Roland sabatier esg investing
Banks want to decrease costs and generate extra profits as a result of cooperation. Some banks decide to work together with the FinTech companies that are currently growing but have the potential to emerge as competitors in the future. The traditionally high barriers to entry to the market can be significantly reduced because banks comply with strict regulations and other essential requirements in the financial services market.
For us to enter the market, we needed a partner. The economies of scale of banks provide several other advantages for FinTechs, including reducing the customer acquisition cost by giving them access to the banks' extensive customer base and databases. The number of potential customers is further increased by the multiple marketing channels used by banks.
As a result, startups and scaleups can target the new customer segments and market, and accessing customer databases enables the development of more personalized products. Banks also have a complex infrastructure and large resource base, which provide additional opportunities e. Some banks provide investment opportunities to the FinTech companies, which can significantly support their growth.
Banks also have expertise in financial operations e. Finally, if banks and the FinTech companies start to work together under an acceleration program, the challenges of the traditional bank sales processes e. The great advantage of these programs is that the generally 12—month bank sales cycle can be greatly shortened to months.
However, the weight of the identified advantages may vary for different players, and the challenges of cooperation can severely undermine the realization of benefits. Table 3 summarizes the intended benefits for FinTechs and banks, the challenges in realizing these benefits, additional benefits and learning points. Like the potential benefits, the weight of the factors hindering cooperation may vary. Table 3. Drivers and challenges of cooperation Main drivers and challenges Acceleration program-related drivers and challenges Intended benefits for FinTechs Selling products to banks, launching products to the market through the bank Learning and development through acceleration programs, reaching financial sustainability Intended benefits for banks Renewal of the organization, renewal of the product and service portfolio Aim to increase the bank's reputation, involving a facilitator organization in the program to get support, potential investment target Challenges for FinTechs in realizing the intended benefits Lack of understanding of how a large organization works, human resource-related factors e.
Traditional sales tenders of banks could also be taken into consideration, but bring many challenges. For banks, the first problems are related to sales and administrative processes. One of the main strategic goals of cooperation is often for FinTechs to sell products to banks and banks to renew their organization. FinTechs may also want to launch their product to the market through the bank, and the banks want to renew their product and service portfolio.
However, the sales and administrative processes in banks are usually very bureaucratic and slow, so significantly slow down the contracting process, resulting in delays of several months. Traditional sales tenders also set expectations with potential suppliers that startups cannot fulfill e. However, banks need to comply with a number of requirements, mainly IT and legal, and negotiate agreements with many departments, so they argue that FinTechs do not understand how the large organizations work.
Startups and scaleups often have good ideas, but may not possess appropriate sales skills. Bank FinTech project integration takes one year, which the bank feels a speedy process. In a startup's life cycle, one year is the question of survival. Because of this, we often did not start working with them. Especially when it comes to big corporate sales, they do not understand, but it is understandable because it is a very difficult, very long process.
An additional benefit for the bank may be to renew its supplier portfolio and reduce suppliers' bargaining power. Many other factors can hinder the sales and integration of innovative financial solutions. Most bank business areas are not aware of the limitations of their IT systems, and IT departments look for secure and easy-to-implement solutions, resulting in opposing interests and significant tension between the two fields. Problems with the core banking IT system e.
In these cases, the FinTech startups and scaleups often have to consult with the IT suppliers of the bank, which results in the expansion of their network. Cultural differences a small, innovative and very flexible company versus a large, bureaucratic, inflexible organization , and communication problems form serious barriers that slow down cooperation processes.
There may also be attitude problems from scaleups. These issues can have a positive effect on the development of both parties' communication and change management skills. Not general, but more common than in the case of startups. Even in pricing, contracting, the attitude is different.
Bank employees may also not understand the reasons behind the need for development and renewal. The identification of internal champions by FinTechs, therefore, becomes very important. If startups and scaleups establish a good relationship with these individuals or departments, they can obtain exceptional support from them, speeding up the implementation of projects. In , an estimated Worldwide, an estimated Considering the delay between cancer treatment and the manifestation of sequelae, a substantial number of childhood cancer survivors will already be adults when the first signs of endocrine late effects occur, requiring specialized adult-focused care.
As a consequence, long-term surveillance recommendations have been published worldwide promoting regular follow-up assessment to ensure early diagnosis and treatment of these sequelae. Endocrine assessment constitutes an important component of these guidelines.
The North American Childhood Cancer Survivor Study CCSS constitutes the largest cohort of childhood cancer survivors, with 35, patients initially diagnosed with cancer between and Similar cohorts have been established in several countries with the aim of a regular and structured, initially mostly questionnaire-based ascertainment of chronic health conditions in childhood cancer survivors 18 , Although the risk for the development of late effects is largely determined by cancer type and treatment, owing to the small numbers of patients and the structure of pediatric health care, many studies have been conducted on patients with different cancer entities collated together and classified generically as childhood cancer survivors.
