Keio BS　20111005　toru iwai

Keio Business School
-Strategic Management with Social Impacts-

Social Impacts by Leveraging
Financial Capabilities

IWAI Toru,
October 5, 2011

Table of Contents

1. Role of Financial, Capital Markets &
Daiwa Securities Group (P. 2∼5)

2. MDGs (Millennium Development Goals) &
SRI（Socially Responsible Investment） (P. 7∼ 18)

3. CSR & SRI / Impact Investing Products
at Daiwa Securities Group (P. 20∼41)

4. Conclusion (P. 42)

Appendix (P. 45 ∼50)
This document has been prepared by Daiwa Securities Group (Daiwa) based on information, the sources of which are believed by Daiwa to be reliable, but Daiwa makes no representation nor warranty as to the accuracy or completeness of such information.
Recipients of this document must make their own decisions on whether or not to adopt the recommendations discussed in this document, based upon their specific situations and objectives. Any use, disclosure, distribution, dissemination, copying, or reproduction of
this document without prior written consent from Daiwa is prohibited.
1
©Daiwa Securities Group Inc.

Role of Financial & Capital Markets
Since supply and demand of funds are mostly connected through Financial
and Capital Markets, our role is to create a smooth money flow, provide capital
as a blood in economy and contribute to a sustainable growth and solving the
social issues.
Financial
& Capital
Markets

2

Members of Daiwa Securities Group
Investment and Financial Services
(Holding company, 58 subsidiaries, 6 equity method affiliated
companies)

3

Global Network

Daiwa Capital Markets Europe Limited Daiwa Capital Markets Asia Holding B.V.
Daiwa Capital Markets Europe Limited Daiwa Capital Markets Asia Holding B.V.
Beijing Representative Office
Beijing Representative Office
Daiwa Capital Markets America Inc
Daiwa Capital Markets America Inc Moscow
Moscow
Seoul Branch
Beijing Seoul Branch
Beijing
Warsaw
Warsaw
Moscow Representative Office Seoul
Seoul
Moscow Representative Office
NY Head Office Daiwa SSC Securities =Merger with Shanghai
NY Head Office Daiwa SSC Securities
Shanghais
Shanghais
Bahrain Branch
Bahrain Branch Securities (Daiwa: 33%
Chicago
Chicago
NY
NY Bahrain
Bahrain Hong Kong of share)
Hong Kong
Dubai
Dubai Taipei
Taipei
San Francisco
San Francisco Hong Kong
Hong Kong Taiwan
Taiwan
シャーロット
シャーロット
Bangkok Rep.Office
Bangkok Rep.Office
Dubai Branch
Dubai Branch Hanoi
Hanoi
San Francisco Branch
San Francisco Branch Mumbai
Mumbai Bangkok
Bangkok Manila
Manila The Philippines =Development
The Philippines
Hanoi Rep. Office
Hanoi Rep. Office Bank of Philippines
According to the M&A division
According to the M&A division India
India Singapore
Singapore has 40% of share
,, another 20% of
another 20% of
investment for partnership
investment for partnership Singapore
Singapore

Australia
Australia
Melbourne
Melbourne

Manchester
Manchester
London Head Office
London Head Office Frankfurt Branch
Frankfurt Branch Our company’s stronghold
Frankfurt
Frankfurt
Daiwa Securities Trust Company (US)
London
London
Daiwa Europe Fund Managers (Ireland) Limited
Lyon
Lyon Zurich
Zurich
Daiwa Europe Trustees (Ireland) Limited
Geneva
Geneva Geneva Branch
Paris Branch Geneva Branch
Paris Branch Paris
Paris Special hubs for M&A
Milan
Milan Milan Branch
Milan Branch Acquisition of M&A Advisory Division of Close Brothers
Madrid
Madrid Barcelona
Barcelona
and Close Brothers Corporate Finance on Jul. 2009.

Overall 26 sites worldwide 4

Stakeholders & Corporate Principles

Customers Shareholders
Building Trust
Building Trust Earning Sound Profits
Earning Sound Profits
Trust from the clients is the foundation
Trust from the clients is the foundation Improve corporate value by developing aa
Improve corporate value by developing
of our business.
of our business. healthy business.
healthy business.

