Welche ESG-Kriterien waren die wichtigsten? Definition von Ereignis- und Erosionsrisiken
- Für unterschiedliche Branchen können ganz unterschiedliche ESG-Kriterien wesentlich sein. Unsere Studie zeigt, dass Risiken in zwei Haupttypen eingeteilt werden können: „Ereignisrisiken" und „Erosionsrisiken", welche die langfristige Wettbewerbsfähigkeit von Unternehmen gefährden.
- Umwelt-Schlüsselaspekte waren rein erosionsgesteuert (sie entwickelten sich mit der Zeit). Soziale Schlüsselaspekte zeigten eine Mischung von ereignis- und erosionsgesteuerten Merkmalen, während Governance-Aspekte den höchsten Anteil an Ereignisrisiken aufwiesen.
- Sehr aktive Portfoliomanager möchten den Fokus möglicherweise auf die Reduzierung kurzfristiger Ereignisrisiken richten. Im Vergleich dazu legen Portfoliomanager, die diversifizierte Portfolios mit langen Anlagehorizonten aufbauen, möglicherweise den Fokus eher auf langfristige Erosionsrisiken.
Branchenunterschiede
In unserer Studie wurden Scores aus den MSCI-ESG-Ratings der Werte des MSCI ACWI Investable Market Index von 2012 bis 2019 berücksichtigt. In der Methodik der MSCI-ESG-Ratings werden Schlüsselaspekte für jede GICS®2-Subindustrie auf der Grundlage des möglichen Exposure gegenüber dem jeweiligen Aspekt ausgewählt und gewichtet. Einige GICS-Subindustrien verzeichnen ein Exposure gegenüber nur vier zugrunde liegenden Schlüsselaspekten, während für andere Branchen sogar ein Exposure gegenüber acht zugrunde liegenden Schlüsselaspekten zu konstatieren ist (siehe Beispiele in der Abbildung unten).
ESG-Schlüsselaspekte pro GICS-Subindustrie für ausgewählte GICS-Sektoren
('GICS Sector', 'GICS Sector') | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') | ('Environmental', 'Carbon Emissions') | ('Environmental', 'Product Carbon Footprint') | ('Environmental', 'Climate Change Vulnerability') | ('Environmental', 'Water Stress') | ('Environmental', 'Biodiversity Land Use') | ('Environmental', 'Raw Material Sourcing') | ('Environmental', 'Financing Environmental Impact') | ('Environmental', 'Toxic Emissions & Waste') | ('Environmental', 'Packaging Material Waste') | ('Environmental', 'Electronic Waste') | ('Environmental', 'Opportunities in Clean Tech') | ('Environmental', 'Opportunities in Green Building') | ('Environmental', 'Opportunities in Renewable Energy') | ('Social', 'Labor Management') | ('Social', 'Health & Safety') | ('Social', 'Human Capital Development') | ('Social', 'Supply Chain Labor Standards') | ('Social', 'Product Safety & Quality') | ('Social', 'Chemical Safety') | ('Social', 'Financial Product Safety') | ('Social', 'Privacy & Data Security') | ('Social', 'Insuring Health & Demographic Risk') | ('Social', 'Responsible Investment') | ('Social', 'Controversial Sourcing') | ('Social', 'Access to Communications') | ('Social', 'Access to Finance') | ('Social', 'Access to Health Care') | ('Social', 'Opportunities in Nutrition & Health') | ('Governance', 'Corporate Governance') | ('Governance', 'Corruption & Instability') | ('Governance', 'Financial System Instability') |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
('GICS Sector', 'GICS Sector') Energy | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 10101010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Oil & Gas Drilling | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Energy | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 10101020 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Oil & Gas Equipment & Services | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Energy | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 10102010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Integrated Oil & Gas | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Energy | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 10102020 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Oil & Gas Exploration & Production | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Energy | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 10102030 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Oil & Gas Refining & Marketing | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Energy | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 10102040 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Oil & Gas Storage & Transportation | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Energy | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 10102050 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Coal & Consumable Fuels | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15101010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Commodity Chemicals | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15101020 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Diversified Chemicals | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15101030 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Fertilizers & Agricultural Chemicals | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15101040 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Industrial Gases | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15101050 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Specialty Chemicals | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15102010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Construction Materials | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15103010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Metal & Glass Containers | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15103020 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Paper Packaging | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15104010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Aluminum | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15104020 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Diversified Metals & Mining | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15104025 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Copper | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15104030 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Gold | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15104040 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Precious Metals & Minerals | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15104045 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Silver | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15104050 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Steel | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15105010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Forest Products | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Materials | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 15105020 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Paper Products | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Health Care | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 35101020 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Health Care Supplies | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Health Care | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 35102010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Health Care Distributors | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Health Care | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 35102015 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Health Care Services | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Health Care | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 35102020 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Health Care Facilities | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Health Care | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 35102030 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Managed Health Care | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Health Care | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 35103010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Health Care Technology | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Health Care | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 35201010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Biotechnology | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Health Care | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 35202010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Pharmaceuticals | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Health Care | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 35203010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Life Sciences Tools & Services | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Utilities | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 55101010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Electric Utilities | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Utilities | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 55102010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Gas Utilities | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Utilities | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 55103010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Multi-Utilities | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Utilities | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 55104010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Water Utilities | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Utilities | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 55105010 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Independent Power Producers & Energy Traders | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
('GICS Sector', 'GICS Sector') Utilities | ('GICS Sub-Industry Code', 'GICS Sub-Industry Code') 55105020 | ('GICS Sub-Industry Name', 'GICS Sub-Industry Name') Renewable Electricity | ('Environmental', 'Carbon Emissions') None | ('Environmental', 'Product Carbon Footprint') None | ('Environmental', 'Climate Change Vulnerability') None | ('Environmental', 'Water Stress') None | ('Environmental', 'Biodiversity Land Use') None | ('Environmental', 'Raw Material Sourcing') None | ('Environmental', 'Financing Environmental Impact') None | ('Environmental', 'Toxic Emissions & Waste') None | ('Environmental', 'Packaging Material Waste') None | ('Environmental', 'Electronic Waste') None | ('Environmental', 'Opportunities in Clean Tech') None | ('Environmental', 'Opportunities in Green Building') None | ('Environmental', 'Opportunities in Renewable Energy') None | ('Social', 'Labor Management') None | ('Social', 'Health & Safety') None | ('Social', 'Human Capital Development') None | ('Social', 'Supply Chain Labor Standards') None | ('Social', 'Product Safety & Quality') None | ('Social', 'Chemical Safety') None | ('Social', 'Financial Product Safety') None | ('Social', 'Privacy & Data Security') None | ('Social', 'Insuring Health & Demographic Risk') None | ('Social', 'Responsible Investment') None | ('Social', 'Controversial Sourcing') None | ('Social', 'Access to Communications') None | ('Social', 'Access to Finance') None | ('Social', 'Access to Health Care') None | ('Social', 'Opportunities in Nutrition & Health') None | ('Governance', 'Corporate Governance') None | ('Governance', 'Corruption & Instability') None | ('Governance', 'Financial System Instability') None |
