English - Swisscanto

Sustainability Report 2010/2011
Our world –
our future
Swisscanto – a leading asset manager
In Switzerland, Swisscanto is one of the leading investment
fund providers, asset managers and providers of occupational
and private pension solutions. The joint venture of the
Swiss Cantonal Banks has clients' assets under management
amounting to CHF 54.7 billion and has 390 employees
in its Zurich, Berne, Basle, Pully, London, Frankfurt am Main,
Milan and Luxembourg offices (as at 30 June 2011).
As an acknowledged specialist, Swisscanto develops highquality investment and pension solutions for private investors,
companies and institutions. Swisscanto regularly receives
­national and international awards as a fund provider. Furthermore, Swisscanto is well known for its pioneering role in
­sustainable investments as well as for the "Swiss Pension Funds"
study published annually.
www.swisscanto.ch
Publisher's details
Published by
Swisscanto Holding Ltd.
Nordring 4, CH-3000 Berne 25
Phone +41 58 344 43 00, Fax +41 58 344 43 01
[email protected], www.swisscanto.ch
Contact
Sustainability Office
The Swisscanto Group's Sustainability Report appears annually in German,
Paul Winiger
French and English and serves, apart from reporting on sustainability, as a group
[email protected]
portrait and a communication solution for the unpublished Annual Report of
Phone +41 58 344 49 53
­Swisscanto Holding Ltd. It is designed as an online report and is available as a
Media Office, Communication
Beat Amstutz, Annette Nagel
download: www.swisscanto.ch/sustainability
This publication is intended for distribution in Switzerland, Germany, Austria,
[email protected]
Liechtenstein, Luxembourg, Italy, France, Spain, the Netherlands and the UK, and
Phone +41 58 344 43 21
is not addressed to investors in other countries. All the details published here
Printed by
Swissprinters Zürich AG, CH-8952 Schlieren
ing basis for the purchase of Swisscanto funds shall be the respective sales
The report is printed on 100% recycled paper.
­prospectuses and reports and statements of a
­ ccounts.
do not constitute any investment advice or other recommendation. The solely bind­
The information contained in this document has been compiled by Swisscanto
with the greatest care. The information and opinions come from reliable sources.
­Despite the professional procedure, Swisscanto cannot guarantee the correctness,
neutral
Printed Matter
completeness or topicality of the details. Swisscanto declines all liability for
­investments which are made on the basis of this document.
No. 01-11-356125 – www.myclimate.org
© myclimate – The Climate Protection Partnership
This report is an English translation of the original German version. In case of
© Swisscanto Holding Ltd., October 2011
2
­discrepancies the original version takes precedence.
Dear Reader
Based on this conviction, for over ten years we have been
­advocating the development and spread of sustainability funds
with a successful range of such products. We want to further
expand this position as an acknowledged manager of sustainably managed assets. For this purpose, since the beginning
of 2011 we have been co-operating with Inrate, one of the
leading independent providers in the field of sustainability
­research.
The persistently low interest rates, the strong Swiss franc, the
political disagreement on how to solve the national debt crises
in various EU countries and in the USA resulted in investment
losses across the board and thus in restraint among investors,
which is in part clearly reflected in the Swisscanto Group's
closing figures for the past financial year. The continuing sense
of uncertainty on the markets will additionally accelerate the
radical structural change in the investment and pension sector.
The effects for Swisscanto are already clearly perceptible
­today and we shall be increasingly faced with completely
new challenges.
Against this background, the importance of a more stable
long-term view increases. It is not only in our clients' interest,
but will also gain and lastingly maintain the confidence of
our employees, owners, business partners and the general
public. Integrity in business management and our endeavours
to harmonise our business goals with ecological and social
responsibility are therefore part of the consistent implementation of Swisscanto's corporate strategy.
In the year under review, there has been considerable progress in implementing the United Nations Principles for Responsible Investment (UN PRI). In addition to introducing the systematic consideration of ecological, social and governance
aspects in all investment analyses and decisions, we have expanded the exercise of voting rights at general meetings to
include funds under Luxembourg Law and foreign stocks. The
publication of voting policy and voting behaviour has just
been implemented as a further step in safeguarding and representing our investors' interests.
"Our clients can rely on us. We safeguard their interests and
deliver the promised quality." This guiding principle forms
the basis of our actions as we consistently direct ourselves towards the development of a lasting benefit for clients, taking
account of ecological and social aspects.
Yours sincerely
Dr. Gérard Fischer
CEO
3
Contents
4
Editorial
3
About this report
5
The Swisscanto Group
6
Strategy and values
8
Management and corporate governance
10
Economic success
12
Partnership with stakeholders
13
Range of services for clients and marketing partners
15
Active exercise of shareholders' rights
17
Sustainable investments
18
Investing in a responsible manner
20
Responsibility as an employer
21
Social benefit key figures
23
Careful handling of resources
26
Social commitment
29
Sustainability key figures at a glance
31
About this report
This present report informs our clients, employees, owners,
business partners, as well as interested members of the public,
about the development of the Swisscanto Group as a sustainably acting enterprise. Designed for use online, the report
­contains numerous links directing readers to further information
on our website or to other websites that help to consolidate
the facts presented.
Reporting in accordance with GRI
The supervision and assessment of Swisscanto's development
to become a sustainably acting enterprise are carried out
in accordance with the guidelines of the Global Reporting
Initiative (GRI), with special consideration of the annex for
­financial service companies.
Further information at
Area of application
This is Swisscanto Group's second Sustainability Report, for
the financial year from 1 July 2010 to 30 June 2011. It ­covers
Swisscanto Holding Ltd. and its subsidiaries in Switzerland
and abroad (Swisscanto Group). Also included are the
­Swisscanto Investment Foundations as well as the Swisscanto
Flex Collective Foundation, which utilise the Group's premises
and central services. Not included are the Swisscanto
­Col­lective and Vested Benefits Foundations in Basle, which
utilise the infrastructure and central services of Helvetia
­Insurance.
All the key operating figures are recorded at the locations
in Switzerland. In the case of the London location, the employees' travelling activity is taken into account in the context of
the key ecological operating figures when calculating the emissions relevant for the climate. A conservative external estimate is used as the basis for the other emissions. The economic and social key figures cover all locations.
The key ecological operating figures are values actually
achieved. Owing to the apportionment of many incidental
costs customary in the sector (for example square metres
­occupied in rented properties) or the fact that settlement is
made once a year only, estimates are necessary. In the
case of significant divergences between estimated and actual
values, the adjustment will be made in the follow-up report,
which can lead to divergences from the previous year's figures.
www.globalreporting.org
››
The GRI Content Index provides information on the scope
of reporting in accordance with GRI; it is available as a download on the Swisscanto website.
Further information at
www.swisscanto.ch/sustainability
››
Self-assessment level B of GRI application
In the year under review, we took measures, in particular with
regard to performance indicators, in order to reduce the number of estimated values or to back up qualitative statements
with figures. On account of the progress achieved in covering
the GRI indicators, we have raised the self-assessment to
GRI application level B. For the time being we continue to dispense with a review of content and figures by an external
agency as the key figures are still not available in a manner
which would allow an efficient check to be made.
5
The Swisscanto Group
In Switzerland, Swisscanto is one of the leading investment fund providers, asset managers
and providers of occupational and private pension solutions.
As at the end of June 2011, the joint venture of the Swiss
­Cantonal Banks had 54.7 billion of client's assets under
­management and 390 employees in its ­Zurich, Berne, Basle,
Pully, London, Frankfurt am Main, Milan and Luxembourg
­offices.
Our range of services
Private
investors
Investment
Pension provision
Investment funds
Private pensions
•
Retail funds
•
3a securities savings
•
Third-party custody funds
•
Fund-linked life insurance
(Fund Desk)
•
Vested benefits foundation
Investment fund plan
•
Risk insurance
•
Companies
and institutions
Asset management
Occupational pensions
•
Institutional funds
•
•
Investment foundations
•
Institutional mandates
•
Expert activity
•
Real estate (selling/buying,
•
Collective foundations
Consulting and administration
of pension funds
development projects)
Strong position in a fiercely contested market
Our strong market position is based on many years of above
average track records for individual products and within the
context of the whole range of products. Apart from our longterm orientation towards earnings in the investment sector,
we are well known for our pioneering role in sustainable investments. In pension provision, too, Swisscanto is regarded as
one of the leading companies on the Swiss market. Thanks to
the "Swiss Pension Funds" study published annually, our
­reputation goes far beyond merely offering advice for, and
administration of, pension funds.