Employees Society
Valuing Human
Valuing Human Contributing to Society
Contributing to Society
Resources
Resources Contribute to the community and
Contribute to the community and
economic development through finance
economic development through finance
Employees are the source of our
Employees are the source of our and capital markets.
and capital markets.
competitiveness.
competitiveness. 5

Table of Contents





6

Our Surrounding Environment

【PPP】地球環境【ESG】
(Planet/Environment)

人間社会(People/Society)

経済
(Profit/Governance)
企業・団体
(Enterprise)

7

Stakeholder Concerns

Po g h n
Ri ma
Business Customers; Clients

ve ts
Shareholders

Improve SCM
Partners

y
Hu
n
tio

rt
w; la
i e s’ gu
’v r re
S i ac
rs me the
le t iv
e
to

m to g
nt
to us sin
C llob
Cl ob

us c ea
sh sh
r c ing by
liim all
GG
m aW

ar ar
te n
e

ric hte tion
eh eh
att W
a

St eig ta
e ar
e ar

ol old
H ien
C m

de e
Governance
Ch m

or
ha iin

rs rs
an ng
ng g

Compliance
ge
e

Stakeholders’ domain to give influence to the organization

Diversity Local Community; Citizens
Employees
From lifetime employment to Strengthening monitoring
performance-base; of the enterprise;
Aiming to be a professional Company Social business

8

ISO 26000 （Publish in Nov. 2010）
From CSR to SR
 Guidance on Social Responsibility, provides harmonized,
globally relevant guidance for private and public sector organizations of all
types based on international consensus among expert representatives of
the main stakeholder groups,.
 What will ISO 26000 achieve? It will integrate international
expertise on social responsibility –will be a powerful SR tool to assist
organizations to move from good intentions to good actions.

7 Core Subjects 7 Code of Conducts
1. Accountability
1. Administration of the organization
2. Transparency
2. Human rights
3. Ethical behavior
3. Labor practice
4. Respect the interest of stakeholders
4. Environment
5. Respect the rule of law
5. Fair business practice
6. Respect the international code of
6. Consumer issues
conduct
7. Community participation and
7. Respect the human rights
development
Source: ISO Web site . Japan Business Federation Political Sociology Division 2010.6.10「Summary of Result of Copenhagen Conference
ISO260000」 9

Paradigm Shift
Environment, Resource & Human rights constraint

Paradigm
Materially Rich

Sustainability Era
Shift

a
Er
h
owt
Gr
Carbon energy New/Renewable Energy Era
Industrial replaced animals and (Solar, wind, gravitational energy,
Revolution manpower biomass)

∼20th century 21st Century∼Low Carbon
Community
＜Unlimited Resource＞
＜Limited Resource＞
10

MDGs (Millennium Development Goals)

Goal 1: Eradicate extreme poverty
In addition to $57 billion of ODA in
& hunger
1999, another $40-60 billions p.a.
Goal 2: Achieve universal primary
are needed to achieve the MDGs .
education
Goal 3: Promote gender equity
and empower women ■Additional fund necessary to;
（include double count）（Bil. USD）
Goal 4: Reduce child mortality
rates Poverty Eradication 39 ∼ 54
Goal 5: Improve maternal health Education 10 ∼ 25
Goal 6: Combat HIV/AIDS,
malaria and other diseases
Health care 20 ∼ 25
Goal 7: Ensure environmental Emvironment 5 ∼ 21
sustainability Source: The World Bank, “The costs of attaining the
millennium development goals.” Summary of World
Goal 8: Develop a global Bank Policy Research Working Paper, “Development
partnership for development Goals: History, Prospects and Costs,” by Shantayanan
Devarajan, Margaret J. Miller, and Eric V.Swanson.
（MDGs logos were created by 「Don’t let it be – world poverty」）
11

ODA Trend
(10億ドル)
Billion USD

35.0
Official Development Assistance by G7
主要援助国のODA実績の推移(支出純額ベース)
米国
30.0
フラン
ス
ドイツ
25.0 英国

USA 日本
20.0 カナダ
イタリ
ア
15.0
13.1 11.1
13.5 Japan
10.0 9.8 9.3 8.9
8.9 7.7 9.6 9.5
5.0

0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
(出典)OECD･DAC
(注1)東欧および卒業国向け実績を除く。 (暦年)
（CY）
Source: website of Japan’s MOFA 12

Funding type for Development

Private
SRI
(e.g.: Microfinance
Donation bond)

No-financial return Financial return*
*Possible for negative return due to exchange fluctuations and credit
risk and so on.

