extel sri_rankings

www.extelsurveys.com

THOMSON REUTERS EXTEL/UKSIF SRI & SUSTAINABILITY SURVEY 2010

SEPTEMBER 2010

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010

CONTENTS

1 EXECUTIVE SUMMARY

2 MARKET COMMENTARY & ANALYSIS

3 MARKET TRENDS

4 RESULTS

BROKERAGE FIRMS RANKINGS

INDEPENDENT PROVIDERS & QUOTED COMPANY RANKINGS

ASSET MANAGERS RANKINGS

5 METHODOLOGY

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5

7

24

24

58

60

61

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1. EXECUTIVE SUMMARY

These numbers are ample demonstration of the long-term growth of broker research & advisory services around sustainability, and of the appetite on the buyside for greater understanding of how sustainability issues impact and influence stock performance. Yet numbers alone are not the full story. Asset managers are placing more emphasis on SRI & Sustainability, and looking for companies to go beyond the provision of a CSR report towards genuine engagement and interaction, yet it is often not clear to brokers how directly their services here are valued by the buyside.

• The Extel SRI report 2009 was framed against the background of the market dislocation and dysfunctionality in late 2008/2009, with one impact being the decline in research coverage of SRI issues by a number of leading investment banks. Whilst markets have recovered an equilibrium, and in fact equity research has been buoyant – in terms of hiring and new entrants, the number of sellside analysts across Europe that cover the SRI space is virtually unchanged from a year ago (181 now compared with 180 in 2009). This suggests brokers may be struggling at times to perceive direct value from the buyside, as we mention above.

• With the ongoing focus on climate change, energy use and the environment in general,

The 2010 Thomson Reuters Extel/UKSIF SRI & Sustainability Survey is the eighth annual study, running unbroken back to 2003. Participation continues to increase, as it has every year since the inception of the Survey. With 253 buyside firms taking part, from 20 countries, involvement from the fund management community has more than trebled since the debut SRI study of 2003.

allied to concerns around reputational risk, fund management firms increasingly look upon SRI & sustainability as an integral element of stock and market analysis. Additionally there continues to be growth in funds flow, from ultimate asset holders, towards ‘ethical’ and ‘sustainable’ investment opportunities. So the market is there for research analysis – exploiting it further comes back to demonstrating and identifying specific implications (good or bad) for companies’ financial performance.

• This report also contains rankings of companies for the quality of their interaction with sustainability investors, and we are seeing a growing interest among the corporate community to better understand, and to meet with, such investors. This must be encouraging on all sides, but the comparative lack of knowledge within companies indicates there is still much to be done here. More evidence of this interest is that our colleagues at Asset4 – now part of Thomson Reuters of course – are also seeing an increased focus from companies on the bespoke sustainability & governance metrics that Asset4 provides.

Thomson Reuters Extel Surveys would like to formally recognise and thank UKSIF for all their ongoing help, support and encouragement in the SRI & Sustainability Survey, as well as of course thanking all participants whose contribution is obviously crucial.

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As in 2009, and reflecting our standard practice, we have reflected the importance of SRI by including the key overall aggregates within the main Pan-European results released in June 2010. This report, with added commentary and analysis pulls together all the data and responses from the separate SRI & Sustainability Survey, to provide a comprehensive picture of the industry.

Steve KellyManaging Director Thomson Reuters Extel September 2010

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2. MARKET COMMENTARY & ANALYSIS

Over 88% of asset managers are expecting their involvement and investment in the SRI market to increase over the next year – about the highest level we have recorded over the years since 2003, and notably up on 2009. Alongside this, over 34% of investors allocate at least 5% of research and advisory commissions for SRI-related services, with two-thirds of fund managers expecting their commissions rate for SRI services to remain unchanged in 2011.

The UNPRI is gaining increasing traction. Nearly 9 out of ten respondents agreed/strongly agreed the initiative was supplementing the importance of SRI issues in the investment decision process. From our extensive studies of IR best practice in companies, IR directors tell us that increasingly they have an ‘SRI brief’ as part of their investor outreach, and that more of their one-on-ones feature climate change or related topics.

Writing this report each year since 2003 is both genuinely enjoyable, and hopefully gives us some historic perspective. Yet it’s not all fun. It has been wearying to refer again and again to the ‘niche vs. mainstream’ debate. The trouble is – it just won’t go away. That is because it is a sterile distinction – the buyside wants both. Nearly 90% value standalone SRI research – and just as many value it integrated into all research. Of course, what really matters is the intrinsic quality, depth, rigour and relevance of the research, and ‘twas ever so.

Alongside the rankings in the Extel SRI Survey, we have, from 2003, collected data and views, primarily from the buyside, on some of the major trends and influences for this part of the investment community. Covering largely the same core topics, this data now offers a substantial trend analysis capability. We explore some of these below. In doing so, and across this report, we use the term ‘SRI’ to stand for the various terms and approaches that are in use in this arena.

70% of the buyside state that SRI research services are explicitly flagged in the broker review process, which is at odds with broker feedback that is can be tricky to ascertain this. With over 80% of asset managers using brokers for both SRI and ‘usual’ research & advisory, there is scope for lack of clarity, and we do believe the more the buyside can ensure explicitness is communicated, the better, in ensuring continuation of SRI services.

For the rankings of brokerage firms and research providers, in total 40 separate firms received qualifying nominations, and it is noteworthy that French-based houses continue to perform strongly. CA Cheuvreux move up from 2nd in 2009 to be the top-ranked broker for overall SRI & Sustainability research services, in the key aggregate result across the five component sectors – Corporate Governance, Integrated Climate Change, Thematics, Renewables and SRI Research itself. Interestingly, CA Cheuvreux is not ranked first in any one of those categories, thus demonstrating the broad appeal and quality of its ‘SRI’ offering, rather than it being based on excellence in one or two areas alone. For those distinct categories, honours are shared across three firms, with Oddo Securities coming top in Governance research, and Societe Generale and HSBC sharing the other four categories between them, with both firms holding on to their top positions in SRI research and Climate Change research respectively. With the move, since the

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Survey was conducted, of part of the Societe Generale team to Bank of America Merrill Lynch, and the continued excellence of houses such as Goldman Sachs, UBS and Citi, it is likely the market will remain extremely competitive going forward. For asset managers, that is encouraging, as it should generate a strong diversity and scope of research advice and assessment.

SRI has long been an area of the market that has stimulated and recognized independent research providers, and 2010 is no exception to that. RiskMetrics is placed first, up from third in 2009. One feature across the community is the drive from the buyside for alternative sources of research, and this is a drive we see evidenced in the SRI area, as much as in the market generally. An element of interest in this context is that our discussions with the buyside would indicate there is no one generally accepted ‘norm’ on which SRI criteria are applied to companies; indeed some buyside firms are questioning of the ‘black boxes’ that inform such calculations, and look more to develop and apply their own criteria, relevant of course to their own portfolios and investment horizons.

