ESG Note S2E1: Nike Blows Our Minds, Inequality Is Hot, Exit Theranos, Ocean Bonds, @GuyCallendar

Graham Sinclair
Sep 7, 2018 · 19 min read

ESG Note is 4 topics at the intersection of investment, strategy and sustainability, with all the receipts. Like an RXBar, it’s intellectually nutritious, factually dense, and no BS.

In ESG Note S2E1: Nike Blows Our Minds, Inequality Is Hot, Exit Theranos, Ocean Bonds, 4 Quotables and 4 ESG Datapoints. Published 7 September 2018 by Graham Sinclair @esgarchitect in Boston.

1. STRATEGIC RISKY BUSINESS: NIKE BLOWS OUR MINDS

Believing, sacrificing, everything. Words are powerful. Nike [NYSE: NKE], one of the world’s most iconic brands, gave a masterclass in words and images on Monday dropping their 30th anniversary campaign for the iconic “Just Do It” slogan. The sustainability meta-theme covers a broad swath of environmental, social and governance (ESG) issues. Colin Kaepernick, the ostracized quarterback who protested police brutality during national anthems played before NFL games, tweeted out a black-and-white picture of his face and the challenge: “Believe in something. Even if it means sacrificing everything.”

All kinds of new icons, like the world’s best ever women’s tennis player, maybe best tennis player

Nike used a range of athletes to tell the story, but the lightning rod was always going to be the quarterback. People outside the USA may be confused, asking why is this even controversial? Tackling racism and diversity and social justice fits in the purpose of better business in the 21st century. Pro sports have wrapped themselves in the US flag, driven partly by money: the US military paid pro sports to sell propaganda, for example spending US$53 million on marketing and advertising contracts with professional sports organizations between 2012 and 2015 according to a report on “paid patriotism”. Few have as nuanced a view of how patriots may come in different forms as the former Green Beret and pro athlete Nate Beyer. Mr Beyer actually talked with Mr Kaepernick and got him to change his protest method (Mr Beyer’s journey continues). The NFL have de facto blackballed Mr Kaepernick from playing, a lawsuit claiming collusion is ongoing. Nike has set up an intriguing season with NFL because they are also the official uniform and sideline apparel supplier for the NFL, in a partnership since 2012 and recently extended through 2028. Then checkmate for Nike vs NFL. According to former ESPN host Jemele Hill, Nike paid for advertising in Thursday Night’s season- opening NFL game hosted by champion Philadelphia Eagles.

So the US political economy has freaked out as “ the country predictably lost its mind” per the WSJ’s sports guy, Jason Gay. Mr Gay explained Nike’s strategic gamble best “[a]n advertisement becomes a cultural lightning rod, exactly as planned” in his piece “Colin Kaepernick and Nike, Starring You and Me” published after some days within which to better analyze and comprehend. Prof Scott Galloway explained the US$3bn vs $34bn math.

The shaking fists came from all sides. Some argued Nike trying to whitewash what they claimed to be decades of worker and environmental issues. Others went off completely making false claims about being American, flags and anthems, and how protesting police brutality is somehow un-American. The NFL accepted the need to make “meaningful, positive change in our communities”. If this was Ben & Jerry’s there would be less excitement because that’s the quaint ice cream brand from the strange green mountain state of Vermont. But biff athletic megabrand Nike?! Investors Business Daily had touted “Why 2018 Could Be The ‘Year Of Nike’ in June 2018. Nike is doing strategic risky business, mapping to its customers, not talk show hosts, or you-know-who (enjoy “Trump’s Nike tweet proves you should never ask a rhetorical question on Twitter”). Two-thirds of paying customers are younger than 35, urban, and ethnically diverse, according to NPD Group. Does this Nike brand stand fulfill the expectations that the world’s largest professional money manager, Blackrock [NYSE: BLK], put to their portfolio companies in January 2018 (see also ESG Note S1E3)? Blackrock at 6.10% ranked second as holder of $NKE at December 2017, behind the much more conservative Vanguard at 7.82%. Surprising to me was how much Nike had run up in 2018 (up 26% YTD) before the bumpiness on Monday. Although front page headlines blamed Kaepernick for the Nike price fall, in fairness sector competitors Adidas [ETR: ADS] and Puma [ETR: PUM] also dropped Monday.