Grant Aid Yen Loan

Public 13

Private Money for Social Issues
＜Background＞
＜Background＞

 Fiscal condition of each country grows increasingly severe (policy makers’ side)
Fiscal condition of each country grows increasingly severe (policy makers’ side)

 Reflect on the financial crisis (investors’ side)
Reflect on the financial crisis (investors’ side)

 world’s financial assets = $178 trillion in 2008 (world’s GDP is $58 trillion)
world’s financial assets = $178 trillion in 2008 (world’s GDP is $58 trillion)

 Not only Donations/ODA, but also Investments are required to solve social issues
Not only Donations/ODA, but also Investments are required to solve social issues

■ GIIN (Global Impact Investing Network)
 GIIN is a not-for-profit organization created to “increase the scale
and effectiveness of impact investing.”
 It was inaugurated at Clinton Global Initiative in Sep. 2009, to measure growth and
increase of the social investment, ‘Impact Investment’, in which is more direct and has an
immediate result compare to conventional SRI.
 Representative examples of investment products: vaccine bonds of IFFIm, Generation
Investment Management of Al Gore, former US Vice President.
 Main investment target: poverty & hunger; global warming; water, food and energy;
medical care, health, welfare; community development, education
14

Household Financial Assets
Japan United Kingdom France United States
4% 6% 3%
7% 3%3% Others 17%
9%
Mutual 11% 29% 29% 18%
7%
funds Germany Currency
Shares 1% &
16% Mutual
20% deposits
Currency funds
Insuranc and
e& 55% 38%
deposits
27% Pension 54% 8% 40% Insuranc
e&
Shares Pension
Deep pocket 34%
30%

seeking quality 32%

Currency and deposits Life insurance and pension fund reserves Shares and other equity Mutual funds and securitis other than shares Others

Billions of dollars, as of the end of 2009
Japan* United Kingdom* Germany* France* United States
(%) (%) (%) (%) (%)
Total Financial Assets 15,638 100.0 6,709 100.0 6,688 100.0 5,388 100.0 44,510 100.0
Currency and deposits 8,592 54.9 1,913 28.5 2,560 38.3 1,553 28.8 7,756 17.4
Life insurance and pension fund reserves 4,228 27.0 3,615 53.9 2,241 33.5 2,126 39.5 13,191 29.6
Shares and other equity 1,104 7.1 744 11.1 523 7.8 879 16.3 13,972 31.4
Mutual funds and securitis other than shares 1,047 6.7 218 3.3 1,315 19.7 504 9.4 8,135 18.3
Others 668 4.3 218 3.3 49 0.7 327 6.1 1,457 3.3
Total Financial Liabilities 4,085 26.1 2,474 36.9 2,193 32.8 1,864 34.6 14,068 31.6
Net Financial Assets 11,553 73.9 4,235 63.1 4,495 67.2 3,524 65.4 30,442 68.4
* converted into US dollars based on the year-end exchange rates of GBPUSD=1.62, EURUSD=1.43, USDJPY=92.90
Primary sources: Japan: Bank of Japan, Flow of Funds Accounts , June 17, 2010 United Kingdom: Office for National Statistics, Financial Statistics No 580, August 2010 Germany: Deutsche Bundesbank, Financial
Accounts for Germany 1991 to 2009. France: Banque de France, Financial Accounts and Financial Balance Sheets, June1, 2010. United States: Federal Reserve Statistical Release, Flow of Funds Accounts, June10,
2010.
15

Extremely Low in Japan

SRI市場規模
（10億ユーロ）
Billion Euro SRI Market size
6,000
4,986
5,000

4,000

3,000
2,141
2,000

1,000 405
58 4
0
Europe
欧州 US
米国 Canada
カナダ Aus/NZ
豪州・NZ JPN
日本
(2009) (2010) (2008) (2010) (2009)
Source：「European SRI Study 2010」; based on Eurosif publication and SIF-J material,
compiled by Daiwa Securities Group. Exchange rate as of Dec 31, 2009
16

SRI Issues in Japan

1. Inadequate regulation and guideline to promote SRI.
2. Less interests in SRI among labor unions, religious
groups or private organizations which have a mission of
social contribution.
3. Weak self-awareness in exercising a big impact on social
development through financing and investing.
4. Fewer opportunities in school education that teaches how
the investment behavior can have social impact.
5. SRI product and service development & offerings

17

New movements in Japan’s SRI

1. Ministry of the Environment Government of Japan,
trying to launch a new guideline like PRI for Japanese
financial institutions.
2. Japanese Trade Union Confederation (RENGO),
announced “Workers’ Capital Guideline”
3. Acknowledge a big social impact in development
through financing and investing.
4. Events and Forums for Financial Literacy
5. SRI / Impact investing products

18

Table of Contents





19

CSR at Daiwa Securities Group
CSR Activities (Implementations) Objective

①Core Business
1. Daily business
2. Developing & offering SRI/Impact Investing products ︵
-Eco fund; SRI fund; microfinance fund
④
Market

WLB, Info disclosure, external appraisal

Sustainable Enterprise
-Vaccine bonds; microfinance bonds, etc.

