Period of transition - J. Safra Sarasin · 2012-03-29 · 6 Moon Sun How we recognise only one...

Sustainable Swiss Private Banking since 1841.

FutureSustainability Report I 2011

Our

Period of transition

Foresight, ready for the breakthrough

SarasinSustainability throughout the Bank

Energy balance sheetA new set of values

Scarce landRich harvest in the city centre

The Sarasin Group’s annual reporting trilogy comprises the fol-lowing publications: Our Bank – Portrait (German, English andFrench) | Our Results – Annual Report (German and English) | OurFuture – Sustainability Report (German and English) | Copiescan be downloaded or ordered from: www.sarasin.com

To the coverContrasts in life. Two hurdlers – two generations. Their shoeshave served them well during many trainings and competitions.The older of the two hurdlers stands at the end of his career. Theyounger one is just starting his. Thanks to its sustained com-mitment – for example, in its support of the Laureus Foundation– Bank Sarasin is ensuring a better future for generations tocome. Keywords are integration, equal opportunities and pro-fessional skills, ones that legendary American hurdler EdwinMoses, Chairman of the Laureus World Sports Academy, is like-wise actively committed to. In the 2011 Portrait, “Our Bank”, hetalks about his dedication to achieving positive social changethrough the power of sports.

Sarasin – Sustainable Swiss Private Banking since 1841. – www.sarasin.com

The Sarasin Group has its roots as a leading Swiss private bank.As an international financial service provider committed to sus-tainability, the Group is now represented in more than 20 locationsin Europe, the Middle East, and Asia. By the end of December 2011it managed total client assets of CHF 96.4 billion and employedapproximately 1,700 staff.

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Growth pathUnanticipated temporary halt in 2011

Future-orientedSolid earnings quality in the core business

TrailblazingDecision for Safra creates security

ResultsAnnual Report I 2011

OurBankPortrait I 2011

Our

Goodwill ambassadorand beacon of hope Philanthropic initiatives to support

the disadvantaged

Contrasts inspire music, art and science

Fusions, visions and neurophilosophical debate

Affluence redefinedThe age of moderation

4Sustainable Swiss Private Banking since 1841. Sustainable Swiss Private Banking since 1841.

Period of transition

Foresight, ready for the breakthrough

SarasinSustainability throughout the Bank

Energy balance sheetA new set of values

Scarce landRich harvest in the city centre

FutureSustainability Report I 2011

Our

3Sarasin Sustainability Report 2011

4 Editorial

6 Inspiration – Moon and Sun

8 Have we reached the turning point? – A sustainable approach pays off

14 Transformation – Ice and Fire

21 More water – Prospects for the future

24 Innovation – West and East

25 The value of quality whatever the location – Producinghigh-quality goods in East and West

27 New harvest – Growing food in urban centres30 Growing niches – Increasing availability of organic

products in Asia

32 Sarasin – Outstanding sustainability

34 Based on a holistic approach – Sustainable corporategovernance

37 The Sarasin Group acts – Sustainability standards 38 Geared for the Paradigm Shift – Sustainability in our

Core Business44 High level of satisfaction as the objective, active

commitment as a contribution – Relationship with stakeholders

48 Managing, working and further development – Sustainable corporate culture

53 Focus on managing resources efficiently – Environment55 About this report – Part of 2011 publication trilogy56 Our locations57 Imprint

Contents

A breath of fresh air – Boost for the 2000-watt society

The vision developed in Switzerland of a 2000-watt societyis being copied across the world.

Black and white – How move-ment dissolves contrasts

Ernst Lubitsch uses dancingcouples to create an enduringmoment in film history.

The controversial matter of insulation – Dispute about energyefficiency

We should be building sustainably. But there is intense debate at times about how to achieve this goal.

tion of our bank and its leading posi-tion in private banking. One im-portant manifestation ofour far-sighted approachis not least the consistentimplementation of astrategy focussing ontax-compliant assets.This is an essential component of our sustainable business model, whereminimising risks is a priority. This isalso reflected in our focus on a cross-border business that gives maximumconsideration to full compliance withlocal market laws and regulations. In order to achieve this, we have tolimit ourselves to clearly defined coremarkets and specific countries. As always, our credo here is:quality before quantity.In 2011 events in Japan once again reminded us how important profes-sional, sustainable investment reallyis. It confirms our belief that identify-ing and systematically avoiding com-pany- and industry-specific risks adds value in the long term. That’swhy we attach so muchimportance to our re-search, which identifies

The farther back we can look throughhistory to identify clear outlines andconcepts, the more we are able to develop reliable and farsighted per-spectives for the future. This appliesboth to societies and nationaleconomies. It is also true for compa-nies, and for Bank Sarasin especially.We have been committedto sustainable privatebanking since 1841.From very early on, wehave been intent on inte-grating sustainabilityinto everything we do.In this sense, the financial year 2011carries on a long tradition. In our determined efforts to push ahead with the Bank’s further development,we have to contend with momentouschanges and unpredictable develop-ments in financial markets and alsoon the political stage, and it is pre-cisely this contrast which convinces us how important it is to take a long-term view. Drawing on valuable expe-rience gained from three centuries of banking, and taking a farsighted approach to our core business, we areable to safeguard the future orienta-

Editorial

4 Sarasin Sustainability Report 2011

trends and risks at anearly stage and feedsthem into our investmentrecommendations. As a pio-neer of sustainable investment, ourchallenge is to continue to develop theBank’s investment strategy even moretowards sustainability and to offer a diverse and compelling range of sustainable investment products.Sarasin’s commitment to sustainableprivate banking will make it evenmore adept at analysing apparent contrasts and discrepancies in order to arrive at new insights. From this basis we can thendevelop intelligent in-vestment solutions andservices which are bothsustainable and innova-tive. In this way, contrasts do morethan just highlight differences: theyalso show who sets the trends, wholives out their principles and who consistently applies the strategies toachieve success. I hope you enjoyreading Sarasin’s Sustainability Report 2011. We want you to be inspired by the “contrasts”. They have been an inseparable part of our

business since 1841. Not only have welearned how to deal with them, butwe actually cherishthem as a sourceof inspiration andprogress.

Joachim H. Straehle,

Chief Executive Officer


“Contrast” – Theme of our reporting trilogy 2011Bank Sarasin is a Swiss private bankwith an uncompromising attitude to theparadigm shift currently taking place inthe banking industry, and is committedto helping shape it. This is reflected in our consistent strategy focusing on tax-compliant assets and the choice of sustainability as a guiding value. Our investment solutions and servicesare creative, innovative and oriented towards the future.

The new world of private banking is inclear contrast to the old one. Stricterregulations and changing client needs,as well as the demands of other stake-holders such as shareholders, the stateand society, call for an intensified focus,with a clear distinction drawn betweenthis new world and the conventional understanding of private banking.

Bank Sarasin meets these challengeswith offensive strategies, innovative solutions and intelligent initiatives,while remaining true to its core values.The Bank uses the ever-growing con-trast between the old and new worlds of banking to its advantage. This isshown by its successful business per-formance, its impressive market profileand its universally understood, inde-pendent and sustainable positioning relative to other market players.

6

Moon SunHow we recognise only one aspect and how this cannot shine without the other. This certainty that there is always – and alwayshas to be – something else was what inspired Fritjof Capra when he wrote “The Turning Point”. The composer Franz Lehar, whomanaged to eliminate the contrast between art and commerce, wasalso thus inspired. And what inspires Bank Sarasin with its commit-ment and focus on the future? We are inspired by the forces thatare generated by opposites. From these, we develop our privatebanking business with strong leadership and intelligent investmentsin a sustainable manner.


Inspiration – Moon and Sun

HAVE WE REACHED THE TURNING POINT?A sustainable approach

pays off

Fritjof Capra’s “The Turning Point” has beenone of the most influential books in recent

decades. Thirty years later, it is time to ask whathas become of its ideas. How has the book

changed the way we view the world? Which ofits messages and demands remain valid today?

TEXT_Martin Rasper


into an acting I and an objectivity separated from the I, wedo not perceive the world holistically, but rather as beingsplit into single areas – nature, raw materials, technology andscience, human rights, politics, emancipation. “As in the crisis of physics in the 1920s,” states Capra, “today’s crisis in society as a whole is a consequence of the fact that we attempt to apply the concepts of a totally outdated view ofthe world to a reality that can no longer be grasped with suchconcepts.”

