The Finance Project aims to clarify, via analysis and aggregation of publicly available information, the detailed links between the finance sector (banking, investment management, insurance) and private and public companies operating in our global economy. Our initial launch focuses on the ownership of thermal coal production around the world and will expand to include all parts of the fossil fuel economy.
This project is a beta version currently under test and review. Additional functionality and design will be added in real time for a wider a launch in summer 2017. Please direct any comments, corrections and suggestions to firstname.lastname@example.org.
By "Shareholder" we mean a registered shareholder of a particular equity or bond associated with a company. It can be a listed fund, a asset manager or other legal entity or an individual.
Total Equity AUM means the US$ value of the equities this particular owner has under management (AUM - 'assets under management').
Assets under Management in coal is the value the fund or investor's equity assets in thermal coal stocks. For diversified coal companies where thermal coal is one portion of the business, we temper the market value by multiplying by its % of sales made up by thermal coal (e.g. for BHP Billiton, this is around 13% as of 2016).
This is the amount of thermal coal annual production (in tonnes) owned by the fund or investor based on the aggregate production amounts of the thermal coal companies it holds shares in, tempered by the % of each thermal coal company it owns, with data sourced from the company's latest disclosures. (e.g. if an investor owns 1% of Coal Company A, then 1% of Coal Company A's annual thermal coal production will be attributed to that investor).
This is the amount of thermal coal reserves (in tons) owned by the fund or investor based on the aggregate proven and probable thermal coal reserves of the coal companies (as declared in their annual report) it holds shares in, tempered by the % of each thermal coal company it owns. (e.g. if an investor owns 1% of Coal Company A, then 1% of Coal Company A's thermal coal reserves will be attributed to that investor). At present we are summing proven, probably and possible reserves of thermal coal, with data sourced from the company's latest disclosures.
This is the legal entity which manages a list fund. (e.g. "Vanguard Utilities Index Fund" is the Fund in our system while the Fund Management Company is "Vanguard Group Inc".
Shareholder refers to entities legally owning outstanding shares in a company. Listed funds (e.g. mutual funds, ETFs) hold equities or other financial instruments for their shareholders. "Fund Manager" aggregates all holdings of Funds managed by that Fund Manager. Other categories of shareholders include Asset Managers, Pension and insurance companies and non profits.
The organizational score represents the degree to which the organization influencing climate policy and legislation. Corporations also have relationship scores reflecting their links with influencers like trade associations. Both are combined to place the corporation in a performance band. Full details can be found here.
Each cell in the organization's matrix presents a chance for us to assess each data source against our column of climate change policy queries. We score from -2 to 2, with negative scores representing evidence of obstructive influence. "NA" means "not applicable" and "NS" means "not scored" - that is we did not find any evidence either way. In both cases, the cell's weighting is re-distributed over others. Red and blue cells represent highly interesting negative or positive influence respectively. Full details can be found here.
A corporation, as well as its organizational score will have a relationship score. It is computed by aggregating the organizational scores of the Influencers (trade bodies etc.) it has relationships with, weighted by both the strength of these relationships and the relative importance of the Influencers towards climate change policy. Full details can be found here.
The CDP performance bands for the corporations are presented for reference only. It should be noted that the CDP scoring system does not necessarily account for corporate influence over climate change policy. We also note that CDP and InfluenceMap are in no way connected.
InfluenceMap has researched and collated the following pieces of evidence associated with the data source and query indicated above. Extraordinary information is indicated by a coloured flag in the upper right corner. Evidence items in order of data inputted with exceptional items first.
In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. ^Click ^on ^these ^grey ^shaded ^upper ^sections ^for ^details ^of ^these ^relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. ^Click ^on ^the ^middle ^sections ^for ^for ^details ^of ^the ^trade ^associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.
This is the aggregate market value of the coal production companies the shareholder owns. For diversified coal companies where thermal coal is one portion of the business, we temper the market value by multiplying by its % of sales made up by thermal coal (e.g. for BHP Billiton, this is around 13% as of 2016).
Our data is sourced from a variety of databases depending on region and topic. For example registered shareholders required to disclose their holdings based on SEC rules governing asset managers we source through the Edgar SEC online database. All of our data is as recent as the available data from public sources.
As a metric for coal divestment we consider change in "Coal Reserves Owned" as more meaningful that a US$ value of coal stocks (which has collapsed in the last five years). Our metric looks at Coal Reserves Owned in 2010 and Coal Reserves Owned Most Recent and considers the percentage increase (a positive % value) or decrease (a negative % value).
The top 5 coal holdings of the shareholder are listed in order of the amount of thermal coal reserves the shareholder effectively owns. Noted are the % of outstanding shares of the coal company held and the amount of thermal coal reserves this represents. (e.g. 0.004% (45 Mt of coal reserves)).
The ^engagement ^intensity (EI) is a metric of the extent to which the company is engaging on climate change policy matters, whether positively or negatively. It is a number from 0 (no engagement at all) to 100 (full engagement on all queries/data points). Clearly energy companies are more affected by climate regulations and will have a higher EI than, for example retailers. So an organization’s score should be looked at in conjunction with this metric to gauge the amount of evidence we are using in each case as a basis for scoring. On our scale, an EI of more than 35 indicates a relatively large amount of climate policy engagement.
We encourage users of our information, including the entities who are scored on our site, to offer corrections, feedback and additional relevant information. Please submit your name, organisation, comments and attached files. This can relate to a profile as a whole, an scoring cell or a particular piece of evidence. Your comments will be considered by us and will not be made public.