Sustainable Society
CSR Management
3. Enlightening Event for SRI & Impact Investing
4. SRI/ESG Research

②Social Engagement
・2010 Signing the UN Global Compact (GC)
・2006 Signing the UN Principles for Responsible Investment
by Daiwa Asset Management (PRI)
Non-market

・2004 Signing the UNEP Finance Initiative (UNEP FI) &
Carbon Disclosure Project (CDP)

③Corporate Citizenship
1. Social Business College （Daiwa Eco Fund）
2. Daiwa SRI Fund Grant Program (Daiwa SRI Fund) ︶
3. Daiwa Securities Group Tsunami Reconstruction Fund
20

①-1.1 Daily business: Retails
Billion Yen Sales and Distribution Amount by Product Category

Foreign
Bond

Mutual
Fund

¥2.9
Trillion
(In FY2010)

21

①-1.2 Daily business
Global Market & Investment Bank
Investment
Banking
Market
Division
Division Finance; Corporate,
Corporate,
Institutional
Institutional Financial,
Financial,
Investors
Investors Public Institution
Public Institution
(Pension asset
(Pension asset Capital International
International
Management)
Management) Organization
Organization
Market

Sales & Trading
Research Investment
Banking 22

①-1.3 Daily business:
Asset Management
Implementing SRI
Financial assets under management
approx.￥9.3 trillion as of Mar. 2011)
■Planning, Setting up and Operation of Eco Funds and SRI Funds
PRI as the signing authority operates after considering the ESG

■ The Japanese government ratified the Convention on Cluster Munitions (Oslo Declaration),
which takes effect on August 1, 2010. As an asset management company in the country ratifying
the convention, Daiwa Asset Management established the basic principles for investment in, and
other actions against, cluster munitions producers, and would like to announce the basic principles
as follows:
http://www.daiwa-am.co.jp/english/cluster/index.html

 Daiwa Asset Management shall not invest in securities issued by cluster munitions producers in
active funds. In cases where the active funds hold such securities, Daiwa Asset Management shall
immediately sell the securities.
 In cases where withdrawal from, or contraction of, the business for producing cluster munitions is
proposed at shareholders’ meeting of cluster munitions producers, Daiwa Asset Management shall
agree with such shareholders’ proposals.

23

①-2.1 ＳＲＩ Products :Mutual funds

SRI Funds ●Daiwa SRI Fund
Domestic Equities
●Daiwa Eco Fund
Domestic Equities
distributed by Focus on integrity & Economy & Ecology
transparency of the enterprise
Daiwa Securities Creator：Daiwa Asset Management
Creator：Daiwa Asset Management
Formulated：March 9th, 2006
Total net asset Formulated：May 20th, 2004
（Redemption date：Feb. 22nd, 2016）
（Redemption date：May 9th, 2014） As of April 28th, 2011
of 15 products As of April 28th, 2011
Basic price：4,814円

￥92.8Billion Basic price：6,837円
Total net asset：24.73億円

●Russel World Environment ●Daiwa Energy Technology Fund ●Environmental Business Fund for
Technology Fund Next Generation
Domestic Equities
Foreign Equities Focus on the Domestic Equities
environmental technology of each Focus on alternative energy Economy & Ecology
which
nation
global demand is estimated to increase
Creator：Russel Investment Creator：Daiwa SB Investment
Creator：Daiwa Asset
Formulated：May 1st, 2008 Management Formulated：Feb. 27th, 2009
（Unlimited term） Formulated：Dec. 25th, 2008 （Redemption date：Feb. 26th, 2014）
As of April 28th, 2011 （Redemption date：Jan. 14th, 2014） As of April 28th, 2011
Basic price：8,560円 Total net asset：143 As of April 28th, 2011 Basic price：9,840円
億円 Total net asset：10.13億円
Basic price：10,127円 24

Daiwa Microfinance Fund
■ Major Characteristics
 The first microfinance
mutual fund in Japan
 Minimum investment unit
is 1,031 yen, you can
pursue both social and
financial return
 Direct lending in local
currency to MFIs (currency
risk free to MFIs）

25

Daiwa Microfinance Fund
Pursuing financial return as well as social return
 Taking Currency risk, Interest rate risk and Credit risk
 Reducing risks by deversifying portfolio

■Investment Universe ■Model Portfolio

Loan users BOP
Reviewed
by DWM*
300 MFIs

︵
Over
10,000 MFIs ︶

Source： Daiwa Microfinance Fund prospectus
(available only in Japanese) (E) Return
*Developing World Markets

26

①-2.2 SRI Products: Bonds
Major Impact Investment Bonds Impact Investment Bond Sales
Billion Yen
（十億円）（十億円）
Billion Yen
Volume at Daiwa Securities
Sales
Date of Issuance Name of the Products
Volume 【 Annual Sales Trends】
2010年4月16日 Water Bonds 60.4

