Socially Responsible Investing - Benefits and Pensions Monitor

Socially Responsible Investing - September 2011

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MONEY MANAGERS

ABERDEEN ASSET MANAGEMENT INC. Renee Arnold, Head of Business Development, Canada; 161 Bay St., 44th Fl., TD Canada Trust Tower, Toronto, ON M5J 2S1 PH: 416-777-5571 Fax: 866-290-9322 Web: www.aberdeen-asset.com SRI Products/Services: EAFE Plus, Global Equity Managed Since: 1995 Canadian Clients: 3 SRI Philosophy/Style: The firm employs bottom-up fundamental analysis, focusing on absolute return. It invests in companies with sound fundamentals that pass the investment criteria of quality and price. For SRI mandates, companies must also pass a screening process for acceptable social behavior.

ACUITY INVESTMENT MANAGEMENT INC. Michael Peck, Senior Vice-president, Institutional; 40 King St. W., Scotia Plaza, 55th Floor, Toronto, ON M5H 3Y2 PH: 416-867-2559 Fax: 416-366-2568 Web: www.agf.com SRI Products/Services: Social Values and Clean Environment strategies include Social Values Balanced Fund, Social Values Canadian Equity Fund, Pooled Social Values Canadian Equity Fund, Social Values Global Equity Fund,Clean Environment Equity Fund Managed Since: 1991 Canadian Clients: 1 SRI Philosophy/Style: The firm's investment style is growth-oriented and this style is applied across all mandates. The firm's belief is that companies that apply sustainable investment practices are also more likely to have strong business models over the long term.

ADDENDA CAPITAL INC. Michel Jalbert, Senior Vice-president, Business Development & Client Partnerships; 800 Boul. René Lévesque O., #2750, Montreal, QC H3B 1X9 PH: 514-287-7373 Fax: 514-287-7200 Web: www.addenda-capital.com SRI Products/Services: Fixed Income Managed Since: 1992 Canadian Clients: 1 SRI Philosophy/Style: The firm applies an active approach to portfolio management. SRI screens are then applied to ensure investments are in line with their clients' values.

BLACKROCK Eric Léveillé, Managing Director; 1000 Sherbrooke W., Ste. 1730, Montreal, QC H3A 3G4 PH: 416-643-4040 Fax: 514-843-5198 Web: www.blackrock.com SRI Philosophy/Style: The firm's belief is that investment professionals using a disciplined investment process and sophisticated analytical tools will consistently add value to client portfolios.

BNP PARIBAS INVESTMENT PARTNERS CANADA LTD. Simon Segall, CEO; 155 Wellington St. W., Ste. 3110, RBC Centre, Box 149, Toronto, ON M5V 3H1 PH: 416-365-3983 Fax: 416-365-3987 Web: www.bnpparibas-ip.com Products/Services: BNP Paribas Asset Management – Equities, Fixed Income, Balanced Solutions, Structured Solutions; IMPAX Asset Management – Environmental Equity Strategies; BNP Paribas Clean Energy Partners GP – Clean Energy; FundQuest – Multi-management SRI Strategies; Theam – EasyETF Tracker Range Managed Since: 2001 Philosophy/Style: The firm offers a complete range of sustainable investment solutions that add value by capturing new opportunities resulting from sustainable development, reducing emerging risks created by unsustainable development, and supporting higher degree of responsibility.

CIBC GLOBAL ASSET MANAGEMENT INC. Taras Klymenko, Vice-president, Institutional Business Development; 1000 de la Gauchetiere W., Ste. 3200, Montreal, QC H3B 4W5 PH: 416-214-8338 Fax: 416-364-4472 Web: www.cibcam.com SRI Products/Services: Canadian Equity Managed Since: 1986 Canadian Clients: 11 SRI Philosophy/Style: Companies whose shares are mispriced relative to their long-term outlook offer opportunities to add value – Style – Core with Value Tilt; searches for firms that rank highly for addressing social, ethical, and environmental concerns and with corporate practices (using Michael Jantzi Research Associates Inc.); and eliminates socially unacceptable stocks based on client specific constraints and ethical requirements.