In the rankings of quoted companies, Royal Dutch Shell comes first, with Anglo American (the 2009 winner) still doing well, and placing in the top five. As we discussed, there is evermore interaction between companies and the buyside – on all topics, not just SRI – and to help further encourage that, we have, for the first time this year, included a list, based on fund managers perspectives, of those companies that could improve the most in terms of communication and involvement in SRI issues with the buyside.

For the ranking of asset managers, the data over the years has shown a real consistency. Threadneedle AM, fourth in 2009, are top in 2010, with eight of last years top ten appearing at the head of the table again this year. There are a number of major asset managers, primarily long only funds, who have dedicated time, resources and expertise over the years to SRI – and the consistency of the rankings clearly shows this is well recognized.

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3. MARKET TRENDS

BUYSIDE PERSPECTIVES

WHAT PERCENTAGE OF THE TOTAL ASSETS MANAGED BY YOUR COMPANY IS MANAGED UPON AN SRI BASIS?

2010 %

0-2% 31.58

2-5% 13.68

5-10% 1.05

OVER 10% 53.68

0

0-2%

2-5%

5-10%

OVER 10%

PERCENTAGE OF RESPONSES

2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

5 10 15 20 25 30 35 40 45 50 55

0

NONE

0-2%

2-5%

OVER 5%


5 10 15 20 25 30 35 40 45 50 55 60

0

INCREASE

STAY THE SAME

DECREASE


10 20 30 40 50 60 70 80 90 100

0

INCREASE

STAY THE SAME

DECREASE


10 20 30 40 50 60 70 80 90 100

2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

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0

0-2%

2-5%

5-10%

OVER 10%


2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

5 10 15 20 25 30 35 40 45 50 55

0

NONE

0-2%

2-5%

OVER 5%


5 10 15 20 25 30 35 40 45 50 55 60

0

INCREASE

STAY THE SAME

DECREASE


10 20 30 40 50 60 70 80 90 100

0

INCREASE

STAY THE SAME

DECREASE


10 20 30 40 50 60 70 80 90 100

2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

DO YOU EXPECT YOUR INVOLVEMENT IN THE SRI MARKET TO:

2010 %

INCREASE 88.39

STAY THE SAME 10.71

DECREASE 0.89

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0

0-2%

2-5%

5-10%

OVER 10%


2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

5 10 15 20 25 30 35 40 45 50 55

0

NONE

0-2%

2-5%

OVER 5%


5 10 15 20 25 30 35 40 45 50 55 60

0

INCREASE

STAY THE SAME

DECREASE


10 20 30 40 50 60 70 80 90 100

0

INCREASE

STAY THE SAME

DECREASE


10 20 30 40 50 60 70 80 90 100

2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

WHAT PERCENTAGE OF YOUR TOTAL BROKER COMMISSION IS DEVOTED TO SRI?

2010 %

NONE 0.00

0-2% 19.75

2-5% 45.68

OVER 5% 34.57

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0

0-2%

2-5%

5-10%

OVER 10%


2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

5 10 15 20 25 30 35 40 45 50 55

0

NONE

0-2%

2-5%

OVER 5%


5 10 15 20 25 30 35 40 45 50 55 60

0

INCREASE

STAY THE SAME

DECREASE


10 20 30 40 50 60 70 80 90 100

0

INCREASE

STAY THE SAME

DECREASE


10 20 30 40 50 60 70 80 90 100

2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

2010 RESULTS

2009 RESULTS

2008 RESULTS

2007 RESULTS

2006 RESULTS

2005 RESULTS

IN THE COMING YEAR IS THIS PERCENTAGE LIKELY TO:

2010 %

INCREASE 34.36

STAY THE SAME 64.40

DECREASE 1.24

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SRI & SUSTAINABILITY - UNITED NATIONS PRI INITIATIVE EFFECT ON MAKING SRI AND EXTRA-FINANCIAL FACTORS IN INVESTMENT DECI

1 Strongly Disagree 0.00%

2 0.89%

3 11.61%

4 40.18%

5 Strongly Agree 47.32%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

SRI & SUSTAINABILITY - IMPORTANCE OF SRI TYPE REPORTS AND MAINSTREAM RESEARCH INCORPORATING EXTRA-FINANCIAL RESEARCH

Specific Stand Alone SRI Type Reports

1 Not Important 0.00%

2 0.89%

3 11.61%

4 73.21%

5 Very Important 14.29%

Mainstream Research That Incorporates Extra-Financial Research


2 0.90%

3 10.81%

4 27.03%



SRI & SUSTAINABILITY - IMPORTANCE OF SRI TYPE REPORTS AND MAINSTREAM RESEARCH INCORPORATING EXTRA-FINANCIAL RESEARCH

Specific Stand Alone SRI Type Reports


2 0.89%

3 11.61%

4 73.21%


Mainstream Research That Incorporates Extra-Financial Research


2 0.90%

3 10.81%

4 27.03%



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SRI & SUSTAINABILITY - IMPORTANCE OF CORPORATE GOVERNANCE ISSUES

Executive Remuneration


2 11.61%

3 27.68%

4 13.39%


Board Responsibilties


2 0.89%

3 14.29%

4 12.50%


Composition Of Remuneration Committee


2 15.18%

3 48.21%

4 35.71%


Division Of CEO/Chairman Responsibilties


2 1.41%

3 21.13%

4 60.56%



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Board Independence


2 11.61%

3 14.29%

4 38.39%


Shareholders Rights


2 0.00%

3 14.29%

4 15.18%



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SRI & SUSTAINABILITY - VALUE OF RESEARCH SERVICE ATTRIBUTES

Timeliness


2 0.00%

3 0.00%

4 41.07%


Breadth Of Coverage


2 0.89%

3 23.21%

4 61.61%


Depth Of Coverage


2 0.00%

3 1.79%

4 62.50%


Relevance


2 0.00%

3 15.18%

4 26.79%



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Trade Ideas


2 2.68%

3 46.43%

4 36.61%


Integration Of SRI/Extra-Financial With Mainstream Issues


2 0.89%

3 27.68%

4 11.61%



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SRI & SUSTAINABILITY - SPEND ON EXTRA-FINANCIAL DATA SOURCES OVER NEXT 12 MONTHS

1 Yes 47.32%

2 No 1.79%

3 Stay The Same 36.61%

4 Don't Know 14.29%


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SRI & SUSTAINABILITY - SRI OR EXTRA-FINANCIAL ISSUES IN LAST 12 MONTHS AFFECTING STOCK OR SECTOR VALUATIONS