Holistic viewAs an alternative to this mechanistic, purely rational per-spective with its linear causal connections, Capra presents aholistic, systemic view, which focuses on the whole and theinterconnections rather than on the individual parts and alsotakes into account phenomena such as self-organisation andnon-linear relationships.

He explains this on the basis of different economic systems,for example the farming industry and the way in which itdeals with soil. Instead of grasping soil as a living, networkedecosystem, conventional agriculture treats soil mechanisti-cally. Water and nutrients are added artificially – whichsometimes required vast amounts of energy. Diseases andpests are fought as isolated phenomena, which also involvesthe massive use of chemicals and oil-based energy. If oneform of behaviour does not quite produce the desired result,it is applied even more. This is a linear, one-dimensional wayof thinking: more and more, larger and larger, increasinglyintensive – regardless of the consequences for the systemswhich are being interfered with. However, according toCapra, the consequences affect not only the soil, but also so-ciety as a whole. “The massive use of chemical fertilisers andpesticides has altered the entire structure of agriculture and

His hair has greyed, his face is lined with impressive creases– but what he says is more topical than ever. Fritjof Capraspeaks calmly and articulately, in a slightly rasping voice anda German that does not really reveal that he has lived inBerkeley, California, for decades or that he is originally fromAustria. Seated at the 2010 Biennial on Science, Technics andAesthetics in Lucerne, to which he has been invited as a guest,he appears relaxed and mellowed, a man who is at one withhimself – but also someone who has not stopped playing anactive role and disseminating his ideas.

It was 30 years ago that Capra wrote “The Turning Point” –one of the most influential books of the environmental move-ment. He called for a new, holistic way of thinking – a para-digm shift that was imperative if our planet was not to be destroyed entirely.

Outdated view of the world What in this abbreviated form may appear exaggerated waswell founded and must be explained by reference to preced-ing developments. Born in 1939, Capra grew up in Vienna,where he studied physics. After graduating, he carried out research in various institutions, under Werner Heisenbergamong others. In the first half of the 20th century, particlephysics, in which Capra was involved at the very forefront,had to digest revolutionary findings. To begin with, the theo-ry of relativity broke with traditional physics, in which timeand space were considered to be absolute and unchanging.Later, quantum physics proved that, at the level of the tiniestparticles, not even the simplest concepts are unchanging:under certain conditions, particles no longer behave as ma-terial, but as waves, in other words as energy, and conversely.This wave-particle duality reminded Capra of the yin-yangprinciple. And when he pursued this thought, he discoverednumerous, astonishing parallels between the findings ofmodern physics and the wisdom of the old cultures of the FarEast. He incorporated these thoughts into his first book,“The Tao of Physics”, which became an immediate successand which has been regularly reprinted to this day.

Afterwards, Fritjof Capra began to apply this abstract, philo-sophical view to the state of the world. According to his the-sis, the current crisis was therefore based above all on thefact that we still acted according to the rules of traditionalphysics. As a consequence of the old error of a Descartes ofseparating the world into subject and object, in other words

10

farming,” he writes. The industry has per-suaded farmers to concentrate on growingjust a few crops on vast areas, which has created monocultures that are kept alivewith huge amounts of fertilisers and chemi-cals. Moreover, he says: “As a result of this practice, geneticdiversity in the field is lost as a consequence of monocultures,which creates the danger that large areas of cultivated landwill be destroyed by one single pest.” The result is certainlycontradictory according to Capra. “While American farmershave managed to triple their wheat yields per hectare and atthe same time reduce their workforces by two thirds, the energy needed to do so has quadrupled.” Capra describessimilar developments in medicine, the energy sector and inother fields.

The underlying thesis remains topical to this dayHow can we describe the world today – thirty years after“The Turning Point” was published? What impressions arewe left with if we read the book again? What has become ofhis messages? Has the paradigm shift occurred? Is the worldimproving or is it still hurtling towards disaster?

“In my view, the change Capra advocated has not yet takenplace,” says Rohit Walia, Executive Vice Chairman and CEOof Bank Sarasin-Alpen and Alpen Capital in Dubai. “Theremay be a greater awareness that change is necessary. But itwould be essential that this change is driven by a holistic un-derstanding of sustainability.”

And indeed, there is no simple answer to the question. If onetakes farming as an example again, the situation today isclearly marked by two trends. On the one hand, ecologic cul-tivation is on the increase. On the other hand, however, con-ventional agriculture is becoming increasingly industrialisedand dominated by monopolies. The global seed and genetic


engineering groups are continuing to tighten their grip on theglobal food industry, with more and more fertilisers, pesti-cides and genetic engineering and increasing access to entireregions. For example, the three largest seed groups now con-trol no less than 47 percent of the global market. By com-parison, in the 1970s not one single producer accounted formore than half a percent of the world market. And accordingto the FAO’s world agricultural report (Food and AgricultureOrganization of the United Nations), the destruction of fertile land will be one of the most pressing problems for theglobal food industry in the future.

As in agriculture, two parallel, but accelerating, contrary developments can be observed in many other fields. For ex-ample, renewable energy production is growing worldwide;the first steps towards a solar era, as demanded by Capra inhis book, have been taken. At the same time, however, mas-sive investments are still being channelled into the “old” en-ergy sector throughout the world. New nuclear power plantsand large numbers of new coal-fired plants are being built.The Canadian oil sands are also being developed at a hugecost in terms of energy.

“But a paradigm shift simply takes time,” says Enid Yip, CEOof Sarasin Asia in Hong Kong. “By nature, it is evolutionaryrather than revolutionary.” As a Canadian with Chineseroots, Ms Yip has also benefited from growing up under theinfluence of “western” and “eastern” ways of thinking – andaccordingly she views the two as being complementary ratherthan contradictory. Especially in the wake of the financialcrisis in 2008, Ms Yip discovered that a sustainable approach

clearly pays off for her business. “The manner inwhich our sustainability research and our invest-ment strategies are perceived shows us that holis-tic approaches are becoming increasingly ac-cepted. We are in the forefront of this trend. But itwill take time before it becomes mainstream.”

Sarasin Sustainability Report 2011

“There may be a greater awareness that the change Capra advo-cated is necessary. But it would be essential that this change isdriven by a holistic understanding of sustainability.”_Rohit Walia, Exec-

utive Vice Chairman & CEO, Bank Sarasin-Alpen and Alpen Capital, Dubai

“The manner in which our sustainability research and our investmentstrategies are perceived shows us that holistic approaches are becom-ing increasingly accepted.”_Enid Yip, CEO Sarasin Asia, Hong Kong

Fritjof Capra 1977. His

book “The Turning Point –

Science, Society, and the

Rising Culture” was first

published in 1982.


“Think globally, act locally”Nor does Andreas Knoerzer, Head of Asset Management inBasel, believe that a really sustained paradigm shift has takenplace; at best, certain approaches have changed in wave-likemovements over the last 30 years. However, there is nothingbad about this in his view. “The manner in which peoplecommunicate or tackle challenges reflects where they comefrom, how they have been brought up and their cultural en-vironment,” says Knoerzer. “This must be respected and ishardly going to change despite all the talk about globalisa-tion.” In any case, he believes regularly exchanging views andaccepting different problem-solving approaches are more im-portant.

Knoerzer played a key role in Sarasin’s focus on sustainabil-ity and has developed it over the years. As such, he is awareof the practical difficulties involved in everyday execution.“The most important point really is to set a good example forthe next generation and our children,” he believes. “And intoday’s world of abundance in our part of the world this is adifficult undertaking.”

Today, it is almost a com-monplace that the worldis heading towards mas-sive environmental crisesand that something has tochange as a matter of ur-gency. “The TurningPoint” has undoubtedlycontributed to this reali-sation. Fritjof Capra has clearly recognised certain signs aswell as potential solutions. Capra was one of the first to putforward the “think globally, act locally” principle, which haslong since become accepted. Capra has also introduced theholistic approach to a wider public. “What was new inCapra’s ideas was indeed a systemic, holistic way of think-ing,” confirms Stephan Sigrist, head of the W.I.R.E. sustain-ability think tank and co-author of “Domino”. “At first sight,this changed perspective appears unspectacular. But it hasenormous consequences if it is applied in practice.”