Daten vom Dezember 2019. Quelle: MSCI ESG Research LLC
Unsere Analyse konzentrierte sich auf elf Schlüsselaspekte, die bei der Berechnung des ESG-Ratings eines Unternehmens am häufigsten verwendet werden und somit die breiteste historische Abdeckung der Unternehmen innerhalb der MSCI-Daten aufweisen:
- Umwelt („E-Säule"): CO2-Emissionen, Wasserknappheit, Schadstoffemissionen und Abfälle
- Soziales („S-Säule"): Personalpolitik, Arbeitsschutz, Humankapital-Management sowie Datenschutz und Datensicherheit
- Governance („G-Säule"): Unternehmensführung, Geschäftsethik, Korruption und Instabilität sowie wettbewerbswidrige Praktiken/li>
Transmissionskanäle
Wir haben unsere frühere Studie erweitert und untersucht, inwiefern das MSCI-ESG-Gesamtrating das finanzielle Risiko und die Renditen im Rahmen der drei nachfolgend genannten Transmissionskanäle widerspiegelte. Diese sind:
- Der Cashflow-Kanal, wobei Unternehmen, die ihr immaterielles Kapital (beispielsweise Mitarbeiter) besser managen konnten, möglicherweise wettbewerbsfähiger und daher im Laufe der Zeit rentabler waren
- Das idiosynkratische Risiko, wobei Unternehmen mit einem besseren Risikomanagement möglicherweise weniger Ereignisse wie Unfälle verzeichneten, die unerwartete Kosten verursachten
- Das systematische Risiko, wobei Unternehmen, die Ressourcen effizienter genutzt haben, möglicherweise weniger anfällig für Markterschütterungen wie Energiepreisschwankungen waren
Die gängigsten ESG-Schlüsselaspekte und die Bedeutung ihres Exposures gegenüber finanziellen Zielvariablen
Daten von 2012 bis 2019 zu allen Werten des MSCI ACWI IMI. Quelle: MSCI ESG Research LLC
Wir stellten fest, dass von den drei Transmissionskanälen der Kanal des idiosynkratischen Risikos die bedeutendsten Ergebnisse unter den elf getesteten Schlüsselaspekten aufwies. Ferner zeigten die unter der Governance-Säule kategorisierten Schlüsselaspekte im Durchschnitt die bedeutendsten Ergebnisse von allen drei Kanälen. Während des Untersuchungszeitraums von sieben Jahren (zwischen Dezember 2012 und Dezember 2019) verzeichneten Unternehmen mit starker Corporate Governance eine wesentlich bessere Rentabilität, ein geringeres aktienkursspezifisches Risiko und ein geringeres systematisches Risiko als Unternehmen, die bei den Governance-Schlüsselaspekten schlecht abschnitten. Daneben zeigte innerhalb der Sozial-Schlüsselaspekte der Arbeitsschutz signifikante empirische Ergebnisse.
Die Ergebnisse weisen darauf hin, dass sich die Finanzmärkte während des Untersuchungszeitraums größtenteils auf Ereignisse fokussierten, die sich unmittelbar auf Unternehmensbewertungen auswirken konnten. Wie sieht es mit den Schlüsselaspekten aus, die immaterielle ESG-Merkmale über längere Zeiträume erfassen?
Ereignisrisiken vs. Erosionsrisiken
Ziel einiger Schlüsselaspekte ist die Erfassung von Risiken in Bezug auf Ereignisse wie Betrug oder Ölverschmutzung, die den Aktienkurs von Unternehmen kurzfristig beeinflussen können. Andere Schlüsselaspekte wie die Ressourceneffizienz beziehen sich mehr auf langfristige Risiken, die dem Aktienkurs eines Unternehmens längerfristig schaden können. Einige Schlüsselaspekte weisen möglicherweise Merkmale beider Risikokategorien auf.
Sind wir in der Lage, diese beiden Arten von ESG-Risiken zu verifizieren? Dazu müssen wir Ereignis- und Erosionsrisiken mithilfe angemessener Risiko- und Performance-Messgrößen quantifizieren. Im Folgenden verwendeten wir gleichgewichtete Quintil-Portfolios für jeden Schlüsselaspekt und verglichen Q5 (beste ESG-Merkmale) mit Q1 (schlechteste ESG-Merkmale) mithilfe folgender Maßgrößen:
Ereignisrisiko: Für jeden Schlüsselaspekt erzeugten wir gleichgewichtete Quintil-Portfolios, die wir monatlich neu gewichteten. Wir verglichen die Häufigkeit, mit der die Unternehmen im Quintil mit den besten Scores (Q5) und jene im Quintil mit den niedrigsten Scores (Q1) einen 90 %-igen oder höheren Aktienkursrückgang in den 36 Monaten nach der Veröffentlichung des Unternehmensratings verzeichneten. Wir verwendeten das Q1/Q5-Häufigkeitsverhältnis als Maß für die Effektivität der Identifizierung von Ereignisrisiken – je höher das Verhältnis, desto höher die Effektivität.
Erosionsrisiko: Hinsichtlich jedes Schlüsselaspekts verglichen wir die kumulierte, annualisierte finanzielle Performance der Unternehmen mit den besten Scores (Q5) mit jener der Unternehmen mit den niedrigsten Scores (Q1) als Maßgröße für das Erosionsrisiko.
Die folgende Abbildung fasst die Risikointensität für die elf vorliegenden Schlüsselaspekte zusammen, wobei der Logarithmus der Kursrückgang-Häufigkeit auf ein Ereignisrisiko hinweist und der Performance-Unterschied auf ein Erosionsrisiko. Wir stellten fest, dass neun von elf Aspekten auf kumulativer Basis einen positiven Q5-Q1-Performancebeitrag über den Untersuchungszeitraum hinweg zeigten, während sieben von elf Aspekten einen positiven Beitrag hinsichtlich der Identifizierung von Unterschieden bei ereignisgesteuerten (d. h. aktienkursspezifischen) Risiken aufwiesen.