6
Professionalism and know-how
Swisscanto owes its outstanding reputation to the professionalism and competency of its employees. Swisscanto draws
on the unique knowledge and many years of experience of
its experts for the combination of investment and pension
­services. We accordingly attach great importance to the well-­
directed professional and personal further development of
our employees.
Further information at
www.swisscanto.ch
››
Organisational structure of the Swisscanto Group
Swisscanto Holding Ltd.
Berne
Swisscanto
Asset Management Ltd.
Berne
Swisscanto
Pensions Ltd.
Zurich
Swisscanto
Funds Centre Ltd.
London
Swisscanto
Asset Management
International SA
Luxembourg
Branch
Frankfurt am Main
Branch
Milan
Foundation and ownership situation
As at the end of June 2011, the Swisscanto Group consisted
of nine companies in Switzerland, the United Kingdom and
­Luxembourg, as well as Swisscanto Holding Ltd. based in
Berne, that had been established in 1993. At that time, the
Cantonal Banks pooled the majority of their fund and asset
management business in this financial holding, with the
­objective of operating the fund and asset management business from one joint centre of competence.
The 24 Cantonal Banks count to our most important marketing
partners and hold 100% of the share capital of Swisscanto
Holding Ltd. Accordingly, the shares in Swisscanto Holding
Ltd. are not publicly traded.
Increased presence in important European markets
One Swisscanto Group subsidiary has been conducting
­securities and fund trading in London for over twenty years.
Since recently it has also been canvassing the institutional
­investors' market in the United Kingdom.
In mid-2011, Swisscanto established Swisscanto Asset Management International SA in Luxembourg with branches
in Frankfurt am Main and Milan in order to take even better
advantage of the opportunities on the spot and to intensify
customer care.
Following the expansion of its presence in important European
markets, Swisscanto now offers its investors country-specific
websites at www.swisscanto.com.
Further information at
www.swisscanto.ch
››
7
Strategy and values
As a leading Swiss asset manager, Swisscanto stands for reliability,
quality and enduring client advantages.
Strategy and goals
Swisscanto wants to be one of Switzerland's leading asset
managers and providers of investment and pension solutions
to suit requirements, and to establish itself as an acknow­
ledged asset manager with an above-average track record
and outstanding reputation in Europe. Our values are
­intended to form the basis for maintaining long-term competitiveness and continuous success.
In asset management, we pursue the following goals:
• In the case of actively managed investment products ("satellites"), which include sustainable investments, we aim to
­leverage selected core competences to achieve added performance value for our investors ("alpha").
• In the case of investment products managed close to the
index ("core products"), we aim to offer a reliable perform­
ance within the scope of expectations.
• Our investment products are distinguished by their reasonable prices and, in competitive comparison, by their aboveaverage yields.
In the pension sector, we pursue the following goals:
• Our products for private pension provision are simple, transparent and entail a clearly apparent benefit for our clients.
• The consulting and administration services in occupational
pension provision are excellent and dependable for clients.
• The Swisscanto Flex Collective Foundation successfully
makes its mark by providing flexible and modern pension
solutions.
8
When implementing our strategy, we attach importance to the
following values and principles:
"Our clients can rely on us.
We safeguard their interests and deliver
the promised quality."
Reliability
• We keep our promises.
• We are committed.
• We think in the long term and as partners.
Quality
• We deliver a high performance.
• We are among the frontrunners in competitive
comparison.
• We have fair prices.
Enduring client advantages
• We focus on clients' interests.
• We work to provide clearly recognisable benefits.
• We behave with integrity.
Entrepreneurial sustainability
As a leading asset manager, we strive for enduring business
success which reconciles our economic objectives with ecological and social responsibility.
Swisscanto views sustainability as the basis for entrepreneurial
action which creates trust and can maintain it in the long term.
Above all, we are convinced that we will be successful in the
long run if we direct our action towards achieving the greatest
possible benefit for our clients, owners, employees and business partners.
We implement this commitment to entrepreneurial sustainability by
• striving for lasting economic profitability in our business
­activities;
• avoiding transactions which provide no benefit to our
­clients, which we do not understand or which bear risks
that we cannot assess;
• specifically involving stakeholder groups in our business
activities and in the context of our social commitment;
• regularly and actively seeking dialogue with the authorities
and supervisory agencies;
• complying with internal and external regulations, acknow­
ledged corporate governance rules and laws, and enforcing their observance;
• collaborating actively in shaping the prevailing conditions
(associations, specialist committees, etc.);
• creating a performance-oriented and motivating working
environment for our employees; and
• making careful use of natural resources.
The Swisscanto Group and its stakeholders
Society and media
Clients and
marketing partners
Employees
Swisscanto
Owners
Business partners
and suppliers
Environment and interest groups
9
Management and corporate governance
With a clear management structure and transparent corporate governance, we safeguard
both the interests of the various stakeholders and the controls in the organisation.
Board of Directors
The Board of Directors of Swisscanto Holding Ltd. is responsible for the strategic management and also for supervision and
control of the Swisscanto Group. Its independent members
consist of representatives of the shareholder banks and of the
Association of Swiss Cantonal Banks. As at the end of June
2011, the Board of Directors was made up of seven members.
Executive Board
The Executive Board is responsible for the operational management of the Swisscanto Group and for the implementation
of the group strategy approved by the Board of Directors with
its strategic plans for the individual divisions.
Further information at
www.swisscanto.ch/who-we-are
››
Weitere Infos auf
Management structure of the Swisscanto Group
Board
of Directors
Internal Audit
Dr. Gérard Fischer
CEO
Group functions
Secretariat General
Finances & Risk Management
Communication
Sustainability Office
Asset
Management
Peter Bänziger, CIO
Corporate
Services
Hans Frey
Reto Tarreghetta
Member of the
Executive Board
Member of the
Executive Board
Member of the
Executive Board
10
Swiss Market
International
Markets
Ralf Branda
UK Market
Steve Cossins
Pension Fund
Consulting
Othmar Simeon
Organisation
The investment processes are fully implemented under the
leadership of the Chief Investment Officer (CIO), who is also
responsible for the development of new investment products.
In order to ensure client orientation, Swisscanto structures
its activities according to marketing regions. The focus is on
Switzerland with the Cantonal Banks, outside marketing
­partners and institutional clients. In addition, the marketing in
selected European countries has the requisite freedom of
movement to seize any market opportunities that may arise.
Specialist panels
The Swisscanto Group maintains various specialist panels,
made up of representatives of the Cantonal Banks and other
external specialists, for the further development of its business activities. Among them is the Sustainability Advisory
Committee that, as an independent panel of experts, advises
Swisscanto on the development and implementation of
­sustainable investments.
Corporate governance
The basic principles of our corporate governance are re­
corded in directives and checklists which are binding for all
­Swisscanto employees. The rules of corporate governance
are communicated and enforced by means of training courses,
processes and guidelines, including supervisory and ­control
systems.
The Internal Audit department reports to the Chairman of
the Board of Directors. Each year, the Board of Directors
­approves the Internal Audit's schedule and takes note of the
reports.
Risk management
Swisscanto uses systematic risk management to guarantee the
careful handling of economic, ecological and social risks,
with the objective of achieving an appropriate risk/yield ratio.
Remuneration policy
The overall remuneration principles take account of factors
that are decisive in the medium and long term, such as
­rewarding success and performance, sustainable profitability,
sound risk and capital management, first-class customer
­service, teamwork and compliance with corporate governance guidelines.
The Compensation Committee, a committee of the Board
of Directors of Swisscanto Holding Ltd., annually fixes the performance-related variable part of the total remuneration for
the Group, the members of the Board of Directors and the divisions. We attach great importance to ensuring that our remuneration system reconciles the interests of our employees with
those of our clients and the company.
