2021 Annual Report On Responsible Investment - Fonds Desjardins

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2021 Annual Reporton Responsible InvestmentDESJARDINS FUNDSThe Desjardins brand is a trademark of the Fédération des caisses Desjardins du Québec and usedunder license.


Annual Report on Responsible InvestmentDesjardins’smission andvaluesThe leading cooperative financialgroup in CanadaDesjardins Group helps improve its community’s economicand social well-being through a line of products and servicesthat cover all of its members’ and clients’ financial needs,and through its attention to environmental, social andgovernance (ESG) criteria when making business decisions.In keeping with its cooperative values and mission, itencourages people to develop healthy financial habits. Italso contributes to sustainable development in communitiesby putting forward responsible offerings, among otherthings. Its responsible investment products are Canadianand international in scope.By signing the Principles for Responsible Banking (PRB)and the Principles for Sustainable Insurance (PSI) in 2019,Desjardins has committed to speeding up the integrationof ESG criteria into all its operations in order to activelycontribute to developing a more responsible and moresustainable economy.DESJARDINS FUNDSDesjardins in figuresAs at December 31, 2020 7.4 billionheld in responsibleinvestments 445 milliongiven back tomembers andcommunities 2,419 millionin surplus earnings2,546directorsOver7.5millionMore than48,930employees 250-millionmembersand clientsfund for communitydevelopmentbetween 2016and 202421.9% 362 billionTier 1A capital ratioin assets3

Annual Report on Responsible InvestmentDESJARDINS FUNDSDESJARDINS’S MISSION AND VALUESResponsible investment:a lever for changeDesjardins Group is a pioneer in responsible investment (RI) in Quebec and elsewhere inCanada (with more than 7.4 billion in RI assets under management and over 30 productoptions as at December 31, 2020). It is a leading supporter and promoter of this approachin Canada. Responsible investment incorporates an analysis of ESG factors into the selectionand management of investments. It favours a long-term outlook in order to finance businessesthat contribute to sustainable development.Contributing to energy transitionto address climate changeBuilding on its accomplishments, Desjardins is renewing its commitment to fight againstclimate change and to broaden the scope of its efforts to reduce its GHG emissions.We’re aiming to achieve net zero emissions by 2040 in our extended operations, our lendingactivities and our own investments in 3 key carbon-intensive sectors: energy, transportation andreal estate.This action plan is a continuation of what we’ve already done and reflects our desire tospeed up what we’re doing to respond to climate change. This approach, combined withour efforts to consider climate-related risk and opportunities, lends credence to our supportfor meeting the Paris Agreement’s climate targets.Desjardins is also setting intermediate targets for itself, based on internationally recognizedmethodologies, and publishing an annual report of its progress in this area.4

Annual Report on Responsible InvestmentDESJARDINS FUNDSDSP responsibleinvestment approachDesjardins Funds are managed by Desjardins Investments,one of the leading investment fund manufacturers inCanada. Desjardins Funds are a wide range of investmentfunds that stand out for their innovative investmentsolutions, including the SocieTerra responsible investmentoffering.SocieTerra Funds and Portfolios are designed to offerattractive return potential while benefiting communitiesand the planet. In order to do so, they go beyondconventional financial analysis by incorporating ESG criteriainto the selection and management of securities. IncludingESG criteria in the analysis of securities benefits investorsby helping them make more informed investment decisions,particularly with respect to managing risk and in terms ofthe business opportunities offered by a sustainable world.Useful linksThe Desjardins Funds have a Responsible InvestmentPolicyMoreover, SocieTerra Funds and Portfolios strive to investin businesses, government securities and projects that:Implement sound ESG practices throughouttheir operationsRESPONSIBLEINVESTMENTOffer solutions that speak to environmentalchallengesGO BEYOND CONVENTIONALFINANCIAL ANALYSISImprove their ESG practices subsequent to aninvestor engagement process Through its SocieTerra Funds and Portfolios, DesjardinsInvestments is investing in the environment, society andfuture generations. In offering responsible investmentproducts, Desjardins Investments is making the verycommitment it recommends to investors.BY INCORPORATINGESG CRITERIA INTO THESELECTION ANDMANAGEMENT OFSECURITIES.5