Either way, Nike wins in the PR competition with U$43 million in buzz in 24 hours according to Apex Marketing Group, now at US$163m on day 4, and climbing. Nike has been facing its own diversity demons including the exit of their VP covering diversity and inclusion in April 2018 and on the same day a second lawsuit about a “boys club” bro culture. Sustainalytics, the ESG ratings agency, has Nike’s Social at 56 on the 32nd percentile, below their category average in 2018 for the first time. Were ESG investors given a heads up and part of the push to profile Mr Kaepernick? Eric Balchunas at Bloomberg assessed that “no ETF has over a 5% allocation to Nike, would’ve thought there’d be a couple 7–10% allocations from some niche ETFs. Highest is the iShares U.S. Consumer Goods ETF (IYK) at 4.8%.” This global apparel brand has a well-diversified stock register with 1,962 institutions holding shares, with a global view. Brian Nagel, Oppenheimer senior analyst, says Nike will benefit from signing Mr Kaepernick. Mr Nagel is looking prescient: Nike’s online sales jumped 31% after the company unveiled its Kaepernick campaign. The long arc of history bends this way. Sustainability is the meta-theme throwing shade on every other strategy. Believe.

2. HEAT STRESS: INEQUALITY IS HOT

The northern hemisphere summer is waning, the late afternoons are getting shorter. It has been amongst the hottest summers on record (read, for example “Red-hot planet: All-time heat records have been set all over the world during the past week). Hopefully the visual assault of short shorts on sidewalks will dissipate with the 90F+ days?! If you’ve not been thinking properly, you’re not alone; turns out there’s more science behind the “sell in May and go away” legend on Wall St. A hot environment has been shown to impact the brain, with uncomfortable heat (above 30C/ 86F) diminishing cognitive abilities. It’s not just screwed up spreadsheets and road rage. Poorer humans hurt the most. Heat is an inequality issue. A warming planet means more people are going to get hot, and mad. Dietmar Offenhuber [@dietoff], Associate Professor of information design and public policy at Northeastern University in Boston flagged The Guardian article “Heat: the next big inequality issue”. Prof Offenhuber makes the case that heat and poverty intersects “very clearly visible in the geography of cities such as LA or, more generally, South-East Asia” (recommending further reading “Keeping Cool in Southeast Asia Energy Consumption and Urban Air-Conditioning”). As someone who grew up in coastal southern Africa, I have lived as a heat-adapted human, where a long sleeve T shirt is considered winter wear. Do you think it is getting hotter in your life story? Try this fun interactive graphic from New York Time, “How Much Hotter Is Your Hometown Than When You Were Born? to check how much hotter your USA hometown is. My favorite American got 2x as hot, as in number of days higher than 90F. Local weather impacts ordinary lives.

Heat has always been an inequality issue. In warmer cities, states or countries, the wealth divides along lines of: does the person/ household/ transport have air conditioning, ceiling fans or rooftop vent turbine, shady trees, roof overhangs, thicker walls, higher ceilings, or robust sun blinds? See ESG NOTE S1E2 for more on how by 2030, the surge in air conditioning alone will raise India’s electricity demands by 150 gigawatts. The pollution impact of the hundreds of millions of new middle class in hot places will be enormous, as they too will be wanting to run air conditioners the way you’re probably running one now, in the office, train, bus or car. Global electricity demand is expected to reach approximately 38,700 terawatt-hours (TWh) by 2050 according to Bloomberg New Energy Finance.

With one image, climate scientist Prof Ed Hawkins has forever explained climate change and hotter weather.

For parents of school kids, heat days are the new snow days (read Fortune’s Forget Snow Days-Extreme Heat Is Closing Northeast Schools This Week). The effects will crimp economic activity more for low income workers too because childcare is so expensive and unevenly available based on your wealth and geography. Heat can be as bad for ordinary business as blizzards are in winter here in the Northeast. Meteorologist Ed Hawkins, a climate scientist at the University of Reading in Britain, made a breakthrough in communications this past May by designing a simple visual of the average temperature over the lower 48 states, 1895 to 2017, using NOAA data. It’s message is brilliantly simple. Each stripe is color-coded to represent the temperature of a particular year. Meteorologists have added their effective voice to making the facts about global warming clear, even launching #metsunite on the summer solstice where meteorologists globally showed solidarity by sharing the same facts-based message and wearing striped ties and whatnot. All professions are affected by heat, not just the fracker or roofer or farmer. Imagine turning pedals for a living. The professional cyclists who quit when a heat wave blasted the Volta a Portugal were cycling 4–6 hours on tarmac roads with ambient temperatures above 106F. Velonews reported a TV camera images of 47.5C/ 117F. Cycling is part of the zero carbon mobility answer, but in that heat… In France, EDF’s [EPA: EDF] nuclear power stations were offline in August due to high temperatures heating river water, which is used for cooling nuclear reactors, according to S&P Platts. It’s not just the radioactivity that makes nuclear expensive (also deadly), it’s the lack of reliability for baseload by nuclear, a counterintuitive reality not fully covered by “The Future of Nuclear Energy in a Carbon-Constrained World,” released by the MIT Energy Initiative arguing to grow nuclear beyond 5 percent of global primary energy production.