2010年5月21日 Ecology Bonds 32.6
2010年6月15日 Microfinance Bonds 8.7
Latin America Child
2010年7月15日 13.9
Education Support Bonds
2010年8月30日 Africa Education Bonds 11.8

2010年9月22日 Microfinance Bonds 29.0

2010年11月12日 Ecology Bonds 9.8
Domestic share of the bonds

Daiwa
69％
（Source）Research by Daiwa
Securities ※Only for Individual
bond （Mar.2008∼Mar.2011）

Total approx.: 482.4 Billion Yen
27

Highlights of “Impact Investment Bonds”
Vaccine Bonds Microfinance Bonds

Issuer: IFFIm Issuer: IFC
Purpose: Raise funds in the capital markets to Purpose: Support microfinance businesses with the purpose
accelerate funding available for health and immunization of fostering economic independence by providing
programmes in 70 of the developing countries small scale financial services to the poor segments.
around the world.
Issue date and amount: Issue date and amount:
Mar. 19, 2008 $211 million equivalent Nov. 20, 2009 $275 million equivalent
Feb. 20, 2009 $437 million equivalent Sep. 22, 2010 $342 million equivalent
Mar. 24, 2010 $338 million equivalent

Green Bonds

Issuer: IBRD

Support for vaccine
Purpose: Support projects in the World Bank’s member
Financial securing program countries that meet specific criteria for low-carbon
management project.
Issue date: February 3, 2010
Funding
Investors Donator Issue amount: $106 million equivalent
Investment Donation for up to
in capital market 20 years
Water Bonds

Daiwa Securities joined the panel with GAVI on the 8th plenary session of Issuer: ADB
the Leading Group on Innovative Financing for Development (16-17 Dec
2010, Tokyo) Purpose: Support water project by developing countries in
Asia and the Pacific.
Issue date: April 16, 2010
Issue amount: $628 million equivalent 28

Highlights of “Impact Investment Bonds”
Climate Awareness Bonds Poverty Reduction Bonds

Issuer: EIB Issuer: IADB
Purpose: Support future lending projects in renewable Purpose: Support innovative poverty alleviation
energy and energy efficiency, both of which programs
are identified by EIB as key areas for mitigating in Latin America and the Caribbean, including
the effects of climate change. several conditional cash transfer programs,
Issue date and amount: such as Oportunidades in Mexico.

May. 21, 2010 $393 million equivalent Issue date: July 15, 2010
Nov. 12, 2010 $118 million equivalent Issue amount: $158 million equivalent

Microfinance Bonds Education Bonds

Issuer: EBRD Issuer: AfDB
Purpose: Support micro and small enterprises, which Purpose: Finance projects in the field of education and
are hence foster economic and social growth in
not catered for by the formal financial sector, African countries.
with sustainable access to financial services, Issue date: August 30, 2010
via a range of financial institutions. Issue amount: $137 million equivalent
Issue date: June 15, 2010
Issue amount: $96 million equivalent

29

MDGｓ & Impact Investment Bonds

d
Fun
Impact Investment Bond

ion
e

uct i
con sunam
anc

in A tion
a
fin

fric

ne

str
te

T
uca

en
MDGs

ter

ma
ro

cci

Gr e
Mic

Wa
Ed

Cli
Va

Re
Goal 1: Eradicate extreme poverty & hunger ◎ ◎ ○

Goal 2: Achieve universal primary education ○ ◎ ○ ○

Goal 3: Promote gender equity and empower women ◎ ○ ○ ○

Goal 4: Reduce child mortality rates ◎ ◎

Goal 5: Improve maternal health ○

Goal 6: Combat HIV/AIDS, malaria and other diseases ◎ ◎

Goal 7: Ensure environmental sustainability ○ ◎ ◎ ◎

Goal 8: Develop a global partnership for development ○ ○ ○ ○ ○ ○
30

①-3.1 Enlightening Event:
Investor Forum
Daiwa Africa Forum 2010
Date: July 21st, 2010
Venue: GranTokyo North Tower 18F Conference Room
Speaker: Mr. Thierry de Longuemar, Vice President Finance, African Development Bank (AfDB)
Mr. Pierre Van Peteghem, Treasurer, AfDB
Dr. Boukary Savadogo, Manager of the Division of Education, Science and Technology, AfDB
Dr. Naoyuki Kawahara, Director, NPO Rocinantes
Ms. Keiko Sano, Director, East Africa Division 2, Africa Department, Japan International Cooperation Agency
Ms. Agnes Chan, the ambassador of the Japan Committee for UNICEF, a pop singer, a television personality
No. of Audience: 221