“Domino – Handbook for a sustainable world”The book was published in November2010. It presents 210 concretemeasures and 10 overarching thesesas to how we can shape our lives sothat future generations will also beable to meet their needs. W.I.R.E.,the think tank of Bank Sarasin and of the Collegium Helveticum of theSwiss Federal Institute of Technology(ETH) Zurich and of the University ofZurich, has drawn up a manual thatinterprets the concept of sustain-ability in a practical and understand-able manner. It has been available asan app in German and English since mid-2011.

C. Blaufelder, S. Sigrist, B. Varnholt, G. Folkers:

Domino – Handbook for a sustainable world. The

German version (“Domino – Handbuch für eine

nachhaltige Welt”) is published by Neue Zürcher

Zeitung Publishing and Frankfurter Allgemeine

Buch, 2010. The English version of the book is

available in Ipad format.

“The most important point really is to seta good example for the next generationand our children. And in today’s world ofabundance in our part of the world this isa difficult undertaking.”_Andreas Knoerzer, Head

of Asset Management, Basel


When the “The Merry Widow” was first filmed in 1925 inHollywood, there were no voices and there was no singing. Inthe second version in 1934, this was no longer the case. Asound track rather than one lonely piano player behind thescreen filled the room with sound. Music had found its wayinto the cinemas. However, there was still no colour. It wasonly after the world-wide success of “Gone with the Wind”(1939) that people began to become accustomed to the ideathat moving images on a screen had to be colourful, more colourful than life or at any rate appear in colours that dif-fered from what had been seen previously.

Lubitsch’s film only has two colours – or rather is describedas having two colours (in fact there are innumerable shadesof grey between black and white). However, we should bearin mind that directors, costume designers and set designersattached huge importance to the colouring of costumes anddecorations even in the era of black and white films. Al-though they naturally knew that the images they producedfor the cinema would always remain “black and white”, nofilm featured only two colours. The many persons involved inmaking films designed and produced in colour – not just be-cause their eyes saw nothing else but because they knew fromexperience that a red dress would have a different impact ona “black and white” celluloid strip than a green one. Accord-ingly, what we see in black and white films is simply the con-version of colours into contrasts that move between blackand white. Nobody was more aware of this than Ernst Lubitsch, who, as the son of the Berlin dressmaker Lubitsch,was himself a trained cloth merchant.

The successful Swiss author Alain Claude Sulzer was given a totally free hand

for Bank Sarasin’s 2011 annual report. How does he interpret “contrast(s)”,

the key theme of this year’s annual report trilogy, on a literary level? Read his

essay below, which describes the enduring nature of a brief musi-cal moment

of film history without forgetting the composer’s commercial success.

BLACK AND WHITE How movement dissolves contrasts

When he shot “The Merry Widow”, the director Ernst Lubitsch, who was well known as an autocrat and perfectionist, placed particular emphasis

on a key scene in the film. This was the scene in which hundreds of couples glided across changing dancefloors in three-four time – a magical and

enduring moment in the history of cinema.

TEXT_Alain Claude Sulzer

What most viewers nowadays consider a deficiency fully sat-isfied earlier audiences. They were satisfied with just onelonely piano player, who replaced an entire orchestra withoutany difficulty. But times moved on – as did Franz Lehar’s op-eretta, which was first produced in 1905 and which madehim a millionaire. After starting out as a play, it became asilent movie and then a talking movie, until finally the cou-ples whirled across the screen in colour – almost as in life it-self.

In 1934, cinemagoers did not add colour to what had nocolour or rather appeared before their eyes as uncoloured im-ages. They accepted what they saw as what they saw and didnot question what had happened to the colour. They did notask how the dream world was created. They were satisfiedwith a spectrum between black, perceived as an uncolouredcolour, and brightness, perceived as an uncoloured colour –two “colours” that cannot be mixed. Unlike in the case ofcolours, their impact is based solely on the graduations be-tween light and dark, in other words in a realm of shades andshadows, transitions and nuances. Without a limitless rangeof contrasts, one would see nothing at all other than a whiteand a black area or black spots on a white background. Infact, however, the contrasts are links between an infi-nitenumber of ways of depicting and interpreting the visibleworld, behind which the invisible (and not always measura-ble) always remains open as a possibility.

In the waltz scenes which were cleverly copied one after theother against continuously changing scenery in which black



and white contrast more stronglythan before, the dancing couples –partially reflected in narrow corri-dors – regularly turn their black, andthen their white, sides to us. In doingthis, Lubitsch succeeded in eliminat-ing the contrast. For us, 80 yearslater, this remains a moving pleasurefor us – the whirl that these imagesputs us in can hardly be surpassed.The changing, shimmering and inter-connected nature becomes the prin-ciple here. The opposites betweenmotionlessness and motion are com-pletely set aside as in a flip book,which is after all a predecessor of thefilm. Even when Lubitsch cut scenesinto short sequences and combinedthem anew, the flow is not broken.This is of course due to the one con-stant that was not interrupted –Lehar’s music. No matter how sur-prisingly the director cut from onescene to the next, the music contin-ued. It held the fragments togetherand transformed them into a com-plete jewel. And it resulted in thescene lingering in the memories ofthose who saw it. It is all the moreastonishing to discover later that thisscene, which remained so firmly en-trenched in one’s memory, in factlasted no longer than two minutes.

Once again, a closer examination reveals that quality and quantity –with regard to a film scene for exam-ple – are two different things. Andthat memory does not deceive uswhen it measures time in a totallydifferent manner to the chronometer– not by the length of what happenedand was experienced, but by itsweight and content.

Moving pictures are suspended con-trasts that cannot fully deny theirorigin – namely contrast. The effect of the couples turning inthree-four time, who regularly turn their backs and fronts tous, shows us that what disappears also reappears, that whathides from our view never disappears forever, but always re-turns, sometimes in the same way, sometimes in a new form.

“The Merry Widow” has long since passed into film historyand only film buffs are aware of it as a film. This is in stark

contrast to Lehar’s music. Regardless of whether one likes itor not, from the day of its creation it contained the seed tocontinue, develop and to have an impact going far beyondwhat one could say about it. The fame and wealth it be-stowed on the composer was just one of many pleasant com-mercial side-effects.

Ernst Lubitsch in his film studio

14

Transformation –

FireIce

Piercing cold, a warming fire – a familiar contrastsince prehistoric times. It drives progress acrossthe ages. It is still a trigger for innovation and far-reaching transformations throughout the world’seconomies. Examples are the 2000-watt society,building standards such as Minergie® and drink-ing water from the sea. For Bank Sarasin, the fineart of transformation consists of remaining loyalto principles such as strong leadership and com-mitment, while at the same time continuouslyadapting to meet the challenges of the future.

and



The Swiss consume a large amount of energy – experts agreethat the amount consumed is excessive. Average energy consumption in the country is over 6,000 watts per head. “Weare currently living at the expense of future generations,”comments Roland Stulz, Executive Director of Novatlantis.Novatlantis aims to incorporate the latest findings from re-search at the Swiss Federal Institutes of Technology (ETH)Zurich into the sustainable development of urban centresand is pressing ahead with the concept of the 2000-watt so-ciety.

Ambitious goalEven in global terms, life in Switzerland has a large footprint.Energy consumption is far lower in many Asian and Africancountries. The 2000-watt society is intended to establish abalance between the industrialised nations and the rest of theworld. “The challenges we face are significant. We simplycannot carry on living the way we do today,” commentsStulz. He is convinced that this ambitious goal can beachieved, adding that scientific findings show that energyconsumption can be reduced to one-third of current levelsover the next 50 to 100 years.

Three Swiss pilot regions – Zurich, Basel and Geneva – arecurrently developing concepts for the 2000-watt society incollaboration with Novatlantis. By 2050, the aim is to cut en-ergy consumption per head by a factor of three and to reducecarbon emissions by a factor of four to six. “The 2000-wattsociety in Switzerland would take us back to the consump-tion levels of 1960,” explains Stulz. At the same time, how-ever, it is envisaged that the quality of life would meet futureexpectations.

Copied across the worldAlthough the vision of a 2000-watt society originated inSwitzerland, it has won admirers around the world. “We arerespected for the fact that this has become a national pro-gramme in Switzerland,” says Stulz. He adds that there arenow programmes working towards the same goals aroundthe world, though they have been given different names. Pol-icymakers in Germany have also taken up the 2000-watt tar-get. For example, the environmental policy umbrella organi-sation has submitted a six-point plan to remodel the energysystem to 2,000 watts and the town of Radolfzell aims toachieve this goal by 2050. As in other projects, the vision focuses on reducing carbon emissions. The long-term aim isto cut carbon emissions to one tonne per head.