CORDIANT CAPITAL INC. David G. Creighton, President & CEO; Ste. 2400 – 1010 Sherbrooke St. W., Montreal, QC H3A 2R7 PH: 514-286-1142 Fax: 514-286-4203 Web: www.cordiantcap.com SRI Products/Services: International Finance Participation Trust 2001, International Finance Participation Trust 2004, Canada Investment Fund for Africa, Emerging Loan Fund III, ICF-Debt Pool, Emerging Loan Fund IV Managed Since: 2001 Canadian Clients: 4 SRI Philosophy/Style: The firm makes private debt and private equity investments in emerging markets and considers ESG screening to be an important tool for identifying well-run businesses, improving risk management, and building a robust portfolio of investments.

DESJARDINS FINANCIAL SECURITY Jean-Francois Pelletier, Regional Vice-president, Business Development; 1 Complexe Desjardins, South Tower, 21st Floor, Montreal, QC H5B 1E2 PH: 514-250-8700 x7899 Fax: 514-285-8766 Web: www.dfs.ca Managed Since: 2009 Clients 13 Philosophy/Style: Ethical Income – Core fixed income product that mainly relies on yield curve and sector spread analysis; Ethical Canadian Equity – Fund uses multi-management strategy that allocates capital between three different mandates, each with a specific approach; Ethical Global Equity – Style is core, investment approach based on a combination of qualitative company selection strategies and strict pricing disciplines

DESJARDINS GROUP Rosalie Vendette, Socially Responsible Investment Advisor; 1 Complexe Desjardins, Box 34, Desjardins Station, Montreal, QC H5B 1E4 PH: 514-286-3100 x2922 Web: desjardinsfunds.com Products/Services: Secure Market Portfolio, Balanced Portfolio, Growth Portfolio, Growth Plus Portfolio, Environment Fund (included in each portfolio) Managed Since: 1990 Clients: 28,841 Philosophy/Style: The Environment Fund consists primarily of shares of Canadian corporations that take a responsible approach towards the environment, whose securities are traded at a reasonable prices, and come from all sectors of the economy. The four portfolios - the socially responsible investment solutions – are tailored to correspond to different investor profiles. With its partner Ethical Funds, the firm will engage in dialogue with companies, submit shareholder proposals, and exercise voting rights during general meetings of shareholders to encourage companies to improve their ESG practices.

DEXIA ASSET MANAGEMENT Christophe Vandewiele, Head of Dexia Asset Management, Canadian Representative Office; 155 Wellington St. W., 6th Fl., Toronto, ON M5V 3L3 PH: 416-974-9055 Fax: 416-955-6226 Web: www.dexia-am.com SRI Products/Services: World, North American, European, Pacific, and Emerging Markets Equities; European Balanced Mandates; World, European, Corporate, and Short-term Fixed Income; Microfinance Products Managed Since: 1996 SRI Philosophy/Style: Across all asset classes, the firm offers SRI solutions that use a combination of some or all of the following: Best-in-class, Norms-based, and Exclusionary approaches, with the overall objective of generating competitive returns while advocating responsible behavior towards sustainable development.

FIERA SCEPTRE David Pennycook, Vice-chairman & Executive Vice-president, Institutional Markets; 1501 McGill College Ave., Montreal, QC H3A 3M8 PH: 514-954-3300 Fax: 514-954-3325 Web: www.fieracapital.ca SRI Products/Services: Active Fixed Income,Canadian Equity, Canadian Equity – Environment, US Equity, Global ESG Managed Since: 2004 Canadian Clients: 60 SRI Philosophy/Style: The firm works with clients to offer customized solutions best positioned to meet their particular SRI and ESG requirements rather than simply applying a set methodology for all of the various SRI and ESG assets that it manages.

GENUS CAPITAL MANAGEMENT Christy McLeod, Portfolio Manager;
6th Floor – 900 West Hastings St., Vancouver, BC V6C 1E5 PH: 604-683-4554 Fax: 604-683-7294 Web: www.genuscap.com
Managed Since: 2000 SRI Philosophy/Style: Screened portfolios use the same investment approach as traditional mandates, but also integrates environmental, social, and governance factors to screen out companies that do not meet social and environmental criteria. Portfolios are diversified across sectors and industries.

