Brussels, 6 November 2003 — A new survey published today by CSR Europe, Deloitte and Euronext reveals that social and environmental performance is on course to become a significant aspect of mainstream investment decisions within the next three years. The survey (see Survey Note below), "Investing in Responsible Business," shows that a majority (52%) of fund managers and analysts and 47% of investor relations officers (IROs) agree that this trend will soon become a reality.

Six out of 10 fund managers and analysts say they have noticed a growing interest in socially responsible investment (SRI) over the past two years. An even greater number (69% of fund managers and analysts) expects the SRI market to grow over the next two years. The European SRI retail market is currently estimated to be worth €12.2 billion (Source: SiRi Group and Avanzi SRI, 2003), while the European SRI institutional market represents €336 billion (Eurosif, 2003). Survey responses also confirm that nearly half of Europe’s financial institutions already offer SRI products.

"We are encouraged to see that the SRI market is continuing to grow and we believe that the factors behind SRI investment will inform mainstream investment decisions in the next three years. We also anticipate more voluntary integration of better social and environmental practices in business operations," said Preben Soerensen, partner at Deloitte.

It is becoming clear that the financial community sees a direct link between non-financial risks and shareholder value: eight out of ten fund managers and analysts believe that the management of social and environmental risks has a positive impact on a company's market value in the long-term. The view is echoed by the companies themselves: IROs think that good social and environmental performance in the long term influences a company's brand and reputation (69%), economic performance (46%), and market value (36%).

"Socially Responsible Investment is gaining ground and is a complementary tool for fund managers and analysts for providing more transparency, new insights into global risks analysis — in that respect, we are going in the right direction," said Jean-François Théodore, chairman of the Managing Board and CEO of Euronext.

While six out of 10 survey respondents noted an improvement in companies' communication practices on social and environmental performance, 56% think it can still get better. Italy, Spain and the Netherlands are the least satisfied with the quality of information provided (65%), while the UK is an exception with more respondents satisfied (44%) than dissatisfied (38%).

"The European financial community has made significant strides forward in understanding CSR and recognising the importance of social and environmental performance in making investment decisions. CSR issues are becoming more relevant to their work of fund managers and financial analysts — many of them are realising that CSR is not an add-on, but imperative to a company's daily management," said CSR Europe's chair Etienne Davignon.

Survey Note: Based on interviews conducted by TN Sofres with 388 fund managers, analysts and 80 investor relations officers in nine European countries (Belgium, France, Germany, Italy, Netherlands, Spain, Sweden, Switzerland, and United Kingdom).  Investor relations’ officers represent 80 companies from the FT’s Europe 500 (by market value).

About CSR Europe
CSR Europe is a non-profit organisation that promotes corporate social responsibility (CSR). Founded in 1995 by former European Commission president Jacques Delors, CSR Europe works with 64 company members, 18 national partner organisations to integrate CSR into mainstream business practice.

About Euronext
Euronext is the first cross-border exchange, resulting from the merger in September 2000 of cash and derivatives markets in Amsterdam, Brussels and Paris. It offers services that range from listing and trading of securities and derivatives to clearing, dissemination of market data and IT services. In 2002, the Euronext group expanded to include the Portuguese exchange, BVLP, and LIFFE, the international derivatives market.

About Deloitte
Deloitte Touche Tohmatsu is an organization of member firms devoted to excellence in providing professional services and advice.  We are focused on client service through a global strategy executed locally in nearly 150 countries.  With access to the deep intellectual capital of 120,000 people worldwide, Deloitte's member firms (including their affiliates) deliver services in four professional areas:  audit, tax, consulting and financial advisory services. The member firms serve over one-half of the world’s largest companies, as well as large national enterprises, public institutions, and successful, fast-growing global growth companies.

Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other’s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names “Deloitte,” "Deloitte & Touche," "Deloitte Touche Tohmatsu," or other related names. The services described herein are provided by the member firms and not by the Deloitte Touche Tohmatsu Verein. For regulatory and other reasons certain member firms do not provide services in all four professional areas listed above. The Environment & Sustainability professionals service clients globally in the areas of sustainability reporting, accountability and assurance as well as climate change business.