In hot sunny places, solar energy must be the obvious answer. Global solar PV capacity increased 32% last year as the overall share of electricity from renewable energy continues to rise per IRENA Renewable Energy Statistics 2018. China has more solar energy capacity than any other country in the world, at a gargantuan 130 gigawatts. It’s largest supplier of coal is confused, however. Australia politics treats coal like USA treats guns, a political third rail well-funded by entrenched interests with lobbying money. Climate issues led, in part, to the ousting of Malcolm Turnbull as Australian prime minister last week. Australia has signed a declaration saying climate change is the “single greatest threat” to the Pacific in the Boe Declaration at The Forty-Ninth Pacific Islands Forum held in Yaren, Nauru in Micronesia (although not before Australia allegedly tried to torpedo the climate issue, good on yer mate?!). The first Quadrennial Pacific Sustainable Development Report tracked the Pacific islands region’s progress in realising the 2030 Sustainable Development Agenda. These are the islands that will produce the first climate refugees soon. The Financial Times is reporting “Drought-hit Australian farmers rethink climate change”. The decision to cut the Australian carbon tax in 2014 left industries with little incentive to curb emissions. The failure of capitalism to account for externalities means it will be long term investors integrating ESG that will have to carry the (hot) water for all future Australians. ESG is in practice in Australia, and the local investment system is making changes, even Goldman Sachs in Australia and New Zealand was making ESG noises as far back as 2007. Australia’s Local Government Super retirement plan with A$11 (US$7.8) billion AuM for some 90,000 members has hired PIMCO for an A$440 (US$316) million ESG bond mandate while Vanguard launched global ESG funds there in August. The burden of the effort to fully incorporate all ESG factors, and manage investments in a way that seeks to maximize clean air and clean water and reduce global warming, is being unequally shared. But let’s stay positive. Bronwyn Bailey PhD at US private equity industry body American Investment Council wrote: “ The best part about Manhattan during 100F+ degree heat index days is the plethora of trucks selling #softserve #icecream #FocusOnThePositive.” Get yours!

3. EXIT THERANOS: BAD BLOODIED INVESTORS

When your too-good-to-be-true company blows hundreds of millions of dollars, triggers a suicide and nervous breakdowns, with serious prison time down the line, well, that’s bad blood. Pop megastar Taylor Swift famously belted out “ So take a look what you’ve done, ’Cause, baby, now we’ve got bad blood, hey!” in her hit “” (a hit? Damn straight! It has 1,228,060,991 views and yours is next!). Read Mr Carreyrou’s excellent account in his book Bad Blood: Secrets and Lies in a Silicon Valley Startup and listen to his interview here by Kara Swisher at Recode Decode.

File “ Theranos” under the long list of worked examples through which investors learned lessons on hubris, hype and governance the hard way. The fraudulent blood testing business and one time unicorn exited stage left this week, with a whimper penned by the General Counsel [see ESG Note S1E8 Regulation Bites Theranos]. Score one for investigative journalists like John Carreyrou who was excoriated when he first starting asking questions and fielding information from whistleblowers. The roll of shame — because of their failure to actively steward their portfolio company and condoning aggressive bullying and intimidation — includes “ the Waltons, heirs to Walmart Inc. founder Sam Walton; Atlanta’s Cox family; the family of Secretary of Education Betsy DeVos; and Rupert Murdoch, executive chairman of 21st Century Fox and of News Corp , the Journal’s parent company” per WSJ. Theranos is a case study for many aspects of fraud and loathing. But for investors with sustainability lenses it has to be a clarion call for doing your job as active stewards and using your voice on the Board or in annual meetings with your portfolio company. Do your job: ask simple questions, probe “why” three times, and be active stewards of your and your clients’ money.