GLC ASSET MANAGEMENT GROUP LTD. Craig Christie, Vice-president, Investment Counselling; 100 Osborne St. N., Winnipeg, MB R3C 3A5 PH: 204-946-4083 Web: www.glc-amgroup.com Products/Services: Great-West Life Ethics Fund 9.02G, Great-West Life Socially Responsible Canadian Bond Fund 16.02G Managed Since: 2000 Philosophy/Style: SR Equity Fund – Invests in shares of publicly traded Canadian companies that conduct business operations in a socially responsible manner, according to "ethical" screens, and show strong growth prospects; some exposure to foreign companies that meet these criteria. Integrated top-down, bottom-up style. SR Bond Fund – Invests in Canadian federal and provincial government debt obligations and an "ethical" screened listing of medium-to-high-quality corporate debt securities.

GUARDIAN ETHICAL MANAGEMENT Brian Holland, Senior Vice-president; Commerce Court W., 199 Bay St., Ste. 3100, Toronto, ON M5L 1E8 PH: 416-350-3146 Web: www.gemportfolios.com SRI Products/Services: Canadian Equity Pool, Global Equity Pool, Fixed Income Pool, Balanced Pool Managed Since: 2005 Canadian Clients: 7 SRI Philosophy/Style: The firm believes that engaging management is the most effective approach to change corporate practices.

HSBC GLOBAL ASSET MANAGEMENT (CANADA) LIMITED Francis Chartier, Vice-president, Institutional Investments; Ste. 300 – 2001 McGill College, Montreal, QC H3A 1G1 PH: 514-286-4559 Web: www.assetmanagement.hsbc.com SRI Products/Services: Global Equity; Global Thematic Equity; Regional Equity; Single Country Equity; Balanced Mandate; Global Fixed Income; Regional Fixed Income; Quantitative Single Country, Regional, and Global Strategies. SRI investment teams are also able to design customized solutions, responding to any number of specific needs and constraints a client may have including alignment with the corporate mission, influence from beneficiaries and stakeholders, reduction of investment risk, legislative environment, employee saving plans. Managed Since: 1994 SRI Philosophy/Style: Investment philosophy embodies the commitment with which it develops innovative products and customized solutions. Drawing on the global presence of the HSBC Group, it benefits from an understanding of sustainable development issues and is able to offer its clients new investment opportunities all over the world and in line with SRI values.

LEGG MASON CANADA INC. David Gregoire, Managing Director, Head of Distribution; 220 Bay St., 4th Floor, Toronto, ON M5J 2W4 PH: 416-594-2979 Web: www.leggmasoncanada.com SRI Products/Services: Brandywine Global Investment Management – Large Cap Core Equity, Large Cap Value Equity; ClearBridge Advisors – Socially Aware Investment Program; Global Currents Investment Management – Global Value Equity, International Value Equity, ValueCore International Equity, International Value Equity Labour Friendly; Legg Mason Investment Counsel – Global Equity, Equity; Managed For: More than 10 years SRI Philosophy/Style: Through its affiliates, the firm offers a range of strategies with the focus on socially aware investments. The portfolios cover multiple styles and market capitalizations in International Equity, Global Equity, and US Equity.

MCLEAN BUDDEN LTD. Alan Daxner, Executive Vice-president; 145 King St. W., Ste. 2525, Toronto, ON M5H 1J8 PH: 416-361-7264 Fax: 416-862-0167 Web: www.mcleanbudden.com SRI Products/Services: Canadian Equity Pooled Fund, Fixed Income Pooled Fund, Global Equity Pooled Fund, Balanced Pooled Fund Managed Since: 2000 Canadian Clients: 5 SRI Philosophy/ Style: Builds portfolios based on its established investment expertise. SRI portfolios screen for alcohol, tobacco, gaming, armaments, pornography, and adherence to local employment standards. Screening is based on both internal and external research.

NATCAN INVESTMENT MANAGEMENT Jo-Anne Pinto, Vice-president, Institutional Services; 1100 University St., 4th Floor, Montreal, QC H3B 2G7 PH: 514-871-7102 Fax: 514-871-7476 Web: www.natcan.com SRI Products/Services: Social Value Canadian Equity Fund, ESG Corporate Bond Fund Managed Since: 2004 (Although it created the Social Value Canadian Equity Fund in 2004, it has offered Responsible Investment services since 1993). Canadian Clients: 71 SRI Philosophy/Style: Approach consists of buying out-of-favour stocks with attractive profit-enhancing catalysts to generate value added while limiting downside risk. The fund's objective is to exceed the S&P/TSX Index in both financial and ESG performance while avoiding companies involved in controversial business activities.