Sustainability management
The Swisscanto Group's principles and measures in the field
of sustainability are centrally coordinated by the Sustainability
Office, which reports directly to the CEO. It ensures that the
principles of entrepreneurial sustainability are adhered to in
the day-to-day implementation of the corporate strategy. The
office also ensures that the internal sustainability committee
discusses this topic with representatives of all divisions. As an
advisory board, it has the task of developing ideas and
­concepts related to ecological, social or ethical matters of
business management.
Furthermore, in the year under review, Swisscanto established
a round table with the persons responsible for sustainability
at the Cantonal Banks. At its first meeting in spring 2011, the
participants discussed the significance of the topic, the extent
and quality of measures, as well as the internal organisation
in the respective institutions. The round table will be continued
on a half-yearly basis.
On the basis of a thorough analysis, the Executive Board
­defines a risk profile that is approved and discussed annually
by the Group's Board of Directors.
11
Economic success
The Swisscanto Group is striving for continuous growth of the assets
under management and a long-term increase in corporate value.
The strong Swiss franc leaves its mark
Investors accounting in CHF suffered from the massive de­
valuation of the European common currency and the USD,
and were additionally punished with record low interest rates.
At the end of the financial year, the assets under management
by the Swisscanto Group amounted to CHF 54.7 billion, 4.7%
of which were placed unchanged in sustainable investments.
Business with Swisscanto retail funds and BVG 3 products of
the Swisscanto Investment Foundations remained below expectations, despite several successful new launches with new
subscriptions of CHF 1.1 billion. In the case of Swisscanto
­investment funds, assets were withdrawn from all investment
categories, with the largest share of outflows relating to
­money market funds.
On the other hand, the funds for institutional investors developed encouragingly, gathering a total of over CHF 1 billion
in new assets. However, the net outflow from retail funds
was so severe that Swisscanto lost ground with regard to
­market shares over the year. According to SFA/Lipper market
statistics, Swisscanto was again in fourth place at the end
of the year under review, as in the previous year, with a market share of 7.3%, trailing behind UBS, CS and Pictet.
Strongly positioned in staff pension provision
A result comparable to the previous year's was achieved in
the business of advice for, and administration of, pension institutions. The Swisscanto Investment Foundations' total assets
largely mirrored the market development. Consequently, with
a market share of 20.7% in mid-2011, Swisscanto undisputedly remained Switzerland's second largest investment foundation.
BVG structural reform as an opportunity
The Swisscanto Flex Collective Foundation looks back proudly
on its first year of business, which ended on 31 December
2010. With over 5000 insured persons and a pension capital
of CHF 600 million, the foundation is already profitable and
is in the process of effectively establishing itself as a competitive autonomous pension institution. It already meets all the
requirements of the BVG structural reform and is thus well prepared for the coming changes in the market.
Selected key data of the Swisscanto Group
as at 30 June in each case
Assets under management* (in CHF billion)
Share of sustainable investments* (in %)
Fund assets** (in CHF billion)
Market share funds market Switzerland** (in %)
Investment volume investment foundations***
(in CHF billion)
Market share investment foundations*** (in %)
Sources: * Swisscanto, ** SFA/Lipper, *** KGAST
12
2011
54.7
4.7
45.4
7.3
16.5
2010
58.1
4.7
48.1
8.0
16.2
2009
57.4
4.1
48.0
8.5
14.9
2008
59.1
4.7
49.2
8.0
15.3
2007
63.2
3.4
53.1
7.5
15.7
20.7
21.3
21.4
21.2
21.9
Partnership with stakeholders
Swisscanto views the economy, society and the natural environment as inseparably linked and
­participates specifically in initiatives to promote the principle of sustainability in the financial industry.
As a substantial investor, we are convinced that companies
are particularly successful in the long term if they design their
processes in a socially responsible way, as well as optimising
them both ecologically and economically. We believe that
­investments in businesses which meet these requirements will
have a positive influence on the investment result in the
long run.
The same principles also apply, of course, to our company.
For us, sustainability forms the basis of entrepreneurial
action that is capable of winning the trust of the stakeholders
involved and maintaining this trust in the long term. In this
­respect, the continuous cultivation of good relations with, respectful handling of and regular dialogue with the stake­
holders is of ­vital ­importance.
Clients and marketing partners
Enduring advantages for clients is the main consideration for
Swisscanto. We want to establish ourselves as a specialised
asset manager and pension consultant that employs its knowhow in the clients' interest and that has no ­conflicts of interest
with other banking business. This includes safeguarding
­investors' interests by actively and ­consistently exercising voting
rights and avoiding transactions which entail no benefit for
our clients, which we do not ­understand or which bear risks
that we cannot assess.
Employees
Swisscanto wants to appear in the industry as an ­attractive
employer with a consistent focus on success and performance.
Our remuneration system supports result- and performanceoriented thinking and acting, and attractive fringe benefits
round off the financial package. We offer our employees specific opportunities for advancement and ­development and
­ensure the necessary scope for assuming responsibility and
internal learning. We also attach great ­importance to spe­
cifically fostering the variety of personalities and the compa­
tibility of job and family.
Owners
The 24 Swiss Cantonal Banks are not only our most important
clients, but also our shareholders. The profit contribution
for the Swisscanto Group's shareholders is intended to be continuously increased as a result of a growing and profitable
business volume and a favourable cost structure in comparison
with the international competition. On this basis, we strive
for an attractive dividend and the long-term enhancement of
corporate value.
Business partners and suppliers
We make strict demands for reliability, quality and professionalism when choosing our business partners for cooperation
agreements and contract tasks.
Swisscanto maintains business relations with a large number
of suppliers and contract partners, first of all in the fields
of facility management (own business locations, investment
properties), business management, IT, services in the financial
sector as well as products and services within the scope of
the market appearance. Existing procurement guidelines on
individual topics are to be extended to the entire procurement
system. This is to ensure that suppliers and contractors commit themselves to an ethical business policy while observing
fundamental ecological, labour law and human rights criteria.
Society and media
Our action is in harmony with the legislation and rules of professional conduct for the financial industry applicable at the
respective business locations. We cultivate a regular dialogue
with the public authorities and supervisory agencies and actively participate in shaping the outline conditions.
We are aware of our role in society and respect the interests
of the community. That is why we support organisations which
undertake social initiatives and projects.
13
We maintain a regular and open exchange with the media.
Here, it is a matter of great concern for us to provide specialists, politicians and interested members of the public with indepth information about the structure, benefits and investments
of Swiss pension institutions, in particular with our "Swiss
­Pension Funds" study published annually.
Environment and interest groups
We want to reduce any negative effects of our business
­activity on the environment and continuously examine possibilities and ways of improving our eco-balance. We strive to
do business in a climate-neutral manner, whether through
measures reducing the emission of greenhouse gases in the
production process or by compensating for unavoidable emissions by means of CO2 certificates.
Swisscanto is taking account of the increasing concern about
the environment and rising awareness in society for following
ethical principles in business management by engaging in
an open dialogue with interest groups and non-governmental
organisations.
Memberships
The inclusion of stakeholders and the exertion of influence
­during the drafting of financial industry guidelines and
­suitable general conditions for a sustainable way of doing
business take place, amongst other things, through mem­
bership and cooperation in various renowned associations
and committees.
The Sustainable Investments Forum (FNG) has been the professional association for ­sustainable investments in Germany,
Austria and Switzerland since 2001. Swisscanto is a member
of this professional as­sociation and collaborates in the Swiss
local group. The FNG devotes itself to the promotion and
­further development of ­sustainable investments and to the improvement of the legal and political outline conditions for
this market.
Further information at
www.forum-ng.org
››
Swisscanto is a member of the Swiss Association for Ecologically Aware Business Management (Öbu) network, in which
some 300 Swiss companies of various sizes and from various
sectors have come together in order to jointly tackle their
­objective – the further development of the Swiss economy in
accordance with the principles of sustainability.
Further information at
www.oebu.ch
››
In addition, qualified professionals from Swisscanto work ­
in various specialist committees of well-known industrial associations:
• Swiss Funds Association (SFA)
• Swiss Bankers Association
• Swiss Pension Funds Association (ASIP)
• Swiss Chamber of Pension Actuaries
• Association of Swiss Cantonal Banks
14
Range of services for clients and marketing partners
In the course of developing our services, we bring about enduring advantages
for clients by providing a clearly recognisable benefit.