Ereignisrisiko vs. Erosionsrisiko der elf MSCI-ESG-Schlüsselaspekte
Daten von 2012 bis 2019 zu Werten des MSCI ACWI IMI, in lokalen Währungen und auf logarithmischer Skala. Quelle: MSCI ESG Research LLC
Hinsichtlich der unter den Säulen E, S und G kategorisierten Aspekte stellten wir erhebliche Unterschiede fest:
- Umwelt-Schlüsselaspekte:
- Die drei Umwelt-Schlüsselaspekte – CO2-Emissionen, Wasserknappheit und Schadstoffemissionen – wurden durch das Erosionsrisiko bestimmt. Sie zeigten positive langfristige Unterschiede zwischen den Unternehmen mit den höchsten und jenen mit den niedrigsten Scores auf. Hinsichtlich der Exposition gegenüber Ereignisrisiken waren die Unterschiede zwischen den Unternehmen beider Kategorien jedoch zu vernachlässigen.
- Sozial-Schlüsselaspekte::
- Die Schlüsselaspekte der Sozial-Säule zeigten ausgewogenere Ergebnisse, wobei Unterschiede im Bereich Personalpolitik (z. B. bei der Entschärfung von Arbeitskonflikten) starke Merkmale von Ereignis- und Erosionsrisiken aufwiesen. Tatsächlich haben die Unternehmen mit den besten Scores im Bereich Personalpolitik nicht nur die Unternehmen mit den niedrigsten Scores um durchschnittlich 3,7 % pro Jahr übertroffen, sondern konnten auch ihre Ereignisrisiken signifikant reduzieren. Konkret lag bei Unternehmen mit den besten Scores die Anzahl von Fällen schwerwiegender Aktienkursverluste im Vergleich zu Unternehmen mit den niedrigsten Scores bei nur einem Fünftel.
- Auch hinsichtlich des Arbeitsschutzes wurden sehr positive langfristige Performance-Unterschiede deutlich; allerdings gab es bezüglich des Ereignisrisikos zwischen den Unternehmen mit hohen und niedrigen Scores nur geringfügige Unterschiede.
- Obwohl vielbeachtete Fälle wie Equifax und Facebook vielleicht etwas anderes vermuten lassen, haben interessanterweise Unterschiede der Unternehmen im Umgang mit Datenschutz und Datensicherheit historisch nicht zu einer positiven Performance während dieser Zeit beigetragen, und die Unternehmen mit den besten Scores haben auch nicht mehr negative Ereignisse vermieden als jene mit niedrigen Scores.
- Governance-Schlüsselaspekte:
- Schlüsselaspekte in Bezug auf Governance zeigten alles in allem die markantesten Ergebnisse in beiden Risikodimensionen. Allerdings wiesen die Bereiche Geschäftsethik und wettbewerbswidrige Praktiken erheblich stärkere Ereignisrisiko-Merkmale mit minimalem Erosionsrisiko auf. Bei den Unternehmen mit niedrigen Scores im Bereich Geschäftsethik war in diesem Zeitraum die Wahrscheinlichkeit eines schwerwiegenden Aktienkursverlusts um etwa das Vierfache höher als bei jenen mit den besten Scores. Dagegen war bei den Unternehmen mit niedrigen Scores im Bereich Korruption die Wahrscheinlichkeit eines solchen Kursverlusts nur um etwa das 1,5-Fache höher als bei den Unternehmen mit den besten Scores.
- Dagegen zeigte Corporate Governance – und insbesondere der Schlüsselaspekt Korruption – positive langfristige Unterschiede mit stärkeren Erosionsrisikomerkmalen und weniger ereignisgesteuerter Risikodifferenzierung.