Conventional surveillance of patients who develop cancer in adulthood ends after 5 years of recurrence-free survival. The likelihood of developing cancer as an adult increases with age and therefore life expectancy following cure will naturally be lower in a large subgroup of these patients.
As late effects occur years to decades after cancer therapy, these patients, in contrast to survivors of childhood cancer, may not live long enough to develop any sequelae. However, life expectancy in general is increasing, as is the number of adult cancer survivors, and therefore there are increasing numbers of survivors potentially developing late complications and thus requiring life-long surveillance. In contrast to childhood cancer survivors, there are only a small numbers of studies in adult survivors of cancer, and therefore evidence-based recommendations for overall long-term medical surveillance of these patients do not currently exist Mechanism of Damage Cancer therapy may induce damage to endocrine organs as well as carcinogenesis via several routes.
Surgical intervention, regularly undertaken in the treatment of solid tumors in childhood as well as in adulthood, may include the removal of endocrine organs. This leads to partial or total insufficiency presenting shortly after the procedure.
Novel targeted therapies represent a heterogeneous group of antineoplastic drugs increasingly used in the treatment of various cancer entities. They were designed to be more targeted than conventional chemotherapeutic agents and thus induce fewer side effects, although recent data demonstrate a wide range of possible adverse events, including endocrine as well as metabolic complications Endocrine therapies are treatment modalities used in the treatment of several types of cancers derived from endocrine-responsive tissues.
They include, for example, selective estrogen-response modulators used for the treatment of breast cancer as well as aromatase inhibitors and androgen deprivation therapies ADTs for prostate cancer, and they result in intended as well as adverse hormonal dysregulation.
As these complications occur during or shortly after cancer treatment, they are in a strict sense not considered treatment-related late effects. Furthermore, as targeted therapies will be discussed in a separate review in this journal, we will not include these agents in our present review in full depth. Radiotherapy or therapy with radioactive isotopes such as I metaiodobenzylguanidine MIGB or I-iodine as well as chemotherapy may induce a wide range of late endocrine complications.
The mechanisms of damage as a consequence of these treatments are thus presented in more detail. Radiotherapy induced The pathophysiology of radiation-induced damage to endocrine organs is multifactorial Although several mechanisms of cell damage after radiotherapy have been postulated, the susceptibilities of the individual endocrine organs differ and additional factors such as the radiation schedule, dose, age, and sex of the patient are crucial determinants Direct cellular damage following irradiation along with reduced blood flow have been demonstrated and result in cell dysfunction or death Moreover, ionizing radiation induces DNA damage, leading to genomic instability, chromosomal rearrangements, and cellular transformation either directly or by generating reactive oxygen species 24— Indirect radiation-induced effects bystander effects , translated via mediators released into the medium surrounding exposed cells, can result in DNA damage to naive cells Inhibition of epithelial function with alteration of the endothelium and vascular degeneration, thrombosis, acute and chronic inflammation, fibrous organization, and partial epithelial regeneration have been described in relationship to radiation-induced changes in various targets, including endocrine glands 22 , Furthermore, consequent atrophy of the irradiated gland as exemplified by the thyroid and pituitary may manifest decades after exposure 29— Radiotherapy also increases risks for secondary malignant neoplasm SMN due to chromosomal damage following direct radiation exposure as well as nontargeted bystander effects Double-strand breaks in DNA potentially resulting in rearrangements may constitute the initial step in radiation-induced carcinogenesis Furthermore, changes in oxidative stress and in DNA damage repair systems have been reported in targeted and nontargeted cells after radiotherapy.
The risk for radiation-induced SMN strongly depends on radiation dose, dosing schedule, and accuracy and follows a bell-shaped curve with a decreasing risk at very high doses owing to complete atrophy of the tissue Risk is further determined by patient-related factors such as age and genetic predisposition as well as additional chemotherapy that may alter the dose-response relationship for the development of SMN after radiotherapy Children are generally more sensitive to radiation than adults and have a higher relative risk of cancers, including thyroid cancers, with this being due to the increased radiosensitivity of developing organs and the longer postexposure life expectancy The susceptibility of various endocrine organs are discussed in the related chapters below see also Fig.
Figure 1. Chemotherapy induced Chemotherapeutic agents are associated with both acute and late endocrine complications. Therapeutic efficacy of chemotherapy is at least partly achieved through DNA damage affecting tumor cells. This damage may also result in death or damage to healthy endocrine tissue, leading to glandular dysfunction 36 , Furthermore, chemotherapy can lead to increased levels of non—protein-bound iron, free radicals, and reduced antioxidant capacity, which can contribute to oxidative stress and tissue damage to healthy tissue 36 , Moreover, chemotherapy-induced vascular toxicity has been associated with late organ toxicity for several chemotherapeutic agents.