Our clients' requirements are the focus of our business ac­
tivities. Because companies which understand their clients
can offer tailored services, conclude more transactions,
grow continuously and ensure lasting profitability. Apart from
safeguarding benefits for our clients, the consideration of
­ecological and social aspects forms an integral part of our
internal risk assessment.
Private investors
Swisscanto offers a wide selection of investment funds that
enable investors to place their money in accordance with their
personal requirements. This includes a successful range of
­sustainable funds. Investors will also find solutions for targeted
building of assets based on an investment fund plan, for
­tax-privileged securities saving and for pension provision
­using well-proven insurance models.
Institutional investors
Swisscanto offers asset management services in the form of
collective assets (institutional investment funds, investment foundations) and asset management mandates. With a clear investment philosophy and consistently implemented investment
processes, Swisscanto aims to achieve a systematic added performance value for actively managed investment assets.
Cantonal Banks as marketing partners
The Cantonal Banks with their dense prolific network of
branches are our most important marketing partners in Switz­
erland. The ­dialogue with the Cantonal Banks is therefore
­cultivated particularly intensively at all levels in order to
achieve a joint ­understanding of the different client groups'
requirements. The potential for successful implementation
of market and product strategies for private investors and corporate clients is discussed several times a year in two segment
head committees. The Securities Committee and the Investment Commission Real Estate are further specialist bodies with
representatives from Cantonal Banks; they enable technical
exchange while safeguarding and further developing the
quality and professionalism of implementation at Swisscanto.
The Swisscanto Management Forum, at which the executive
boards of the Cantonal Banks and Swisscanto meet annually
for an exchange, was under the motto "Borders – Curse or
Blessing?" in the year under review. One programme sequence
dealt with the topic of sustainability.
In addition, as an integrated provider of real estate solutions,
Swisscanto offers an extensive range of real estate investments
and services.
Occupational pension provision
Swisscanto is among the leading providers of consulting and
administrative services (advice, training, administration, management, expert activity) for private and public-law pension
institutions in Switzerland. As for staff pension solutions in small
and medium-sized enterprises, the Swisscanto Collective
­Foundations offer flexible and transparent pension schemes
that can be customised to a company's requirements.
15
New products are important
After the drastic events of the past few years, the efforts
­regarding the launch of new investment products were intensified in the year under review, resulting in gratifying net subscriptions of CHF 1.1 billion. Swisscanto set great store by a
clearly recognisable client benefit, whether with reasonably
priced index funds within the context of individual pension
provision in Switzerland or with an innovative fund focusing
on contingent convertible bonds with which Swisscanto, as
the first Swiss asset manager to do so, has provided investors
with access to a new investment segment with an attractive
risk/yield ratio. A new fund with high interest-bearing bonds
was also very well received on the market.
Award-winning investment funds
The best investment funds and the most successful fund companies are given Fund Awards every year. In order to gain a
­top-three place, fund managers must achieve constantly good
results. The historical performance is one of the key criteria
of assessment, with other qualities, such as risk profile, investment decision processes, various fees and also transaction
costs, being analysed as well.
Since the company was founded, Swisscanto has gained a
leading position in the Swiss fund market. This can also be
attributed to the Swisscanto products' stability of performance.
In this respect, Swisscanto is one of the leading fund pro­
viders in Europe and regularly receives national and inter­
national awards.
In 2011, too, Swisscanto won some of the awards presented
by internationally acknowledged institutions, such as Lipper
and Morningstar, for its investment funds.
Further information at
www.swisscanto.ch/awards
16
››
Active exercise of shareholders' rights
Swisscanto actively exercises the voting rights for its investment funds at general meetings,
­independently and in its investors' interest.
Swisscanto's investment funds make use
of their votes
Swisscanto holds stocks of Swiss and foreign companies in
its investment funds. By indirectly investing in funds, investors
also entrust the fund company with exercising their voting
rights at general meetings and may expect, in accordance
with the fund agreement, that it exercises the shareholders'
rights in their best interest.
Swisscanto ensures transparency regarding its individual
­voting behaviour on the Internet. Using a link on Swisscanto's
website, interested parties can enter the required features and
criteria via the search tool. The information is posted ­online as
soon as the decisions on the voting behaviour at the coming
general meeting have been taken.
Further information at
www.swisscanto.ch/who-we-are
Long-term orientation of influence exerted
An impeccable corporate governance is the central component
of a corporate strategy which is directed towards long-term
preservation and enhancement in value of the company. Swiss
and international corporate governance rules, as well as the
United Nations Principles for Responsible Investment (UN PRI),
which provide a comprehensive package of ecological, social
and governance standards for the decision process, form the
basis for Swisscanto's exercise of voting rights.
The basic principles of Swisscanto's voting policy were prepared together with ISS (Institutional Shareholder Services Inc.),
the worldwide leading shareholder advisers. Owing to our
often decisive holdings in Swiss companies, we use the guideline for Swisscanto's specific matters of concern. Both fundamental documents and a summary of the most important voting
guidelines can be found on the Swisscanto website.
Transparency in the interest of investors
The actual voting behaviour is recorded and archived in detail. At an in­vestor's request, Swisscanto will supply information on voting behaviour at any time.
››
Changes and activities in the year under review
In the course of the year under review, the UN PRI requirements
with regard to the exertion of influence at general meetings
were incorporated into the voting guidelines and the exercise
of voting rights at general meetings was extended to funds
under Luxembourg law and foreign equities.
The items on agendas in which the motion of the respective
board of directors most frequently failed to agree with
­Swisscanto's defined voting guidelines, concerned the release
of approved capital (exceeding the limit of 20% of the previous capital), the remuneration report (inappropriate incentives
which are not in the company's and shareholders' interest)
and elections to the board of directors (number of independent board members below 50% or dual mandate CEO/
board member).
In four cases, Swisscanto's votes helped to reject the board's
recommendation at general meetings. For instance, formal
approval of the board's activities was refused in the case of
Transocean on account of the oil disaster in the Gulf of Mexico,
and the remuneration report was rejected at the Weatherford
general meeting. As for Temenos and Swiss Prime Site, the
general meetings rejected the introduction of conditional capital; in the case of Temenos the required two-thirds majority
for an employee programme was not attained.
17
Sustainable investments
Since 1998, Swisscanto has pioneered the development of investment funds
that combine economic requirements with ecological and social aspects.
Sustainable investments also under pressure
from the market
As at the end of the 2010/2011 financial year, Swisscanto
managed a total of CHF 2.6 billion (previous year: CHF
2.7 billion) in assets entailing a specific social or ecological
benefit. All the funds and mandates designated by Swisscanto
as being sustainable investments are subject to the strict
­sustainability criteria described below. In addition, there is a
charity fund which follows the exclusion criteria of the Swiss
Red Cross. All in all, these two groups account for 4.7% of the
total assets under Swisscanto's management, a share that
­remained unchanged compared with the previous year. According to the surveys conducted by onValues, Swisscanto
ranked sixth among the providers of sustainable investments
in Switzerland at the end of 2010, with a share of 6.4%.
Invest in a responsible manner, out of conviction
Swisscanto's sustainable investments (Socially Responsible
Investments, SRI) apply a strict ban on problematic activities
(exclusion criteria) and a best-in-class approach (positive
­criteria) in determining the investment universe. Inrate, one
of the leading independent agencies for sustainability
­research, based in Switzerland and with clients throughout
Europe, assesses the data and details provided by over
2600 companies in accordance with the sustainability criteria
defined by Swisscanto. Inrate's analyses include factors such
as the environment, society, employees, corporate governance, products (life-cycle analyses) and controversial fields of
business and are made available to Swisscanto in the form
of key figures.
Swisscanto itself has a team of portfolio managers who have
been familiar with the specific issues of sustainable investments for years and carry out financial analysis and portfolio
optimisation on the basis of Inrate's sustainability analyses.
To reinforce this team and in order to meet the demand to
take account of sustainability aspects even more comprehensively, on 1 May 2011, we set up the new "Sustainability
­Research" specialist office, which safeguards both quality and
goal adherence of sustainability analyses.