1 Environmental Regulations 30.93%

2 Environmental Impact 2.06%

3 Human Capital Policy 15.46%

4 Social Policy 0.00%

5 Corporate Governance 25.77%

6 Other (Specify) 25.77%


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SRI & SUSTAINABILITY - ALLOCATION OF COMMISSION FOR SRI/SUSTAINABILITY/ESG RESEARCH

1 Explicitly Flagged In Broker Review Process 70.00%

2 Bundled Into An Overall Service Vote 24.29%

3 Commission Via Directed Trades 2.86%

4 Not A Contributor To Commission Allocation 2.86%


SRI & SUSTAINABILITY - BROKERS USED FOR BOTH FINANCIAL RESEARCH AND SRI OR EXTRA-FINANCIAL ANALYSIS

1 Always 0.89%

2 Often 83.04%

3 Occasionally 15.18%

4 Hardly Ever 0.89%


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SRI & SUSTAINABILITY - IMPORTANT AREAS OF INTEGRATION OF SRI WITH MAINSTREAM

Commentary on extra-financials in the context of single company reports


2 0.90%

3 24.32%

4 36.94%


Thematic pieces contributing to an understanding of how extra financials become ""financial""


2 11.71%

3 0.90%

4 37.84%


Quant models incorporating extra financial drivers


2 28.28%

3 42.42%

4 14.14%


Single company valuation models incorporating extra financial drivers


2 1.80%

3 1.80%

4 58.56%



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Identification of SRI relevant research in the "Mainstream"


2 0.00%

3 0.00%

4 31.31%



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SRI & SUSTAINABILITY - SECTORS WITH MOST NEED OF MORE INTEGRATED CLIMATE CHANGE ANALYSIS

Autos & Automotive Components


2 1.67%

3 3.33%

4 65.00%


Utilities


2 0.00%

3 13.59%

4 27.18%


Other


2 0.00%

3 0.00%

4 0.00%


Chemicals


2 0.87%

3 11.30%

4 60.87%



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Construction & Building Materials


2 0.00%

3 1.74%

4 60.00%


Capital Goods


2 0.00%

3 14.00%

4 85.00%


Consumer Goods


2 0.97%

3 63.11%

4 31.07%


Mining


2 1.94%

3 39.81%

4 27.18%



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Oil & Gas


2 1.94%

3 0.00%

4 27.18%


Steel & Metals


2 0.89%

3 0.89%

4 38.39%


Transport


2 0.00%

3 2.00%

4 54.00%



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4. RESULTS

BROKERAGE FIRMS RANKINGS

LEADING PAN-EUROPEAN BROKERAGE FIRM - SRI AND SUSTAINABILITY (BASED ON COMMISSIONS PAID)

1 CA Cheuvreux

2 Société Générale

3 UBS

4 HSBC

5 Goldman Sachs

6 Citi

7 Oddo Securities

8 Macquarie Equities

9 Natixis

10 Barclays Capital

11 Bank of America Securities - Merrill Lynch

12 CLSA Asia-Pacific Markets

13 Deutsche Bank

14 CM-CIC Securities (ESN Partnership)

15 Credit Suisse Securities

16 Commerzbank Corporates & Markets

17 WestLB

18 Morgan Stanley

19 Nomura Securities

20 Landesbank Baden-Württemberg (LBBW)

21 UniCredit

22 Jefferies International

23 J.P. Morgan Cazenove

24 Banco Português de Investimento (BPI)

25 ING Financial Markets


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Oddo Securities1 0 10 1414 1434 18.07%(-)

Jean-Philippe DesmartinLéa SombretSébastien Thévoux Chabuel

UBS2 1 20 157 1375 17.33%(-)

Claire JonesDaniel StillitDilyara KhabrievaHoward LesserJulie HudsonPeter HicksonQuentin FreemanShirley Morgan-KnottStephan PuetterStephen Swanton

CA Cheuvreux3 0 92 69 1220 15.37%(-)

Cécile LamotteCorinne GagnéErwan CréhaletRobert WalkerStéphane Voisin

Société Générale4 1 42 1110 1209 15.24%(-)

Sarj NahalValery Lucas-LeclinYannick Ouaknine

CM-CIC Securities (ESN Partnership)5 0 31 28 636 8.01%(-)

Agnès Blazy

Goldman Sachs6 3 10 24 511 6.44%(-)

Andrew HowardMarc FoxMelissa EpperlySara FinanSarah Forrest

HSBC7 0 00 33 388 4.89%(-)

Mark van LonkhuyzenNick RobinsRoshan PadamadanStuart Ferguson

Natixis8 0 31 23 315 3.96%(-)

Julie DolleOrith Azoulay

All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Corporate Governance Research

POS. FIRM NAME SCALE 1 TO 5 POINTS %PREV POS.Average Excellent

Thomson Extel Surveys 2010. All rights reserved.Extel Pan-Europe 2010

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J.P. Morgan Cazenove9 0 00 10 90 1.13%(-)

Morgan Stanley9 0 00 10 90 1.13%(-)

Nick Anderson

Piper Jaffray9 0 00 10 90 1.13%(-)

WestLB12 0 10 01 82 1.03%(-)

Claudia VolkHendrik Garz

Vigeo13 0 00 01 60 0.76%(-)

Bank of America Securities - Merrill Lynch14 0 10 00 54 0.68%(-)

CLSA Asia-Pacific Markets14 0 10 00 54 0.68%(-)

Commerzbank Corporates & Markets16 0 10 01 51 0.64%(-)

UniCredit17 0 01 00 50 0.63%(-)

Patrick Berger

Citi18 0 00 01 48 0.61%(-)

Gareth WilliamsHenry Hall

Deutsche Bank19 0 01 00 36 0.45%(-)

Gilbert Dupont19 0 00 01 36 0.45%(-)

Nomura Securities19 0 10 00 36 0.45%(-)

Redburn Partners19 0 01 00 36 0.45%(-)

MainFirst Bank23 0 10 00 27 0.34%(-)

Alor24 1 00 00 9 0.11%(-)

All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Corporate Governance Research



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Jean-Philippe Desmartin, Oddo Securities1 0 60 1913 1602 10.76%(-)

Léa Sombret, Oddo Securities2 0 21 1912 1375 9.23%(-)

Sarj Nahal, Société Générale3 0 20 268 1311 8.80%(-)

Yannick Ouaknine, Société Générale4 0 42 1711 1150 7.72%(-)

Robert Walker, CA Cheuvreux5 0 21 118 1117 7.50%(-)

Valery Lucas-Leclin, Société Générale6 0 20 2110 1100 7.38%(-)

Julie Hudson, UBS7 0 10 125 982 6.59%(-)

Sébastien Thévoux Chabuel, Oddo Securities8 1 30 810 840 5.64%(-)

Agnès Blazy, CM-CIC Securities (ESN Partnership)9 0 30 98 618 4.15%(-)

Stéphane Voisin, CA Cheuvreux10 0 20 54 480 3.22%(-)