31

①-3.2 Website Archive

http://www.daiwatv.jp/
32

Impact Investing Awareness
■ Do you support Impact Investing? ■ Which of financial return or social
return do you care?
0 20 40 60 80 100 120 0 20 40 60 80 100

Yes
賛同する 97 Both
双方 89

Strongly Yes
大いに賛同する 31 38
Financial Return
投資リターン

No
賛同しない 0 Social社会貢献
return 30

■ What social problems are you seriously ■ What aspect do you most value when
concerned about? 40
0 20 60 80 100
investing?0 20 40 60 80 100 120

Water
水・衛生 79 成長性が見込める
Revenue growth 102

貧困・飢餓
Poverty 70

Health 69
CSR strategy
社会性を重視した経営姿勢かどうか 83
医療・保健

Education
教育 56 利益を上げている
Profit 64

社会基盤整備
Infrastructure 37
Climate Dividend
株主への還元 52
気候変動 33
Change
No興味がない
interest 17 Scale of operation
事業規模 11

Source: Questionnaire at Impact Investment Forum 2010, September 9th
33

①-3.3 Event Sponsorship

May 15 (Sat) – June 13 (Sun), 2010 October 31 (Sun) – November 7 (Sun)
＠Osaka International Convention Center
＠Tokyo Mid-Town Design Hub
Host: Committee for ‘Imagine Host: Junior Chamber International (JCI)
Sponsor: Daiwa Securities
another Life through the ・ Running a booth at ‘Future Expo’,
Products’, CANPAN Center ・ Panelists for sectional meeting
Special Sponsor: Daiwa Securities

34

①-3.4 CSR/SRI Dialogue

No. 26 “Cluster Bombs”
■Pondering CSR through dialogue
http://www.daiwa-grp.jp/csr/dialogue/
http://www.daiwa- grp.jp/csr/dialogue
In the CSR website, you can find series of dialogue with key figures June 8,2010
who play an active role in the front lines of each field.

＜Recent themes:＞
themes:＞
38：
No. 38：Tsunami Reconstruction Support （2011年5月12日）
2011年 12日）
−Increasing true self-alliance−
37：
No. 37：Affordable Energy Saving at Work Place and Home （2011年4月27日）
2011年 27日）
−Smart energy saving by knowing the mechanism of devices and climate−
36：
No. 36：Poverty （2011年2月2日）
2011年
−’Support’ for young homeless, instead of ‘care’−
35：
No. 35：Eco Right （2011年1月27日）
−Through CDM, supporting environmental
preservation from finances −
34：
NO. 34：Microfinance （2011年1月26日）
−Aiming at social contribution through
microfinance−
31：
NO. 31：Biodiversity （2010年9月9日）
−Building an aquarium in the town that
gives a feeling of ‘water’
35

①-4. SRI/ESG Research

■ ESG Research by Daiwa Institute of Research ■ Selected ESG Research at CSR site
http://www.dir.co.jp/souken/research/esg/index.html

“Rethinking Growth”
http://www.daiwa-
grp.jp/english/csr/publication/100205.html

36

② Social Engagement

■Participating in international initiatives
GC (UN Global Compact）
PRI （Principle for Responsible Investment）
UNEP FI （UNEP Finance Initiative）
CDP （Carbon Disclosure Project）

■Cooperation with the international
organization/NGO
GRI （Global Reporting Initiative Japanese Edition）
FTSE4Good （Policy Committee Member of the SRI Index）
SIF-J（Board Member of Social Investment Forum Japan）

37

③ Corporate Citizenship
■Real business as a result of partnership with ＮＰＯ・ＮＧＯ

1）Social Business College（Kopernik）
This is a lecture on social entrepreneur for social business practice, held bimonthly since
Oct. 2010 (12 lectures in 2 years), for the university students and working persons. The
operation is funded by the outstanding balance of donation of Daiwa Eco Fund and
contents can be found in the web.
2）Daiwa SRI Fund Grant Program （Civil Society Initiative Fund）
In order to strengthen the basis of domestic NGOs operating in the field of human security,
we support them for personnel expenditure (instead of program cost) aiming at nurturing
leaders for the core of the organization. The operation is taken from the outstanding balance
of donation of Daiwa SRI Fund & Daiwa Eco Fund. Since 2006, there have been 24 cases in
total with more than 42 million yen of support.
3）Daiwa Securities Group – Tsunami Reconstruction Fund
（Asia Community Center 21）
From 2005 (after receiving appeal from the UN), for the next 10 years, we provide support
of 10 million yen every year for reconstruction assistance NGOs in devastated areas (India,
Sri Lanka, Indonesia) and is used as a source for microfinance and many more.