A BREATH OF FRESH AIRBoost for the 2000-watt society

Efforts to create a sustainable society are being intensified across theworld. Switzerland’s role is exemplary in this regard and its concept

of a “2000-watt society” has become a role model for other countries.At the same time, the sustainability debate has moved on. Sustain-ability has long been a question of more than just energy – people

now take a more holistic view of a society’s sustainability.

TEXT_Raphael Corneo

16

Is this approach outdated?However, there are critics who consider a purely energy-re-lated target to be misplaced. “As an approach, it was a goodidea at one time – but it was too focused on energy efficiencyalone,” comments Peter Droege, Professor of Architectureand Planning at the University of Liechtenstein and Presidentof Eurosolar. Others believe that a far higher wattage is pos-sible as long as the energy is produced sustainably. “In thefirst instance, the wattage is of secondary importance,” ex-plains Droege, adding that renewable energies could generatemany times the current level of energy. “In this regard, thereisn’t a shortage of energy,” he says. However, he goes on tosay that in practical terms it is imperative to cut energy con-sumption as a whole by at least half. Stulz agrees with this

Renewable energies – clean from A to Z

Growth in renewable energies is required in addition to attaining energy efficiency. This is the only way of meeting future challenges

such as climate protection, the sus-tainable use of resources and re-

dressing social imbalances. A com-prehensive sustainability assessment

– covering more than just climate-neutral power generation – includes

an examination of the social and envi-ronmental compatibility of key com-

ponents throughout the supply chain.Thus, the use of the hazardous

material cadmium telluride in certainsolar modules and the recent environ-

mental scandal in a Chinese solarfactory are topics that should make

us pause for thought. The use ofneodymium, a rare earth element, inthe permanent magnets of gearlesswind turbines, has also come undercriticism: neodymium is extractedfrom Chinese mines and generates

toxic waste, which is harmful to nature and humans.

This is why Bank Sarasin makes a point of conducting comprehensivesustainability assessments, even for

renewable energy companies that arereputedly harmless. The study of thesolar industry that was published in

November – “Survival of the fittest ina fiercely competitive marketplace” –

also assesses the fitness of solarcompanies on the basis of their sus-

tainability. As sentiment towards renewable energies is currently verypositive, it is all the more important

to ensure that the good reputation of this promising sector is not

compromised._Matthias Fawer, Sustainable

Investment, Bank Sarasin


Transformation – Ice and Fire

17

view: “Those who claim that we can cut carbon emissions at10,000 watts need to provide proof of this first. Our physi-cists tell us that this simply isn’t possible.”

Debate becoming more holisticThe sustainability debate has moved on in recent years. “Wemust be careful not to focus too narrowly on purely energy-related targets and in doing so forget that the primary pur-pose of towns and cities is as places for us to live and feelcomfortable,” comments Holger Wallbaum, Professor of Sustainable Construction at ETH Zurich, explaining thatmore holistic approaches are now required. The location of abuilding, the requirements of those who use it and the energyprovision at the relevant location all have a role to play. “Sus-

tainability encompasses healthy construction, the buildingmaterials that are used, but also sociocultural aspects and the economic efficiency of a building,” outlines Wallbaum.Droege also argues in favour of a more holistic understandingof sustainability. “This is a question of establishing healthy re-gional cycles to restrict the consumption of material resourcesand to put a stop to the local and worldwide disruption anddestruction of mineral resources,” he continues.

Novatlantis is determined not to stand on the sidelines in thisdebate. “We view the notion of the 2000-watt society as ametaphor for a sustainable future,” says Stulz. He adds thatthis can either be extended or adapted to new developments,with innovations on the road to a sustainable society playingan important role. “We can do it without tightening our belts.But we need innovations to make this possible,” concludesStulz.

Research into creating the city of the futureThe Future Cities Laboratory at ETH Zurich, which wasfounded a year ago, aims to bring about these innovations.Researchers from Zurich and Singapore are jointly workingon the sustainable design of large urban systems. “Our teamcomprises around 60 people,” explains Kees Christiaanse,head of the programme and professor at the Institute forUrban Design at ETH Zurich. The ETH is working on thisproject in conjunction with academics from the NationalUniversity of Singapore and Nanyang Technological Univer-sity. “The research fields are extremely diverse,” commentsChristiaanse, explaining that the aim is to do justice to theholistic sustainability debate and to find out where synergiescan be obtained – interdisciplinarity is a key consideration.Christiaanse adds that research in this field is of such impor-tance because this century will – for the first time – see morethan half of the world’s population living in cities.

Major challenges remainThese endeavours show the extent of the work being carriedout in the sustainability space. “There is a palpable sense ofa change in mentality,” comments Stulz, adding that a greatdeal has happened over recent years. Nonetheless, he is con-vinced that “there is still much more to be done,” pointing tothe need for a fundamentally new definition of quality of life.New technology and concepts provide cause for optimismeven though the road to a sustainable society will be a longone.



THE CONTROVERSIAL MATTER OF INSULATIONDispute about energy efficiency

Should homes be well insulated to reduce their energy consumption? Or should the energy they use come from renewable sources? Advocates andopponents of the Minergie standard have been arguing about this topic for

a long time. While the dispute has now been settled, the Minergie label still faces major challenges.

TEXT_Raphael Corneo



Both parties are actually pursuing the same goal: advocatesand critics of the Minergie standard would like buildings tobe as sustainable as possible. However, there have been majordisputes about how best to achieve this. The Minergie Asso-ciation, which certifies energy-efficient buildings with thelabel of the same name, has proven success in this area. InSwitzerland, there are currently 22,693 buildings covering24.8 million square metres of heated floor space which havebeen built or modernised according to the Minergie standard.Minergie therefore represents a quarter of the market fornew builds, making it the world’s most successful voluntarynational standard for energy efficiency in buildings.

Pullover in winterNonetheless, Minergie has its critics. One of criteria underfire is the question of how much insulation is needed in sus-tainable building. “Minergie has placed too much emphasison the building envelope and too little on building technol-ogy in the past,” says Hansjuerg Leibundgut, a professor atthe Institute for Technology in Architecture at the Swiss Fed-eral Institute of Technology (ETH) Zurich. He believes it isvital to consider a building’s energy sources. In his opinion,the use of energy from renewable sources, i.e. without carbonemissions, is just as beneficial to the environment as a homewith good insulation. Minergie’s view was very different.“We all have to wear a pullover in winter,” says FranzBeyeler, CEO of Minergie.

Dispute resolvedHowever, the dispute has now been resolved thanks to thepresentation of Minergie’s new building standard, “Min-ergie-A”, in 2011. “The focus is not just on insulation butalso on optimising energy efficiency in the building as awhole,” says Beyeler. Leibundgut is also satisfied with theoutcome: “This shows that Minergie has accepted that we

Buildings – sustainable ratingsWhen it comes to buildings, sustain-ability is often equated with energyefficiency – and at best with the use of solar energy and heat pumps.There is no doubt that these are im-portant issues as buildings accountfor around half of energy consumptionin Switzerland. However, we shouldnot forget that buildings also servehuman purposes such as living, work-ing, education and culture. We spendmost of our lives either inside or surrounded by buildings. In addition,buildings represent a significantshare of national wealth. In Switzer-land, the collective market value ofproperties is equal to around fourtimes that of annual gross domesticproduct. All in all, buildings play anexceptional role with regard to thethree pillars of sustainability – the environment, society and the econ-omy. Bank Sarasin therefore appliesextensive sustainability criteria when purchasing buildings for its realestate funds._Klaus Kaempf, Sustainable

Investment, Bank Sarasin

were right on many points.” Both parties issued a joint state-ment after conducting talks last April and plan to maintain aconstructive dialogue with each other in future.

Major challenges for MinergieBeyeler stresses that Minergie is not resistant to new findings.“We have many new projects that we are in the process of developing. We aim to constantly improve our standards,” hesays. The question is whether there will be any need for theMinergie label in the future if the minimum requirements forconstruction in Switzerland continue to improve. However,Beyeler is convinced that it will. “We are always a few stepsahead of the EU standards. Moreover, Minergie is not justabout energy, but also about comfortable living and healthybuildings,” he claims. The location of a building is also set toplay a more crucial role in future.