Sara Finan, Goldman Sachs11 0 00 42 413 2.77%(-)

Shirley Morgan-Knott, UBS12 0 00 33 410 2.75%(-)

Marc Fox, Goldman Sachs13 0 21 32 393 2.64%(-)

Orith Azoulay, Natixis14 0 20 54 370 2.48%(-)

Melissa Epperly, Goldman Sachs15 0 01 23 355 2.38%(-)

Andrew Howard, Goldman Sachs16 0 00 22 350 2.35%(-)

Cécile Lamotte, CA Cheuvreux17 0 30 23 284 1.91%(-)

Julie Dolle, Natixis18 0 20 32 264 1.77%(-)

Nick Robins, HSBC19 0 00 20 215 1.44%(-)

Erwan Créhalet, CA Cheuvreux20 0 10 21 151 1.01%(-)

Quentin Freeman, UBS21 0 00 10 125 0.84%(-)

Stephan Puetter, UBS21 0 00 10 125 0.84%(-)

Stephen Swanton, UBS21 0 00 10 125 0.84%(-)

Jason Channell, Goldman Sachs24 0 00 10 90 0.60%(-)

Mariano Alarco, Goldman Sachs24 0 00 10 90 0.60%(-)

Roshan Padamadan, HSBC24 0 00 10 90 0.60%(-)

All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Corporate Governance Research



28

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Stephen Benson, Goldman Sachs24 0 00 10 90 0.60%(-)

Hendrik Garz, WestLB28 0 10 01 82 0.55%(-)

Corinne Gagné, CA Cheuvreux29 0 10 10 52 0.35%(-)

Patrick Berger, UniCredit30 0 01 00 50 0.34%(-)

Sarah Forrest, Goldman Sachs30 0 00 20 50 0.34%(-)

Alberto Gandolfi, UBS32 0 00 10 35 0.24%(-)

Jörn Iffert, UBS32 0 00 10 35 0.24%(-)

Patrick Hummel, UBS32 0 00 10 35 0.24%(-)

Claudia Volk, WestLB35 0 00 01 28 0.19%(-)

Daniel Fermon, Société Générale36 0 00 10 5 0.03%(-)

Henry Hall, Citi36 0 00 10 5 0.03%(-)

Burkhard Weiss, HSBC38 0 00 01 4 0.03%(-)

All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Corporate Governance Research



29

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Sarj NahalValery Lucas-LeclinVéronique Riches-FloresYannick Ouaknine

All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Thematic Research



30

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UBS2 1 32 1811 1632 13.97%(-)

Alan ErskineAlastair RyanAlberto GandolfiAlex HughAlexander WrightAlexei MorozovAndrew HughesAnish KapadiaAvi HoddesBosco OjedaChristel MonotDaniel StillitDarren ShawDavid JessopDennis JullensDmitry VinogradovDominic EdridgeEva QuirogaFredric StahlGbola AmusaHarald BrandlIgnacio Carvajal CebrianJaime BrandwoodJarrod CastleJason de RiseJoe DewhurstJohn SlettevoldJohn-Paul CrutchleyJon RigbyJonathan LeinsterJulie HudsonKaren OlneyKim WrightLaura Janssens (Mills)Laurent FavreMarc ThieleMark ShepperdMark StockdaleMartin WalesMatthew TaylorMelissa EarlamMichael BriestMyles AllsopNeil CherryNick NelsonOlivia KerOlof CederholmPatrick HummelPer LekanderPhilippe HouchoisPolo TangQuentin FreemanSaud MasudShirley Morgan-KnottStephen SwantonSven WeierThomas Gilbert


31

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CA Cheuvreux3 0 70 1612 1632 13.97%(-)

Cécile LamotteCorinne GagnéErwan CréhaletStéphane Voisin

Goldman Sachs4 1 60 88 1509 12.92%(-)

Andrew HowardJason ChannellMarc FoxMariano AlarcoMelissa EpperlySara FinanSarah ForrestSarah MartinStephen Benson

HSBC5 1 70 104 1050 8.98%(-)

Adam DickensBarry O'LearyBurkhard WeissCharanjit SinghChristian RathColin GibsonGary MurphyGordon MorrisonHorst SchneiderJames MagnessJoaquim De LimaKevin BourneMark van LonkhuyzenMatt WilliamsNick RobinsNiels FehrePaul SpeddingPierre BossetRobert CloverRoshan PadamadanShishir SinghSonja KimmeskampStuart FergusonVerity MitchellVijay Sumon

Citi6 1 20 35 787 6.74%(-)

Gareth WilliamsMeg Brown

Oddo Securities7 0 51 19 625 5.35%(-)





32

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Credit Suisse Securities8 0 11 06 529 4.53%(-)

Mary Curtis


Natixis10 0 12 24 330 2.83%(-)


Sanford C. Bernstein11 0 20 10 198 1.70%(-)


Deutsche Bank13 0 10 01 114 0.98%(-)

Daniel Brebner

Jefferies International14 0 10 10 96 0.82%(-)

Rabo Securities15 0 10 10 80 0.69%(-)


ING Financial Markets16 0 00 10 75 0.64%(-)

Barclays Capital18 0 00 10 60 0.51%(-)

Arindam BasuJulien RoquesMichael MitchellRupesh Madlani

Buckingham Research Group18 0 00 10 60 0.51%(-)

Nomura Code Securities18 0 00 01 60 0.51%(-)

Vigeo18 0 00 01 60 0.51%(-)

13D Research22 0 10 00 54 0.46%(-)

Liberum Capital22 0 20 00 54 0.46%(-)

UniCredit22 0 10 00 54 0.46%(-)

Patrick Berger

Canaccord Genuity25 0 00 10 45 0.39%(-)





33

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


WestLB25 0 10 00 45 0.39%(-)


Macquarie Equities28 0 10 00 36 0.31%(-)

Landesbank Baden-Württemberg (LBBW)29 0 10 00 27 0.23%(-)

Berenberg Bank30 1 00 00 18 0.15%(-)

Kepler Capital Markets30 0 01 00 18 0.15%(-)

Arkeon Finance32 1 00 00 9 0.08%(-)




34

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Julie Hudson, UBS2 0 01 128 1312 5.75%(-)









Meg Brown, Citi11 1 20 95 795 3.48%(-)

Nick Robins, HSBC12 0 00 103 693 3.04%(-)



Véronique Riches-Flores, Société Générale15 0 60 96 559 2.45%(-)


Robert Clover, HSBC17 1 00 72 489 2.15%(-)



Joaquim De Lima, HSBC20 0 10 51 431 1.89%(-)





Mary Curtis, Credit Suisse Securities25 0 00 12 309 1.36%(-)


All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Thematic Research



35

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Christian Rath, HSBC28 0 11 21 276 1.21%(-)