In the brackets are the name of NGO/NPO 38

④-1. CSR Management - Work-life Balance

■Creating a working environment that fit the life stage
●Work-life balance promotion committee
●Enforcing leaving the office by 19:00 → Efficiency at work “Work hard, Live
hard”
●Female Executives (2 Board Members; 3 Executive Officers, 11 Branch Heads)
●「Professional Return Plan」・「Changing of Work Location System」
●Work-life balance promotion intranet site for employees 「Daiwa WLB Station」

● ‘Child-rearing break’ until 3 years old, exceeding the
statutory period
●「Day-care expenses subsidy system」
●Newly created: 「Wedding preparation vacation」
「Family-day vacation」
●Distributing 「Guidebook for Childcare」
●Implementing 「Office visit for family members」
39

④-2. CSR Management - Disclosure

CSR Report
←Posting
pictures of
employees’
baby.
Employee as
a stakeholder
(CSR promotion )

40

④-3. CSR Management - External Appraisal

■Evaluation on CSR in general  SRI index constituent
Dow Jones Sustainability Indexes (13 consecutive years)

FTSE４Good Index (6 consecutive years)

■Ranking for Work Place
NIKKEI Most Famous Companies for Job Seekers (2009)
Rank 5 for Financial Institution (Rank 1 for Securities Industry)
NIKKEI Woman (2011) Best 100 Companies with friendly
working environment for women
Rank 1 for Financial Institution (Rank 3 for general category)

41

Conclusion

1. A financial institution has a social calling to serve as
a mediator between asset management and fund
raising for public and private sectors.

2. While acknowledging environment, social and
governance issues, harmony amongst various
stakeholders is required to develop a sustainable
community in the 21st century onwards.

3. Daiwa Securities Group is implementing its mission
by leveraging financial capabilities

42

Contact ：Corporate Communication Department
e-mail：daiwacsr@dsgi.daiwa.co.jp
Tel:03-5555-1312 Fax:03-5555-0662

43

Table of Contents





44

①-2.3 Impact Investment Bond Uridashi
Year Name Issuer Lead Manager Tenor Settlement Date in Japan Amount ($mil)
Vaccine Bonds IFFIm Daiwa 2y 19-Mar-08 $211
2008 TM
World CO2L Bonds World Bank Daiwa 5y3m 27-Jun-08 $25
Vaccine Bonds IFFIm Daiwa 3y 20-Feb-09 $437
Vaccine Bonds IFFIm Mitsubishi UFJ 3y 28-May-09 $144
2009
Vaccine Bonds IFFIm HSBC 4y 25-Jun-09 $132
Microfinance Bonds IFC Daiwa 3y 20-Nov-09 $275
Green Bonds World Bank Daiwa 5y 03-Feb-10 $106
Environmental Support Bonds NIB Nomura 3y 03-Feb-10 $207
Climate Awareness Bonds EIB HSBC 5y 16-Mar-10 $200
Clean Energy Bonds AfDB Mizuho 4y 30-Mar-10 $78
Water Bond ADB Daiwa 3y 16-Apr-10 $645
Climate Awareness Bonds EIB Daiwa 3y 21-May-10 $368
Clean Energy Bonds AfDB Mizuho 3y6m 28-May-10 $108
Green Bonds Kommunalbanken Norway Nikko 3y 28-May-10 $102
Green Bonds World Bank SBI 5y 09-Jun-10 $6
Microfinance Bonds EBRD Daiwa 3y 15-Jun-10 $96
2010
Green Bonds Kommunalbanken Norway Nikko 3y 29-Jun-10 $47
Vaccine Bonds IFFIm HSBC 10y 29-Jun-10 $102
Poverty Reduction Bonds IADB Daiwa 4y 15-Jul-10 $158
Clean Energy Bonds AfDB HSBC 7y 29-Jul-10 $13
Green Bonds AfDB Nikko 3y 27-Aug-10 $30
Education Bonds AfDB Daiwa 3y 30-Aug-10 $136
Microfinance Bonds IFC Daiwa 3y 22-Sep-10 $342
Clean Energy Bonds AfDB HSBC 4y 30-Sep-10 $237
Clean Energy Bonds AfDB HSBC 6y 29-Oct-10 $13
Clean Energy Bonds AfDB Mizuho 4y 29-Oct-10 $123
Climate Awareness Bonds EIB Daiwa 3y 12-Nov-10 $118
Poverty Reduction Bonds IADB Daiwa 3y 02-Feb-11 $239
Green IFC Bonds IFC Nomura 3y 25-Feb-11 $44
2011
Clean Energy Bonds Kommunalbanken Norway HSBC 4y 29-Mar-11 $83
Total $5,338 mil / Daiwa’s arrangements $ 3,721 / Daiwa’s market share 69% 45