18
Strict exclusion criteria
Our selection criteria for sustainable investments are among
the strictest in the sector. They represent the first major hurdle
which a company must overcome in the context of the sustainability test, so as to be included in the sustainable investment
universe. No investments are made in companies whose
­activities are associated with the largest global concerns and
risks from an ecological, societal or economic point of view.
Totally excluded from the sustainable investment universe are:
• nuclear energy,
• genetic engineering,
• the manufacture of weapons of all kinds,
• the production of tobacco or smokers' accessories,
• the oil, automobile and aircraft industries as well as the
­airlines themselves,
• products and activities which deplete the ozone layer,
• non-sustainable forestry and activities which reduce bio­
diversity, and
• manufacture of PVC and vinyl chloride.
The council of independent experts
Apart from Inrate, one of the leading independent agencies
for sustainability research, based in Switzerland and with
­clients throughout Europe, and its own sustainability research
unit, Swisscanto draws on the knowledge and expertise of the
independent Sustainability Advisory Com­mittee. This committee consists of people who, in their job activities, are in various ways concerned with ecological and social issues. During
their quarterly meetings, the members of the ­Sustainability Advisory Committee inform Swisscanto about important developments in the areas of, for example, climate protection, new
renewable energies and new technologies for increasing energy efficiency, which are significant for the evaluation of companies. They continuously check whether the securities in the
sustainability funds satisfy the strict requirements, thus contributing to the maintenance and improvement of the quality of
Swisscanto's sustainable investment funds.
Wohlstand mit Anstand: Vielen Frauen sind Werte wie Nachhaltigkeit, Sicherheit, Transparenz, Resp
Fairness wichtig. Werte, die auch für die Bank Coop im Umgang mit Kunden, Mitarbeitenden und de
eine tragende Rolle spielen.
Die Bank Coop bietet aus diesem Grund ausgewählte Produkte unter dem Label «Nachhaltigkeit kon
an, die hohen Anforderungen bezüglich Ethik, Nachhaltigkeit und Qualität erfüllen:
Nachhaltigkeits-Fonds: Über 100% Rendite mit dem Swisscanto Green Invest A in den letzten 5 Ja
Nachhaltige Vermögensverwaltung: Massgeschneiderte Anlagestrategien für Ihre Bedürfnisse
Fondssparplan
Swisscanto
Flex Invest: Mit Superpunkten nachhaltige Fondsanteile kaufen
The Swisscanto Sustainability
Advisory
Committee
Bank Coop-Aktie:
Anlage
mit Nachhaltigkeitsrating A+
Dr. oec. Richard Renditestarke
Gerster
Proprietor
Gerster Consulting
Chairman
Members
Paola Ghillani
Proprietor
Paola Ghillani & Friends AG
Florianne Koechlin
Managing Director
Blueridge-Institute
Nutzen Sie
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Peter Pauli
CEO
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Prof. Dr. Thomas
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Thomas Vellacott
Freundliche
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Georg Wüest
Bank Coop AG
Member of the Executive Board
Proprietor
WWF Switzerland
Georg Wüest Inspiration
Sustainability rating of Bank Coop
Certified transparency: Eurosif quality seal
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der Direktion
with partners, such as Swisscanto, in the product sector. At
­towards investors in the field of sustainable investments. This
declaration contains comprehensive information about
Bank Coop, sustainable funds are reviewed by a subcommittee
of the "Sustainability Advisory Committee" before being inhow the sustainable investment universe is defined and how
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As at the end of June 2011, two funds from Swisscanto were
­information available to investors.
part of this range of eleven sustainability funds, with the "Sustainability checked" rating.
The European transparency logo for sustainability funds
­attests to the fact that Swisscanto undertakes to make correct,
Further information at
suitable and timely information available, in order to enable
www.bankcoop.ch
interested parties, in particular clients, to comprehend the
­approaches and methods used in the respective funds when
making sustainable investments. The transparency guidelines
are monitored by Eurosif.
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Antwort- und Gewinnschein
Further information at
www.eurosif.org
Herr
Max Muster
Musterstrasse 345
0000 Musterlingen
8
Einsendeschluss: 31. August 200
«Nachhaltige Anlagen zahlen sich doppelt aus:
Mit atraktiver Rendite und grossem Nutzen für Mensch
und Umwelt.»
Senden Sie den ausgefüllten Antwort- und Gewinnschein
noch heute per Post zurück. Oder per Fax: 061 286 41 42
Bitte Gew
Ich möchte mein Geld in Zukunft nachhaltig an
Bitte nehmen Sie mit mir Kontakt auf:
››
Sie erreichen mich telefonisch
unter folgender Nummer:
Am besten
Mo. – Fr. zwischen
.
/
Uhr und
Bitte informieren Sie mich regelmässig über Ih
Kundinnen-Programm «EVA».
Ich möchte nur am Wettbewerb teilnehmen.
E-Mail:
Datum:
Unterschrift:
19
Investing in a responsible manner
The Executive Board of the Swisscanto Group actively supports the responsible
investment approach, monitoring its realisation and implementation.
Invest in a responsible manner, with UN PRI
Swisscanto is convinced that
• companies are particularly successful in the long term if
they design their processes in a socially responsible way,
as well as optimising them in an ecological and economic
respect;
• investments in businesses which comply with these requirements, will have a positive influence on the investment result
in the long term.
We want to put these findings into practice by following the
United Nations Principles for Responsible Investment (UN PRI),
an internationally acknowledged package of voluntary best
practice principles. By signing these principles in April 2010,
Swisscanto has undertaken to include ecological, social and
governance standards (ESG standards: Environmental, Social,
Governance) generally and comprehensively in its investment
analyses and decisions so far as they are compatible with
­fiduciary responsibility.
Further information at
www.unpri.org
››
When taking part in the annual PRI assessment, Swisscanto
evaluates the effectiveness of the principles, thus contributing
towards improving the content of the principles over time.
We are convinced that, as a result, we meet our obligations
towards our investors even more comprehensively and that we
can harmonise our investment activities further with the broad
interests of society.
Swisscanto annually publishes background information on its
website which keeps interested parties up-to-date on the
­objectives, the progress made and next steps planned in the
implementation of UN PRI at Swisscanto.
Further information at
www.swisscanto.ch/sustainability
20
››
Sustainability in the whole investment process
Regarding the actively managed investments not explicitly
­designated as sustainable, Swisscanto uses the sustainability
­criteria and, in particular, the exclusion features applied in
sustainable investments, as additional qualitative factors when
making investment decisions. The standardised ESG key
­figures, ratings and CO2 data are readily accessible in the
portfolio management system.
Against this background, the dialogue with interest groups
and non-governmental organisations was cultivated in
the year under review. With Handicap International and
Greenpeace, for example, commitments in companies
were examined which are also active in problematic fields,
such as palm oil and cluster bombs.
In the case of real estate investments, Swisscanto has always
attached great importance to the sustainability of buildings.
The criteria used when buying, selling and also maintaining
properties are continually adapted to the latest developments
and insights. In addition, Swisscanto supports the drafting
of uniform standards for assessing the sustainability of real
estate portfolios in Switzerland.
Active role as a shareholder
Within the scope of actively exercising the voting rights for
its funds at general meetings, Swisscanto in general supports
proposals and motions which are in line with the ESG standards, improve the long-term added value for shareholders and
harmonise the company's interests with those of society. The
relevant UN PRI comments form an integral part of Swisscanto's
voting guidelines.
Apart from actively exercising voting rights, Swisscanto sets
great store by direct involvement in companies. In addition to
intensive analysis, Swisscanto maintains a regular dialogue
with companies on ESG aspects, during direct talks either at
Swisscanto or at companies' head offices.
Responsibility as an employer
For the Swisscanto Group, a progressive and socially responsible human resources policy is
an important aspect of its commitment to sustainability and a decisive factor for success.
Principles of leadership and cooperation
We are convinced that business success can only be achieved
with motivated employees acting in an entrepreneurial manner. Since 2005, Swisscanto has been following ten key principles for leadership and cooperation which form the basis for
a motivating working environment:
Heterogeneous teams are more productive and successful.