Minergie’s competitor is the US building standard LEED,which already places considerable emphasis on location. The


Prime Tower, for example, a 126-metre high office buildingin Zurich, obtained LEED certification from Swiss PrimeSite. “Our international clients are not familiar with Min-ergie and often ask for LEED certification,” says PeterLehmann, CIO of Swiss Prime Site. In the LEED certificationprocess, buildings are assessed according to a points system,which means they can be allocated up to four different quality categories. The aim is to check the sustainability of abuilding as comprehensively as possible.

Expensive and complicatedHowever, Minergie is not afraid of its international rival. “Itis a very complicated and very expensive system,” saysBeyeler. Leibundgut agrees: “The large amount of moneyspent on engineering work to obtain certification could beput to better use by investing in building technology and re-newable energies.” In general, he considers the whole labelconcept absurd: “We have also noticed that it is a trend in theconstruction industry to become more academic. Perhaps weshould return to a more simplified approach to building.”


From BREEAM to VERDE – other countries, other labelsMinergie is undoubtedly the most successful label inSwitzerland. However, international labels are often re-quested throughout the world. The US label LEED is themost famous. Its certification process involves assess-ing the sustainability of buildings according to a pointssystem. The UK label BREEAM is considered the mainstandard in its native country, but also has a good in-ternational reputation. With the BREEAM label, build-ings undergo a sustainability assessment from theplanning and execution stages to building utilisation,and are awarded ratings ranging from “Pass” and“Good” to “Very Good” and “Excellent”. The HQE cer-tificate has become the widespread standard in France.This label is also based on a points system, whereby atleast 30 out of 110 points must be achieved in a totalof 14 categories. Germany has the certification systemof the German Sustainable Building Council (DGNB),which serves as an alternative to the LEED standardand is better suited to the European market. Passiv-haus is another label in Germany, which certifies buildings that do not require any conventional heatingor air conditioning in the winter or summer thanks totheir good insulation systems.

LinksLEED: www.usgbc.org > LEEDBREEAM: www.breeam.orgHQE: www.assohqe.orgDGNB: www.dgnb.dePassivhaus: www.passiv.de

Overview of all standardsMany countries have developed their own standards forenergy-efficient buildings. Here are some examples ofcurrent assessment methods:Australia: Nabers, Green Star | Brazil: AQUA, LEED Brasil | China: GBAS | Germany: DGNB, BNB | Finland:PromisE | France: HQE | UK: BREEAM | Hong Kong: HK-BEAM | India: LEED India, TerriGriha | Italy: ProtocolloItaca | Canada: LEED Canada, Green Globes | Malaysia:GBI Malaysia | Mexico: Leed Mexico | Netherlands:BREEAM Netherlands | New Zealand: Green Star NZ |Philippines: BERDE, PHILGBC | Portugal: Lider A |Switzerland: Minergie | Singapore: Green Mark | Spain:VERDE | South Africa: Green Star SA | United States:LEED, Green Globes


Clean water for a thirsty world. As the population grows, sotoo does the demand for ever greater quantities of water. Yet,in many areas of the world today, rivers and groundwaterstreams have already been tapped to the limit. Now for thegood news: technological advances have made it possible totap the world’s largest water reservoir. Today, through the useof desalination plants, we are able to get our drinking waterdirectly from the ocean. The downside is that this processconsumes enormous amounts of energy. Thus, with every sipof desalinated water we also consume a little crude oil.

The very first water desalination facilities went into opera-tion in the 1950s on the Arabian peninsula, one of the driestregions on earth and in about 1970 desalination plants expe-rienced a genuine boom. Since then, the amount of water

extracted from the oceans has grown exponentially – fromoriginally around 1 million cubic metres to currently over 60million cubic metres produced every day in 14,500 desalina-tion facilities around the world. This equates to half the vol-ume of Lake Constance per year.

A matter of efficiencyThere are two main technologies used for converting saltwater into fresh water. The first of these takes its inspirationfrom the sun. In this method seawater is heated and evapo-rated, and the steam that is produced is then captured. Theresulting condensate is entirely salt-free. The disadvantage ofthis method is it consumes a huge amount of energy. It takessome 10 litres of crude oil to produce 1 cubic metre of dis-tilled water.

MORE WATERProspects for the future

Clean drinking water is demanded by 7 billion people each day. In industrialised nations, drawingwater from village wells has long been a thing of the past. Today, we increasingly get our drinkingwater directly from the ocean. Advanced technology and enormous energy expenditure make this

possible. The newest facilities are designed to be powered by solar energy instead of crude oil.

TEXT_Atlant Bieri


The ideal solution would be, of course, if crude oil could beentirely eliminated from the water equation. And this is pre-cisely what the United Arab Emirates have in mind. “Thetrend in the Emirates is towards renewable energies,” saysArmin Poernbacher, director of Swiss Laboratories in Zurich.“The Emirates profit more from selling their oil and gas toEurope than they do from heating it in order to producewater,” notes Poernbacher.

To date, however, the Desert States have not been in a position to focus on solar cell solutions because not only ismodule efficiency too low under such extreme temperatureconditions but also material wear and tear is considerable.Swiss Laboratories has set its sights on doing somethingabout this situation. The company has designed new solar

Water – a promising investment themeWater requirements across the worldare rising continuously. While the outdated water networks of the ad-vanced economies are in need ofmodernisation, the key issue in theemerging and developing countries isto expand the infrastructure for thesupply of water and the treatment ofwaste water. This ensures continuousgrowth in the water sector, benefitingutilities, water technology companiesand water service providers as wellas companies offering water-savingproducts or which use water effi-ciently in their production. BankSarasin expects the global water sec-tor to grow by 5% per year on averagein real terms by 2020. This meansthat water is and will remain one ofthe most important investment themesof our times. Sustainably managedwater investments in particularshould be among the major bene-ficiaries, as they give considerationto economic, social and ecologicalaspects. As a result, they exhibit thebest long-term attributes for makingthe most of investment opportunitieswhile at the same time minimisingrisks. This can make them attractiveto both private and institutional investors._Burkhard P. Varnholt, CIO,

Bank Sarasin


Reverse osmosis Salt Water

During the 1950s the US scored a major advance with the de-velopment of reverse osmosis, a process whereby salt water issent through a membrane with pores so small that only watermolecules are allowed to pass through, the salt itself remain-ing behind. This procedure also consumes energy, which isneeded to move the water through the minuscule pores bymeans of high-performance pumps. All the same, this tech-nique succeeded in reducing energy consumption to 1 1/2litres of crude oil for every cubic metre of water.

Over time the efficiency of the pumps steadily improved.“The new pumps are manufactured from ceramic and areprimed with seawater. This makes them virtually mainte-nance-free,” explains John MacHarg of Ocean Pacific Tech-nologies. Thanks to these advances, energy consumptiontoday has been reduced to only one-fourth the level requiredduring the 1980s.

In a nutshell, today’s modern reverse osmosis plants consumea mere 2 kilowatt hours (the equivalent of two decilitres ofcrude oil) in order to produce 1 cubic metre of fresh water –the same amount that a Swiss water treatment plant needs toproduce drinking water from seawater by means of filtration.

No miracle solutionDespite these advances, the total energy consumption is stillenormous. The amount of oil consumed for water desalina-tion around the world totals roughly 1 1/2 million tonnes perday, which represents some 10 percent of the daily global oilconsumption. “As energy-efficient as desalination plantshave become, they continue to be relatively energy-intensive,which is why they will never be hailed as the miracle solutionto the global water problem,” states MacHarg. According toa report by Toufic Mezher of the Masdar Institute of Scienceand Technology in Abu Dhabi, there will still be a markedrise in energy consumption for some time to come: “It is approximated that fuel requirements for desalination willdouble by 2030.”


modules that are gel-coated. The gel does not expand to sucha significant extent in the daytime heat and also simultane-ously cools the solar cells underneath. In this way, the newcells are able to generate up to 50 percent more electricity inthe long run. As a result, solar-driven desalination plants arenow within reach.

The problem of wastewaterThe other major problem is wastewater. One cubic metre offresh water is produced for every 2 cubic metres of seawaterthrough the use of reverse osmosis technology. As a rule, thebriny residue, which is twice as salty, is pumped back into thesea. First the good news: this does not increase the salt con-tent of the world’s oceans. “Even in regions like the PersianGulf, which accounts for roughly 40 percent of the global de-salination volume, the impact on the salinity of the Gulf as awhole is estimated to be very low,” assures Sabine Latte-mann, marine environmental scientist at the King AbdullahUniversity of Science and Technology (KAUST) in Saudi Arabia.