Annual Report on Responsible InvestmentDESJARDINS FUNDSSocieTerra Funds and Portfolio evolutionLaunched on September 10, 1990, the DesjardinsEnvironment Fund was among the first sociallyresponsible investment funds in Canada. This initialaction resulted from the drive of pioneers to offerDesjardins members a responsible investmentoption in the wake of the Brundtland Report, thefirst document to discuss the concept of sustainabledevelopment.Building on its partnership with Northwest & EthicalInvestments, Desjardins created the SocieTerraPortfolios in 2009. Composed of the DesjardinsEnvironment Fund and Ethical Funds, thesediversified portfolios rely first and foremost onshareholder engagement. This approach allowsthem to learn more about company practices,encouraging them to improve practices that arefound wanting in terms of environmental and socialrisk management and corporate governance.Excluding businesses in certain industries also playsan important role in the company selection process.More recently, the emergence of a betterunderstanding of how to include environmental,social and governance (ESG) issues in investmentmanagement has allowed responsible investmentto develop a greater variety of strategies. Since2015, Desjardins Investments has expanded thearray of Desjardins SocieTerra Funds, addinggeneralist and more specialized investmentstrategies.Our members and clients now have access toinvestment funds run by portfolio managersrecognized for their expertise in each asset class.Such generalist funds still draw on shareholderengagement and exclusions, but also benefit frompositive selection by favouring the securities ofissuers that actively manage their ESG risks. Theymay also be well positioned to make the most ofthe opportunities that arise from these risks.The fact that there are more issuers with concretesolutions to ESG challenges has also allowedDesjardins Investments to innovate by creatingthematic impact funds that invest in the securitiesof these issuers. For example, green projects werefinanced by the Desjardins SocieTerra EnvironmentalBond Fund and, thanks to the Desjardins SocieTerraPositive Change Fund, an investment was made inshares of companies whose products and serviceshelp build a more sustainable world for futuregenerations.Desjardins is now a pioneer in the area of responsibleinvestment and leads through the range of itsresponsible investment approaches and thediversity of asset classes offered to members andclients.6

Annual Report on Responsible InvestmentDESJARDINS FUNDSSOCIETERRA FUNDS AND PORTFOLIO EVOLUTIONResponsible Investment offer: a 30-year evolutionLaunch of the DesjardinsEthical Balanced Fund (known todayas SocieTerra Growth Portfolio)Foundingof Desjardins190019902000Launch of the DesjardinsEnvironment Fund (known todayas the Desjardins SocieTerraEnvironment Fund)Publication of the first annual reporton responsible investmentLaunch of the DesjardinsSocieTerra Environmental Bond FundLaunch of the DesjardinsSocieTerra American Equity FundLaunch of the DesjardinsSocieTerra Cleantech Fund20162017Launch of the DesjardinsCanadian Equity Fund20092010Creation of the SocieTerra brandLaunch of the SocieTerraConservative PortfolioLaunch of the SocieTerraBalanced PortfolioLaunch of the SocieTerraMaximum Growth PortfolioLaunch of the DesjardinsSocieTerra International Equity FundLaunch of the DesjardinsSocieTerra Positive Change FundLaunch of the DesjardinsSocieTerra Emerging Markets Equity Fund2018Desjardins Investmentssigns the UN’s Principlesfor Responsible Investment20192015Drafting of the DesjardinsFunds ResponsibleInvestment PolicyLaunch of the DesjardinsSocieTerra Canadian BondFundLaunch of the SocieTerraModerate PortfolioLaunch of the DesjardinsSocieTerra Diversity Fund2020Launch of the DesjardinsSocieTerra Global Bond FundLaunch of the SocieTerra100% Equity Portfolio7