Diversity and the inclusion of different perspectives foster creativity and the ability to solve problems. We regard diversity,
meaning a deliberately cultivated variety of cultures, sexes and
age groups within the workforce, as an increasingly important
factor for success and motivation.
We gain the trust of our clients and employees by exemplifying the following principles:
• We provide information and communicate in good time
and in a manner suited to the target group.
• We state our motives and expectations.
• Our agreements are precise, confirmed and binding.
• Recognition and criticism are expressions of appreciation.
• We solve conflicts directly and with respect.
In the period under review, Swisscanto bindingly embodied
and communicated the principles and objectives of a human
resources policy oriented towards diversity.
We work in an entrepreneurial way and with client orientation by:
• dealing responsibly with resources,
• allocating and disclosing duties and competences,
• requiring, making and accepting comprehensible decisions,
• deploying and developing employees in a purposeful
­manner,
• demanding, measuring and rewarding performance.
Diversity
Swisscanto wants to specifically promote employees' know­
ledge, creativity and motivation. This calls for a working
­environment free of prejudice, equal opportunity and the diversity of all employees. Swisscanto is convinced that in future
• multiple generations and nationalities with differing values
and opinions will increasingly work together,
• professional work and private life will overlap to a greater
extent,
• the heterogeneity of our clients and their needs will increase
and, as a result, new capabilities on the part of employees
are required.
Work/life balance and promoting women's rights
The compatibility of job and family is an important part of
our human resources policy. Among the fundamental elements
are the creation of part-time jobs, paid maternity and paternity leave, support for returning to work after maternity leave
and financial support for mothers who obtain outside child
care. Furthermore, on the basis of our membership in "Family
Service" our employees receive information and advice on
topics such as outside child care, nursing and support for older
members of the family, and services in the household.
Sexual harassment and bullying
Swisscanto protects its employees' personal integrity. The aim
is to create an environment of mutual respect and trust which
is intended to prevent sexual harassment and bullying. A special directive states employees' obligations in this respect
and stipulates the complaint procedure. Internal persons of
trust have been appointed as points of contact.
Health promotion
Swisscanto is concerned with maintaining the health of employees and raising their awareness of a healthy lifestyle. In
doing so, we start out from a comprehensive understanding of
health covering both physical and psychological well-being.
That is why we are striving for a working atmosphere which is
challenging for employees, but in which they also feel at ease.
This includes ergonomic workplaces, a range of beverages
and fresh fruit free of charge, as well as support for sporting
activities.
21
In September 2010, Swisscanto started the health programme
"Balance". This is basically a computer-aided micro-break
­programme animating employees to do brief exercises at selfselected intervals and reminding them to drink. About 20%
of employees switch on the programme regularly.
Working conditions
Swisscanto is an attractive employer with a consistent focus on
success and performance, a remuneration system in line with
the market and jobs enabling development. Our remuneration
system encourages attitudes and actions oriented towards
­results and performance. The total remuneration consists of a
fixed share and a variable share that depends on success.
An important instrument for staff management and development is Swisscanto's Performance Management System.
­During an annual staff appraisal, all employees are evaluated
with regard to fulfilling their tasks, achieving targets and their
general conduct. At the same time, measures are stipulated for
the employee's personal development and the target agreement for the following year is defined. Another integral part of
the process concerns structured feedback on the superiors'
conduct.
As a specialist for pension fund solutions, we offer attractive
pension fund benefits. The employer contributes two thirds of
the financing. The risk benefits are above average. In addition, there is a generous arrangement for continuation of wage
payments in the case of illness or accident.
Further information at
www.swisscanto.ch/jobs
22
››
Communication with employees
The intranet represents a communication tool making it
­possible to quickly provide information about current events
and developments. One instrument for contacting the CEO
directly and personally is the "Ideas Mailbox", which was
launched in March 2010. Employees thus have the opportunity
to submit matters of concern and suggestions for improving
business matters to the CEO in this electronic mailbox. The proposals are checked primarily from a Group point of view and
published on the intranet if implemented. The Swisscanto Group
holds quarterly information events for the members of the
­management and executive management, and once a year
for all employees. The CEO takes the opportunity to inform
about the course of business, the achievement of targets, strategic and other topics of relevance from the Group's point
of view, and is then available to take questions from the audience. On the following day, the presentation of this event
and the CEO's quarterly letter are available to all employees
on the intranet.
Raising awareness of ecological and social topics
The series of midday events ("Lunch Learnings") was con­
tinued in the year under review and proved to be a suitable
platform for making employees more aware of ecological and
social topics. Topics such as sustainable building, promoting
health at the workplace, work/life balance, WWF footprint
met with a very interested response. In addition, an Internetbased competition was used to motivate the employees to
learn more about Swisscanto's sustainability approach and
its sustainable investment funds.
Social benefit key figures
Development of the workforce
The total staff on the Swisscanto Group's payroll has continuously increased in the past few years, regardless of market
conditions. New jobs were mainly created in order to step up
activities abroad and to make sufficient capacities available
to meet the strikingly increasing regulatory requirements.
The share of women in the total staff has slightly decreased.
On the other hand, the number of men and women with
­part-time jobs and the share of women in the executive management and senior management have risen. The fluctuation
rate at Group level increased slightly compared with the
­previous year's very low level, but is still clearly below the
­target figure of 15%.
Structural data regarding the employees of the Swisscanto Group
As at 30 June in each case
Number of employees (persons)
Share of women in total staff (in %)
Share of women in executive/
senior management (in %)
Part-time quota in total staff (in %)
Share of part-time jobs for women (in %)
Share of part-time jobs for men (in %)
Fluctuation rate (in %, net)
2011
388
33.0
22.0
2010
372
35.8
21.0
2009
361
36.6
22.4
2008
361
38.0
21.9
2007
340
38.5
21.8
20.6
12.9
7.7
11.5
17.5
11.8
5.7
10.9
16.9
10.8
6.1
17.2
16.1
11.9
4.2
15.6
14.1
10.9
3.2
15.8
Swisscanto may count on a very encouraging number of
­employees who have been working hard for both company
and clients for years. As a result, the average age of the
staff has risen. The current breakdown shows that more than a
half of employees are over the age of 40. In order to meet
the challenges of the age structure, but also of demography,
Swisscanto is committed to the training of apprentices and
trainees, and to fostering young talents, but also offers the
possibility of gradually ­reducing the work quota before reaching the normal age for retirement or to work for Swisscanto
beyond it.
Breakdown according to age of employees
Age
over 60
2.1
51–60
14.7
41–50
39.6
31–40
29.6
21–30
11.9
up to 20
2.1
0%
10%
20%
30%
40%
50%
23
In the financial industry, the share of members of the executive
management or senior management has always been far
higher than in other sectors.
The relatively low presence of women in these ranks is also in
keeping with the sector characteristics. Swisscanto would
like to change this within the scope of what is possible. Under
the aspect of diversity, Swisscanto has declared its goal of
­increasing the share of women, and taken concrete measures
to reach this goal. However, the executive board has delib­
erately refused to introduce quotas for women because such a
regulation can also be perceived as discriminating.
Structure in accordance with ranking
in % of total staff
Member of the
senior management
31.2
Share of women
3.6
Member of the
executive management
28.9
Share of women
9.0
Employees
41.2
Share of women
20.4
0%
10%
20% 30% 40% 50%
Structure in accordance with functions
in % of total staff
Executive Board/
Division management
Number of women
7
0
Departmental
management
29
Number of women
2
Team leadership
50
Number of women
10
0%
24
10% 20% 30% 40% 50%
Annual employee survey
Both the commitment and the level of satisfaction of all
­Swisscanto Group employees are surveyed in the last quarter
of each calendar year by conducting an anonymous online
survey. In October 2010, participation in the survey was
once again higher than in previous years. The average of all
­answers and the figure for total satisfaction were minimally
below the previous year's figures, but may still be described
as high.
Training and advanced training
Our training and advanced training represents an investment
in the achievement of company and division targets and in the
implementation of the Swisscanto Group's management principles. Our employees must have the necessary competence
and qualifications for this, satisfying clearly stipulated standards of professionalism and performance.