Anthracyclines, for example, have been demonstrated to reduce blood flow, impair blood vessel wall function, and cause endothelial injury in pediatric patients and patients with breast cancer 39 , Additionally, cisplatin-based chemotherapy results in vascular damage, such as an increase in plasma von Willebrand factor levels and common carotid intima media thickness in patients with testicular cancer The susceptibility of the individual endocrine glands to chemotherapy-induced damage is determined by several factors, including the rate of cell division, the targeted biosynthetic pathway, as well as the pharmacological distribution of the chemotherapeutic agent see also Fig.
Specific mechanisms of chemotherapy damage to individual endocrine glands are discussed in the respective chapters, where data are available. This is frequently observed following treatment of central nervous system CNS tumors and cranial radiotherapy CR 42 , Additionally, hyperprolactinemia and precocious puberty in children can occur as a result of pituitary hyperactivity following cancer treatment. Whether chemotherapy is a major cause of pituitary dysfunction is unclear.
There are reports suggesting that chemotherapy affects GH and TSH secretion but rarely induces panhypopituitarism 45— Currently, the absolute number of patients with HP dysfunction following chemotherapy described in the literature is minimal, which has prevented firm conclusions to be drawn on any association between HP dysfunction and distinct chemotherapeutic agents 49 , However, there are clear effects of new forms of targeted cancer therapies, that is, with cytotoxic T lymphocyte antigen 4 antibodies or checkpoint inhibitors on HP dysfunction as a result of hyophysitis, and this will be discussed in a separate review in this journal 21 , 51 , Cranial radiotherapy CR is the predominant risk factor for HP late effects 53— More than half of patients exposed to CR are affected by at least one HP deficiency 25 years after treatment of childhood cancer, although this figure may represent an underestimation of the true incidence, as in this study diagnosis was not routinely ascertained by dynamic testing 56 , The risk for hypopituitarism is further determined by the size of the radiation fraction and the radiation schedule 23 , Patient age at the time of radiotherapy is another critical predictor of HP function GHD, either severe or partial, is the most common of the HP axis insufficiencies to be detected following CR, as the somatotropic axis is the most vulnerable to radiation damage 55 , The time interval for manifestation of GHD depends on the dose and fractionation of the radiation as well as on the underlying tumor.
In a recently published study of childhood brain tumor survivors, Interestingly, in this study, CR did not independently predict precocious puberty, whereas tumor localization and hydrocephalus were related, suggesting a local disinhibition of puberty Other studies suggest a direct relation to low-dose irradiation with doses between 18 and 24 Gy Hyperprolactinemia represents reduced hypothalamic release of the inhibitory neurotransmitter dopamine and is more frequently observed in adult cancer survivors It may contribute to gonadal dysfunction.
Prolactin levels are often only mildly elevated and may normalize with time, reflecting a direct radiation-induced damage to pituitary lactotrope cells evolving years to decades after cancer treatment In rare cases prolactin deficiency may occur, and this has been postulated as a reliable marker for severe hypopituitarism in this population ACTHD is the most life-threatening HP deficiency and may acutely follow surgery where the hypothalamus or pituitary gland is affected.
It is characterized by a decrease in cortisol secretion, although mineralocorticoid secretion, under the dominant control of renin, is typically not impaired. This may occur up to decades following irradiation, and the risk is increased when other functional defects of the HP axis are present 54 , Owing to the potential for hypoadrenal crisis, patients at risk should be monitored closely and educated with regard to signs and symptoms of ACTHD and hypoadrenal crisis 72 , Isolated TSHD is rare; central hypothyroidism nearly always presents as part of other pituitary hormonal deficiencies Additionally, hypothalamic involvement of the tumor, radiation field, and time elapsed since radiation exposure are associated with the development of TSHD.
Additionally, irradiation involving the head and neck may include the thyroid within the radiation field as a risk factor for the development of primary hypothyroidism PH 54 , 75— Antidiuretic hormone deficiency or central diabetes insipidus is rare but may occur at diagnosis or shortly after neurosurgery in patients with brain tumors.
It is generally not considered a late effect and is thus not discussed further in this review 43 , 47 , 58 , Patient population at risk in childhood and adolescent cancer survivors. Patients with craniopharyngioma are classically treated by endocrinologists and are often affected by several insufficiencies of the HP axis that may present prior to or directly after surgery.
Although these conditions are not considered treatment-related late effects, these patients require lifelong support and follow-up Patients with CNS tumors such as ependymomas, choroid plexus tumors, astrocytomas, medulloblastomas, low-grade gliomas, and primitive neuroectodermal tumor may be affected by HP dysfunction, although their risk is highly dependent on tumor localization and treatment 47 , Additionally, patients treated by irradiation to surrounding regions such as spinal irradiation, radiotherapy for head and neck carcinomas, or CNS tumors not anatomically linked to the HP region e.
