The asset management of Mistra should reflect the mission of the foundation, to contribute to the solution of environmental problems and to work for a sustainable development. This should be done with a reasonable balancing between the requirement of the statutes of high return and limited risk.In the industry there are a number of different variations of asset management for sustainable development. Mistra uses the expression SRI - Socially Responsible Investment - in a broad context. For Mistra, SRI includes three dimensions - financial, ecological and cultural/social aspects. The expression SRI, though, can be interpreted differently depending in who uses it and what background one has.
Mistra initially chose to work with negative screening critera based on UN resolutions and international agreements signed by the Swedish government, ILO, environmental and child conventions etc. Presently, the focus has changed to put the emphasis on a positive screening applying a “best in class" model. Mistra´s asset managers have different methodologies and degree of environmental and ethical information in their mandates. Mistra closely follows the work of the external managers in order to learn more about the processes and also influence the future asset management.
History
1995
Mistra arranges a seminar on asset management for sustainable development: “Environment - Financial Risk and Opportunities"
2000
Mistra decided that the foundation´s asset management should reflect its mission to solve environmental problems and contribute to a sustainable development
A study on how environmental screening impacts return on investments was commissioned from KPMG.
2001
During the spring, an investigation developed a new investment policy with a well-determined balance between the different requirements.
The study “Screening of Screening Companies" was conducted by MiljöEko and Sustainability. There criteria that Mistra considers to be best practise within SRI are presented. The result was that the board decided that part of the foundation´s capital should be invested in accordance with positive environmental criteria.
2002
Mistra starts the adaption of environmental and ethical criteria by initiating a global mandate with both positive and negative screening. In addition, a European mandate received a negative screening list to abide by.
2003
A deeper study of independent SRI analysts was initiated. The study was carried out by Sustainability and OnValues. The results were presented in the report “Values for Money" in the spring of 2004.
2004
The report “Values for Money"
Mistra conducted three public procurements of asset management mandates. The procurements resulted in six new mandates. Mistra also signed non-funded agreements with another five managers.
Mistra became an associated member of Enhanced Analytic Initiative,EAI, with the purpose to enhance knowledge of asset managers. EAI evaluates and awards through commission the securities trading firms which provides investors with the best broad information and analysis about non-financial factors for long-term investments.
2005
The Mistra research initiative "Sustainable Investment"
Mistra awards mandate to Generation Investment Management, dedicated to the principles of long-term investing, integrated sustainability research and client alignment.
2006
Mistra wins award for asset management when the international magazine Global Money Management announced its 2006 Pension Fund Awards for Excellence. Mistra was the winner of the category "Non-Profit Fund of the Year Award".
Mistra the first investor in a new ethical fund for emerging markets. The Danish company BankInvest, is setting up a new ethical global emerging markets fund, "BI Global Emerging Markets Equities SRI". Companies will be selected for inclusion in the fund on the basis of positive criteria, combined with traditional negative screening.
2007
In April 2007, Mistra reached the goal that at the latest 2007, all of Mistras assets should be reviewed and to as large extent as possible managed in accordance with environmental and ethical criteria.
Mistra invests, as the first investor, in a new ethical fund for growth markets. BankInvest has started a new ethical fund for Global Emerging Markets Debt SRI.