Annual Report on Responsible InvestmentOur approachto climatechangeThe most recent report of the IntergovernmentalPanel on Climate Change (IPCC), Climate Change2021: The Physical Science Basis, leaves no roomfor doubt. It is imperative to limit global warmingin order to reduce the consequences for humansand ecosystems. There is still time to act, but theurgency must be taken in consideration!DESJARDINS FUNDSTransition risksPhysical risksTransitioning to a low-carboneconomy may imply policy, law,technology or market changes thatcould affect an organization’s financesand reputation.Risks associated with event-driven orlong-term shifts in climate patternsthat could negatively impact anorganization’s direct and indirectassets. Risks include changes in sealevel that can damage infrastructuresand droughts that have an adverseeffect on agriculture.Energy sourcesProducts and servicesOpportunities to use low-carbonenergy sources, such as solar, wind,geothermal, water and biofuels.Opportunities to develop low-emissionproducts and services in order to takeadvantage of consumer and producerpreferences.Effective use of resourcesMarketsResilienceOpportunities to reduce operatingcosts by making better use of energyresources, materials, water, etc.Opportunities from new markets byworking with governments,development banks and otherstakeholders to transition to alow-carbon economy.Opportunities to adapt to climatechange by making public servicenetworks, infrastructure andagriculture more resilient (lessvulnerable).RisksClimate change is associated with growing risksand opportunities that affect the practices of pdf8

Annual Report on Responsible InvestmentDESJARDINS FUNDSOUR APPROACH TO CLIMATE CHANGEThe SocieTerra productsapproach and its resultsThe Desjardins SocieTerra Funds and SocieTerraPortfolios use several strategies to take part inthe transition to a low-carbon economy. Thesefocus on: Cutting how much we invest in high-carboncompanies Considering environmental issues in allinvestments A much smaller carbon footprint Investments that focus on environmentalsolutions Implementing constructive dialogue withbusinesses to improve their practices.Our approach consists indeciding to do 1 of 3 things:11 DIVEST2 INVEST2ApproachStrategy& StrategyResultApproachResult1 - DivestThe SocieTerrarangerangedoesdoesnot investin companieswhere aThe SocieTerranot investin companiessignificantportionof incomefromcomesthe extractionwherea significantportioncomesof incomefrom the orproductionof petroleum,naturalofgasand thermalcoal,extractionor productionpetroleum,naturalgasfromandtheoperation of dedicated transport or gas infrastructure. oil and gascoal,refiningfrom theof dedicatedstorage,thermalpetroleumor operationpower generationfrom transportcoal. In theor gasinvestmentsinfrastructure.oil andstorage, petroleumlatter case,mightbe gasconsideredif the companypubliclyrefiningshows ora commitmentto reducing,withinreasonablepower generationfrom coal.In thea lattertime horizon,the portion ofcoal bein itsenergy mixpurposescase, investmentsmightconsideredif forthethecompanyof energytransition.publiclyshows a commitment to reducing, within a1As part of our securities selectionprocess, companies in certain sectorsaresecuritiesimmediatelyexcludeddue to theAs part of ourselectionprocess,type of activities they carry out orcompanies incertainsectorsareimmediatelybecause they don’t meet theexcluded dueto the typeESGof activitiesthey carryminimummanagementout or becausethey don’t meet the minimumrequirements.DivestESG management requirements.reasonable time horizon, the portion of coal in itsPositive selection aims to select The SocieTerrafor beingcarbonand for investingenergy linemixstandsfor theoutpurposesoflowenergytransition.organizations that stand out on ESG in green bonds, sustainable bonds and companies with concreteissues or show a willingness to improve solutions to climate change. The SocieTerra line also includesin this respect. What’s more, Thematic impact-themedfundslinewithstandsa focussolutions,The SocieTerraoutonforenvironmentalbeing low carbonandInvest Impact Funds target companies in a such asfortheinvestingDesjardinsSocieTerrain greenbonds,CleantechsustainableFund,bondswhichand onlyspecificaimssectortowhoseactivitiescontribute invests companiesin companiesthatearn at solutionsleast 50%toofclimatetheir incomePositive mto a more sustainable economy, especially environmental solutions.that stand outonESGissuesorshowawillingnessThe SocieTerra line also includes impact-themed fundsthrough their products and services.2 - Invest2to improve in this respect. What’s more, Thematicwith a focus on environmental solutions, such as theImpact Funds target companies in a specificDesjardins SocieTerra Cleantech Fund, which onlyAfterassessingan organization’stheinSocieTerraline earnengageddialogue3 - Engagesector whoseactivitiescontributeto a moreESG In 2020,investscompanies thatat least in50%of their withissues, shareholder engagement 226 organizations. Climate change and environmental opportunitiessustainable ronmentalsolutions.us to interact with companies were the focus with more than a third of them. We should alsoproducts andservices.heldin the portfolios. The goal is to point out that we had numerous conversations about the3Engageencourage them to improve theirESG practices through voting,dialogue or shareholder proposals.organization’s governance and social responsibility, and aboutclimate change as a broader issue.After assessing an organization’s ESG issues,shareholder engagement allows us to interactwith companies held in the portfolios. The goal isto encourage them to improve their ESG practicesthrough voting, dialogue or shareholder proposals.In 2020, the SocieTerra line engaged in dialogue with226 organizations. Climate change and environmentalopportunities were the focus with more than a third ofthem. We should also point out that we had numerousconversations about the organization’s governance andsocial responsibility, and about climate change as abroader issue.3 ENGAGE39