PHILLIPS, HAGER & NORTH INVESTMENT MANAGEMENT LTD. Jason Milne, Manager, ESG Policy & Research; 20th Floor, 200 Burrard St., Vancouver, BC V6C 3N5 PH: 604-408-6226 Fax: 604-685-5712 Web: www.phn.com SRI Products/Services: Pooled Investment Services Using Community Values Funds: – Balanced Fund, Bond Fund, Canadian Equity Fund, Global Equity Fund; Segregated Investment Services Managed Since: The early 1990's; Pooled Community Values Investment Funds – 2002 Canadian Clients: 1 plus a number of other non-pension SRI clients SRI Philosophy/Style: The funds are modeled after the firm's 'core' funds and managed according to the Community Values Investment Principles, which are applied to a company's environmental, social, and governance record. Investments are not made in companies that score poorly against the criteria in the investment principles.

PICTET ASSET MANAGEMENT INC. John Maratta, Senior Vice-president; 1000 de la Gauchetiere W., Ste. 3100, Montreal, QC H3B 4W5 PH: 514-288-0253 Fax: 514-288-5473 Web: www.pictet.com SRI Products/Services: SRI strategies currently marketed in North America – Clean Energy Fund, Water Fund (Other SRI products are available upon request). Managed Since: 1999 Canadian Clients: 2 sub-advised mandates SRI Philosophy/Style: Clean Energy product aims to invest worldwide in shares of companies that contribute to, and profit from, the world's transition to less carbon-intensive energy. The Water product invests worldwide in shares of companies focused on the water related sector.

SARONA ASSET MANAGEMENT Jonathan Hera, Director, Investor Relations; 1B-110 Frobisher Dr., Waterloo ON N2V 2G7 PH: 519-883-7557 Web: saronafund.com SRI Products/Services: Frontier Markets Fund 1 LP (Frontier Market SME Private Equity Fund of Funds), Risk Capital Fund 1 LP (Frontier Market SME Private Equity and Fixed Income Fund), MicroVest 2 LP (Global Microfinance Private Equity Fund), Privately Managed Funds Managed Since: 1953; Launched eight emerging market/frontier market products in the past 15 years Philosophy/Style: The firm is a commercial impact investor using direct and indirect frontier market investments into small- and mid-sized companies to create a risk-adjusted market rate return alongside positive social and environmental outcomes.

SEAMARK ASSET MANAGEMENT LTD. Andrea Perry, Vice-president & Portfolio Manager; 1801 Hollis St., Ste. 310, Halifax, NS B3J 3N4 PH: 888-303-5055 Fax: 902-423-1518 Web: www.seamark.ca SRI Products/Services: Balanced, Canadian Equities, US Equities, International Equities – Clients may choose between standard SRI screens or customized screens. Managed Since: 1982 Philosophy/Style: The firm incorporates environmental, social, and governance issues into its core investment approach and works with individual clients to ensure their portfolio reflects the values of their organization.

STANDARD LIFE INVESTMENTS INC. Jay Waters, Vice-president, Central Canada; 121 King St. W., Ste. 810, Toronto, ON M5H 3T9 PH: 416-367-2049 Fax: 416-367-1329 Web: www.sli.ca SRI Products/Services: In Canada, the firm offers separate accounts according to screening criteria specified by the client. Managed Since: 1999

TD ASSET MANAGEMENT INC.* Robin Lacey, Head of Relationship Management; 161 Bay St., 34th Floor, Toronto, ON M5J 2T2 PH 416-982-6585 Fax: 416-944-6158 Web: www.tdaminstitutional.com SRI Products/Services: Global Sustainability Fund Managed Since: 2007 Philosophy/Style: The Fund invests in a combination of companies from around the world viewed as (i) best-in-class with respect to environmental stewardship, stakeholder management and/or corporate governance and/or (ii) emerging specialists in clean energy technology and resource efficiency.
*A Wholly-owned Subsidiary of The Toronto-Dominion Bank

VONTOBEL ASSET MANAGEMENT, INC. Jeffrey Kutler, Director, Institutional Clients, North America; 1540 Broadway, 38th Floor, New York, NY 10036 PH: 212-415-7058 Fax: 646-792-4356 Web: www.vusa.com or www.vontobel.com SRI Products/Services: Four Regional ESG SICA V Funds (Asia ex-Japan, Europe, US, and Switzerland), Global ESG Fund (to be launched) Managed Since: 2008 Philosophy/Style: The firm believes fundamental company analysis produces superior equity returns. Undervalued companies are identified by analyzing long-term cash flow expectations and assessing performance expectations embedded in the market price. Assessing global sustainability trends is integral to the cash flow analysis.