From Russell Investments global ESG survey, September 2018.

Theranos should have shown up as its own question in the latest Russell Investments global ESG survey of how investment managers are implementing ESG integration through their processes. See the results from the ESG survey of 299 firms here. For you advanced fund managers strategically integrating ESG factors, you can relax knowing that your first mover advantage is still strong; the followers are still fumbling up the experience and learning curves. How do we know a Theranos will happen again? In probing the “how”, the Russell Investments survey of the investment process revealed the motivations were not yet coming from inside the hearts and minds of the investment talent. “Client demand” and “superior risk-adjusted returns” are the motivators cited, with 35% of firms’ primary motivation to initially integrate ESG into their investment process was business-related and in response to client demand, while 28% of firms were motivated by a belief in superior risk-adjusted returns. JP Morgan’s [NYSE: JPM] paper on the 2018 proxy season (the 12-month period ending June 30 that encompasses most public companies’ annual shareholder meetings) was a year where large shareholder activists were, well, active. In news unlikely to make Elon Musk happy at Tesla [NASDAQ:TSLA] and likely to have him reach for scotch and a smoke, direct activist AuM of $127.5 billion as of 30 June 2018 means that shareholder activism will remain a strong force and ready tool for investment management approaches to portfolio companies. JPM’s comments include: “As of June 30, 2018, the top 10 institutional shareholders owned 31% of the S&P 500, a material increase from the 24% in 2008…In its 2017 annual report, Vanguard stated it is discussing climate risk with portfolio companies more than ever before, and that for the first time, it supported climate-related shareholder resolutions opposed by company management.”

Vanguard’s ETF suite rolls up towards US$ 1 trillion via Bloomberg, September 2018.

The predominance of mega-investor firms and funds tracking benchmarks through vehicles like exchange traded funds (ETFs) owning portions of all listed companies in indexes (as illustrated by Nike, above), the role of active stewardship by ALL money managers will be more important, not less. With trillion dollar companies Apple [NASDAQ: AAPL] and now Amazon [NASDAQ: AMZN] (read Amazon may have become the second $1tn company after Apple, but its rise is record-breaking in its own right), the threat of short-sellers squeezing companies is less of a threat as well as the threat of the Wall St walk. Vanguard ETF assets ($VOO $VEA $VTI) may be the first to cross the US$1 trillion market, per Bloomberg’s Tom Psarofagis. For active managers defending their high margin, low volume niche of services as well as for the low-cost, high volume mega-investment firms tracking indexes and differentiating on service and offerings, the need to be active stewards only grows. Throwing good money after bad always ends messily, irrespective of who is the earlier investor. Bad blood from killing unicorns is never good, just ask Voldemort.

4. OCEAN BONDS: BLUE WATER STRATEGY

The oceans should be our happy place. But bad human behavior and political economies with broken regulation systems and skewed incentives means oceans have too often been lawless dumping grounds. Now oceans are getting some attention from investors, even as the huge externalities pushed onto our maritime world become clear, from overfishing, to open water fish feedlots, to illegal trawling, to pollution trails from ships and their cargos, to trash floating down ten rivers. Enter the World Bank.

Job done, legend. Lewis Pugh completes The Long Swim the length of the English Channel, August 2018.

The World Bank ( International Bank for Reconstruction and Development, IBRD, Aaa/AAA) has priced a SEK 1 billion (US$110m) 7-year bond, the first in a series of “ Sustainable Development Bonds issued to raise awareness for the critical role that water and ocean resources play in development around the world to highlight Sustainable Development Goal (SDG) 6 (clean water and sanitation) and SDG 14 (life below water)”. The demand driver comes from Northern Europe, from seafaring nations with experience and appetite for solving the tragedy of the commons problems. Swedish investors AP1, SEB Företagsobligationsfond, SPP Storebrand and Swedbank Robur Fonder AB were among the key European institutional investors investing in the transaction. SEB is the sole lead manager for this transaction. World Bank bonds are aligned with the sustainability bond guidelines published by the International Capital Markets Association (ICMA). The World Bank is also a member of the Executive Committee of the Green Bond Principles. The issue price was 99.172%, with coupon 0.625% paid annually in arrear, calculated on a 30/360 day count basis listed on Luxembourg Stock Exchange.

