ESG TRENDS TO WATCH IN 2020 - RIAA MEMBER ONLY WEBINAR 5 February 2020 Presenters: Responsible Investment ...
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ESG TRENDS TO WATCH IN 2020 RIAA MEMBER ONLY WEBINAR 5 February 2020 Presenters: Enrico Colombo - Sustainalytics Morgan Ellis – MSCI ESG Research Australia Erin Levey – ISS ESG Helena Fung – FTSE Russell Responsible Investment Association Australasia
RIAA - ESG TRENDS TO WATCH 2020 10 for 2020: Creating impact through thematic investing Enrico Colombo – Manager, ESG Research Lead APAC 5 February 2019
About Sustainalytics
» A global leader in ESG research, ratings
and engagement
» Coverage universe of over 12,000 global
equities
» 600+ staff in 16 offices
» Over 600 institutional clients across 22
countries
© 2020 SUSTAINALYTICS CONFIDENTIAL & PROPRIETARY 2
Our flagship thought leadership report for the year ahead
10 for 2020 is the sixth edition in the series
» 10 ESG-inspired investment themes to consider in 2020 and beyond
» 10 chapters organized under four themes
» 10 Sustainable Development Goals (SDGs) that can be addressed
» 10 profiles of relatively well-positioned companies
Download the full report from our website:
https://www.sustainalytics.com/ESG-research/#ourpublications
© 2020 SUSTAINALYTICS CONFIDENTIAL & PROPRIETARY 3
Ten storylines for investors in 2020 and beyond
Theme Summary SDG Company
The f if th generation wireless technology - 5G - promises theoretical peak speeds of 10 Gbps, 9 - Industry, Innovation and Cisco Systems
5G
which is 10 times f aster than 4G's peak Inf rastructure Inc
Digitalization, automation and electrif ication are reshaping the mining industry, and of f ering the 8 - Decent Work and Economic Anglo American
Digitalization of mining
twin promise of cost reductions and ESG improvements Growth Plc
Global competition, ef f icient resource utilisation and the need f or improved productivity are driving 8 - Decent Work and Economic CNH Industrial
Industrial automation
increased automation in the machinery sector Growth NV
Connected medical
Connected medical devices of f er the potential to improve patient care while lowering costs 3 - Good Health and Well-Being Royal Philips NV
devices
Some brands are pivoting towards slow f ashion to gain a competitive advantage and mitigate 12 - Responsible
Slow f ashion Kering SA
environmental and social risks Consumption and Production
Shipping f irms f ace pressure to mitigate environmental impacts as the IMO has adopted a AP Møller -
Cleaner shipping 14 - Lif e Below Water
resolution to cut sulphur and other emissions Mærsk AS
Leading banks are incorporating biodiversity assessments into their decision-making process f or De Volksbank
Banking on biodiversity 15 - Lif e on Land
debt f inancing NV
Batteries can help electricity grids regulate f requency and help renewables compete with gas by
Energy storage 7 - Af f ordable and Clean Energy Acciona SA
f acilitating capacity reserve
Some oil and gas majors are investing in an array of low-carbon products, including alternative
Big oil transition 13 - Climate Action Total SA
energy assets, to diversif y revenue streams
Reinsuring climate Some reinsurers are already warning that climate change could render property insurance 11 - Sustainable Cities and
Swiss Re Ltd
change unaf f ordable f or large segments of the population Communities
© 2020 SUSTAINALYTICS CONFIDENTIAL & PROPRIETARY 4
Digitalisation of mining
Out of sight, not out of mined Forecast capex in the global mining
160,000 industry
140,000
» Automation, electrification and digitalisation offer the possibility 120,000
Capex (USD mn)
100,000
of cost reductions and improved sustainability performance 80,000
(e.g. safety, energy use, water efficiency). 60,000
40,000
» Use of AI to develop optimisation models that boost value
20,000
extraction and productivity across the mineral production chain. 0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
» Applications of blockchain for responsible sourcing of minerals. Copper Gold Iron ore Metallurgical coal Nickel Zinc Other
Source: Sustainalytics, based on data from S&P Global Market Intelligence
» Forecast USD 5.4bn, or 6.4%, drop in capex budget across the
industry, placing larger companies at relative advantage to 60.0
Overall Unmanaged RIsk Score
50.0
invest in mining technology projects.