Per Lekander, UBS29 0 00 21 232 1.02%(-)


Barry O'Leary, HSBC31 0 10 10 165 0.72%(-)

Vijay Sumon, HSBC31 0 00 30 165 0.72%(-)

Paul Galloway, Sanford C. Bernstein33 0 00 11 159 0.70%(-)




Alan Erskine, UBS37 0 00 10 125 0.55%(-)

Daniel Stillit, UBS37 0 00 10 125 0.55%(-)

David Jessop, UBS37 0 00 10 125 0.55%(-)

Gbola Amusa, UBS37 0 00 10 125 0.55%(-)

Simon Powell, CLSA Asia-Pacific Markets41 0 20 00 111 0.49%(-)

Colin Gibson, HSBC42 0 00 10 105 0.46%(-)


Adam Dickens, HSBC44 0 00 10 90 0.40%(-)

Peter Elwin, J.P. Morgan Cazenove44 0 00 10 90 0.40%(-)



Mark Freshney, Credit Suisse Securities46 0 00 01 60 0.26%(-)

Nick Walker, Liberum Capital49 0 20 00 54 0.24%(-)


Matt Williams, HSBC51 0 00 01 48 0.21%(-)

Niels Fehre, HSBC51 0 00 01 48 0.21%(-)




36

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Jonathan Leinster, UBS53 0 10 00 45 0.20%(-)

Dirk Verbiesen, Kempen & Co54 0 00 10 35 0.15%(-)

Horst Schneider, HSBC55 0 00 01 20 0.09%(-)

Brian Chin, Citi56 0 00 10 15 0.07%(-)

Timothy Arcuri, Citi56 0 00 10 15 0.07%(-)

Rod Lache, Deutsche Bank58 0 10 00 9 0.04%(-)


Elaine Prior, Citi59 0 00 10 5 0.02%(-)

Nick Edwards, Mirabaud Securities59 0 00 10 5 0.02%(-)

Rupesh Madlani, Barclays Capital59 0 00 20 5 0.02%(-)

Sarah Martin, Goldman Sachs63 0 00 01 4 0.02%(-)





37

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Daniel FermonDidier LaurensSarj NahalValery Lucas-LeclinYannick Ouaknine

CA Cheuvreux2 1 172 1825 2472 15.14%(-)

Cécile LamotteCorinne GagnéDagma MoldenErwan CréhaletRobert WalkerStéphane Voisin

All Brokerage Firms - SRI And Sustainability (Commissions Paid) - SRI Research



38

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UBS3 5 144 2110 2215 13.56%(-)

Ajay PatelAlan ErskineAlastair ReidAlberto GandolfiAlex BrooksAlex HughAndrew HughesAndrew SnowdowneAnish KapadiaArgiro (Iro) PapadopoulouDaniel StillitDilyara KhabrievaEva QuirogaFredric StahlGareth JenkinsGbola AmusaHarald BrandlIgnacio Carvajal CebrianJeffrey PalmaJennifer DelaneyJon RigbyJonathan LeinsterJörn IffertJulie HudsonKeval KhiroyaKim WrightLaura Janssens (Mills)Marc ThieleMark ShepperdMark StockdaleMartin WalesMyles AllsopNick NelsonNik ModiOlof CederholmPatrick HummelPer LekanderPeter CramptonPeter HicksonPhilip FinchPolo TangQuentin FreemanShirley Morgan-KnottStephen SwantonSven WeierThomas GilbertTrevor McDonough

Goldman Sachs4 0 101 1812 1960 12.00%(-)

Andrew HowardJason ChannellMarc FoxMelissa EpperlySara FinanSarah Forrest

Citi5 1 84 510 1307 8.00%(-)





39

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Oddo Securities6 1 161 913 1306 8.00%(-)


HSBC7 0 61 126 1224 7.50%(-)

Adam DickensBarry O'LearyBurkhard WeissCharanjit SinghChristian RathColin GibsonGary MurphyGordon MorrisonHorst SchneiderJames MagnessJoaquim De LimaKevin BourneLaurent KiefferMark van LonkhuyzenMatt WilliamsNick RobinsNiels FehrePaul SpeddingPierre BossetRobert CloverRoshan PadamadanShishir SinghSonja KimmeskampStuart FergusonVerity MitchellVijay Sumon

Natixis8 1 82 127 952 5.83%(-)



John King

WestLB10 0 05 23 299 1.83%(-)



Agnès Blazy







40

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Liberum Capital17 0 00 01 84 0.51%(-)


UniCredit18 0 20 00 75 0.46%(-)

Patrick Berger

Morgan Stanley20 0 00 01 72 0.44%(-)

Kader HidraNick Anderson

Carnegie Securities21 0 01 00 50 0.31%(-)

Banco Português de Investimento (BPI)22 0 00 01 48 0.29%(-)

RiskMetrics Group23 0 00 10 45 0.28%(-)

Arete Research24 0 00 01 36 0.22%(-)

Deutsche Bank24 0 01 00 36 0.22%(-)

Piper Jaffray24 0 00 01 36 0.22%(-)


ABG Sundal Collier28 0 00 01 28 0.17%(-)


Bob Liao

Atek Invest30 1 00 00 25 0.15%(-)

Exane BNP Paribas31 0 01 00 24 0.15%(-)

Danske Markets Equities (ESN Partnership)32 1 00 00 12 0.07%(-)

AFS Research33 1 00 00 9 0.06%(-)






Gilbert Dupont33 1 00 00 9 0.06%(-)

Denise BouchetFrançoise Delva


41

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Julie Hudson, UBS3 2 70 218 1746 5.25%(-)


Meg Brown, Citi5 0 30 1710 1417 4.26%(-)




















Didier Laurens, Société Générale25 0 21 116 521 1.57%(-)


All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - SRI Research



42

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Nick Robins, HSBC28 0 30 71 430 1.29%(-)


Agnès Blazy, CM-CIC Securities (ESN Partnership)30 1 51 35 239 0.72%(-)





Per Lekander, UBS35 0 00 02 144 0.43%(-)


Ajay Patel, UBS37 0 00 10 125 0.38%(-)

Gareth Jenkins, UBS37 0 00 10 125 0.38%(-)

Ignacio Carvajal Cebrian, UBS37 0 00 10 125 0.38%(-)

Jon Rigby, UBS37 0 00 10 125 0.38%(-)

Vijay Sumon, HSBC41 0 00 20 120 0.36%(-)

Niels Fehre, HSBC42 0 00 21 116 0.35%(-)


Nick Walker, Liberum Capital44 0 00 10 105 0.32%(-)


Adam Dickens, HSBC46 0 00 20 95 0.29%(-)

Ben Kluftinger, Macquarie Equities47 0 00 10 90 0.27%(-)

Horst Schneider, HSBC48 0 00 11 85 0.26%(-)