Our training and advanced training forms part of the integrated performance management concept and is therefore a central point in the annual agreements on targets. The development requirement is clarified and agreed as binding between
superiors and employees.
In many cases, training and advanced training requires a considerable share of self-study. The hours of training per employee were recorded for the first time and only state the training
times which the employees themselves entered as such in the
absence recording system. We presume that the actual figures
are considerably higher.
Apprentices and trainees
Swisscanto offers training courses in the fields of basic commercial training and IT system technology and, for both
­courses, provides support in obtaining the higher vocational
school leaving certificate. In addition, trainees are deployed
for three to six months in selected sectors. All in all, eight
­ap­prentices and eight trainees were employed in the year
­under review.
The most important results of the annual employee survey
In October in each case
Participation rate (in % of all employees)
Average of all answers*
Separate question on overall satisfaction*
2010
88.6
7.7
7.8
2009
86.8
7.8
7.9
2008
80.1
7.8
7.9
2007
78.4
7.6
7.7
2006
72.2
7.4
7.5
2009/2010
954
2 564
n.d.
2008/2009
960
2 660
n.d.
2007/2008
848
2 350
n.d.
2006/2007
677
1 990
n.d.
* Answers on a scale of 1 (do not agree at all) to 10 (agree completely)
Key figures on training and further training
Per financial year in each case
Total training costs (in CHF 1 000)
Training costs per employee (in CHF)
Hours of training per employee per year
2010/2011
800
2 063
24
n.d. = no details
25
Careful handling of resources
We reduce negative effects on the environment which are due
to our business activities and the use of business premises.
Swisscanto wants to keep the consumption of natural resources
and the corresponding pressure on the environment low and
continuously examines possibilities and ways of improvement.
As a specialised financial service provider in the investment
and pension sector, Swisscanto sees the most important fields
of action in energy and paper consumption, in business trips,
in purchasing and also in employees' motivation. The endeavours to ensure an economical handling of resources are also
to be regarded as a contribution towards cost efficiency and
thus towards business success.
The technical and operating measures in building management are limited as Swisscanto is a tenant at all locations.
At the Zurich location, where three quarters of the staff of the
Swisscanto Group are accommodated, Swisscanto will be
moving into a new office block with "Minergie" standard at the
beginning of 2014. Together with the owners of the building,
the project team appointed is looking into further-reaching
structural measures to improve environmental compatibility. In
addition, it is clarifying the possibilities offered by current
­office areas to create an environment for the employees that
is conducive to health and cooperation.
Paper
Printed documents continue to be in heavy demand, and are
often required by regulations. Every year, Swisscanto dis­
patches large quantities of statements of account, publications
and brochures, but also itself receives large volumes of paper
in the form of analyses and reports from companies and
­brokers, newspapers and periodicals or advertising material.
All the paper used at Swisscanto for copying and printing or
for the dispatch of letters has been FSC-certified for years and
has mainly the "FSC Mix" label (a mixture of FSC wood/fibres
from controlled sources and recycled wood/fibres). Since
April 2011, the paper used for printing and copying bears the
"Blue Angel" quality seal. This stands for recycled paper with
criteria which are even stricter than those of the FSC label. In
the case of indirect consumption (dispatch direct from the
printers), the share of FSC paper amounts to some 54% (previous year: 42%). The FSC share of total consumption is 67%.
Further information at
www.fsc-schweiz.ch and
www.blauer-engel.de
26
››
Water
The ecological relevance of water consumption at Swisscanto's
locations is of minor significance. Swisscanto's water consumption is restricted to the requirements of the sanitary systems,
building services and cleaning. Calculated on the basis of
250 days and adjusted for part-time working, an employee
consumes some 30 litres of water per day.
Waste
Great importance is attached to waste separation and ensuring the consistent implementation of recycling at all locations.
Paper and cardboard, which account for the main part of
waste from Swisscanto, are sent for recycling or – for data protection reasons – for incineration, PET bottles and batteries
are collected and disposed of properly, toner cartridges and
electrical waste are returned to the supplier, who guarantees
disposal in an environmentally friendly way.
Energy supply
Since 1 January 2010, all locations in Switzerland have been
supplied with 100% certified and particularly environmentally
friendly green power ("naturemade star").
Further information at
www.naturemade.ch
››
Swisscanto primarily relies on gas for heating its premises.
Business travel
Whenever possible and sensible, public transport is used for
business trips. SBB half-fare travel cards are purchased for staff
if justified by the planned extent of business travel. If required,
staff members who travel frequently by rail for business purposes are given a GA travel card, which provides free rail
travel within Switzerland. In addition, there are two Mobility
carsharing passes available for use. On account of enhanced
customer care on the spot, the number of rail trips rose strikingly in the year under review. Of the some 3.6 million kilometres travelled for business purposes, 4% were by car, 16%
by air and 80% by rail.
Climate neutrality
As a financial service provider, Swisscanto emits relatively
­little CO2. Swisscanto settles unavoidable emissions by means
of CO2 certificates, thus achieving the rating "Climate-neutral
enterprise 2011" from First Climate. When calculating the
number of reduction certificates, Swisscanto not only includes
the CO2 emissions in accordance with Scope 1 and Scope 2,
but also those from business travel.
Further information at
››
www.firstclimate.com
Fir
s t Climat
e
Clim
2011
Initiatives for cutting environmental pollution
Increasing the share of paper with the FSC label was borne in
mind and implemented when having publications printed
­externally. In addition, importance was attached to ensuring
climate-neutral printing by means of CO2 reduction certificates. Internally, wherever possible, printers were set to double-sided and black-and-white printing while the paper previously used for copying and other purposes as well as partially
the hygiene paper was replaced by recycled paper. As a
­result, the CO2 emissions of standard paper were cut by over
a third. As an important next step, it is planned to define
a Group-wide regulation for the procurement and disposal of
paper, as well as on the requirements to be met by suppliers
and printing houses.
Swisscanto's business activities require a large number of
electronic devices, such as servers, computers or printing
­stations. Economic viability therefore also demands that the
best possible solutions be chosen with regard to energy
­efficiency and environmental compatibility for their operation,
ambient cooling and disposal, if necessary. Accordingly,
there is constant optimisation, such as the bundling of servers
or in the event of replacing equipment or procuring new
­devices.
at
e
ne
ny
Apart from a small number of exceptions, no parking spaces
are provided for employees' private cars. The share of employees who use the train to go to work is therefore very high.
A commuter survey showed that the average daily return
­journey to work amounts to some 53 km. 93% of this distance
is travelled by public transport or on foot.
utra comp
l
a
27
Paper consumption
Per financial year in each case
Direct own consumption in kg per employee
­(part-time adjusted)
2010/2011
68
2009/2010
55
2008/2009
58
2007/2008
80
2006/2007
62
233
222
225
250
232
76 642
72 544
74 397
79 801
73 802
2010/2011
29 374
2009/2010
23 577
2008/2009
23 271
2007/2008
27 065
2006/2007
30 030
98
80
77
92
102
Per financial year in each case
Electricity consumption in 1 000 kWh
2010/2011
974
2009/2010
989
2008/2009
1 011
2007/2008
926
2006/2007
873
Electricity consumption in megajoules
per employee (part-time adjusted)
11 700
12 100
12 100
11 300
10 700
Indirect consumption (external printing and
­dispatch) in kg per employee (part-time adjusted)
Total consumption in kg
Amount of waste
Per financial year in each case
Quantity of waste in kg*
Quantity of waste in kg per employee
(part-time adjusted)
* Lessor's details and own estimates
Energy consumption
Gas consumption in 1 000 kWh
Gas consumption in megajoules
per employee (part-time adjusted)
1 064
1 240
1 241
1 241
985
12 800
15 200
14 800
15 100
12 100
Ecological operating performance*
3000
2500
2000
445
529
145
1500
67
251
306
1000
500
7
196
150
91
894
5
193
523
501
52
196
242
87
1063
5
53
57
88
276
1039
550
306
252
288
4
197
98
1064
50
■ Aircraft
320
5
142
■ Rail
90
■ Car
■ Waste
■ Paper
844
■ Water
■ Electricity
■ Gas
0
2010/2011
2009/2010
2008/2009
2007/2008
2006/2007
*In kg CO2 equivalents per employee (part-time adjusted). The CO2 factor for rail travel was adjusted for all years from 31.0 g CO2 equivalents to 7.89 g CO2 equivalents
(source: www.mobitool.ch, average of regional and long-distance transport).