Nevertheless, according to marine biologist Julie Mondon atAustralia’s Deakin University, wastewater discharge loca-tions may indeed have a negative impact: “If briny waste-water is discharged along a coast where there are few wavesand currents, it will sink to the ocean floor, where a densesalty layer will form.” This may lead to oxygen depletion onthe ocean floor, and marine organisms could suffocate as aresult.

In addition to its high salt content, wastewater may also con-tain a slew of toxic chemicals. These are added to the waterto keep the reverse osmosis membranes clean. Researchers do

not know how these chemicals will impact the environmentin the future. That is why the Pacific Institute in the US is cur-rently investigating the environmental impact of desalinationfacilities worldwide, with its findings expected to be pub-lished in the summer of 2012.

Snow in the desertEnergy consumption and environmental influences, however,make up only one side of the equation. The other side of theequation is made up of the population and its water con-sumption. Daily per capita water consumption in the Emi-rates totals 400 litres, which not least has to do with con-struction projects that are somewhat extravagant for a desertregion. These projects include evergreen golf courses, waterparks and even an indoor ski slope with real snow. The con-struction boom alone will continue to require vast amountsof energy-intensive water over the long term. Skyscrapersspring up like mushrooms, encouraging more and more peo-ple to move to a place that, from the point of view of wateravailability, ought not to sustain that many people.

Yet other major cities such as Sydney, London and Los Angeles,for example, are likewise feeling the brunt of the popula-tion pressure. The world is getting bigger and bigger – andundeniably thirstier. Wherever you turn, desalination plantsare either already being built or else are being planned forconstruction. Will we be able to survive in the future withoutextracting fresh water from our oceans? Tamim Younos,water specialist at Cabell Brand Center for Global Povertyand Resource Sustainability Studies in the US, answers witha definitive “No”: “Water re-use and desalination will bothplay a major role in all coastal cities of the world in the fu-ture. In dry regions above all.”

Innovation –West

andEast


In the past, a contrast – today a fruitful exchange between cultures and economic regions. Compe-tition between West and East promotes innovation. Today, the choice of company and productionlocations hardly follows a fixed pattern. Cultures learn quickly from each other – for exampleabout the sustainable production of organic food at the point of consumption: in urban centres.Learning quickly – something that Bank Sarasin also has to do to lead the way and invest in a sustainable and intelligent manner in the future.


China has undergone reform, opened up to the outside worldand evolved from a production location to high-tech nation.Under its strict leadership – or in the words of John Naisbitt,author of China’s Megatrends: under a Chinese leadershipthat took the country into the future in much the same way asone would run a company – the Chinese economy first wentthrough a learning process and then started developing itsown solutions. Naisbitt goes on to reflect that the West tendsto judge China’s “reforms and opening up” from a purelyWestern perspective – while holding to the conviction that theWestern model is the best form of government. However, headds, this approach leads to unrealistic expectations and disappointments. Indeed, the answer lies not in ideology butin actual performance. The Chinese believe in legitimacythrough performance, a belief that is rooted in the Confuciantradition. China has not had to abandon its basic cultural val-ues in order to industrialise and modernise. Traditional valuessuch as thrift, hard work and a willingness to learn, as well asloyalty both to family and nation, have led to social cohesion,high savings rates and investments and also productivity andgrowth as a result.

At the same time, China has systematically transformed itselffrom workshop of the world to innovator of new technolo-gies. Nobel laureate Paul Samuelson has prophesied that thecountry might be in a position to reach global markets notonly with the most products but also with the highest qualityat unbeatable prices. The transformation in China does notconfine itself to adapting to global trading conditions – thecountry is itself bringing about a change in the conditions ofinternational trade. Switzerland has been quick to recognisethis and has already opened negotiations on a free tradeagreement, which, among other things, covers trade in goodsand services, customs procedures, rules of origin and techni-cal barriers to trade.

Made in China – the image has undergone a transformationStill, the transformation from workshop of the world to in-novator of new technologies has come at a price. Risinglabour costs and a strong national currency have heralded theend of China’s era as a low-cost manufacturing centre. As thepopulation’s qualification level has increased, so too have itscareer prospects also improved. Contributing to its success isthe fact that more and more companies – such as Mammut,for example – are able to promote principles of sustainabilityand social responsibility among their suppliers in China. TheChinese government has pledged nationwide minimum wageincreases of 20 percent annually until 2015 while creating jobopportunities in the country’s poorer provinces. Many mi-grant workers who had previously relocated from rural areasto the affluent cities are now able to earn a living in theirhome provinces.

Production at the development site – BMC relocates production to SwitzerlandCompanies are turning their backs on China and relocatingto new low-wage countries such as Vietnam, Cambodia, In-donesia and Bangladesh – or else shifting production awayfrom coastal regions to the cheaper inland provinces. Butmanufacturing is not being shifted to cheaper countriesacross the board – in fact, many companies are moving pro-duction back to their home countries. A key role in these re-locations is played not by higher wages or poor quality butby strategic development instead. Bicycle frames, for in-stance, are commonly manufactured in Asia. However, Swissbicycle manufacturer BMC has bucked the trend and broughtthe production of carbon frames for its Impec model backfrom China to Grenchen. What is more, the company has puta fully automated, seven-station production line into opera-tion. With robots taking over the production work, BMC isin a position to achieve unprecedented production standards

THE VALUE OF QUALITY WHATEVER THE LOCATIONProducing high-quality goods in East and West

China, the mysterious Middle Kingdom, Dragon of the East, workbench of the world, low-wagecountry, the world’s second-largest economic power – China never fails to surprise and

challenge. Product quality and adherence to social standards are increasingly becoming keyfactors for sustainable production and success: values that must become an integral part

of any sustainable corporate culture.

TEXT_Theo Froelich


through new methods. As Thomas Binggeli, CEO of ISHHolding, to which the BMC brand belongs, explains: “ForBMC, the company’s decision to move part of its frame pro-duction back to Switzerland means, on the one hand, theguarantee of consistently high machine-made quality and, onthe other, independence to be able to respond swiftly tochanges in demand. Impec has shown that innovation inSwitzerland is not only achievable but also continues to moveahead at a high level.”

Know-how in the Middle Kingdom – specialist manufactur-ing for Mammut in ChinaDespite rising labour costs, the Mammut company has madea conscious decision to retain production in the Middle King-dom. This is because the supplier of outdoor clothing enjoysa strategic geographic advantage in China – namely, its know-how. As the manufacture of sophisticated functional clothingis a highly complex process, expertise in this area is becomingincreasingly vital. Specialised machinery is required for thevarious production processes, and skilled personnel areneeded who know how to operate it. It is possible for suchmachines to be transported to the new low-wage countries, ofcourse, but these countries lack qualified personnel. The sameapplies to European countries as well, and although they are

slowly catching up, they still lag far behind the Chinese interms of know-how and sophisticated machinery. Moreover,in Europe there is a shortage not only of skilled personnel butalso of qualified young people for normal sewing work. JosefLingg, supply chain manager at Mammut sums up: “Ournumber one priority at Mammut is delivering top-notch qual-ity. For this and also for capacity reasons, we will continue tomanufacture in China.” Mammut works closely with suppli-ers in China, coordinates order planning well in advance andalso provides support to production planning. Mammut ben-efits from greater supply security, with its suppliers able totake advantage of better machinery utilisation with fewerovertime hours.

Whether as a market and/or a production location, the FarEast is becoming increasingly important to the Swiss industry.However, when it comes to the manufacture of high-qualityproducts, companies will opt for locations where the bestquality generates added value. The key factors at Mammutare skilled craftsmanship and the specialisation of Chineseproduction sites. BMC is able to prevent inaccuracies in termsof craftsmanship given that the company’s focus is on fullyautomated production of carbon frames for its Impec modelat its home plant in Switzerland.

Innovation – West and East

At Mammut (left), specialisation is crucial at its production plant in China. However, BMC is again using fully automated production methods at its own factory in

Switzerland. A radial braider loaded with carbon fibre threads (right) is used in the manufacturing process.


A researcher at an agriculture facility in Suwon, South Korea,takes pride in the lettuce plants growing side by side onshelves like so many battery hens. A farmer is loading hisaubergine harvest into a basket on the premises of an aban-doned house in Ouagadougou, capital of Burkina Faso. InBasel a student is enjoying the rare pleasure of slicing into herfirst home-grown tomato. Enter the urban farmer. They rep-resent part of the solution to the food supply problem facingthe world population, which currently stands at 7 billion –and rising, with every other person already living in cities.