40.0
» Australian miners are early adopters of leading practices in 30.0
automation and digitalization of their assets. 20.0
10.0
» Potential contribution to SDG 8 Decent Work and Economic
0.0
Gro th .
© 2020 SUSTAINALYTICS CONFIDENTIAL & PROPRIETARY 5
Banking on biodiversity Living Planet Index, 1970-2014
100%
The next frontier in green financing 90%
60% of vertebrate animal species
extinct since 1970, and 1 million
80%
species are at risk of extinction
Index value (1970 = 100%)
70%
» Strategic consideration of biodiversity can help reduce risk and 60%
50%
create new opportunities for banks to provide financial services 40%
to sustainable agricultural firms. 30%
20%
» Biodiversity is the backbone of natural systems that underpin 10%
0%
economic activity, and its loss is a critical but often overlooked
macroeconomic risk. Source: Reproduced by Sustainalytics based on data from the Living Planet Index
» Intensive agricultural practices are central drivers of biodiversity 5.0
loss, while demand for sustainable agriculture is increasing. 4.5
ESG Integration - Financials
Unmanaged RIsk Score,
4.0
3.5
» Sustainable agriculture may be the main solution for improving 3.0
2.5
crop yields and increasing pollinator numbers. 2.0
1.5
1.0
» State-owned, cooperative and development banks are pioneers 0.5
0.0
in integrating biodiversity protocols in blended finance facilities.
» Potential contribution to SDG 15 Life on Land .
© 2020 SUSTAINALYTICS CONFIDENTIAL & PROPRIETARY 6
Insuring a volatile planet
Climate impacts threaten reinsurers Number of relevant natural loss events, 1980-2018
900
» Natural loss events grew 2.5 times in 1980-2018, and global
Number of relevant natural loss events
800
700
insured losses topped USD 300 bn in the last five years. 600
» The insurance industry is threatened by climate change and 500
400
may be hitting its capacity to take on more climate risk. 300
200
» Insurers and reinsurers are responding by improving the
100
accuracy of models to reduce losses, and adjusting 0
underwriting standards and premiums to better price risk,
while also warning about affordability issues. Source: NatCatSERVICE, Sustainalytics
» Companies are increasing use of catastrophe bonds and
exploring resilience bonds as risk transfer and sharing tools.
» More innovation ahead in climate-related insurance products
to mitigate the volatility of payouts for natural events losses.
» Potential contribution to SDG 11 Sustainable Cities and
Communities .
© 2020 SUSTAINALYTICS CONFIDENTIAL & PROPRIETARY 7
Legal Disclaimers
Copyright © 2020 Sustainalytics. All rights reserved.
Part of this presentation may contain Sustainalytics proprietary information that may not be reproduced, used,
disseminated, modified nor published in any manner without the express written consent of Sustainalytics. Nothing
contained in this presentation shall be construed so as to make a representation or warranty, express or implied,
regarding the advisability to invest in or include companies in investable universes and/or portfolios. The information
provided in this presentation is not intended to be relied upon as, nor to be a substitute for specific professional advice
and in particular financial ad ice. The information is pro ided as is and, therefore Sustainal tics assumes no
responsibility for errors or omissions. Sustainalytics accepts no liability for damage arising from the use of this
presentation or information contained herein in any manner whatsoever. This presentation is not contractual.
© 2020 SUSTAINALYTICS CONFIDENTIAL & PROPRIETARY 8
For more information, please contact: Enrico Colombo Manager, ESG Research Lead APAC enrico.colombo@sustainalytics.com www.sustainalytics.com
2020
ESG TRENDS TO WATCH
Morgan Ellis
Vice President, ESG Research
© 2020 MSCI Inc. All rights reserved.