Leukemia and lymphomas are among the most frequent oncological disorders in childhood Long-term survivors of these disorders may develop HP dysfunction although their risk is highly determined by the therapeutic approach. Low-dose cranial irradiation in patients with acute lymphoblastic leukemia ALL or total body irradiation TBI in patients undergoing stem cell transplantation has been demonstrated as a major risk factor for HP dysfunction, especially GHD 61 , Patient population at risk in adult cancer survivors.
The distribution of brain tumors in the adult population differs from that observed in childhood patients with cancer. Whereas medulloblastoma Survival rates differ significantly dependent on tumor histology and age at diagnosis.
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Of course, environmental, social and governance factors should be considered by management teams and investors, but they are factors that need to be weighed, not mandated. These decisions are more complex than either side acknowledges. They cannot be made quantitatively, with generalizations or by extremists. They need to be made qualitatively, by an active participant weighing the pros and cons and pragmatically advocating for a position that benefits all stakeholders, including shareholders.
AESG investing is when an activist investor takes a position at a company and actively usually from a board level and qualitatively analyzes and improves not only financial, operational and strategic facets of the company, but also its ESG footprint. Funds like Inclusive Capital and Impactive Capital are the leaders in this area, and they look at every investment not only through a shareholder value lens, but an ESG lens as well. In many cases these funds advocate for ESG practices at their portfolio companies that advance shareholder value.
Other activists, while more focused on operational, financial and strategic matters at their portfolio companies, are realizing that while they are actively involved at these companies, they are also in a unique position to improve ESG practices at the company.
We are seeing many more of them starting to adopt such practices. Nor can you expect management teams to blindly adhere to ESG pressures regardless of the effect they will have on shareholder value. Instead, AESG investors analyze ESG issues and opportunities, as well as the company's financials and operations, to pragmatically develop strategies and practices that either advance both ESG and shareholder value or further one of them without hindering the other. Accordingly, AESG solves the problems with ESG investing as i it is genuine, not a marketing ploy, ii it relies on qualitative analysis, not quantitative metrics and ratings, iii it uses engagement to actually effect ESG change without sacrificing shareholder value, and iv it has the alpha that has historically been associated with shareholder activism.
Moreover, AESG investors are not only looking to change ESG practices at their portfolio companies during their engagement, but to change the long-term culture of the company so that ESG is ingrained in management's thinking as something to weigh and consider in all future business decisions. However, most investment funds on either side of the debate tend to focus on only one of these concepts and ignore the other. Responsible ESG investing means not just being responsible to environmental, social and governance factors, but being a responsible investor to ESG factors and the goal of attaining outsized capital appreciation.
This is a main tenet of AESG investing. Because there is a limited number of investors who have the skillset, characteristics and inclination to actively engage with management of portfolio companies, AESG investment strategies will always be a small subset of aggregate ESG assets. But it will be an increasingly important subset, and those who engage in AESG investing will add a much-needed active component to ESG investing to effect real change and generate real alpha.
ESG investing is still a nascent strategy and will continue to develop and evolve. Other significant developments of recent years, including the COVID pandemic and, most recently, the war in Ukraine have not changed this, though they have complicated the dynamics at play. And the regulations will bridge the data challenge. Thus, operators are not necessarily required to perform well on ESG in order to attract investment yet, but this increasingly appears to be changing. Leading the way There are also regional variations in the evolution of ESG investment and reporting, with Europe leading the way, while the U.
Pressure on U. Indeed, the U. A final rule is expected to be introduced in December, but the proposal has received pushback from those concerned about how workable it would be. She also sees differences in how European and U. Social and governance While the environmental aspect of ESG targets has overwhelmingly come to dominate discussions around ESG, the social and governance elements should not be discounted. Rystad and Sustainable Fitch both also see investors taking an interest in ESG metrics beyond the environmental.
Chike-Obi, for her part, sees the top ESG concerns as spread across the three elements. In a recent set of analytical reports, Fitch has found that a number of social issues are credit-relevant for companies in the extractive sector, for example.
But while the war has improved the prospects for oil and gas in the short-term as Europe scrambles to replace Russian energy imports, it does not appear to have affected long-term decarbonization targets. Indeed, it even makes development of domestic renewables and cleaner sources of energy more attractive to countries seeking to bolster their energy security.
Again, sustainability is more than the environment and we need all forms of energy. Investors will come back to responsibly sourced oil and gas producers with the discipline to grow their asset base while distributing free cash flow. Against the backdrop of the war in Ukraine, she currently sees a less negative response from investors and media to increased upstream investments.
Recent quarterly results also illustrate how oil and gas companies are benefiting from current price trends and geopolitical developments.
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