Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80• Targeted Investing: Targeted investing in- cludes economically targeted investments (ETIs), community investing, impact invest- ing and mission investing Wikipedia: Impact Investing https://en.wikipedia.org/wiki/Impact_ investing Mission Investing https://www.missioninvestors.org/ mission-investing In my experience most targeted investing are forms of private equity, venture capital, or other forms of illiquid or restricted invest- ments. Although screens are a positive or negative response to an existing universe of companies or investment opportunities, tar- geted investing is generally more proactive in creating startups or supporting small or early stage companies and investments. The word “sustainable” is sometimes applied to some or the entire ESG universe or used as a syn- onym for ESG responsible investment. I am not quite sure how to explain a working definition of “sustainable.” I think the intention is to signify that the impact on the whole is positive – other- wise the system cannot last. Strategic sustainable investing https://en.wikipedia.org/wiki/Strategic_ sustainable_investing Perhaps if we achieve fundamental transparency regarding the basic outlines of our real gover- nance systems, governmental and tax-exempt resources, and the nature of the invisible technol- ogy and weaponry operating in and around our planet, I might be able to understand what is and is not sustainable. Until then, I will leave it to others to wrestle with a working definition. ESG Screening: The Size of the Universe Two recent studies have made a serious attempt to define the size of the ESG universe: 2014 Global Sustainable Investment Review by the Global Sustainable Investment Alliance http://www.gsi-alliance.org/wp-content/ uploads/2015/02/GSIA_Review_download. pdf Report on US Sustainable, Responsible and Impact Investing Trends 2014 by The Forum for Sustainable and Responsible Investment and the US SIF Foundation http://www.ussif.org/trends The 2014 Global Sustainable Investment Alli- ance included representatives from Europe, Asia, Australasia, Canada and the Forum for Sustain- able and Responsible Investment for the United States. For purposes of classification for their Review, they emerged a classification of “sustainable investments” to include the following: 1. Negative/exclusionary screening: the exclu- sion from a fund or portfolio of certain sectors, companies, or practices based on specific ESG criteria; 2. Positive/best-in-class screening: investment in sectors, companies or projects selected for positive ESG performance relative to indus- try peers; 3. Norms-based screening: screening of invest- ments against minimum standards of busi- ness practice based on international norms; 4. Integration of ESG factors: the systematic and explicit inclusion by investment manag- ers of environmental, social and governance factors into traditional financial analysis; 5. Sustainability-themed investing: investment in themes or assets specifically related to sus- tainability (for example clean energy, green technology or sustainable agriculture); 6. Impact/community investing: targeted in- vestments, typically made in private markets, aimed at solving social or environmental problems, and including community in- vesting, where capital is specifically directed to traditionally underserved individuals or communities, as well as financing that is provided to businesses with a clear social or environmental purpose; and 9 “ I am not quite sure how to explain a working definition of “sustainable.” I think the intention is to signify that the impact on the whole is positive — otherwise the system cannot last. ”