The World Bank is the world’s largest multilateral source of financing for water in developing countries, with US$37 billion in water-related investments. This includes the World Bank’s water portfolio of 170 projects worth US$26.7 billion, as well as projects with a water sector-related component totaling approximately $10 billion. The World Bank’s active Blue Economy portfolio is worth US$3.7 billion. This ocean bond is tiny given the Bank’s overall book (US$60 billion annually, all World Bank bonds support the financing of Sustainable Development Goal projects), but the ocean bond billion is a targeted way that opens doors to further investment.

Humans did this.

The humans behind it include the energetic and skilful Arunma Oteh and her Treasury team. We need more, the oceans need it, and leading investors want it. Ms Oteh in turn has shone the positive light on Unilever [NYSE: UN] CEO Paul Pollman. Mr Pollman commented on the innovation in financial instruments and impact investment by saying “[e]xcellent to see the @WorldBank issue Sustainable Water Bond — first in series of Sustainable Development Bonds aiming to raise $3bn to address #sanitation, water scarcity, and ocean protection.Ms Oteh acknowledged the “ strong advocacy for the #SDGs at Unilever, which in 2014 was the first company and first issuer of a greenbond in the sterling market”. Enthusiasm for the new thematic is warranted, as well as caution and diligence in tracking the lending goes where it is intended for the aspirational impact. The new ocean bonds will benefit from the World Bank’s private sector unit the International Finance Corporation creating a list of “the 13 principles of impact investing” and to be unveiled at the annual meeting of the World Bank and the International Monetary Fund in Indonesia in October 2018. Financial Times reports that the IFC groups the principles into five categories: strategy, structure, portfolio management, exiting investments and verifying achievements. The driver for the development of IFC’s own system, per Hans Peter Lankes, a vice-president at the IFC, is that the IFC had been urged to develop the principles by investors concerned at “dilution of the brand”.

Investment appetite exists for alternative investment opportunities on the sustainable development goals agenda. Norway’s US$1 trillion sovereign wealth fund wants companies in which it invests to follow stricter guidelines on global sustainability and strengthen efforts to combat plastic pollution of the oceans, according to Reuters. Norges Bank Investment Management deploys the money through their analysis and applying an ethical filter through the investment committee, investing the revenues of Norway’s oil and gas production and is a global investor with stakes in some 9,000 companies across 72 countries. Given Harvard Management Company’s hard lessons in direct investing in natural resources from Brazil to New Zealand, maybe the comfort of a syndicate into a World Bank bond will assuage the new CEO and team at Harvard ManCo. The US$37bn AuM portfolio in 2017 wrote down by $1.1 billion its natural resources portfolio including timber as well as farmland, to $2.9 billion, Bloomberg reports in “Harvard’s Foreign Farmland Investment Mess”. In light of troubles, Harvard ManCo says it considers the environmental and social implication of its endowment investments and is moving to a “ more proactive approach”. Maybe the next oceans bond will be the diversification with ESG benefits with none of the brand pain that the richest university in the world needs. Traders gonna trade, as Ms Swift would say.

Financial Times reports commodity traders and hedge funds jumping back into carbon trading, carbon credits by the EU to curb pollution by companies in the trading bloc, have soared almost 4x in the past year to above €20 per tonne of CO2, following legislative changes designed to get the scheme working again. The appetite is real: it was FT’s most read story overnight. More ocean bonds are needed to focus attention on the wealth of the seas. Build it and they will trade.

4 ESG QUOTABLES

“[US] Department of Labor guidance is clear — ESG investments have to consider reasonable investment risk & reward tradeoffs@NatixisIM 11:03 PM — 5 Sep 2018. Those funny French guys in USA, thinking like regulations are enough, especially when coming from the department meant to cover human workers… bit.ly/2xvt50d

Fracking is such a fragile industry that it is not hard to make it go bust,”Bethany McLean in ‘Saudi America: The Truth About Fracking and How It’s Changing the World,’ featured in a New York Times Op-edThe Next Financial Crisis Lurks Underground: Fueled by debt and years of easy credit, America’s energy boom is on shaky footing “.

