CEESGA at a glance
Global social and environmental challenges, regulatory and reputational risks, market scandals and new market opportunities make environmental, social and governance information (ESG) a data source of growing importance.
In this context, the integration of ESG information in the investment process chain and in valuation is essential. So far, only few approaches and even less solutions exist that support investment professionals on the integration of ESG. Although considered increasingly relevant for investment decisions, it is estimated that less than 15% of investment professionals receive some kind of structured ESG training, yet.
This is confirmed by the World Economic Forum, which considers that inadequate education and valuation models of ESG are one of the most important barriers for integrating ESG variables into the mainstream of investment decision.
The CEESGA programme aims to overcome this challenge by providing the necessary training for the efficient valuation, measurement and integration of ESG issues into investment analysis.
Download the CEESGA Brochure HERE (PDF)
How to become a CEESGA Holder
Step 1: Enroll in the CEESGA Programme offered by an accredited EFFAS National Member Society. If you are located in a country without a NMS please contact EFFAS Head Office for support (email@example.com).
- Pass the ESG exam organised by an accredited EFFAS National Member Society.
- Alternatively pass the ESG Common Exam organised by EFFAS.
In general, the objective is to make clear to participants the importance of ESG issues in investment processes. On completing the program students should be able to know and understand:
üSystematization of different ESG investment approaches and strategies
üUnderstanding the market drivers for further ESG integration
üEmbedding ESG across the whole in the investment process chain
üIntegration of ESG factors in valuation models
üResponsible Investing across asset classes
üSystematically assessing different ESG Reporting standards
To whom is it intended (Potential candidates)
Programme overview & Syllabus
vModule 1: "Wake me up"
The objective of this module is to draw attention of the participants on the overall implementation of the ESG; How to prove that ESG factors are important?
vModule 2: Fundamentals
The conceptual framework is tested to work ESG aspects in making investment decisions. The similarities and differences between ESG, RI, SI, SRI, impact, engagement, non-financial terms and the additional financial terms necessary for application in investment management are reviewed. The reasons for using the ESG, its implications, the regulatory framework and key ESG market drivers are described in this module.
vModule 3: Investment Process Chain
ESG integration process described in the investment process is essential for understanding the integration of ESG in the valuation process. Methodologies for the development of investment policies, allocation and asset selection, the process of monitoring and reporting are discussed.
vModule 4: Integration and assessment of ESG
Participants study, through practical examples, the integration of ESG in the process of valuation of investments, identifying value drivers of the ESG, measurement methods and their impact on cash flows, beta, external costs, etc. The various data sources (Bloomberg, GRI, EFFAS,) are reviewed and shown how to integrate KPIs in pricing models: DCF, multiples, forecasts based on critical evaluation of Bloomberg on valuation models "fit -for- purposes".
vModule 5: Responsible Investment across Asset classes
The aim of this module is to describe approaches to ESG from the perspective of portfolio management, analyzing the ESG in different asset classes with a focus on bonds and impact investment.
vModule 6: ESG Reporting
This last module focuses on corporate ESG reporting. The difference between mandatory and voluntary disclosure as well as difference reporting frameworks will be discussed.
Download the complete CEESGA Syllabus HERE (PDF)
How to register
The complete list of countries with a participating NMS can be found HERE.
If there is no NMS in your country please contact EFFAS Head Office for support (firstname.lastname@example.org).
Jan Westring CEFA, CEESGA
Portfolio Manager Board Member, Zmartec Fonder AB
Marita Björk CEFA, CEESGA
Senior advisor, Group Communication ELLOS GROUP