Sven Weier, UBS49 0 00 01 84 0.25%(-)


Dagma Molden, CA Cheuvreux51 0 20 00 54 0.16%(-)

James Magness, HSBC52 0 20 11 39 0.12%(-)




43

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Alastair Bishop, Piper Jaffray53 0 00 01 36 0.11%(-)

Colin Gibson, HSBC53 0 10 00 36 0.11%(-)

Verity Mitchell, HSBC53 0 00 01 36 0.11%(-)

Sebastian Zank, WestLB56 0 10 00 21 0.06%(-)

Françoise Delva, Gilbert Dupont57 1 00 00 9 0.03%(-)

Elaine Prior, Citi58 0 00 10 5 0.02%(-)

Paul Spedding, HSBC58 0 00 10 5 0.02%(-)

Arindam Basu, Barclays Capital60 0 00 01 4 0.01%(-)

Charles-Louis Planade, Arkeon Finance60 0 00 01 4 0.01%(-)

Julien Roques, Barclays Capital62 0 10 00 3 0.01%(-)




44

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HSBC1 0 62 2212 1963 11.56%(-)

Burkhard WeissCharanjit SinghChristian RathGordon MorrisonJames MagnessJoaquim De LimaKevin BourneLaurent KiefferMark van LonkhuyzenNick RobinsRobert CloverShishir SinghSiobhan SmythSonja KimmeskampStuart Ferguson

CA Cheuvreux2 1 81 519 1566 9.22%(-)

Cécile LamotteCorinne GagnéCraig AbbottDaniel OvinErwan CréhaletFernando LafuentePhlippe BummRobert WalkerStéphane Voisin

UBS3 0 21 1413 1427 8.40%(-)

Alberto GandolfiHarald BrandlIgnacio Carvajal CebrianJames LloydJörn IffertJulie HudsonLaurent FavreOlof CederholmPatrick HummelPer LekanderRoni BironShirley Morgan-KnottSven WeierThomas GilbertTorsten Wyss


Didier LaurensSarj NahalValery Lucas-LeclinYannick Ouaknine


Ben KluftingerKasper LarsenShai Hill

All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Renewable Energy



45

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Piper Jaffray6 0 41 57 897 5.28%(-)

Alastair BishopSean McLoughlin



Goldman Sachs8 0 71 08 854 5.03%(-)

Andrew HowardJason ChannellMarc FoxMariano AlarcoMelissa EpperlySara FinanSarah ForrestSarah MartinStephen Benson

Citi9 0 40 45 759 4.47%(-)

Andrew BensonGareth WilliamsManuel PalomoMark FieldingMeg BrownVidya Anant

Deutsche Bank10 1 31 36 613 3.61%(-)

Alexander KarnickHermann Spellmann

Banc of America Securities - Merrill Lynch11 1 11 65 590 3.47%(-)

Matthew Yates

Morgan Stanley12 1 71 30 508 2.99%(-)

Allen WellsAndrew HumphreyKader HidraNick AndersonSunil Gupta


Lauren LicuananNicole SchillingerRobert Schramm




46

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Anja-Katharina BohlenBernhard JeggleErkan AycicekWalter SchneiderWolfgang Seeliger


Catharina SaponarRoger Reynolds


Equinet (ESN Partnership)18 0 22 01 191 1.13%(-)

Banco Português de Investimento (BPI)19 0 11 11 180 1.06%(-)

Flora Trindade

UniCredit20 0 10 30 177 1.04%(-)

Javier SuárezMichael TappeinerRoberto LarotondaSergio Molisani

Fondsfinans21 0 10 02 175 1.03%(-)

Håkon Levy

BHF Bank22 1 00 02 161 0.95%(-)

Götz FischbeckNils Machemehl

Redburn Partners23 0 12 01 159 0.94%(-)

Archie FraserLucinda Male


Alex BarnettJames HarrisMichael McNamara

Arete Research25 0 01 20 115 0.68%(-)




47

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WestLB26 0 11 02 111 0.65%(-)


Bloomberg New Energy Finance27 0 00 01 100 0.59%(-)

Mirabaud Securities28 0 10 01 90 0.53%(-)

Agustin HochschildJulian LakinNick Edwards

Exane BNP Paribas29 1 10 01 86 0.51%(-)

Jonathan Mirrlees-Black

Matrix Corporate Capital30 0 00 01 84 0.50%(-)

Washington Analysis31 0 00 01 72 0.42%(-)

Natixis32 1 10 00 63 0.37%(-)

Antoine AzarCéline Chérubin

Oddo Securities32 1 00 01 63 0.37%(-)


Raymond James Euro Equities32 0 10 00 63 0.37%(-)

RBC Capital Markets35 0 20 00 54 0.32%(-)

Nick Hyslop


Berenberg Bank37 0 02 00 42 0.25%(-)

Close Brothers Seydler38 0 00 01 36 0.21%(-)

M.M.Warburg/SES Research39 0 00 10 35 0.21%(-)

Arkeon Finance40 0 11 00 30 0.18%(-)

Alexandre KollerCharles-Louis PlanadeMathieu Jasmin

Danske Markets Equities (ESN Partnership)41 0 10 00 27 0.16%(-)




48

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ESN North America41 0 10 00 27 0.16%(-)

MainFirst Bank43 0 01 00 24 0.14%(-)

Andreas Thielen

SEB Enskilda Equities44 0 10 00 21 0.12%(-)

Société de Bourse Portzamparc45 0 00 01 20 0.12%(-)

DnB NOR Markets46 0 01 00 18 0.11%(-)

Einar Kilde Evensen


Carl-Henrik FrejborgClaus AlmerFrederik LundeJoakim HöglundJoakim KindahlKenneth Toll JohanssonLars TopholmPreben Rasch-Olsen

RBS Global Banking & Markets48 3 00 00 12 0.07%(-)

Thomas Deitz


Kepler Capital Markets49 0 01 00 10 0.06%(-)

Ingo QueiserJulie AravVictor Acitores

Alor51 1 00 00 9 0.05%(-)

Santander GBM52 1 00 00 5 0.03%(-)




49

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



Shai Hill, Macquarie Equities2 1 21 153 1232 4.40%(-)

Didier Laurens, Société Générale3 0 32 2214 1224 4.37%(-)

Phlippe Bumm, CA Cheuvreux4 0 31 88 1053 3.76%(-)




Nick Robins, HSBC8 0 10 115 878 3.14%(-)

Alastair Bishop, Piper Jaffray9 0 00 89 843 3.01%(-)






Meg Brown, Citi15 0 10 511 664 2.37%(-)


Kasper Larsen, Macquarie Equities17 0 21 43 641 2.29%(-)


Alexander Karnick, Deutsche Bank19 0 11 37 535 1.91%(-)

