electric fleet, recyclable packaging, worker minimum salaries, and so forth
  • CSRHub score – https://www.csrhub.com/ – CSRHub is the world’s largest sustainability business intelligence database. Our scores and tools assist professionals benchmark, evaluate, and enhance company sustainability efficiency.
  • Challenge is to make modifications

Beware the Major Carbon Polluters! Science for a Wholesome Planet and a Safer World

The scientific journal Climatic Change calculated the local weather modifications influence of specific oil, fuel, and coal corporations, together with ExxonMobil and Chevron. Emissions from the top 90 fossil gasoline producers and cement manufacturers account for almost half of the global temperature improve and 30% of sea degree rise.

Audio system: Brenda Ekwurzel – union of concerned scientiest

NOTES

  • Coal, Oil, Fuel and Cement
  • 2/Three of emissions could be traced to only 90 corporations – carbon producers
  • 60% of emissions since 1980
  • Oil corporations knew about injury of emissions since earlier than 1980 – didn’t take steps to scale back influence on local weather change
  • Climate accountability scorecard to guage danger in corporations
  • The rise in international atmospheric CO2, surface temperature, and sea degree from emissions traced to major carbon producers – https://link.springer.com/article/10.1007/s10584-017-1978-0
  • Answerable for what? Carbon producer CO2 contributions and the power transition – https://link.springer.com/article/10.1007/s10584-017-2042-9
  • Plus combustion
  • A small number of corporations are doing a large proportion of injury, together with: Chevron, ExxonMoble, …

ESG Integration into a Portfolio

Benefits and variations in utilizing environmental, social and governance (ESG) elements in both lively and passive investments, in addition to international and domestic portfolios. Variations and opportunities in portfolio development, company engagement, and diversification versus concentration. Including the newest developments in educational research on the subject of sustainable, responsible, impression investing (SRI) from around the globe. The newest work on the efficiency of accountable investment strategies.

Audio system: Colleen Denzler, Karina Funk, Jessica Huang, aham Mahimwalla
Audio system: Caroline Flammer, Lloyd Kurtz

NOTES

  • It’s a provided that there are usually not lower returns for SRI vs conventional
  • Totally different score methods do not all the time agree – specialists are usually not settlement – will tighten up with time and we’ll see less differences
  • Prime 20 holdings within the S&P make up 30% of the S&P500 value
  • Scores within sector can’t examine across sectors – an excellent score in one sector shouldn’t be equal to an excellent score in another sector
  • Better to reference multiple scores methods and look to see whether it is included in social indexes
  • Middle for Responsible Businesses at Berkeley Hoss – good useful resource
  • Carbon disclosure increases stock worth as a result of less unknowns
  • Efficiency is the primary concern
  • Learn how to make impacts greatest – engagement, impression, long term holding, and incentives
  • There are increased danger and prices related to climate change
  • Authorities’s actions to curb climate change (2015 Paris) 195 nations, now 194
  • Strain from activist teams
  • Strain from shareholders
  • CSR points proposals – Corporate Social Duty
  • 75% of CSR proposals get less than 20% of shareholder votes
  • Over previous 20 years, extra shareholder proposals, move voting, extra accredited
  • CSR points are part of exec compensation – ex Valero power 13% of compensation based mostly on CSR efficiency
  • Intel, Xcel also embrace CSR in government compensation
  • 37% of corporations using CSR in compensation.
  • In mining industry 57% use CSR contracting
  • Managers – longer time horizon, consideration in the direction of stakeholders, more sustainable practices
  • CSR contracting – 4.2% of efficiency bonus exec comp for CSR
  • Using CSR contracting – elevated performance – in all and in SRI corporations
  • Enhance in natural setting and communities

How ESG Unlocks Finish-Market Progress in Emerging Markets

Previous progress in rising commodity-rich nations, plus big labor productivity improvement, has created a growing center class to spice up the emerging market. Current educational research means that incorporating Environmental, Social, and Governance (ESG) elements with engagement may also help improve efficiency in emerging market fairness funds.

Audio system: Geeta Aiyer

NOTES
Rising markets have grown at 2x the speed of developed markets

Foreign money in emerging markets seems to be stabilized

Considerations about rising markets subsiding – much less considerations about many emerging markets

California’s Management within the Low Carbon Financial system

California is main in constructing a clean power future, electrifying the transportation fleet and accelerating a low carbon financial system in partnership with state and native governments around the globe. Regardless of considerations, the big environmental and business progress of the California clean power revolution has helped the California financial system.

