BCI Responsible Investing Newsletter

BCI Responsible Investing Newsletter - Q1 2014

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INVESTING RESPONSIBLY FOR RESULTS 2008  Expand our real estate environmental reporting to include emissions associated with water usage and waste production.  Ask the Canadian Institute of Chartered Accountants to address climate change in its "20 Questions" series of Q&A publications, which focuses on topics relevant to board directors. CICA's 2009 Climate Change Briefing: Questions for Directors to Ask references bcIMC's work with CDP. 2009  In the run-up to the UN Copenhagen Climate Change Conference, we are part of a group issuing the Investor Statement on a Global Agreement on Climate Change, a joint call for action to international policymakers.  We are among stakeholders consulted by the Ontario Securities Commission on environmental disclosure requirements. Canadian Securities Administrators then releases CSA Staff Notice 51-333: Environmental Reporting Guidance in 2010, requiring greater transparency by listed companies on environmental risks and marking a significant shift in how businesses operate and plan for the future.  We urge the Canadian government to create regulatory policy aimed at reducing Canada's greenhouse gas emissions and promote energy efficiency.  With 12 peers, we participate in a year-long research project led by Mercer on the long-term impacts of climate change on investments. This marks the first time major international pension funds proactively join forces to evaluate a global risk factor with significant impacts on long-term returns and risk. The research report Climate Change Scenarios: Implications for Strategic Asset Allocation is published in 2010.  As an investor group, we request the U.S. Securities and Exchange Commission address disclosure of climate change and other material ESG-related risks in securities filings. The SEC issues new interpretive guidance in 2010, clarifying the disclosure of material effects of climate-related risks on operations of publicly traded companies.  bcIMC participates in a summit of the HRH Prince of Wales's P8 Group, which brings together senior officials from leading public pension funds to discuss climate change and investments.  Incorporate environmental factors into our credit risk rating system for underwriting mortgage properties, providing a more favourable rating on energy-efficient projects.  Our first LEED certification: LEED Gold Core and Shell at Meadowvale North Business Park, a multi-tenant industrial park in Mississauga, Ontario that achieved zero waste in 2010. 2010  Our specialized rating system incorporates environmental factors, including climate change, into our customized analysis of public companies and sectors within the Canadian economy.  We ask the Canadian government to support the CDP 2010 Canada report; they do, in the first year of an ongoing relationship.  We contribute to Environmental, Social and Governance (ESG) Issues in Institutional Decision-making, a brief by the Canadian Institute of Chartered Accountants discussing investors' need for environmental disclosure, especially related to climate change.  Our green mortgages credit risk rating system now applies to our existing construction mortgages as well as new ones. WITH CLIMATE CHANGE 1991–2014 2004  Our first energy retrofit project: Commerce Place, a mixed use office/retail complex in Edmonton. 2005  Host a Climate Change & Responsible Investing symposium with the BC Ministry of Environment and the University of Victoria; panel includes international speakers.  Provide mortgage financing for North America's first LEED Platinum multi-family residential project: The Vento in Calgary. 2006  Become a founding member of the United Nations Principles for Responsible Investment; we are one of first Canadian asset managers to be a PRI signatory.  Join CDP, then known as the Carbon Disclosure Project.  We are the only Canadian in a group of institutional investors asking the U.S. Securities and Exchange Commission to require enhanced disclosure by publicly traded companies, particularly on the financial risks of climate change.  Set a measurement baseline for our office, residential, and enclosed retail properties, as phase one of a new environmental reporting process on greenhouse gas emissions and energy and water consumption. 2007  Extend consumption and emissions baselines to our entire Canadian real estate portfolio, enabling us to report annually on property emissions and monitor our buildings' footprints.  Just before the G8 Summit, we sign a Declaration on Climate Change along with a group of investors participating in the UN Environmental Programme. It emphasizes the importance of government leaders and policymakers setting standards to reduce greenhouse gas emissions. 7

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