Please refer to the disclaimer at the end of this document.2020
ESG trends
to watch
• Re-valuing real estate
• Climate change innovators
• The new human capital
paradox
• New terms for capital
• Keeping score on
stakeholder capitalism
2Re-valuing
real estate
Investing in the eye of the
hurricane
3Re-valuing real estate:
Investing in the eye of the hurricane
Exposure to regulations and climate hazards, by real estate market
The chart shows the top 21 U.S. cities represented in the MSCI Global Property Index (those with at least 60 geocoded assets
covered in the index), classified by the type of regulatory requirements adopted by each and the level of physical risk to which the
cities are exposed. The following physical risks were assessed: hurricanes, water stress, and wildfire. Sources: MSCI Real Estate,
MSCI ESG Research LLC, American Council for Energy-Efficient Economy, World Resources Institute (WRI), U.S. Department of 4
Agriculture, U.S. Forest Service, MunichRe. Data as of Dec. 31, 2018.Climate
change
innovators
Spotting the
sleeping giants
5Climate change innovators:
Spotting the sleeping giants
Green revenue vs. low-carbon patents of companies
The chart shows cumulative figures for all patents and low-carbon technology patents from the European Patents Database for the calendar
years 2013-2017 and green revenue figures from MSCI ESG Research Sustainable Impact Metrics. Data is for companies that were 6
constituents of the MSCI ACWI Investable Market Index (IMI) as of Nov. 30, 2019, and for patents that were filed during the time period
specified and were still effective as of Nov. 30, 2019.Source: MSCI ESG ResearchThe new
human capital
paradox
Juggling layoffs
against shortages
7The new human capital paradox:
Juggling layoffs against shortages
MSCI ESG industries by average talent requirements and labor intensity
The chart shows MSCI ESG industries plotted by their average talent requirements (from U.S. Bureau of Labor Statistics data on business
segments' average employee salary and education level) and average labor intensity (revenue per employee). Data is for constituents of the 8
MSCI ACWI Index as of June 30, 2019. Source: MSCI ESG ResearchThank you!
Here’s a summary of recent ESG Research papers, blogs and podcasts
Research ESG now
papers Blogs podcast
• 2020 ESG trends to watch paper • 2020 ESG trends to watch • Episode 63: Indigenous inclusion
and carbon offsets can go hand-in-
• Women on boards: 2019 progress • CEO Pay: Trick or Treat? hand
report
• Episode 62: Investors and world
• Is climate-change risk all about leaders are finally freaking out
• Human capital risks in a changing fossil fuels? Think again about the climate crisis…
world
• Is the US tech sector ignoring • Episode 61: Wildfire in Australia
• China through an ESG lens minority talent? poses problems for all, and a quick
take on how we learned to stop
• Climate risk in private real estate • Underwater assets? Real estate worrying and love social media for
portfolios: What’s the exposure? exposure to flood risk the 2020 election
• Episode 60: Diversity data matters
• Banking on ESG: Examining the • Looking inside ESG indexes more for investors than financial
financial relevance of ESG to banks metrics can show, and the decision
by Boeing to halt production of the
737 Max
9About MSCI
MSCI is a leading provider of critical decision support tools and
services for the global investment community. With over 45 years of
expertise in research, data and technology, we power better investment
decisions by enabling clients to understand and analyze key drivers of
risk and return and confidently build more effective portfolios. We
create industry-leading research-enhanced solutions that clients use to
gain insight into and improve transparency across the investment
process. To learn more, please visit www.msci.com.
10Contact us
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12Responsible Investment Agenda 2020
5 February 2020
By Erin Levey – Vice President, Client Services, Asia Pacific
ISS-ESG.COMRI IN 2019
SOCIAL LICENSE AND BROKEN CONSUMER PROMISES
B E T T E R T R A N S PA R E N C Y Vale Facebook Uber
Consumers and stakeholders demand
a higher level of transparency as the
Poor human
far-reaching impacts of corporate Infringement of
privacy
rights due Health
diligence impacts
behaviour become abundantly clear Health impacts Poor human rights due Anti-competitive
diligence behaviour
Poor labour standards
Alphabet
Amazon
M O S T C O N T R O V E R S I A L C O M PA N I E S Infringement of privacy
Poor labour
standards
• Vale • Uber • Amazon Poor Poor human Poor human Poor human
environmental due rights due rights due Anti-competitive rights due
• Facebook • Alphabet diligence diligence diligence behaviour diligence Health impacts
2RI IN 2019
SOCIAL LICENSE AND BROKEN CONSUMER PROMISES
ESG TRENDS
ENVIRONMENT SOCIAL GOVERNANCE
Bribery
Pollution 50%
60% Health impacts
40% 40%
50%
40% 30%
30% 20% 20%
Infringement of Poor human rights due
20%
Poor privacy diligence 10% Anti-
Depl etion of 10% Accounting
0% environmental 0% 0% competitive
biodiversity Fraud
due diligence behaviour
Discriminati on Poor labour standards
Climate
change Money
Source: ISS ESG Source: ISS ESG laundering
Source: ISS ESG
3CLIMATE CRISIS
T H E S TA N D O U T LO N G - T E R M R I S K T H AT T H E WO R L D I S FA C I N G
A R E C O M PA N I E S P R E PA R E D ?