Land is becoming scarceExperts from all continents are working on ways to improveour food supply. Emmanuel Frossard, head of the Plant Nu-trition Group at the Institute of Agricultural Sciences of theSwiss Federal Institute of Technology (ETH) in Zurich, hasteamed up with Singapore, for example. The latter’s NationalTechnology University (NTU) and Zurich’s ETH, which runsthe Future Cities Laboratory on location, are cooperating ontomorrow’s urban development issues in addition to supply-ing food to urban residents. As Frossard points out, “The en-gine behind agricultural development is indisputably globalpopulation growth.” Yet climate change, as well as the effectsof land use such as soil degradation and nutrient depletion, isalso driving the search for solutions. At the same time, agri-cultural productivity also needs to be increased. “If we openup new land areas with the same low expected yield, soonthere will be no more land available.” One option is to pro-duce perishable foods directly in tight urban spaces.

Carrots grown on the 30th floorNumerous so-called vertical farming projects are also keenon improving productivity. Here, the underlying concept is tooptimise crops yields using small-space growing practices inhigh-tech greenhouses with multiple floors. Take the one inSouth Korea, for example, where vegetables are cultivated ina three-story building on the premises of the Rural Develop-ment Administration (RDA) in Suwon. Vertical farming in-novator Professor Dickson Despommier of Columbia Uni-versity in New York has been advocating 30-story croppowerhouses since 1999 that would produce enough food for50,000 people with 90 percent water savings. This concepttakes advantage of cultivation techniques in which plants aregrown either hydroponically in a water and nutrient solutionor else aeroponically under a nutrient mist.

Rice off the assembly lineScientists in Germany are busy working on a comparable in-novation, whereby rice is produced using a nearly closed-loop assembly line system. The concept goes by the name ofskyfarming, notes Joachim Sauerborn, dean of the Faculty ofAgricultural Sciences at the University of Hohenheim nearStuttgart. Skyfarming stimulates plant growth from seed toharvest using a nutrient mist in which rice plants are sus-pended and transported by conveyor belt. As Sauerbornpoints out: “Rice takes up 150 million hectares of landworldwide. If rice can be vertically cultivated, then it willalso be possible to restore areas of land to their naturalstate.” There are still a number of interdisciplinary research

NEW HARVESTGrowing food in urban centres

Tonnes of rice and lettuce are transported to cities each and every day. Yet urban residents could just as well grow their food right

where they live. Indeed, urban farming projects are experiencing a major boom. Rapid world population growth, climate change

and rising food prices are creating pressure.

TEXT_Yvonne von Hunnius


questions that need to be worked out before skyfarms be-come operative in Asia or Africa. “First, we plan to set up apilot system in Hohenheim that will be developed with Ger-man engineering expertise,” said Sauerborn.

Pressure to meet high expectations for major projectsDutch experts are also working on innovative agriculturalconcepts. Because arable land is scarce in a small country likeHolland, productivity had be increased early on. But notevery endeavour is destined for success. Projects devoted tourban livestock farming, for instance, failed after they metwith popular resistance. Similarly, the monumental agrofoodpark “Greenport Shanghai” in China, which was plannedwithin the scope of the CO2-free model city Dongtan, will beonly partly developed. As Madeleine van Mansfeld of Wa-geningen University explains: “We have been able to learnfrom projects that have failed. Now we team up only withkey investors and players who have the necessary agriculturalsector experience.” She added that facilities bringing togethervarious agricultural production, processing and logistics dis-ciplines were being developed in India, China, Mexico andAfrica.

Urban development with an integrated agricultural approachThe RUAF Foundation has chalked up success upon successwith a new form of urban agriculture. Its director, Henk vanZeeuw, is based in the Netherlands. In seven centres in devel-oping countries, projects are being launched, managed andsigned off with full financial autonomy. The projects arebeing developed in cooperation with public authorities andother stakeholders that want to improve access to food forpoorer population groups. “We are seeing a rapidly growinginterest in integrating urban agriculture into urban develop-ment. This is not only due to the fact that food has becomeincreasingly expensive after the economic and financial crisis.A key role is also played by the multi-functionality of urbanagriculture, which is gaining acceptance and recognition,”notes de Zeeuw. Among other things, urban agriculture cancontribute to waste management, disaster control, biodiver-sity and the improvement of the social fabric. In other words,it has become a vital aspect of modern “green infrastructure”strategies.

Enhancing the quality of lifeAlthough little pressure has been created in Switzerland, ithas long been recognised that urban agriculture is able tocontribute to the quality of life. This is currently the focus ofthe Food Urbanism Initiative sponsored by Swiss researchfoundation SNF. One of its first steps was to conduct anopinion poll in Lausanne. According to the survey, an over-whelming majority would prefer to see more plants adorningthe city’s public spaces, and most would also be in favour of

urban agriculture. Experts are currently working on specificstrategies to integrate food production into Switzerland’scities.

Start-up company UrbanFarmers in Basel has made the firstmove in this direction. Soon we might well see fish and veg-etable varieties produced on the locomotive depot rooftop ofthe Christoph Merian Foundation. And this pilot facilitywith its closed nutrient cycle is expected to set a precedent,with other rooftop farming projects aready in planning.

Complete urban food self-sufficiency is simply not feasible,clarifies RUAF Director de Zeeuw. But we can realisticallyexpect that up to a quarter of city residents’ food supply willcome from urban agriculture one day.



Defined as organic fruit and vegetables, free-range livestockand sustainable aquaculture, bio foods stand in contrast tomass-produced food: genetically modified, pesticide-pro-tected agriculture, animals raised in factory conditions andthe overfishing of the seas. Bio foods often also includeproducts grown with minimal impact in their native envi-ronments.

Biodiversity on a plateTake, for example, the Capriglio pepper, a bell-shaped red or yellow pepper grown near Turin.Using time-honoured techniques rather than artifi-cial inputs, a handful of farmers in Caprigliod’Asti now grow the exquisite pepper, preservingmany in bottles with grape residue left from thewinemaking that traditionally occurs at the sametime in the season. This harvest will likely never bebig enough to satisfy the needs of a fast food chain.

But the delicate, sweet vegetable adds to the biodiversity ofhumanity’s palate.

Green revolution has raised concernsThe increasing popularity of bio foods coincides with agrowing awareness about the threats posed to the environ-ment by unsustainable food production. Fifty years ago,farming innovations created the “green revolution”, boost-ing crop yields worldwide. More recently, the science of the

GROWING NICHESIncreasing availability of organic products in Asia

Bio foods have grown popular in recent years. They attract consumers in wealthier European countries and are a business niche for farmers in developing nations where small markets

can represent millions of mouths to feed.

TEXT_John Dyer


Do I regularly eat food that is produced organically? Not fre-quently when I’m in Asia, but more frequently when I’m back inSwitzerland, where 60 percent of the food I eat is biofood. I’mwilling to pay more for biofood, even when there are cheaper options. I do it for health and taste. I’m very dedicated to healthand fitness._Reto Caviezel, Singapore, Marketing, Bank Sarasin & Cie AG Singapore

Branche


revolution has raised concerns about modified genes, mono-cultures and chemical pollution. The global food system’sdependence on petroleum-based pesticides, fertilizers andtransportation has raised doubts about the sustainability ofmainstream food.

The bio food movement grew from its intellectual groundingswith Austrian philosopher Rudolf Steiner, who proposed or-ganic farming in the 1920s, to the founding in the 1980s ofthe Slow Food movement, which helped export the concept ofbio foods – like the Capriglio pepper – around the world.

Preserving traditional farmingEurope now leads the way in bio food. Agricultural policiesthroughout the EU preserve traditional farms, encouragingconsumers to expect fresh food produced locally, in humaneconditions, without artificial inputs to boost growth.

“When you go and buy a lamb chop in England, nobody isall that concerned if it is organic,” said Evan Fraser, a re-searcher at the Sustainability Research Institute at the Uni-versity of Leeds. “Farmers there are subsidized by the EU toprovide a range of landscape services like keeping the archi-tecturally interesting barns in shape, providing proper habi-tat for rare species or to sow seeds that don’t require manyinputs.”

From niche to supermarketGermany has the largest organic food market in Europe, ataround 5.8 billion Euros in 2008. Subsidies and significantconsumer interest have resulted in the growth of 500 super-markets in Germany specializing in bio foods, a sign of

broad appeal. In Switzerland biofood has arrived in huge quantitiesin “normal” supermarkets.