Annual Report on Responsible InvestmentDESJARDINS FUNDSOUR APPROACH TO CLIMATE CHANGEPercentage of green, social orsustainable bonds in theDesjardins SocieTerra Fundsportfolio*Desjardins SocieTerraCanadian Bond Fund10%Desjardins SocieTerraEnvironmental Bond Fund89%Desjardins SocieTerraGlobal Bond FundWhat is a green, social or sustainable bond?Green bonds are debt securities intended to finance projects addressing environmentalissues such as the development of renewable energy sources, energy efficiency, sustainablewaste management, sustainable use of soil, preservation of biodiversity , sustainable transport,sustainable water management, etc. Social bonds are debt securities intended to financeprojects addressing social issues such as the development of affordable housing, securityfood, health services, education and socioeconomic development. Sustainable bonds aredebt securities intended to finance projects addressing social or environmental issues.8%*Results as at December 31, 2020, calculated using data from the respective portfolio managers of each fund.10

Annual Report on Responsible InvestmentDESJARDINS FUNDSOUR APPROACH TO CLIMATE CHANGEEstimated carbon intensity of organizations in whichDesjardins Funds invest compared to comparable organizations*Desjardins SocieTerraCanadian Equity Fund-51%Desjardins SocieTerraDiversity Fund-81%Desjardins SocieTerraAmerican Equity Fund-73%Desjardins SocieTerraPositive Change Fund-74%Desjardins SocieTerraInternational Equity Fund-21%Desjardins SocieTerraCleantech Fund23%Desjardins SocieTerraEnvironment Fund-32%Desjardins SocieTerra EmergingMarkets Equity Fund-78%* Results as at December 31, 2020, calculated using data from MSCI ESG 2021 MSCI ESG Research LLC. Reproduced by permission; no further distribution.This report contains certain information (the “Information”) sourced from MSCI ESG Research LLC, or its affiliates or information providers (the “ESG Parties”). The Information mayonly be used for your individual use as an investor, may not be reproduced or re disseminated in any form and may not be used as a basis for or a component of any financialinstruments or products or indices. Although they obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracyand/or completeness, of any data herein and they expressly disclaim all express or implied warranties, including those of merchantability and fitness for a particular purpose. Noneof the information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on assuch, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the ESG Parties shall have any liability for any errorsor omissions in connection with any data herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notifiedof the possibility of such damages.11

Annual Report on Responsible InvestmentDESJARDINS FUNDSOUR APPROACH TO CLIMATE CHANGEA reliable indicator with some limitationsWhat is carbon intensity?Carbon intensity measures the quantity of greenhouse gases (GHG) emitted byan organization in relation to its revenue (tons of CO2 equivalent/revenue). TheGHG emissions considered are the organization’s direct emissions (scope 1), thatis, those under its control (for example, emissions resulting from its industrialprocesses). Indirect GHG emissions resulting from the production and distributionof electricity, heat and steam (scope 2) are also taken into consideration. Carbonintensity can be used to evaluate organizations that stand out from their peersin terms of GHG emissions in their internal activities.In the context of a fund, the carbon intensity of the organizations held by thefund is added to obtain the carbon intensity at the level of the fund, eachorganization having a weighting equal to its weight in the total value of theorganizations covered in the fund.Carbon intensity is a good but nevertheless incompleteindicator. It doesn’t include the indirect GHG emissionsresulting from any transportation beyond the organization’scontrol, nor does it include emissions from its supply chainsor the use of its products. For example, what this means forautomakers is that GHG emissions due to transporting partsfrom a sub-contractor to an assembly factory and from thefinal use of the vehicle might not be taken into account. Italso doesn’t factor in GHG emissions that were avoided whenusing a product. That explains the data on companies heldby the Desjardins SocieTerra Cleantech Fund—it only investsin companies that earn at least 50% of their revenue fromenvironmental solutions. The company with the highest carbonintensity in the Fund is Xinyi Solar Holdings Limited, a solarglass manufacturer. This is a highly energy-intensive processthat also increases the company’s GHG emissions, but theproduct is nevertheless needed for manufacturing solar panels.In addition, lifecycle direct emissions still account forapproximately 48 g of CO2 equivalent/kWh—that’s 17 timesless than coal and 10 times less than natural gas.2The Desjardins SocieTerra Funds and SocieTerra Portfolios arecommitted to a low-carbon approach and focus on companiesthat stand out in their sector for having the lowest GHGemissions. However, this strategy isn’t used blindly. We arestill able to take into account other aspects of the fight againstclimate change, including commitments to reducing GHGemissions and developing environmental /2018/02/ipcc wg3 ar5 annex-iii.pdf#page 712

