Canada’s CPPIB Leads New Effort to Promote Long-term Investing

Yo-yoing stock markets, negative interest rates, talk of currency wars: With so many factors roiling markets, it’s easy for investors to let short-term factors obscure the keys to long-term success.

现在，一组六所领先的机构，由2820亿美元（2170亿美元）的CPP投资委员会领导，正在反击。在瑞士达沃斯世界经济论坛上，这些机构公布了一个新的股票指数，识别资产负债表，善政和明确的长期战略的公司，并致力于投资20亿美元的追踪指数的产品。

该计划发送了一个潜在的信号大于该总和的信号。集团的成员，包括安大略省教师的养老金计划，荷兰养老金经理PGGM.，丹麦养老基金ATP， 这新西兰退休基金and Singapore’s sovereign wealth fund GIC, are among the world’s premier institutional investors and collectively manage more than $800 billion.

“我们共同努力努力为企业创造积极的激励措施，从水库季度报告到更多长期的指标，”PGGM的首席投资官员“Eloy Lindeijer”告诉亚博赞助欧冠。“We don’t necessarily want more information; we want more relevant information.” The aim, he says, is to make sure that companies don’t obsess about meeting earnings expectations and fail to lay the groundwork for future innovation.

“Having an index, you really have a tool for changing the mind-set of corporations,” says Poul Winslow, head of thematic investing and external management at CPPIB, which is committing to invest about $1 billion under the initiative. “What do they have to achieve to become one of the 250 stocks in an index like this?”

The star-studded investor list came together as an offshoot of Focusing Capital on the Long Term, a coalition of business and financial leaders concerned that corporations are sacrificing future growth and prosperity to please shareholders in the short term.

Mark Wiseman, Toronto–based CPPIB’s chief executive, and McKinsey & Co. boss Dominic Barton founded FCLT in 2013. Barton, who ran the New York–based consulting firm’s Asia business until 2009, was surprised by how nearsighted Western companies had become in contrast to their Asian peers. His longtime friend Wiseman saw how the trend was worrying even many corporate executives. More companies approached CPPIB looking to go private and avoid the quarterly hurdles set by Wall Street. The duo set out their goals in a manifesto titled “Focusing Capital on the Long Term,” which was published by哈佛商业评论in 2014. The coalition has attracted a mix of financial institutions and corporations to its ranks.

2015年3月，CPPIB将FCLT通过调试标准普尔道琼斯指数和Robecosam，荷兰基金经理Robeco Groep的苏黎世的可持续投资臂，围绕长期价值创造概念设计了索引的咨询。这两者以其可持续性基准套件而闻名，但CPPIB明确表示“这不是ESG指数”，S＆P道琼斯的全球股权和战略指数。她说，虽然治理，环境和社会问题之间存在强烈的相关性，但环境和社会问题，CPPIB希望突出长期运动的原则，而不是在已经拥挤的市场中发射了另一个可持续性指数。

在接下来的九个月内，他们根据他们过去创造价值的能力来确定公司的公式 - 通过股权回报，杠杆和收益质量的衡量标准（盈利质量衡量）来衡量 - 衡量的资金 - 以及他们的公司治理政策。该方法还包括一项调查，要求公司解释他们的长期野心。由此产生的指数包括246家公司，其中镜像S＆P全球大门宇宙宇宙的地理和部门化妆。

As of March 18 the new index was up 12.8 percent from its January 21 debut, beating the S&P Global LargeMidCap Index by 200 basis points. But the point of the index is all about long-term growth, and it seems to deliver on that measure, too. A regression over the past ten years shows the index would have outperformed the S&P Global LargeMidCap Index by 3.2 percentage points on an annualized basis. However, Banerjee notes that outsize performance was not the goal of the design.

由RobecoSA调查组件,进行在线M, was one of the key draws, as it encourages corporations to reflect on their behavior. The firm has been quizzing companies since 1999 on governance policies such as boardroom makeup, tax strategy and codes of conduct as part of its Corporate Sustainability Assessment. The index zeroes in on risk and crisis management, business ethics, innovation and supply-chain policies. For example, questions about risk culture seek to determine whether companies effectively enforce their risk management principles, identify long-term threats to their businesses and report them in the public domain. “The main goal is to get companies to be clear and report to investors on the sources of long-term value creation,” says Christopher Greenwald, RobecoSAM’s head of sustainability investing research. “And generally there is an intersection between sustainability topics and the sources of long-term value creation in many industries.”

虽然CPPIB对环境和社会问题引导了避免掩盖了长期哲学的环境和社会问题，但一些参与FCLT的组织认为这些因素对公司的长寿至关重要。“这不是一个政治正确性练习，”ATP投资的ESG负责人Ole Buhl说。“我们实际上可以看到考虑这些事情从表现的角度来看，但你并不总能在第一年看到它。”ATP通过与其投资组合公司的对话来利用其长期投资地平线，以便为未来管理这些风险。

FCLT还敦促投资者成为积极的股东。其最直言不讳的成员之一，黑石CEO Laurence Fink那sent a letter to U.S. and European corporations in February urging them to spell out their long-term growth plans.

Michelle Edkins，全球负责人黑石’s investment stewardship team, leads 22 specialists around the world in researching and engaging with companies on environmental, social and governance issues. “Squeezing out every last inch of performance this quarter and next quarter may be detrimental to long-term performance,” Edkins says, adding that companies must strike a balance between short-term financial health and long-term strategic goals. “For example, you can’t be cutting R&D every quarter to meet earnings objectives if you’re an innovation-based company,” she says.

So which company showed the most potential for long-term value creation in 2015? Ironically, that would be British American Tobacco, according to the metrics used in the Long-Term Value Creation Index. The London-based manufacturer of the iconic Lucky Strike brand of cigarettes got the highest score, inching past Unilever, the Anglo-Dutch consumer products company led by FCLT member Paul Polman.

蝙蝠在道琼斯可持续发展指数中导致了其行业，通过其在可持续农业中的努力和发展照明的更健康的替代品。亚慱体育app怎么下载1月，U.K.监管机构批准其电子竞技牌的电子卷烟作为戒烟的药物销售。

Unilever offers a prime example of how companies can benefit from emphasizing long-term strategy. The maker of Dove ice cream bars dispatched with quarterly earnings guidance in 2009 to focus on generating consistent, sustainable growth in a volatile world, says Andrew Stephen, head of investor relations for the company. “That’s not the sort of performance that necessarily attracts someone who wants to make a quick return, but hopefully it does attract people who want to see a good competitive return on their investment over a few years,” he says.

Mission accomplished. The proportion of Unilever’s shareholders that are long-term by nature rose last year, Stephen says, and now more than 70 percent of the top 50 shareholders have been invested in the company for at least seven years. As Sue Scholes, chair of the U.K.’s Investor Relations Society, puts it, “How you do investor relations brings you the shareholder base you deserve.”

The FCLT plans to formally incorporate in September and bring a CEO and full-time staff on board to launch a new wave of research and public engagement. In the view of CPPIB’s Winslow, the organization isn’t just working for the good of the multinational corporations and giant pools of capital it counts as members. “We think all investors will benefit from this by avoiding short-term value destruction,” he says. “We’re all winners if we have a mind-set that is long-term.” •

在Twitter上遵循Jess Delaney@jdelaney_nyc.。