WELLINGTON MANAGEMENT COMPANY, LLP Susan M. Pozer, Vice-president & Director, Canada, Global Relationship Group; 280 Congress St., Boston, MA 02210 PH: 617-790-7441 Fax: 617-263-4100 Web: www.wellington.com SRI Products/Services: SRI guidelines are client directed. The firm is willing to discuss those guidelines for most of their US, Global, International Equity, and Fixed Income products. Managed Since: 1994 SRI Philosophy/Style: The firm assists clients in the development of investment "screens" or complete investment styles that seek to achieve specified investment goals while complying with the restrictions.

SERVICES

INVESTING FOR THE SOUL Ron Robbins, Founder & Analyst; 7625 Ronnie Cres., Niagara Falls, ON L2G 7M1 PH: 289-271-0873 Web: http://investingforthesoul.com SRI Products/Services: Company Research Service – Provides company specific assessments and information related to values, i.e. ESG (environmental, social, and governance values), that the client selects; Portfolio Audit Service – Helps determine for the for the owner of any given portfolio, whether or not a particular set of values, i.e. ESG (environmental, social, and governance values), are properly reflected in the holdings. The firm provides specific assessments and information pertaining to each company in the portfolio. Managed Since: 2002 SRI Philosophy/Style: Company research and portfolio audits provided on the basis of environmental, social, governance, and ethical values selected by the client. The firm does not offer financial or investment opinions.

MERCER Jane Ambachtsheer, Partner; 161 Bay St., Toronto, ON M5J 2S5 PH: 416-868-2659 Fax: 416-868-2131 Web: www.mercer.com/ri SRI Products/Services: Educating Investors, Identifying RI Opportunities for Plans, Integrating RI into Investment Policy, Developing a Coordinated Appreciate to Achieve Ownership, Assessing the Investment Approach to ESG of Managers, Collaborative Research, Principles for Responsible Investment, Climate Change Assessment Managed Since: 2004 Canadian Clients: 40 SRI Philosophy/ Style: Supporting their clients in their fiduciary role, the firm's RI expertise links their businesses and organizational goals to their financial objectives. The firm believes that investors who consider all aspects that could affect investment performance – including ESG factors – are better placed to manage risk and generate value.

RESPONSIBLE INVESTMENT GROUP INC. Olivier Gamache, CEO; 255 St. Jacques St., 3rd Floor, Montreal, QC H2Y 1M6 PH: 514-488-5400 Fax: 514-448-5558 Web: www.gir-canada.com SRI Products/Services: Proxy Voting – Proxy Voting: Asset Owners, Proxy Voting: Asset Managers; Research and Information Services – Portfolio Review, GIR Note to Professionals Newsletter, Corporate Issues Report, Shareholder Proposal Analysis, Ad Hoc Research; Consultation and Training Services – Policy Development, Training, Dialogue: Active Strategy, Passive Strategy Managed Since: 2000 Philosophy/Style: The firm guides its clients through the environmental , social, and corporate-governance issues that affect public companies.

SUSTAINALYTICS Sarah Smith, Associate Responsible Investment Advisor; 215 Spadina Ave., Ste. 300, Toronto, ON M5T 2C7 PH 416-861-0403 Fax: 416-861-0183 Web: www.sustainalytics.com SRI Products/Services: Sustainalytics Global Platform, Country Risk Monitor, Controversial Weapons Radar, Global Compact Compliance Service, Iran/Sudan Compliance Services, PRI Signatory Advisory Services, Advisory Services Managed Since: 1992 Philosophy/Style: The firm is a global provider of environmental, social, and governance (ESG) research and analysis for investors and financial institutions. They provide a global perspective, underpinned by local experience and expertise in the responsible investment market. It strives to provide our clients with high-quality solutions and commit to remain responsive to their needs.

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