Annual Report on Responsible InvestmentDESJARDINS FUNDSIssuesSocialSocial and economic inequalities have reached unprecedented levels.A mere 10% of the richest households hold 82% of the world’s wealth, andthe gap between rich and poor continues to widen.3Such inequalities have huge repercussions at many levels. The future ofyounger generations is necessarily compromised, given that 263 millionchildren4 do not have access to education. Plus, many people have limitedpotential for emancipation given that 750 million of the world’s adults5 areconsidered illiterate, and 400 million have no access to basic healthcare.6Gender inequality persists throughout the world and is reflected in everypart of society. Women remain underrepresented on boards of directorsand in corporate leadership; they account for only 13% of the world’slandholders and, in 2018, they only made up 24% of national parliaments.73Crédit Suisse Global Wealth Databook nder-equality.html13

Annual Report on Responsible InvestmentDESJARDINS FUNDSISSUES – SOCIALHealth and well-beingPREVENTIONTechnological advances also have the potential tomake access to high-quality health services easierand less expensive. In fact, progress in telemedicineis helping improve the quality of care and providebetter follow-up even if the patient lives in a remotearea or has a limited ability to travel.A healthy lifestyle that incorporates physical activity and healthy eating is akey factor in keeping a number of health problems at bay. Organizations canhelp create a healthy environment for their employees and clients by puttingin place various wellness and mental health programs. Vaccines are also aneffective prevention measure.Advances in medicine have greatly increased lifeexpectancy, and businesses have a major hand inthis development. They participate at every levelfrom prevention, screening and diagnosis totreatment.SCREENING AND DIAGNOSISReliable tests that give quick and accurate results help fight diseases. Thereare tools and equipment that can also support the screening process, includingAI-based medical imaging services. In order to diagnose a health issue, wemust be informed so we can properly identify it and offer performing services,brought by developped technologies.TREATMENT AND FOLLOW-UPFrom research to clinical trials and their approval, the work to develop drugsand other treatments has its fair share of challenges. The goal is to come upwith effective, secure and accessible ways of treating health issues, makingsure that the benefits outweigh the side effects. Proper medical follow-upcan result in a higher success rate. Moreover, some companies use biotechnologyto monitor patients in real time.14

