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Evaluation of the single DimensionsEcological & social DimensionThe selection and the evaluation of the ecological and social criteria are crucial for the quality of an investment fund. However the fund manager can only signal the quality of his fund to the market if he can bring complete transparency into his asset product. [1] Which criteria should be examined by the enterprises emitting sustainability funds? The idea behind this criterion selection is that sustainable managing can be measured especially within these ranges. The following criteria can be regarded as generic terms together for the ecological and the social dimension and described as follows:
Anchorage in core values/strategy sustainability is a strategic topic, which should be embodied in core values, strategy and goals, so that it is lived on each hierarchical level of an enterprise. Settlement on highest leadership level Apart from the anchorage in the guidelines, it is of highest importance that the sustainability has to be lived on highest leadership level in the sense of an example setting so that the will to live this core value also can be represented reliably on each level of an enterprise. Reporting An enterprise has to report on activities, which concern the sustainability. This aim hat to be achieved with the the ecological report for the ecological dimension and with the social report uses social dimension always repeatedly as publication instrument. Competence for environmental and social interests The question raised here is whether an enterprise really is seriously dealing with the sustainability. In order to do this, the competence must be clearly regulated within the enterprise, and depending upon its size even a particular function should be created for it. Preserving of resources In way to preserve the environment for the future generations, as it is available for the present, the natural capital has to be dealt carefully with. This also includes the protection of the health and the security of humans. Inclusion of stakeholder into own action The sustainability definition sets the goal of fulfilling the expectations of the Stakeholders. Among them all groups of requirements are incorporated, including the environment as well as the consideration of the needs of the employees and their families. Management system In order to control each possible connection between the own acting and the environment and be prepared for possible effects, a management system must be implemented. In way to satisfy all Stakeholder and to anticipate the effects of the actions of an enterprise, a management system is also necessary for the social dimension. Within the ecological range one speaks of an environmental management system, in the social range of a social management system. Investments Among them can be summarized the support contributions to environmental organizations, financing of renaturalisation projects or individually accomplished environmental promotion projects by an enterprise. As investments into the society most various measures are possible. Primarily the investments are located in the personnel promotion. By means of training support, further measures in the sense of the requirement of personnal development of humans as well as the guarantee of education for each one. Further can be mentionned measures in the sense of social plans or activities to increase motivation. Keeping of individual values One often expresses keeping of individual values in the sense of the preservation of the nature areas and the diversity of species. Here arises the question, in what respect an enterprise takes the aspects into consideration in its actions, or if it even takes own measures within this range. Particularly significant values of the society are the individuality of the particular and its rights of equal chances, equal rights as well as solidarity.
On the basis the number of criteria examined by the fund offerers (out of the above specified), the fund is classified accordingly in the ecological and social dimension. 1 to 3 Criteria fullfilled è Level 1 4 to 6 Criteria fullfilled è Level 2 7 to 9 Criteria fullfilled è Level 3
The evaluation of the individual dimensions is based on the question, how many of these criteria are examined by the sustainability funds emitting enterprises (often banks). For a fund to be called sustainable, it has to fulfill at least the sustainability level 1 in each dimension, as well as the criterion of transparency.
Economical DimensionWithin the economic dimension no detailed evaluation is made. In the world of investment funds can be assumed that the economic dimension is in principle considered. On the one hand this is owing to the definition of the instrument, which has the goal to convert an economically profitable asset. On the other hand the protection of the investor is demanded by the legal bases. Thus it is guaranteed that an economically justifiable instrument is offered to the investor. Owing to that facts, in connection with the sustainability evaluation, no separate estimate of this dimension is made.
[1] vgl. Öko-Institut e.V., Darmstadt: : Umwelt- und Nachhaltigkeitstransparenz für Finanzmärkte. Zw’bericht. Darmstadt 2001, S. 50/53 |
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