of global companies are considered well
6% positioned to mitigate climate risk and
seize opportunities related to the
transition to a low-carbon economy
97%
of Australian listed companies don’t
demonstrate strong action to reduce
climate impacts
4CLIMATE CRISIS
T H E S TA N D O U T LO N G - T E R M R I S K T H AT T H E WO R L D I S FA C I N G
WHERE TO FOR INVESTORS?
• Collaborative action via Australian Sustainable
Finance Initiative (ASFI)
• TCFD – a tool to assess the climate risks of
portfolios
• Shareholder democracy and climate voting policies
5PLASTIC
TURNING THE TIDE ON POLLUTION
W H AT
• Global plastic supply chains of growing
environmental concern, with very little plastic
recycled and most plastic waste ultimately
stranded
• Multiple issues being tackled include lack of
accountability throughout supply chains and lack of
sustainable or recyclable alternatives
• The plastic waste problem thus presents an
opportunity to invest in the development of
sustainable plastic alternatives in a market that has
no choice but to transition
6PLASTIC
TURNING THE TIDE ON POLLUTION
C O N S I D E R AT I O N S F O R I N V E S T O R S
• Companies with high plastic consumption now face increasing risks, both
operational and reputational
• Seek disclosure and commitments related to plastic waste consumption,
particularly from companies in high-risk industries
• New and promising investment opportunities are emerging in the plastic-
alternative space
7LIVE ANIMAL EXPORT
AN ARISING CONTROVERSY
W H AT
• Existing animal rights concerns over the export of live
animals amplified by media footage in recent years
exposing cruelty in the industry
• The live export industry faces mounting pressure to
modify its practices, either by stopping altogether or
improving conditions
• Companies involved, either directly or indirectly,
should expect increased scrutiny and face manifold
risks
8LIVE ANIMAL EXPORT
AN ARISING CONTROVERSY
E N G A G E W I T H C O M PA N I E S
• Transparency regarding involvement in the industry, whether direct or indirect
• If involved, transparency regarding treatment of animals
• Measures to address welfare concerns, such as policies and commitments
9WANT TO KNOW MORE?
D O W N L O A D T H E F U L L R I A G E N D A 2 0 2 0 R E P O R T:
https://www.issgovernance.com/governance-exchange/white-papers/
FOLLOW US ON SOCIAL MEDA:
T: @ CAERESGResearch
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Australia
ISS – SYDNEY
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Australia
I S S - E S G . C O MESG Trends to watch: 2020
Key trends in sustainable investing
Helena Fung, Head of Sustainable Investment APAC, FTSE Russell
ftserussell.com 5 February, 2020
FTSE Russell 1FTSE Russell is not an investment firm and this presentation is not advice about any investment activity. None of the information in this presentation or reference to a FTSE Russell index constitutes an offer to buy or sell, or a promotion of a security. This presentation is solely for informational purposes. Accordingly, nothing contained in this presentation is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of making any investment through our indexes. Views expressed are subject to change. These views do not necessarily reflect the opinion of FTSE Russell or London Stock Exchange Group plc. FTSE Russell 2
Growing institutional investor desire to address
climate risk
Range of approaches to analyze and integrate climate risk into the
investment process – fundamentally driven by carbon emission data
CARBON LOW GREEN FORWARD
FOOT ENGAGEMENT DIVESTMENT CARBON THEMATIC/IMPACT LOOKING /
PRINTING TILTING INVESTING “2OC” INVESTING
CLIMATE CHANGE ACTIVITIES UNDERTAKEN BY PRI SIGNATORIES 1
60%
Percentage of respondents
Investment Managers
50%
Asset Owners
40%
30%
20%
10%
0%
Used emissions data or Sought climate Sought climate change Reduced portfolio Targeted low carbon or Established a climate
analysis to inform supportive policy from integration by exposure to emission climate resilient change sensitive or
investment decision governments companies intensive or fossil fuel investments climate change
ma king holdings integrated asset
allocation strategy
Source: 1) Investor action on climate change, UN Principles for Responsible Investment & Novethic, 2017.