Annual Report on Responsible InvestmentDESJARDINS FUNDSISSUES – SOCIALInclusion and emancipationEmpowering people means giving them theopportunity to improve their standard of living andcontribute fully to society’s development.Transmitting knowledge through accessible, highquality education is one pillar of emancipation.Businesses play a key role in knowledge transfer,more particularly by creating services or technologiesthat improve access and facilitate learning, or byoffering general or specialized education in certaincountries where the public system’s offering islimited. Another important pillar is access tofinancial tools as funding is a powerful lever forautonomy and development. People who areexcluded from the financial system have a hardertime climbing out of poverty and do not haveaccess to services that would allow them to buildtheir wealth. A number of financial institutions offersolutions around the world, such as microfinanceor digital financial services in regions where accessis limited.Increasing board diversity is far from enough.Businesses can introduce various initiatives topromote diversity in all its forms. Measures to ensurepay equity, mentorship, work-life balance policiesand career advancement programs are all examplesthat could foster a better society. The goal is tomake better decisions while making the most ofan organization’s talents, experiences andknowledge.Increase gender diversity on boards of directors isfar from sufficient. Companies can set up variousinitiatives in order to promote all forms of diversity.From measures to ensure pay equity, mentoring,work-family balance policies and progressionprograms career are all examples that can promotea better society. The goal is to take better decisionsby taking advantage of all talents, experiences andknowledge of a organization.In 2018, women accounted for 39% of employeesbut only held 27%8 of management positions.Canada is no exception: The proportion of womenon boards of directors9 is even smaller than it is inmost industrialized nations. This lack of diversityand inequality deprives societies of noteworthybenefits. Studies show that there is a positive linkbetween improving a business’s performance,economic growth, and female representationon boards of directors and in leadership /sdg59The tipping point : women on boards and financial performance, MSCI, 2016, page matters15

Annual Report on Responsible InvestmentDESJARDINS FUNDSISSUES – SOCIALEXAMPLES OF ORGANIZATION*NetEase IncDesjardins SocieTerra Emerging Markets Equity FundNetEase is an IT company that offers online gamingin China and the world. It also offers onlineeducation, music, e-commerce and media services.Since 2007, the company has introduced antidependency measures for online games that targetyouth. NetEase encourages developers to createinformative content to positively influence youngplayers. The company offers educational contentonline, including a platform launched in 2010 thatis now one of the biggest free digital learningplatforms in China.BioMarin Pharmaceutical Inc.Desjardins SocieTerra American Equity FundBioMarin Pharmaceutical researches and developstreatments for rare genetic diseases. The companyalso aims to serve populations in developingcountries where healthcare access and costs arean issue.Terumo CorporationDesjardins SocieTerra International Equity FundTerumo Corporation is a company based in Japanthat provides medical equipment and services totreat diseases such as diabetes, cardiovasculardisorders and cancer. The equipment includesartificial heart-lung machines that providecardiopulmonary support by circulating the bloodoutside the body, hollow-fibre oxygenators thatexchange oxygen in the blood in the place of lungsand several other cardiovascular solutions, as wellas tools for minimally invasive surgeries.Moderna IncDesjardins SocieTerra Positive Change FundModerna develops vaccines and treatments for awide range of diseases, including cardiovascularconditions, cancer and rare diseases. It uses atechnique that synthesizes molecules that can beinjected into patients to help their bodies createtheir own therapies. In 2020, Moderna released itsfirst vaccine for COVID-19. The company has also24 development programs, of which 13 have enteredclinical studies.Amgen Inc.Desjardins SocieTerra Global Bond FundDesjardins SocieTerra American Equity FundAmgen is a biotech company that developstreatments for infectious diseases, arthritis andinflammation, cancer and blood disorders. Thecompany believes that an inclusive and diverseworkforce helps fuel scientific innovation andproblem-solving. Their priorities are to increase therepresentation and development of women inexecutive director and above roles; to increasingBlack representation in science, technology,engineering and mathematics based roles; and toincrease Black and Hispanic representation anddevelopment in executive director and above roles.In addition, each member of the executive teammentors minority candidates.* Examples of organizations held in the SocieTerra Funds and Portfolios as of December 31, 2020.This information applies to all organizations and should not be construed as a recommendation to buy or sell the securities, products or services referred to, or as the sole basis for an investmentdecision.16

Annual Report on Responsible InvestmentDESJARDINS FUNDSISSUES – SOCIALRockwell Automation IncDesjardins SocieTerra Diversity FundRockwell Automation provides electrical engineeringand automation services. In recent years, thecompany has focused on inclusion and diversity asa vehicle for changing its organizational culture,which has improved employee recruitment andretention. Drawing on specific resources andtraining, Rockwell Automation is also seeking toincrease the presence of women in science,technology, engineering and mathematics positions.In 2020, the company

Desjardins Group is a pioneer in responsible investment (RI) in Quebec and elsewhere in Canada (with more than 7.4 billion in RI assets under management and over 30 product . options as at December 31, 2020). It is a leading supporter and promoter of this approach in Canada. Responsible investment incorporates an analysis of ESG factors into .

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