Audio system: David Hochschild, Ken Locklin
NOTES

  • David – California power fee
  • Ahead of the remainder of the us in clean power – sceptics nervous
  • Unemployment decreased more than general USA
  • Financial system progress greater than general USA
  • Power financial savings with better: refrigerators, TVs, plugin chargers
  • California is 29% renewable
  • Offshore wind – risk in CA – may be bigger – on land wind terbine sizes are limited by truck measurement
  • 80% of electrical demand on coast – together with nice lakes – offshore wind an choice close to those demands
  • 27% new houses in Southern CA built with photo voltaic
  • Debate about coal jobs – rediculas – renewable job progress large – wind cheaper than coal – coal shouldn’t be held onto simply to save lots of a couple of jobs that eventually shall be gone
  • Power storage – batteries is an obstical – Testla has invested in a $5B battery manufacturing unit
  • 14okay electric charging stations in CA
  • Stanford U is off of natural fuel and all different fossil fuels – all electrical
  • Corporations committed to 100% renewable, embrace: Apple, Facebook, GM, Walmart
  • Army is a companion – Navy 50% renewable by 2020, Marines have renewable targets
  • High velocity rail in the works in CA
  • Natural fuel bought as a bridge – however it’s a detour. Not 100% efficient.  Leaks, losses up flues
  • Clean power getting cheaper – estimated 15-25% cheaper in subsequent 10 yrs
  • Advocate not using pure fuel – move on to renewable power
  • Power storage modifications every thing
  • Offshore wind enhances photo voltaic so far as manufacturing time – wind good in morning and night when solar power is decrease – want numerous power sources
  • CA committed find options – $1.5B for R&D
  • Advocate using many small group photo voltaic crops
  • Diversified – not multi functional location can also be higher for safety (from pure disasters)
  • Lower transmission losses because power not travelling as far

Social(Okay)

There are very few Sustainable, Accountable, Impact 401ks
Getting Environmental, Social, Governance (ESG) in 401ks is troublesome
Have to get in entrance of CEOs
Virtually no SRI options in 401ks
Apprehensive about performance – over 2200 educational studies – 90% say no under-performance, 50% say over efficiency

Mapping the Way forward for Responsible Investing

How do the Sustainable Accounting Board Standards (SASB) and the worldwide Sustainable Improvement Objectives (SDGs) interact? How do environmental, social, governance (ESG) elements analysis affect the evaluation of all corporations and their impacts on our world.

Audio system: Katie Schmitz Eulitt, Anna Snider, John Streur

NOTES
• John Streur
• Sustainable improvement objectives
• Atmospheric CO2 have reached new highs
• Most deaths globally at present than ever earlier than – shifted away from developed nations
• Revenue inequality growing
• Revenue progress a lot larger for wealthy individuals. 30 years ago, lower revenue elevated quicker than wealthy
• When inequality rises economic progress stalls
• PRI – rules of accountable growing
• International Compact – ten rules
• SASB guidelines of procedure – sustainability accounting requirements board
• UN sustainable improvement objectives

Katie Schmitz – SASB
• Socio-economic developments up – earth/sustainability developments poor
• Over $8 trillion – 1 in 5 funding dollars – use ESG
• Signatories to PRI up
• Buyers need extra ESG info from corporations
• SASB shaped to independently set industry-specific standards – chair Michael Bloomberg
• Public annual report information about ESG knowledge
• ESG elements have an effect on financial condition or working efficiency of corporations
• GRI – tackle a number of of SDG targets
• SASB – handle some Three-4 of the 17 SDG targets
• SASB voluntary disclosure – corporations don’t need to disclose – have to have rules about disclosure

Anna Snider – measuring impression
How should investor/advisor use SDG – many think about elements but in a roundabout way but

Know What You Personal: Fact Past the Facade

Critically assessing corporations for shoppers’ portfolios is a vital part of monetary advising. This consists of portfolio management that displays shoppers’ values and financial necessities. In this session, industry specialists will talk about necessary instruments to guage ESG and impression efficiency.