FTSE Russell 3EU Green Taxonomy
Defining green
Taxonomy of green activities to achieve six environmental objectives
• Provide market clarity on ‘green’ and mobilise capital
• Intended for use across asset classes and with upcoming regulation on green
investment products
• To date only 1 of the 6 objectives covered, climate change mitigation, with
adaptation soon to come
EU Environmental Objectives “If Europe is to mobilise capital at scale
for sustainable development, it needs a
1. Climate change mitigation
technically robust classification system
2. Climate change adaptation to establish market clarity on what is
3. Sustainable use and protection of ‘sustainable’. This system would cover
water and marine resources a wide range of activities, investments
and assets that can be clearly linked to
4. Transition to a circular economy, the Paris Agreement and the
waste prevention and recycling Sustainable Development Goals
5. Pollution prevention & control (SDGs).”
First recommendation of EU High-Level Expert
6. Protection of healthy ecosystems Group on Sustainable Finance
FTSE Russell 4How is the market responding?
The transition to a low-carbon economy is well underway
Growing
Global green economy
$4tn
Grown as a
proportion of the
market cap weighted by
total market, whilst green revenue share
the fossil fuels sector
has shrunk
Substantial Diversified
Represents 6% of Represents all
3,000
the market company sizes;
Global companies with
capitalization of small, mid and large exposure to the green economy
global listed cap
companies*
Growth of company exposure
+20% to the green economy on
2009
Multifaceted Outperforming
Diverse industries FTSE Russell’s
and sectors green indexes have
addressing outperformed their
environmental parent benchmark
challenges over the last 5
years**
Global
Broad geographical
coverage with US
having the largest
exposure
* Based on FTSE Russell’s calculations. See FTSE Russell’s annual trends report, “Investing in the global green economy: busting common myths”, May 2018
** FTSE Russell’s broadest green focused indexes outperforming over 5 years to March 2018
FTSE Russell 5Green Revenues (GR) – What do companies
manufacture?
FTSE GR classification: 8 sectors / 60
subsectors
>98% of total global market cap. (FTSE GEIS)
Universe of 13,500 public companies
Companies can map to >1 sector / subsector
c. 3,000 cos. generating GRs
FTSE Russell 6Integrating climate considerations
An evolving landscape
• Investor approaches to climate integration are increasing in
sophistication
Managing Managing risks &
risks… opportunities… Transition alignment
7FTSE TPI Climate Transition Index
Overview of index construction
FTSE Russell climate
tilts
FTSE Developed ex-
Apply CW exclusion • Carbon Emissions
Korea Index
• Fossil Fuel Reserves
• Green Revenues
Management Carbon
Quality tilt Performance tilt
• Strong tilt applied to • Meaningful over / FTSE TPI Climate
emphasise MQ under weights applied Transition Index
performance to carbon intensive
companies
8Climate WGBI integrates climate risks in a
comprehensive, robust and transparent manner
Climate Risk = Transition Risk + Physical Risk ~ Resilience
• 50 countries Transition Risk Physical Risk Resilience
quantitatively assessed Index (TRI) Index (PRI)* Index** (RI)
on the three climate risk
pillars (Z scores) • Future carbon • Sea level exposure • Institutional
reduction needed resilience
• The scores for the 22 to meet 20C
• Agricultural
exposure • Social resilience
countries in the WGBI warming
are then used to • Climate related • Economic
• Historic trend in
natural disaster resilience
separately tilt the index carbon emission
exposure
away from the market • Ecological
resilience
value weights
WGBI
TRI PRI RI Climate
Market
Value * Score
Tilt factor 0.25 * Score
Tilt factor 1 * Score
Tilt factor 1
= WGBI
Weight
Weight
* 3 factors assessing the fundamental risk of climate related risk to the country
** 23 environmental, economic, social & development indicators
9Conclusions
NOT AN EXCUSE There is now a lot of data available
FOR INACTION There are a lot of ways to incorporate climate
risk depending on your investment approach
Differences in outcomes shouldn’t stifle debate
NEED FOR Understanding what it means and tailoring to
TRANSPARENCY investment approach
ON THE DATA One size doesn’t fit all
ENGAGEMENT IS Engage with companies, regulators,
KEY governments on risk
Greater disclosure will improve the whole
approach
EVOLUTION OF Whole sector becoming more sophisticated as
“LOW CARBON” risks become both greater and more
INVESTMENT acknowledged
FTSE Russell 10helena.fung@ftserussell.com