Hermann Spellmann, Deutsche Bank20 0 11 45 530 1.89%(-)

Matthew Yates, Banc of America Securities - Merrill Lynch21 1 20 44 510 1.82%(-)

Robert Schramm, Commerzbank Corporates & Markets22 0 00 122 507 1.81%(-)




Andrew Humphrey, Morgan Stanley26 0 00 64 418 1.49%(-)

All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Renewable Energy



50

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Julie Hudson, UBS28 0 10 51 374 1.34%(-)

Erkan Aycicek, Landesbank Baden-Württemberg (LBBW)29 1 00 22 347 1.24%(-)


Wolfgang Seeliger, Landesbank Baden-Württemberg (LBBW)31 0 00 23 291 1.04%(-)

Per Lekander, UBS32 0 00 23 274 0.98%(-)

Allen Wells, Morgan Stanley33 0 01 33 268 0.96%(-)


Flora Trindade, Banco Português de Investimento (BPI)35 0 00 40 260 0.93%(-)


Sebastian Growe, Equinet (ESN Partnership)37 0 00 04 244 0.87%(-)

Sunil Gupta, Morgan Stanley38 0 01 30 239 0.85%(-)

Michael McNamara, Jefferies International39 0 10 22 224 0.80%(-)

Vishal Shah, Barclays Capital40 0 00 12 220 0.79%(-)

Håkon Levy, Fondsfinans41 0 00 12 193 0.69%(-)

Catharina Saponar, Nomura Securities42 0 10 13 192 0.69%(-)


Julien Roques, Barclays Capital44 0 10 02 163 0.58%(-)


Ignacio Carvajal Cebrian, UBS46 0 00 20 130 0.46%(-)

Charanjit Singh, HSBC47 0 00 11 126 0.45%(-)

Torsten Wyss, UBS48 0 00 10 125 0.45%(-)

Daniel Gandoy Lopez, Deutsche Bank49 0 00 21 123 0.44%(-)



Fernando Lafuente, CA Cheuvreux52 0 00 12 121 0.43%(-)




51

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Archie Fraser, Redburn Partners53 0 12 00 111 0.40%(-)

Michael Tappeiner, UniCredit53 0 00 21 111 0.40%(-)

Javier Suárez, UniCredit55 0 00 20 110 0.39%(-)

Adam Forsyth, Matrix Corporate Capital56 0 00 10 105 0.38%(-)

Götz Fischbeck, BHF Bank57 0 01 20 100 0.36%(-)


Manuel Palomo, Citi59 0 00 31 95 0.34%(-)


Jim Fontanelli, Arete Research61 0 00 20 85 0.30%(-)

Joel Silverman, Arete Research61 0 00 20 85 0.30%(-)

Arindam Basu, Barclays Capital63 0 10 01 79 0.28%(-)

Craig Abbott, CA Cheuvreux64 0 00 11 77 0.28%(-)

Ingo Queiser, Kepler Capital Markets65 0 00 30 75 0.27%(-)

Mark Fielding, Citi65 0 00 30 75 0.27%(-)


Vidya Anant, Citi65 0 00 10 75 0.27%(-)

Nick Hyslop, RBC Capital Markets69 0 00 02 72 0.26%(-)

Karsten Iltgen, Credit Suisse Securities70 0 10 11 61 0.22%(-)

Andrew Benson, Citi71 0 00 20 60 0.21%(-)


Sebastian Zank, WestLB73 0 00 02 56 0.20%(-)

Steve Babureck, Exane BNP Paribas73 0 00 02 56 0.20%(-)

Bernhard Jeggle, Landesbank Baden-Württemberg (LBBW)75 0 10 00 54 0.19%(-)







52

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Lucinda Male, Redburn Partners79 0 00 01 48 0.17%(-)

Mathieu Jasmin, Arkeon Finance79 0 10 10 48 0.17%(-)

Charles-Louis Planade, Arkeon Finance81 0 10 02 46 0.16%(-)

Walter Schneider, Landesbank Baden-Württemberg (LBBW)82 0 00 10 45 0.16%(-)

Alexandre Koller, Arkeon Finance83 0 10 01 42 0.15%(-)

Sean McLoughlin, Piper Jaffray84 0 00 11 41 0.15%(-)

Yohann Terry, Exane BNP Paribas85 0 00 01 36 0.13%(-)

Katharina Cholewa, WestLB86 0 00 01 28 0.10%(-)

Peter Wirtz, WestLB86 0 00 01 28 0.10%(-)

Einar Kilde Evensen, DnB NOR Markets88 0 10 00 27 0.10%(-)

James Harris, Jefferies International89 0 10 10 26 0.09%(-)

James Magness, HSBC89 0 00 24 26 0.09%(-)

Daniel Ovin, CA Cheuvreux91 0 00 10 25 0.09%(-)

Nils Machemehl, BHF Bank91 1 00 00 25 0.09%(-)

Shishir Singh, HSBC91 0 00 10 25 0.09%(-)

Andreas Thielen, MainFirst Bank94 0 01 00 24 0.09%(-)



Marta Gómez, Banesto Bolsa97 0 01 00 14 0.05%(-)

Brian Chin, Citi98 0 00 01 12 0.04%(-)


Ben Lynch, Bryan, Garnier & Co.100 0 00 11 9 0.03%(-)


Stephen Flynn, Macquarie Equities100 0 10 00 9 0.03%(-)

Céline Chérubin, Natixis103 0 30 00 6 0.02%(-)

Alex Barnett, Jefferies International104 0 00 10 5 0.02%(-)




53

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Claus Almer, Carnegie Securities104 0 00 10 5 0.02%(-)

Lars Dannenberg, Berenberg Bank104 0 00 10 5 0.02%(-)





54

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HSBC1 0 41 249 2309 22.62%(-)

Barry O'LearyBurkhard WeissCharanjit SinghChristian RathGordon MorrisonJames MagnessJoaquim De LimaKevin BourneLaurent KiefferMark van LonkhuyzenNick RobinsRobert CloverRoshan PadamadanShishir SinghSonja KimmeskampStuart FergusonVijay Sumon

Citi2 0 62 219 1984 19.44%(-)


UBS3 0 72 314 1141 11.17%(-)

Harald BrandlJulie HudsonShirley Morgan-Knott

CA Cheuvreux4 0 13 912 1066 10.44%(-)

Robert WalkerStéphane Voisin


Sarj NahalYannick Ouaknine

Goldman Sachs6 1 41 27 664 6.51%(-)

Andrew HowardJason ChannellMarc FoxSara FinanSarah ForrestSarah MartinStephen Benson


Ben KluftingerShai Hill

Oddo Securities8 0 01 02 202 1.98%(-)

All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Integrated Climate Change



55

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WestLB9 0 30 10 186 1.82%(-)



Deutsche Bank11 2 00 11 167 1.64%(-)


