全球企业投资和社会责任综述 XXXX

InvestmentandEnterpriseResponsibilityReviewAnalysisofinvestorandenterprisepoliciesoncorporatesocialresponsibilityUnitednationsConferenCeontradeanddevelopmentUUNNIITTEEDDNNAATTIIOONNSSCCOONNFFEERREENNCCEEOONNTTRRAADDEEAANNDDDDEEVVEELLOOPPMMEENNTTIInnvveessttmmeennttaannddEEnntteerrpprriisseeRReessppoonnssiibbiilliittyyRReevviieewwAnalysisofinvestorandenterprisepoliciesoncorporatesocialresponsibilityUNITEDNATIONSNewYorkandGeneva,2010AdvanceCopyiiInvestmentandEnterpriseResponsibilityReviewNoteSymbolsofUnitedNationsdocumentsarecomposedofcapitalletterscombinedwithfigures.MentionofsuchasymbolindicatesareferencetoaUnitedNationsdocument.ThedesignationsemployedandthepresentationofthematerialinthispublicationdonotimplytheexpressionofanyopinionwhatsoeveronthepartoftheSecretariatoftheUnitedNationsconcerningthelegalstatusofanycountry,territory,cityorarea,orofitsauthorities,orconcerningthedelimitationofitsfrontiersorboundaries.Materialinthispublicationmaybefreelyquotedorreprinted,butacknowledgementisrequested,togetherwithareferencetothedocumentnumber.AcopyofthepublicationcontainingthequotationorreprintshouldbesenttotheUNCTADsecretariatat:PalaisdesNations,CH-1211Geneva10,Switzerland.UNCTAD/DIAE/ED/2010/1UNITEDNATIONSPUBLICATIONAdvanceCopyUneditedVersionKeyMessagesiiiKeyMessagesTransnationalcorporations(TNCs)playanevermoreimportantroleinsustainabledevelopmentasconduitsofcapital,technology,andmanagementknow-how.Increasingly,TNCsarebeingcalledupontoaddressbroaderenvironmental,socialandgovernance(ESG)issues.Atthesametimelargegloballyactiveinvestmentinstitutionsarebecomingincreasinglyawareofthepotentialimpactofarangeofnon-financialissues(e.g.climatechange,humanrights,corporategovernancepractices)onaninvestmentproposition.Thisreviewofthecurrentstateofpracticesintheareaofcorporatesocialresponsibility(CSR)amongtheworld’s100largestTNCsandresponsibleinvestment(RI)amongthe100largestinstitutionalinvestorsrevealsanumberofimportantinsights:1.Privatepolicyatalargeenoughscalecanhaveanimpactsimilarto,orgreaterthan,publicpolicy.Asaresult,CSRhasemergedasanimportantareaofsoftlawself-regulation(or‘soft-regulation’).CSRcanpresentpolicymakerswithnewoptionsandtoolsforaddressingkeydevelopmentchallenges.2.MostlargeTNCsnowrecognisetheimportanceofCSRyetthestandardofcommunicationvarieswidely.Thereisaroleforpolicymakerstoenhancethequalityofcommunications.VariouspolicyoptionsexistsuchassupportingtheharmonizationofCSRreporting,andmandatingsuchstandardizedreportingthroughstockexchangelistingrequirements.3.Responsibleinvestmentpractices(effortsbyinvestorstoincorporateESGissuesintoinvestmentdecisionsandtoengagewithinvesteecompaniestoencourageESGpractices)havebecomecommonfeaturesoftheworld’s100largestpensionfunds.RegulatorscanworktostrengthenthemechanismsthroughwhichinstitutionalshareholdersareabletoinfluencetheESGpracticesofthecompaniesinwhichtheyinvest,whilealsoencouraginginvestorstoformallyarticulatetheirstanceonESGissuesinpublicreports.4.AtleastbasicclimatechangerelatedinformationisnowreportedbymostlargeTNCs.Howeversignificantinconsistenciesandinadequaciesamongcompanyreportsunderminethecomparabilityandusefulnessofthisinformation.Unlessreportingisproducedinaconsistentandcomparablemanner,itisdifficultforpolicymakers,investorsandotherstakeholderstouseittomakeinformeddecisions.Policymakerscouldpromoteaninternationallyharmonizedapproachtothewaycompaniesexplain,calculateanddefineclimatechangerelatedemissions.5.AnumberofvoluntaryinitiativesaretakingaleadingroleindesigningandfacilitatingCSRandresponsibleinvestmentinstruments,encouragingimprovedcorporatecommunicationonESGissuesandcreatingimportantbenchmarks,basedonuniversallyagreedprinciples.Policymakerscanbecomeinvolvedintheseinitiativeswiththeaimsofpromotingsustainabledevelopmentgoalsandidentifyingusefultoolstocomplementgovernmentrules.PrefacevPrefaceThisInvestmentandEnterpriseResponsibilityReviewrevealsthatmostofthelargestTNCsintheworldhaveadoptedCSRpoliciesofonekindoranother,andasignificantportionoftheworld’slargestinstitutionalinvestorsareadoptingnew‘responsibleinvestment’policiestoencourageCSRamongtheirinvesteecompanies.Thesepoliciesvaryinthescopeofissuescovered,thedepthoftheirapplication,andtheirdeliveryofactualoutcomes,therebymakingcomparisonsbetweenorganizationsdifficult.ClimatechangeisalsoaddressedintheReview’sanalysisofTNCdisclosures.WhilemostofthelargestTNCsaretakingstepstoreportonclimatechange,muchworkremainstomakethisdisclosuremorecomprehensiveandcomparable.Effortstopromote‘low-carbon’economiesrequirerobustmeasurementstodetermineinthefirstinstanceexactlywhatismeantby‘low’.Overtheyears,CSRhasemergedasanimportantareaofsoftlawself-regulationduetotheinfluenceofTNCpolicies.Thecentraldrivingforceistheunderstandingthatprivatepolicyatalargeenoughscalecanhaveanimpactsimilarto,orsometimesevengreaterthan,publicpolicy.AsTNCshavescaled-uptheiroperations,theindividualandcollectiveimpactoftheirprivatepoliciesontheenvironment,societyandthedevelopmentgoalsofcountrieshasbecomesignificant.Takenasawhole,theReview’ssna