Kumulative Q5-Q1-Performance für erosionsgesteuerte Schlüsselaspekte
Daten von 2012 bis 2019 zu allen Werten des MSCI ACWI IMI (Lokale Währung). Diese Darstellung zeigt, wie das Quintil mit den besten Scores (Q5) abzüglich des Quintils mit den niedrigsten Scores (Q1) bei erosionsgesteuerten Schlüsselaspekten abschnitt. Quelle: MSCI ESG Research LLC
Neben der Berücksichtigung von absoluten Performanceunterschieden verwendeten wir auch das Barra Global Equity Model for Long-Term Investors (GEMLT) von MSCI, um zu analysieren, in welchem Ausmaß diese Performanceunterschiede auf gängige Faktoren-Exposures zurückzuführen waren oder in Zusammenhang mit aktienkursspezifischer Performance standen. Nach dem Kontrollieren von anderen Faktoren stellten wir fest, dass zehn von elf Schlüsselaspekten einen positiven aktienkursspezifischen Performancebeitrag zeigten, wobei nur Datenschutz und Datensicherheit ein negatives Ergebnis aufwiesen. Tatsächlich zeigten von den elf Schlüsselaspekten fünf einen aktienkursspezifischen Performancebeitrag von mindestens 1 % pro Jahr über den gesamten Untersuchungszeitraum.
Auswirkungen für Portfoliomanager
Empirische Ergebnisse lassen vermuten, dass ESG-Risiken in verschiedenen Varianten auftreten können: ereignisgesteuert, erosionsgesteuert und als Mischung aus beiden. Während Umwelt-Schlüsselaspekte wie CO2-Emissionen rein erosionsgesteuerte Merkmale aufwiesen (d. h. sie entwickelten sich kontinuierlich im Laufe der Zeit), waren die Schlüsselaspekte in der Sozial-Säule ausgewogener; einige wie die Personalpolitik zeigten sowohl starke ereignisgesteuerte als auch erosionsgesteuerte Performancemerkmale. Die Schlüsselaspekte in Bezug auf Governance durchliefen die gesamte Bandbreite: Alle vier unter Governance kategorisierten Schlüsselaspekte zeigten ereignis- und erosionsgesteuerte Performancemerkmale mit dem höchsten Anteil an Ereignisrisiken unter den drei Säulen. Die Ereignisrisiko-Merkmale der Governance-Schlüsselaspekte tragen zur Erklärung bei, warum die Governance insgesamt über kürzere Zeiträume die stärkste Bedeutung für Aktienkursrisiken gezeigt hat.
Unsere Ergebnisse haben wichtige Auswirkungen auf den relevanten Zeithorizont für die ESG-Integration in die Portfoliokonstruktion. Sehr aktive Portfoliomanager, die konzentrierte, relativ umschlagstarke Aktienportfolios aufbauen, möchten möglicherweise den Fokus auf das Erkennen und Minimieren kurzfristiger Ereignisrisiken lenken. Diese Gruppe erachtet Erosionsrisiken möglicherweise als weniger relevant, wenn sich diese Risiken über einen längeren Zeitraum entwickeln.
Im Vergleich dazu legen Portfoliomanager, die breit diversifizierte Portfolios mit langen Anlagehorizonten aufbauen (indexorientierte oder Buy-and-Hold-Investoren), bei ihrer Wahl von ESG-Kriterien und ESG-Integration möglicherweise eher den Fokus auf langfristige Erosionsrisiken und könnten bestrebt sein, Ereignisrisiken durch Diversifizierung zu reduzieren. Sie könnten durch unerwartete Ereignisse mit „Headline-Risiken" konfrontiert werden, empfinden dies aber möglicherweise als angemessenen Kompromiss gegenüber potenziellen Erosionsrisiken.
1Das SASB stellt beispielsweise fest, dass „SASB-Standards sich je nach Branche unterscheiden und so Anleger und Unternehmen in die Lage versetzen, die Performance von Unternehmen zu Unternehmen innerhalb einer Branche zu vergleichen“.22 Der Global Industry Classification Standard (GICS®) wurde von MSCI und Standard & Poor’s gemeinsam entwickelt.3Die finanziellen Variablen werden in das z-Score-Format umgewandelt bzw. standardisiert, indem der Mittelwert subtrahiert und durch die Standardabweichung dividiert wird. Somit werden die finanziellen Variablen auf ein gemeinsames Skalenniveau gebracht und sind direkt miteinander vergleichbar.4t-Statistiken weisen auf die Wahrscheinlichkeit hin, dass der Unterschied zwischen Q5 und Q1 nicht rein zufällig ist. Eine t-Statistik über 2 wird als signifikant angesehen.
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