Important information © 2020 London Stock Exchange Group plc and its applicable group undertakings (the “LSE Group”). The LSE Group includes (1) FTSE International Limited (“FTSE”), (2) Frank Russell Company (“Russell”), (3) FTSE Global Debt Capital Markets Inc. and FTSE Global Debt Capital Markets Limited (together, “FTSE Canada”), (4) MTSNext Limited (“MTSNext”), (5) Mergent, Inc. (“Mergent”), (6) FTSE Fixed Income LLC (“FTSE FI”), (7) The Yield Book Inc (“YB”) and (8) Beyond Ratings S.A.S. (“BR”). All rights reserved. FTSE Russell® is a trading name of FTSE, Russell, FTSE Canada, MTSNext, Mergent, FTSE FI, YB and BR. “FTSE®”, “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®”, “The Yield Book®”, “Beyond Ratings®“ and all other trademarks and service marks used herein (whether registered or unregistered) are trademarks and/or service marks owned or licensed by the applicable member of the LSE Group or their respective licensors and are owned, or used under licence, by FTSE, Russell, MTSNext, FTSE Canada, Mergent, FTSE FI, YB or BR. FTSE International Limited is authorised and regulated by the Financial Conduct Authority as a benchmark administrator. All information is provided for information purposes only. All information and data contained in this publication is obtained by the LSE Group, from sources believed by it to be accurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, such information and data is provided “as is” without warranty of any kind. No member of the LSE Group nor their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the accuracy, timeliness, completeness, merchantability of any information or of results to be obtained from the use of the FTSE Russell products, including but not limited to indexes, data and analytics or the fitness or suitability of the FTSE Russell products for any particular purpose to which they might be put. Any representation of historical data accessible through FTSE Russell products is provided for information purposes only and is not a reliable indicator of future performance. No responsibility or liability can be accepted by any member of the LSE Group nor their respective directors, officers, employees, partners or licensors for (a) any loss or damage in whole or in part caused by, resulting from, or relating to any error (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analysing, editing, transcribing, transmitting, communicating or delivering any such information or data or from use of this document or links to this document or (b) any direct, indirect, special, consequential or incidental damages whatsoever, even if any member of the LSE Group is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, such information. No member of the LSE Group nor their respective directors, officers, employees, partners or licensors provide investment advice and nothing contained herein or accessible through FTSE Russell products, including statistical data and industry reports, should be taken as constituting financial or investment advice or a financial promotion. Past performance is no guarantee of future results. Charts and graphs are provided for illustrative purposes only. Index returns shown may not represent the results of the actual trading of investable assets. Certain returns shown may reflect back-tested performance. All performance presented prior to the index inception date is back-tested performance. Back-tested performance is not actual performance, but is hypothetical. The back-test calculations are based on the same methodology that was in effect when the index was officially launched. However, back- tested data may reflect the application of the index methodology with the benefit of hindsight, and the historic calculations of an index may change from month to month based on revisions to the underlying economic data used in the calculation of the index. This document may contain forward-looking assessments. These are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate. Such forward- looking assessments are subject to risks and uncertainties and may be affected by various factors that may cause actual results to differ materially. No member of the LSE Group nor their licensors assume any duty to and do not undertake to update forward-looking assessments. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the applicable member of the LSE Group. Use and distribution of the LSE Group data requires a licence from FTSE, Russell, FTSE Canada, MTSNext, Mergent, FTSE FI, YB, BR and/or their respective licensors. FTSE Russell 12
About FTSE Russell
FTSE Russell is a leading global index provider creating and managing a
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