Handbook on active share ownership - Eurosif

Press Release: Friday January 13th, 2006

EUROSIF RELEASES HANDBOOK ON ACTIVE SHARE OWNERSHIP IN EUROPE - 2006

Eurosif has recently published a groundbreaking handbook entitled "Active
Share Ownership in Europe". The publication targets investors who are
seeking a means to better manage environmental, social and governance (ESG)
risks across their domestic and foreign investment portfolios, especially
with regards to their rights as shareholders.

Matt Christensen, Executive Director of Eurosif states, "The Active Share
Ownership Handbook ties in well with ongoing work by the European Commission
around corporate governance. Specifically, this handbook compliments the
EC's recent proposal for a Directive to facilitate the cross-border exercise
of shareholders' rights in listed companies."

Active share ownership in Europe is a relatively new phenomenon that has
been prompted by 3 main factors: the development of long-term institutional
investment, the internationalisation of equity portfolios and a renewed look
at fiduciary duty. The handbook reports that pension funds and asset
managers are increasingly using different forms of activism as a part of
their SRI strategy. Shareholders have a variety of methods at their
disposal, both public and private, to exert influence. However, as
institutional investment portfolios are becoming more dispersed across
European holdings, investors are aiming
to better manage their ESG risks at an international level.

Eurosif encourages interested shareholders to read the handbook in order to
find answers to their many questions surrounding active share ownership in
Europe. Questions that are addressed by the handbook include: Why is
shareholder activism increasingly relevant? How are ESG issues valued by
investors in different countries? Do investors systematically hold the right
to vote? What is the role and relative importance of dialogue between
investors, boards and management? What does the future hold in this area?

The handbook has been positively received by policy makers as well as
investors. Dominique Be from the European Commission says, "We welcome this
important initiative, which comes at a critical time with regards to
changing regulations on share ownership in Europe. This handbook helps
investors see the importance of ESG criteria across European borders." Erik
Breen, from Robeco Asset Management adds, "Active share ownership is one of
the key current trends in the economic landscape today and this handbook
certainly helps investors to better understand its dynamics."

Eurosif expects the handbook will help the investment community better
understand the European setting as well as learn how to become a responsible
investor. Eurosif will hold an event in Brussels in 2006 with leading
investors and policy makers around ideas in the handbook in order to
continue to encourage investors to make use of their shareholder rights.

To view the Active Share Ownership Handbook, please go to
http://www.eurosif.org/

To view the EC's proposal for a Directive around these issues, please go to:
http://europa.eu.int/comm/internal_market/company/shareholders/index_en.htm