Panel I: Speakers & Key Questions

Speakers	Asset owners’ investment strategies: Consideration of climate risks and opportunities

Christopher Flensborg, Head of sustainable products and product development, SEB

As co-developer (together with the World Bank) of The World Bank Green Bond Mr. Flensborg is one of the pioneers of Environmental Fixed Income products. He is an active advisor to a number of investor and issuer cooperations which try to address the need for new investment products to consider ESG concerns. Mr. Flensborg has a background as an investment banker and has worked for 22 years across Europe in different investment banks.

Sander Paul van Tongeren, Senior Sustainability Specialist Global Real Estate, APG

Sander Paul is responsible for integrating sustainability and governance as widely as possible across APG’s investment portfolio. Before joining APG in March 2009, he worked as an interim Portfolio Manager at ING Real Estate European Office Fund and as a Business manager of two pan-European industrial funds. He was co-founder of the ‘Green Rating Initiative’ (Bureau Veritas). He holds a MA in Business Economics and an Executive MA of Finance and Control from the University of Amsterdam as well as a MA in Real Estate from the Amsterdam School of Real Estate.

John K.S. Wilson, Director of Corporate Governance, TIAA-CREF

Mr. Wilson’s primary responsibilities are to oversee the voting of proxies and engage in dialogue with portfolio companies to promote social and environmental responsibility and good corporate governance. Prior to joining TIAA-CREF in early 2008, he served as Director of Socially Responsible Investing for Christian Brothers Investment Services. He has an MBA and a Master of International Affairs from Columbia University and a BA in English from Georgetown University.

Simon Thomas, Chief Executive, Trucost

Simon Thomas is Chief Executive of Trucost Plc. an environmental data company he jointly founded in January 2000. He is an expert in the fields of quantification of environmental impacts, reporting and analysis. He previously worked in the finance and publishing sectors holding senior positions with LCF Edmond de Rothschild, Swiss Bank Corporation, Nomura International and Reed International.

Alexander Schindler, Member of the Executive Board, Union Asset Management Holding AG

Member of the executive board since 2004, Alexander Schindler is responsible for institutional client business and international business activities. Prior to joining Union Investment, he was managing director of asset management at Sal. Oppenheim Jr. & Cie KGaA, Cologne. He also worked many years for Commerzbank’s portfolio management in different executive positions. He is a qualified banker and lawyer by profession.

Facilitator: Ivo Knoepfel, founder and Managing Director, onValues Investment Strategies and Research Ltd.

onValues focuses on integrating non-traditional value drivers such as environmental, social and governance issues in investment strategies and processes. Ivo previously worked for SAM and Swiss Re. He holds a MA and a PhD from the Swiss Federal Institute of Technology (ETH), is a Certified International Investment Analyst and holds the degree of Swiss portfolio manager. He has been a founding member of the UNEP Financial Services Insurance Initiative and a co-chair of the Global Reporting Initiative's Measurement Working Group.

Key Questions

Despite the uncertainty, are climate risks and opportunities sufficiently material today to warrant their consideration in asset owners’ investment decisions and active ownership strategies?
Why are so few asset owners integrating these risks and opportunities in financial analysis and investment decisions? What are the challenges? How can they be overcome?
Risks vs. opportunities: is one dimension more important than the other? How can asset owners consider both dimensions in their asset allocation and management?
What are ‘low-hanging fruit’ asset classes where consideration of climate risks/opportunities is most relevant and easy to implement? Is real estate an example for that?
Climate change is not the only driver towards a lower-carbon economy. What role do energy security considerations and rising fossil fuel production costs play (Peak Oil hypothesis)? What are timeframes involved and how can asset owners combine different investment drivers in constructing their portfolios?