28
Social commitment
Swisscanto supports organisations and initiatives which are dedicated to social
and ecological matters and contribute to the promotion of the sustainability principle.
An innovative donation model for more humanity
Swisscanto is an official project partner of the Swiss Red Cross
(SRC). In a special donation fund, investors and Swisscanto,
and also the Cantonal Banks, waive half of their respective
earnings which are credited to the Swiss Red Cross as a donation. This donation fund was created in 2007 as a novel
­instrument of philanthropic investment and innovative way of
raising funds for the benefit of the SRC's humanitarian programmes.
Further information at
www.redcross.ch
››
At the end of its third financial year (on 30 September 2010),
the donation fund was able to remit some CHF 830 000
to the SRC. Since the fund's launch, a total of CHF 2.4 million
has accrued to the SRC as a donation. Such generosity is
­important, precisely during the current crisis, because institutional donors have become more reserved and the support
of people in need calls for additional funds.
Investment in Swiss youth
Swisscanto also attaches importance to sustainable investments in a social context. Every year at Christmas, Swisscanto
supports the Swiss Lifesaving Association (SLRG) with a
­donation of CHF 50 000. The SLRG is tirelessly committed to
Swiss youth – whether with training sessions in the field of
­accident prevention and lifesaving or by promoting swimming
as a popular sport.
Further information at
www.slrg.ch
››
"Swiss Pension Funds" study
By preparing and publishing Switzerland's most comprehensive and most relevant pension funds study (since 2000),
Swisscanto makes a notable contribution towards a better understanding of the 2nd pillar among the general public. The
"Swiss Pension Funds" survey by Swisscanto and the risk
check-up by Swisscanto's cooperation partner Complementa
have established themselves as Switzerland's most important
sources of information on occupational pension provision
apart from the Federal Government's pension funds statistics.
With the annual survey and the results of the Swisscanto
­Pension Funds Monitor published quarterly, Swisscanto seeks
to improve the transparency of the 2nd pillar for the general
public and to provide the institutions involved with comparison, management and decision-making tools – the information
is not only to be comprehensive, but also to be furnished very
rapidly. The processed data is thus intended to provide an
overview of the institutional pension business in Switzerland
while at the same time being made available to interested parties from the fields of pension provision, politics and science.
Further information at
www.swisscanto-pk-studie.ch
››
Swisscanto research prize
Since 2006, Swisscanto has been awarding a prize for the
best practice-oriented research paper published in the specialist journal "Financial Markets and Portfolio Management".
This year's prize winner, Xiaoquan Jiang, was singled out for
his paper "Return dispersion and expected returns". The prize
money of CHF 4000 was presented to the author by the
jury at a ceremony held during the annual conference of the
Swiss Society for Financial Market Research on 8 April 2011
in Zurich.
Further information at
www.fmpm.ch
››
29
Cooperation with WWF Switzerland
Swisscanto has been supporting WWF Switzerland's eco­
logical footprint calculator since September 2009. This tool
aims to raise people's awareness of the consequences of their
own lifestyle on the environment. By determining individual
ecological footprints, the calculator draws users' attention to
areas of life in which they can reduce their consumption of
resources, thus making a personal contribution towards a more
sustainable lifestyle. In addition to playful user guidance, the
calculator offers valuable tips and solutions for everyday life.
G21 Swisstainability Forum
The G21 Swisstainability Forum held at the IMD in Lausanne
in mid-June 2011 was one of the first forums to be launched in
Switzerland at which ecological and social challenges can
be discussed while including business representatives. As a presenting partner from the outset, Swisscanto is involved in establishing points of contact from interesting debates and exciting concepts, thereby helping to foster partnerships that will
go a step further – in the interest of sustainable development.
Further information at
Further information at
www.footprint.ch
››
Prix NATURE Swisscanto –
The Swiss sustainability award
Swisscanto wants to actively address the major global, ecological and social challenges and seize every opportunity
to promote innovative strength – especially in Switzerland. For
that reason, since the beginning of 2011, Swisscanto has been
supporting such initiatives within the context of the "NATURE
Gala" in Basle.
In February 2011, the organic cotton project of the development organisation Helvetas won the main prize "Prix
­NATURE Swisscanto 2011". Other award winners include
­"UrbanFarmers" in the "Generation Future" category
and rapper Stress as symbolising "hope for a sustainable
­Switzerland".
Further information at
www.natur.ch
››
www.g-21.ch
Energissima – a sustainable partnership
In April 2011, together with Freiburger Kantonalbank,
­Swisscanto acted as a sponsor of Energissima, the trade fair
for renewable energies and new technologies, where it promoted sustainable investments.
Further information at
www.energissima.ch
››
"Green Lounge" –
a cooperation agreement with public appeal
An interview with Thomas Vellacott, member of the board of
directors and head of programme work at WWF Switzerland,
published in the "Schweizer Illustrierte GRUEN" in autumn
2009 concluded the series of talks with a total of four members of the Swisscanto Sustainability Advisory Committee.
However, promoting the idea of sustainability among the
­general public remains a matter of great interest to Swisscanto,
which is why the "Swisscanto Green Lounge" was launched
with our cooperation partner Ringier in mid-2010. In the year
under review, Swisscanto enabled four charitable organisations and foundations to present themselves and their specific
ideas to an audience of millions.
Further information at
www.schweizerillustrierte.ch
30
››
››
Sustainability key figures at a glance
Economic
2010/2011
2009/2010
2008/2009
54.7
58.1
57.4
2.6
2.7
2.4
Share of sustainable investments* (in %)
4.7
4.7
4.1
Market share of sustainable investments in Switzerland** (in %)
6.4
8.3
9.8
45.4
48.1
48
7.3
8.0
8.5
Market position
Assets under management* (in CHF billion)
Share of sustainable investments* (in CHF billion)
Fund assets*** (in CHF billion)
Market share of fund market Switzerland*** (in %)
Investment volume of investment foundations**** (in CHF billion)
Market share of investment foundations**** (in %)
16.5
16.2
14.9
20.7
21.3
21.4
Sources: * Swisscanto, ** onValues, *** SFA/Lipper, **** KGAST
Key financial figures
Personnel expenses (in CHF million)
77.6
71.8
71.1
Taxes (in CHF million)
3.1
2.9
2.7
Investment activity (in CHF million)
1.9
0.7
1.0
Social
Employees
Number of employees (persons)
Share of women (in %)
Share of women in executive/senior management (in %)
Part-time quota in total staff (in %)
Share of part-time jobs for women
Share of part-time jobs for men
Number of trainee jobs
Total training costs (in CHF 1 000)
Training costs per employee (in CHF)
Illness quota (absence in % of nominal working time)
388
372
361
33.0
35.8
36.6
22.4
22.0
21.0
20.6
17.5
16.9
12.9
11.8
10.8
7.7
5.7
6.1
12
8
8
800
954
960
2 063
2 564
2 660
1.3
1.1
n.d.
830 000
850 000
745 000
1 064 127
1 239 815
1 240 900
974 384
988 879
1 011 126
24 460
27 288
26 932
Social commitment
Donation to Swiss Red Cross charity fund (in CHF)
Ecological
Total energy consumption (in kWh)
Heating energy (in kWh)
Electricity (in kWh)
Building energy consumption (direct and indirect consumption;
megajoules per employee, part-time adjusted)
Greenhouse gas emissions (in tonnes CO2)
703
692
756
Paper consumption (in tonnes)
76.6
72.5
74.4
Kilograms per employee (part-time adjusted)
233
222
225
Share of recycled and FSC paper in %
67.3
n.d.
n.d.
29.4
23.6
23.3
Waste quantity (in tonnes)
Kilograms per employee (part-time adjusted)
Water consumption (in m³)
Litres per day and employee (part-time adjusted)
98
80
77
1 950
1 489
1 355
30
24
22
n.d. = no details
31
SC6 1111e 10.11