The UN’s new Climate Economy report shows that for every dollar spent restoring degraded forests, up to $30 dollars can be added in economic benefit. Green business is good business…[but] climate change is running faster than we are.António Guterres UN Secretary General, 5 Sep 2018. New Climate Economy report from the Global Commission on the Economy and Climate was co-Chaired by Lord Nicholas Stern and Ngozi Knokjo-Iweala.

We are a universal investor compared with some investors that narrowly focus on one sector. Externalities will affect (us),” Carine Smith Ihenacho, Chief Corporate Governance Officer, Norway Sovereign Wealth Fund managed by Norges Bank Investment Management which counts US$1 trillion AuM with 41% is invested in North America. The fund’s investments in plastics producers alone account for $25.01 billion, or nearly half of the investments affected by its new “expectation document”. Quoted in “Norway’s $1 trillion fund to beef up scrutiny on sustainability, ocean pollution” by Gwladys Fouche, Terje Solsvik, Reuters, September 5, 2018 / 2:10 AM.

4 ESG DATAPOINTS

560 KILOMETERS/ 330 MILES

What did you do this northern summer? Nothing, you did nothing. Sit down (well, unless you died or got married or had a kid, maybe). But this guy, Lewis Pugh. He went ahead and swam the LENGTH of the English Channel from Land’s End to Dover, in just his cap, goggles and Speedo swimming trunks. He described it as a “protest, not a swim”. Currency vendor FXTM were lead sponsor. Campaign partner Surfers Against Sewage worked with citizens of the United Kingdom to clear plastic from beaches and seas, Sky Ocean Rescue tracked the story. For a guy who makes his home in Cape Town, Mr Pugh really must hate the comforts of a fireplace and a decent Moreson pinotage during the days of cold fronts blowing up from Antarctica across the Cape peninsula.

100 COMPANIES ENGAGED, 160,000 BALLOTS

State Street ESG team claims that in 2017 they engaged with 100 companies, per their Stewardship Report. State Street Global Advisors with US$2.7 trillion in AuM at 31 December 2017 conducted comprehensive engagements with equity portfolio companies accounting for 45 percent of AuM. The proxy Voting universe comprised about 117,000 meetings per year, or about 160,000 ballot items. In the U.S. there were 2,300 executive compensation votes — of that, 59 total votes (2.5%) were abstains, compared to 139 votes ‘against’ (6%).

44x FEE BLOWOUT

The fee Bain, a consultancy, “earned” somehow jumped 44x, the firm admitted to the State Capture Inquiry in South Africa from corruption linked to the former President and the ruling ANC political party. The original fee of US$250,000 was deeply discounted by 50 percent, designed to cultivate more business in South Africa. Then without starting a new tender process, the South African Revenue Service (SARS) tax agency engagement saw the fee blowout to more than US$11 million. Not a good look having your managing partner have to explain shoddy work and dirty contracts in front of parliament.

210 BASIS POINTS BETTER E&S

Analysis of the International Finance Corporation’s 656 portfolio companies found that companies with good environmental and social (E&S) practices outperform clients with worse E&S practices by 210 basis points on return on equity (ROE) and and by 110 bps on return on assets (ROA). IFC clients with high E&S scores outperformed by 130 bps the MSCI Emerging Market Index. We are still waiting for IFC to return with the actual study for our further analysis.

AND FINALLY… BE LONG RUN, AND KEEP IT STEADY

It’s been crazy town days in investment, business and political economy lately, and hard to get out from under the deluge of news. There are moments to grab a smile. Your sense of humor will see you through the long game in the long run. Humor like the genius behind @GuyCallendar for “ Guy Stewart Callendar (1898–1964). Discovered global warming in 1938 & suggested that increase in atmospheric CO₂ was partly responsible “. Trolling done right, I say. Jolly good, and play on.

But mostly, mostly I wish for you and for me the poise and the skill of THIS guy (below). Life comes at you fast. There’s lots of sustainability news that’s bleak, and of course it’s September conference season from UN circles in New York to San Francisco for PRI in Person. Keep it steady as you go. Be this guy.

Please send me any examples of your balancing skills, adventures in oceans or your ESG news, comments, quotes and factoids on investment, strategy and sustainability to @esgarchitect.

Live well, do work that matters, and stay connected in 2018.


Originally published at https://www.linkedin.com on September 7, 2018.

Graham Sinclair

Written by

Investment. Strategy. Sustainability. Thinking, writing and cycling in Massachusetts, Vermont and South Africa.

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