①-2.4 Impact investment bond
Private Placement to Regional Banks
Issue date Issuer Product Currency Term Amount investor Lead manager
African Development
8/19/2010 Education Bond USD 5 year $12mil Public company Daiwa
Bank
9/1/2010 World Bank Green Bond USD 5 year $50mil Iyo Bank JP Morgan
11/16/2010 World Bank Green Bond AUD 5 year A$30mil San-in Godo Bank JP Morgan
11/30/2010 World Bank Green Bond USD 5 year $10mil Iwate bank Daiwa
12/21/2010 World Bank Green Bond USD 5 year $10mil Kiyo Bank Daiwa
1/18/2011 World Bank Green Bond USD 10 year $5mil Kagawa Bank Daiwa
1/20/2011 World Bank Green Bond USD 5 year $10mil Fukui Bank Daiwa
1/20/2011 World Bank Green Bond USD 5 year $10mil Daishi Bank Daiwa
1/25/2011 World Bank Green Bond USD 5.25 year $30mil Aichi Bank JP Morgan
Asian Development Nishi-Nippon City
1/25/2011 Water Bond USD 5 year $30mil Daiwa
Bank Bank
2/17/2011 World Bank Green Bond USD 5 year $30mil San-in Godo Bank JP Morgan
2/18/2011 World Bank Green Bond USD 5 year $10mil Hokuyo Bank Daiwa
2/24/2011 World Bank Green Bond USD 5 year $20mil Nanto Bank Daiwa
3/17/2011 World Bank Green Bond USD 5 year $10mil Oita bank Daiwa
4/14/2011 World Bank Green Bond USD 5 year $10mil Musashino Bank Daiwa
6/14/2011 World Bank Green Bond USD 5 year $10mil Ogaki Kyoritsu Bank Daiwa
Asian Development
6/30/2011 Water Bond USD 5 year $10mil Kagoshima Bank Daiwa 46
©Daiwa Securities GroupBank
Inc.

MFI Interest Yield to borrowers

50
44.3
45
2003
40 2006
％ of Gross Loan Portfolio

35.1 36
34.5
35 32.6 31.7
30 28.2 28
25.5 24.8 26.1 26.2
25 23.9
20.9
20
15
10
5
0
World Africa EAP ECA LAC MENA South
Saurce: OCCASIONAL PAPER No. 15 , February 2009 Asia
The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates?
Note: Total Interest and Fee Income/Average Total GLP: average of 175 sustainable MIX MFIs, weighted by loan portfolio.
47

Cross-border funding to MFIs
$21.3 billion* Private donors and
Public donors and
Investors (2009) Investors
(Foundations,
(Multilaterals, Bilaterals,
Institutional and
DFIs)
Individual Investors)
$14.6 billion $6.7 billion
Microfinance
Investment
Intermediaries
(MIIs)

Apex &
other Intermediaries

(Support for microfinance at all levels of the financial system: retail, market infrastructure, and policy)

MFI Loan Portfolio ＄65.0billion （ MIX、FY2009、1,058ＭＦＩｓ）

Source ：ＣＧＡＰＦｏｃｕｓＮｏｔｅ No. 70 April 2011, Cross-border Funding of Microfinance
* Amounts based on data submitted by 61 funders and 90 MIIs. 48

Myth of Microfinance
Myth Fact
Customer continue to repay as long as they value the
1 Poor people do not repay a loan. service. The greatest incentive for the poor to repay the
loan is to access to repeat loans.
Poor people can not pay the interest rates The poor willing to pay the cost for quality services.
2 necessary to cover the costs to delivering the For the poor, access to the financial service is more
service. Poor can not pay the price. important than the price.
Economic shock is frequent and diverse for the poor.
Credit for consumption purposes should never
3 They should prevent selling income generating assets to
be provided.
coop with these risks by microfinance
The borrower or user of MF create opportunity. Only
4 Microfinance creates economic opportunity.
people with economic opportunity can benefit from credit.

Poor people do saving. Saving is more important than
5 Poor can not save the money.
borrowing for the very poor to manage their future.

MFI can reach to the very poorest of the poor Debt financing is not a good development tool for the
6
through credit. destitute.
There are over 600 Financially self sufficient (FSS) MFIs.
7 MFI is donor dependent institutions. FSS is necessary for an MFI to reach large numbers of
people
Source: Microfinance Distance Learning Course (UNCDF) 49

50

Keio BS　20111005　toru iwai

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