Audio system: Andy Behar, Paige Chapel, Cynthia Figge, Bob Helmuth

NOTES
• CSRhub – Cynthia Figge – has SRI information on many corporations
• Not nice correlation in evaluators – based mostly on what doing, disclosure, or investigation
• Challenging to accurately consider a portfolio – plenty of reporting is voluntary
• The way to communicate influence for shoppers:

Andy Behar As You Sow – non-profit, shareholder resolutions, has a software to take a look at carbon footprint of mutual funds – palm oil (avoid) – weapon free fund, mass incarsaration free fund,
• Performace lagging is a fable
• Non SRI investments Dangers – in the event you spend money on ESG – would have prevented 90% of foreclosures in 2009.
• Can get a excessive ESG score with greatest in school – and nonetheless be coal
• Went after mcdonalds to get antibiotics out of poltry – success: Wendy’s, Bking, followed – nonetheless have to get Beef and Pork
• Slavery in provide chain – Monster beverage target – acquired a zero on provide chain because didn’t disclose
• Fossil Gasoline Free – SPYX – pull out carbon underground corporations – however nonetheless have pipeline corporations, Haliburton, – now referred to as Fossil Gasoline Reserve Free – however nonetheless have Marathon, … smaller reserves – EFAX – FFF with a lot of reserve corporations (only mining coal for steal corporations)

Paige – Aeris – various investments – a lot of knowledge on ESG, not a lot knowledge on Impact
Fund managers can present influence objectives
Barrons had an article concerning the 100 prime ESG funds
Put burden on fund manager to point out what they’re making an attempt to vary – what impression do they need

Financial Forcast

  • Tax reform will produce more equity inequality
  • Add $1.5 trillion to deficit
2017 actual 2018 prediction
GDP 2.1 2.6
Inflation 1.Three 2
Unemployment Four.2 Three.7
Fed Funds Fee 1.25 2.Three
Inventory market returns 14.Three -5% to five%
Bond market returns 3.1 -2% to 2%
  • Savings is at present at a price lower – the US needs wage improve
  • Productivity progress – up zero.6% (low) – productivity is important to increase wages
  • Anticipate capital funding surge – problem finding staff, need productivity improvements
  • Capex (measures capital expenditures)
  • Uncertainty causes corporations to put off giant expenses
  • Company income – stagnant at a high degree
  • Oil worth destructive – that’s a constructive for renewables
  • Leading indicators – excessive
  • Enterprise cycle – constructive
  • Recession risk in 2018 low – 15%
  • Shiller Worth/10 yr Earnings is at 13.12 – 10yr treasury is at 2.35%
  • Might see correction – but a bear market is unlikely
  • Downward strain on CAPE ratio
  • Worth above earnings
  • Rising market unfold additionally low
  • NAFTA = since nafta commerce up in Mexico and Canada – down in US
  • Pension fund crisis – growing older inhabitants

ADVOCACY AND IMPACT

  • Ceres, investor network on local weather danger, as you sow, cfp, cdp,
  • Collaboration with SRI funds – can share advocacy with shoppers
  • PPG – still had lead of their paint
  • Cerner Corp – added greatest practices lobbying coverage
  • Fifth Third – decision on lobbying leads to local weather danger
  • Systemic Change
  • Need uniform reporting
  • Adaption of intl human rights
  • Improve board variety
  • Speak about shareholder advocacy resolutions with shoppers
  • Can delegate proxies to a third celebration
  • 2018 focuses
  • Board variety – concentrating on 9 corporations that have zero ladies on board
  • Lobbying and political spending – no disclosure, concentration of lobbying on 50 corporations
  • Local weather
  • Renewable power – power effectivity
  • Deforestation
  • Financing climate change
  • Work on rising renewable demand – joined RE100

2018 focuses

  • Board variety – concentrating on nine corporations which have zero ladies on board
  • Lobbying and political spending – no disclosure, focus of lobbying on 50 corporations
  • Local weather
  • Renewable power – power efficiency
  • Deforestation
  • Financing climate change
  • Work on rising renewable demand – joined RE100

SOCIAL HSA

  • 2018 – $3450 individual, $6700 family
  • At 65 cannot contribute
  • Coated by high deductible health plan – $1350 ind, $2700 family
  • HSA Certified Expenses – deductibles, Dental, imaginative and prescient,
  • Can shoebox receipts – save receipts from now for subsequent 30 years – pay for all bills at retirement (in future)
  • 0.25% / yr plus $45/yr/account fastened expense
  • Plus supervisor charge
  • FPS Belief company is the custodian