Natixis13 2 00 01 88 0.86%(-)






Mirabaud Securities19 0 20 00 54 0.53%(-)

Trucost19 0 10 00 54 0.53%(-)

Mark Trevitt

UniCredit21 0 10 00 45 0.44%(-)

Patrick Berger


Nomura Code Securities23 0 10 00 36 0.35%(-)

RiskMetrics Group23 0 00 01 36 0.35%(-)


Alembic Global Advisors26 1 00 00 25 0.25%(-)

Morgan Stanley27 0 01 00 24 0.24%(-)

Kader HidraNick Anderson

NCB Stockbrokers (ESN Partnership)27 0 01 00 24 0.24%(-)

Berenberg Bank29 1 00 00 18 0.18%(-)






Art Capital30 1 00 00 9 0.09%(-)


56

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Meg Brown, Citi1 0 31 2413 1983 15.42%(-)

Nick Robins, HSBC2 0 20 215 1463 11.38%(-)


Julie Hudson, UBS4 0 31 85 864 6.72%(-)







Vijay Sumon, HSBC11 0 00 41 434 3.38%(-)

Shai Hill, Macquarie Equities12 0 00 32 432 3.36%(-)















All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Integrated Climate Change



57

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Charanjit Singh, HSBC27 0 00 10 90 0.70%(-)



Mark Trevitt, Trucost30 0 10 00 54 0.42%(-)


Nick Anderson, Morgan Stanley32 0 10 00 36 0.28%(-)


Brian Chin, Citi34 0 00 10 15 0.12%(-)


Stephen Flynn, Macquarie Equities36 0 00 01 12 0.09%(-)




All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Integrated Climate Change



58

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FIRM NAME 2010 %RANK

1ST RISKMETRICS GROUP 18.4

2ND INNOVEST STRATEGIC VALUE ADVISORS 15.9

3RD EIRIS 12.5

4TH GLASS LEWIS 10.8

5TH VIGEO 9.2

6TH TRUCOST 7.6

7TH ABI (VIS) 7.3

8TH GMI RATINGS 5.4

9TH KLD RESEARCH & ANALYTICS 4.2

10TH MANIFEST 3.4

TOP 10 INDEPENDENT RESEARCH PROVIDERS FOR SRI & SUSTAINABILITY RESEARCH SERVICES


1ST ROYAL DUTCH SHELL 8.3

2ND TESCO PLC 7.8

3RD NOVO NORDISK 7.6

4TH BARCLAYS PLC 7.2

5TH ANGLO AMERICAN PLC 6.5

6TH NESTLE SA 6.4

7TH BHP BILLITON 5.8

8TH GLAXOSMITHKLINE PLC 5.3

9TH H&M HENNES & MAURTIZ AB 4.4

10TH BMW GROUP 3.7

11TH BT GROUP PLC 3.5

12TH ABB 3.1

13TH UNILEVER 2.9

14TH RBS 2.8

15TH SANTANDER 2.5

16TH KINGFISHER PLC 2.4

17TH TOTAL SA 2.2

18TH XSTRATA PLC 1.8

19TH SANOFI-AVENTIS 1.6

20TH ALLIANZ SE 1.5

TOP 20 QUOTED COMPANIES FOR INVESTOR RELATIONS WITH SRI & SUSTAINABILITY INVESTORS

INDEPENDENT PROVIDERS & QUOTED COMPANY RANKINGS

59

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1ST VEOLIA ENVIRONNEMENT 14.4

2ND SINOPEC SHANGHAI PETROCHEMICAL 12.1

3RD VEDANTA RESOURCES PLC 9.7

4TH BP PLC 9.2

5TH RIO TINTO PLC 7.7

6TH BAE SYSTEMS 5.2

7TH KAZAKHMYS PLC 4.8

8TH COOKSON GROUP PLC 3.8

9TH ABERCROMBIE & FITCH CO 3.6

10TH ALSTOM 3.1

QUOTED COMPANIES POOREST FOR INVESTOR RELATIONS WITH SRI & SUSTAINABILITY INVESTORS

60

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ASSET MANAGEMENT RANKINGS


1ST THREADNEEDLE ASSET MANAGEMENT 9.1

2ND AVIVA GLOBAL INVESTORS 8.7

3RD BLACKROCK INVESTMENT MANAGEMENT 8.4

4TH ALLIANZ GLOBAL INVESTORS (RCM AND AGI FRANCE) 7.5

5TH SCHRODER INVESTMENT MANAGEMENT 6.3

6TH HENDERSON GLOBAL INVESTORS 6.1

7TH FIDELITY INTERNATIONAL 5.8

8TH UBS GLOBAL ASSET MANAGEMENT 5.4

9TH SAM SUSTAINABLE AM 5.3

10TH F&C ASSET MANAGEMENT 4.9

11TH AXA INVESTMENT MANAGERS 4.3

12TH BNP PARIBAS ASSET MANAGEMENT 4.1

13TH AMUNDI 3.1

14TH JP MORGAN ASSET MANAGEMENT 2.8

15TH GLG PARTNERS 2.7

16TH CITADEL INVESTMENT 2.5

17TH UBS WEALTH MANAGEMENT 1.9

18TH GARTMORE INVESTMENT MANAGEMENT 1.7

19TH CAZENOVE CAPITAL MANAGEMENT 1.6

20TH ECOFI INVESTISSEMENTS 1.4

TOP 20 ASSET MANAGEMENT FIRMS IN UNDERSTANDING OF SRI & SUSTAINABILITY INVESTORS

61

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5. METHODOLOGY

Responses were sought from both buyside and sellside firms across Europe, involved in the SRI and broader Extra-Financial market.

In total we received responses from over 350 individuals at 253 buyside firms and 20 sellside firms (in 2009 the equivalent numbers were 215 and 20).In the questionnaire, respondents were either asked to rate firms/individuals 1-5; or score attributes/concerns on a 1-5 scale.

In both cases 5 equated to 5 points, down to a rating of 1 equalling 1 point. When voting for firms, voters could score a maximum of two firms with the same rating, and give the same rating value to up to a maximum of four individual team members at any broker firm. All points received were then aggregated, and % based tables constructed.

In the case of rating on attributes, using a 1-5 comparative scale, an average rating (mathematically obliged to be between 1-5) was calculated. This enables comparative benchmarks to be provided. In many cases in the report we display also output from 2005-2009.

As this is now the 8th annual Survey the comparative and trend data delivers considerable value and interest. In particular we continue to receive a number of thoughtful comments on how to construct and develop this Survey going forward to enable it to even better match and align with market practice, and address key issues. We have sought to respond to these in 2010, and will continue to do so for 2011.

The Thomson Reuters Extel/UKSIF SRI & Sustainability Survey 2010 took place between March 15 and June 02, 2010.

extel sri_rankings

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