高盛PPT模板精梳版课件

,Goldman Sachs Global Investment Research,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Goldman Sachs ESG:,Integrating ESG into Investment Research,Global Investment Research,AHC Group June 2006 Shareholder Value Workshop,Sarah Forrest,44-20-7552-9368sarah.forrest,Goldman Sachs ESG:Integratin,Goldman Sachs ESG Research,Overview,Vision and objectives,What is ESG?,ESG investment and the SRI market,Goldman Sachs and ESG why?,Global Energy Integrating ESG,10 reasons for integration of ESG and finance,Goldman Sachs ESG ResearchOve,Goldman Sachs ESG Research,Vision&Objectives,Vision,To integrate environmental,social and governance issues with industrial analysis and valuation on a sector-by-sector basis,and to identify investment opportunities related to carbon finance,alternative energy,and other emerging ESG issues.,Long term objectives,To transfer expertise of ESG issues and research methodology to all sector teams to maintain ESG as part of normal research,Global ESG coverage of GS universe(2000 stocks in 5 years),Goldman Sachs ESG ResearchVis,Goldman Sachs ESG Research,What is ESG?,E,nvironmental,Inputs Energy,Water,Outputs Climate Change,Emissions,Waste,S,ocial,Leadership Accountability,Reporting,Development,Employees Diversity,Training,Labour relations,Customers Product safety,Responsible marketing,Communities Human rights,Social investments,Transparency,G,overnance,Transparency,Independence,Compensation,Shareholder rights,Management of,ESG issues=Proxy for quality of management,Goldman Sachs ESG Research Wh,Goldman Sachs ESG Research,The SRI Market:Socially Responsible Investment,4 common investment criteria as a competitive differentiator:,-Negative screening driven by client values,-Thematic investing in businesses with direct social or environmental benefit,-Shareholder engagement to alter company behavior,-Sustainability analysis to establish a business case for SRI,Source:Henderson,M.Fox 2003,Goldman Sachs ESG Research Th,Goldman Sachs ESG Research,SRI Assets under Management,Mercers Fearless Forecast,surveyed over 200 investment managers globally on the integration of SRI into mainstream investing:,70%,believe that the integration of environmental,social and governance(ESG)factors into investment analysis will be mainstream within 3-10 years;5%predict this in the next 1-2 years,50%,believe that active ownership will be mainstream within the next 2 years,60%,believe that screening for ESG factors will be mainstream within 3-10 years,35%,believe corporate governance,climate change,environmental management,and water use will be,important investment themes in 5 years,Europeans are the most convinced,US managers the least,Source:Eurosif,Mercer,The Present The Future,Goldman Sachs ESG Research SR,Goldman Sachs ESG Research,Why ESG?,Why Goldman Sachs has launched ESG Research:,Client demand,Increased focus on corporate governance(Global),Mainstream investors,Pension and SRI funds(US/Europe),United Nations Environment Programme Finance Initiative(UNEPFI),MAT1,The Materiality of Environment,Social and Governance Issues to Equity Pricing,Enhanced Analytics Initiative(EAI),Consortium of buy-side funds allocating commissions to encourage ESG research,Goldman Sachs response,Feb 2004:,Introducing the Goldman Sachs Global Energy Environmental and Social Index,(UNEPFI),April 2005:Launch of ESG Research team,August 2005,Feb 2006:,Global Energy ESG,and,European Media ESG,published,United Nations Global Compact keynote address by Anthony Ling on behalf of financial community,Participation in Global Reporting Initiative,UN Principles for Responsible Investment,and IPIECA/API Energy industry sustainability reporting guidelines,GS hosted investor conferences and road shows for Energy and Media companies on ESG,Goldman Sachs ESG Research Wh,Goldman Sachs ESG Research,Integration of ESG with Energy Analysis,ESG:E=Environment,S=Social,G=corporate Governance Overall management quality,Using the ESG Matrix we rank an industry in an index.The leaders perform best in ESG indicators,new legacy assets exposure and increasing cash returns.,For global energy,winners from our,Global Energy ESG,report(Aug 05)and,Top 100 projects,report(Jan 05)outperformed their peers by 19%and 14%on average between Jan 05 and Jan 06,ESG framework,Strong correlation between ESG leaders and new legacy asset winners,Sarah Forrest,Marc Fox,Overall management quality,Top 125 projects,Economic returns are driven by access to new legacy assets,Jonathan Waghorn,Matt Lanstone,Access to the industrys new legacy assets,Directors Cut,Valuation and performance are driven by economic returns,Anthony Ling,Raj Mittal,Valuation and performance,Goldman Sachs ESG Research In,Goldman Sachs ESG Research,ESG adds to share price performance,Performance of Top 100 Categories(Jan 2005 Jan 2006),Performance of Energy ESG framework,Top 100 and cash returns categories(Jan 2005 to Jan 2006),Source:Company data,Datastream,Goldman Sachs research,Goldman Sachs ESG Research ES,Goldman Sachs ESG Research,Top 125 projects likely to drive returns,Source:Company data,Goldman Sachs research estimates,Industry divisional capex split into maintenance and growth,and further split into Top 125 Projects and other,Duration and IRR of Majors Top 125 and Top 100 portfolios versus existing businesses,Goldman Sachs ESG Research To,Goldman Sachs ESG Research,Technical,political,fiscal and labour risks increasing,Opportunity,Risks,What is needed for success,Impact on performance,Winners,125 projects,177 mnboe,50 more projects out there,20 mnboe/d in 2012E(16%global oil and gas production),US$660 bn capex(c.60%of total growth capex),US$70 bn cash flow uplift,1.5x profit to investment ratio,Technical,Political,Fiscal,Labour,Management quality with respect to technology,operations,employees and environment,Capital discipline on acquisitions,Talented,motivated workforce with correct skills,Investment for the medium and long term,Increasing focus on gas and non-conventional energy sources,Ability to negotiate with host governments on fiscal regime and new projects,Top 100 winners have outperformed their peers by on average 14%(Jan 05 Jan 06),ESG+Top 100+cash returns winners have outperformed by on average 19%(Jan 05 Jan 06),Top 125 near term winners:BP,BG,ENI,Nexen,Petrobras,Statoil,ESG+Top 125+cash returns winners:BP,BG,Petrobras,RDShell,Statoil,TOTAL,Delivery of new legacy assets has been poor with a c.3 month delay for projects in the development phase on average since January 2005 versus our estimates;evidence indicates that industry capital costs are up c.35%,production costs up c.25%,Source:Goldman Sachs research,Goldman Sachs ESG Research Te,Goldman Sachs ESG Research:,The Key Drivers of SRI-Goldman Sachs ESG Framework,Goldman Sachs ESG Research:Th,Goldman Sachs ESG Research,Winners on ESG,Top 125 and cash returns,ESG framework,Valuation and performance,Industrial analysis,Winners,Source:Goldman Sachs research,Goldman Sachs ESG Research Wi,Goldman Sachs ESG Research,10 reasons for integration of ESG in finance,Unique role of finance between companies and investors,Experience with risk and return balance,meeting liabilities,ESG as foundation for sustainable and strong economy,UN Global Compact initiative in 2000,Global social and environmental challenges,e.g.secure energy supply,climate change,water shortages,BRICs growth,Increasing awareness of ESG issues by analysts and investors,Increasing availability of ESG data,UNEP-FI working group of investors request ESG research,World Bank Equator Principles,Sector-specific technical,political and product-related risks,Goldman Sachs ESG Research10,