In Asia, bio foods are increasinglyattracting attention among smallerfarmers seeking alternatives to themass-scale farming encouraged by

governments. Scandals involving unsafe food, such astainted babies’ powdered milk in China, have also increasedawareness about the importance of naturally produced food.

Clean vegetables arrive in AsiaAsia has yet to demonstrate the interest in bio food that ex-ists in Europe, but already a new mindset is sweepingthrough the region. A chain of shops specializing in organicfood has been proposed in Vietnam, for example, catering toconsumers concerned with pesticides and other contami-nants that have been overused in the country for years.

“I see in China and Vietnam an increase in ‘clean vegetables,’meaning they use ‘less’ chemicals,” said Elisabeth Simelton,a researcher at the World Agroforestry Center in Hanoi.Simelton was working with Vietnamese farmers to help themyield more from their rice paddies without using additives.They decided to raise fish in the paddies as well as rice, a sus-tainable and economically clever move that boosted theirproduction and, in the process, created bio foods. “They arevery aware and proud they are not using chemicals,” shesaid.

If the choice is available, I occasionally buy organic food, usually fruit and veg-etables. I don’t eat biofood regularly though. Organic food is not convenientlyavailable at all the stores in Dubai. I would eat them more often if their priceswere only marginally higher and not exorbitantly priced, as they usually are.I’m interested in biofood for health, environmental and altruistic reasons._Sheela

Shankar, Dubai, Client Servicing, Bank Sarasin-Alpen (ME) Ltd

Organic food comprises almost my entire diet. Whilstshopping, I hardly ever keep an eye on the price tag. Instead, I look for biofoods automatically. Food that con-tains artificial flavouring and dyestuffs cannot con-tribute to a healthy diet so I try to avoid them. Addition-ally, biofoods taste better. I greatly appreciate themovement for sustainable harvesting and seasonal prod-ucts._Melanie Tschassar, Frankfurt, CRM, Bank Sarasin AG


Sarasin –Outstanding

sustainabilityThe Sarasin Group is committed to sustainability. Thenumber of prestigious awards and repeatedly goodratings from well-known sustainability analysts testifyto the genuine nature of this commitment.


able Swiss Private Banking since 1841”). Since then, the grouphas been committed to operating its core business in an evenmore consistently sustainable manner. It is a commitment forthe future. The sustainability strategy is strictly implemented atmanagement and operational levels, which ensures credibility.

Top marks from third partiesThe ratings of numerous sustainability analysts testify to theSarasin Group’s performance and consistency. Sarasin is regu-larly awarded top marks for sustainable asset management,environmental management and sustainability reporting. Forexample, the independent agency oekom research confirmedthe bank’s prime status, which means that Sarasin ranked farhigher than the industry average. The high proportion of as-sets under sustainable management was considered a particu-larly positive aspect. At the end of 2011, it amounted to CHF12,3 billion (see page 40). Bank Sarasin was also awarded thetop score of 6 by the Swiss business magazine “Bilanz”, whichcommissioned Inrate to assess the sustainability of listed Swisscompanies. “The picture in the case of the financial groups iscomplex,” the magazine writes. “While Sarasin came out top,Credit Suisse and ‘Zurich’ score +3, UBS +2 and Julius Baer 0”(see www.sarasin.com/Heading “Sustainability > Reports,ratings and awards”).

Quality label and rewardIn 2011, the University of Applied Sciences NorthwesternSwitzerland reviewed the annual reports of 250 Swiss com-panies and examined the economic, social and environmentalaspects of corporate governance. It focused in particular onthe transparency and credibility of the reports. While BankSarasin slipped two places from the previous year, it was stillthe top ranking private bank at number 13.

Of course, awards and ratings do not by themselves guaran-tee that sustainable principles will be put into practice. How-ever, recognised awards are important quality labels for theBank, its clients and shareholders. For the staff, they are a re-ward and a spur to keep on positioning the Bank as a leaderin sustainability.

“The fact that institutions of the calibre of the FT and the IFCcontinue to place such great importance on the developmentof sustainable financial services cannot be overestimated.”This was the delighted response of Joachim H. Straehle, theSarasin Group’s CEO, after the bank had just been named“Cross-Regional Sustainable Bank of the Year” in London bythe Financial Times (FT) and the International Finance Cor-poration (IFC), a member of the World Bank Group. Theawards attracted a record number of 187 entries from 161 in-stitutions in 61 countries. “The quality of this year’s entrieswas very high and the judging panel had some difficult deci-sions to make,” emphasised Martin Dickson, Deputy Editor ofthe Financial Times and co-chairman of the judging panel. BasRijke, head of Bank Sarasin’s Geneva branch, was delighted toaccept the Global Private Banking Award 2011 in the category“Best Private Bank for Socially Responsible Investing”. Thiswas the second time that the highly respected industry maga-zines The Banker and Professional Wealth Management, pub-lished by the Financial Times Group, recognised the bank’sachievements in this field. “Bank Sarasin’s efforts in sociallyresponsible continue to develop and break new ground,” saidYuri Bender, the editor-in-chief of Professional Wealth Man-agement and jury member. “The judges have recognised thatSarasin remains the leading private banking thinker and doerin this sector, continuing to innovate in a field that most com-petitors are still struggling to come to terms with.”

These and other awards are testimony to the Sarasin Group’s exemplary track record in sustainability (see www.sarasin.com/Heading “Sustainability > Reports, ratingsand awards”).

Committed to sustainability for 170 yearsSustainability has been a firm component of the Sarasin Group’sidentity and stability as a Swiss private bank for 170 years.Sustainability enables the bank to project a distinctive imageon the market and creates continuity across time and genera-tions. Sustainability is enshrined in the Sarasin Group’s Mis-sion Statement. In 2008, the Bank redefined itself as a bankthat placed particular emphasis on sustainability (“Sustain-

Sustainability reporting by BankSarasin is aligned with the guidelines

of the Global Reporting Initiative(GRI). A summary of the GRI Report isfound on pages 32–54. The complete

GRI Report is available in a PDF version on the Internet. Sarasin hasassigned Ernst & Young to provide

limited assurance on selected quantitative information in the GRI

Report. Its conclusion is documentedin an assurance report. It is available

along with the GRI Report on the Internet at www.sarasin.com/

Heading “Sustainability”.

At the end of 2011,the Sarasin Group man-aged CHF 96.4 billionin client assets andhad 1,715 employees.It has a solid capitalposition. Its risk profile

remains low; the BIS Tier 1 capitalratio (defined as core capital as a per-centage of risk-weighted assets) was15.6% at the end of 2011. The Annual Report 2011 “Our Results” containsdetailed information on the Bank’sperformance in 2011.


Growth pathUnanticipated temporary halt in 2011

Future-orientedSolid earnings quality in the core business

TrailblazingDecision for Safra creates security

ResultsAnnual Report I 2011

Our


Sarasin – Outstanding sustainability

Today, there is much talk about a form of sustainability inwhich the ecological component remains dominant. However,sustainable corporate governance requires a more comprehen-sive definition. For this reason, the Sarasin Group bases all itsbusiness activities on a holistic and sustainable approach. Thistakes into account economic, social and ecological aspectsalike and places these in the context of the sustained success ofthe bank’s clients, which in turn forms the basis of the bank’ssuccess (see “Sarasin takes a holistic approach to sustainabil-ity”, page 36). “It is important not to define sustainability in aone-dimensional manner. By adopting a holistic approach,Sarasin does justice to the complexity of a comprehensive andall-embracing sustainability approach,” emphasises BurkhardP. Varnholt, CIO und Head of the Sustainability Committee.

Sustainability as commitmentIn 2008, Sarasin redefined its commitment to sustainabilityin 2008 and introduced the brand promise “SustainableSwiss private banking since 1841”. This documents its cor-porate philosophy and commitment to work for a sustain-able future. The related corporate governance principles andrules form the framework of every entity. The Sarasin

BASED ON A HOLISTIC APPROACHSustainable corporate governance

Group’s corporate governance principles are defined in theArticles of Association, the Business and Organisational Regulations and the Regulations of the committees that report to the Board of Directors. Transparent information onits organisational and management structures and on leader-ship and control at the very top of the bank enable investorsand other stakeholders to judge the Sarasin Group. TheSarasin Group’s Articles of Association and the Business andOrganisational Regulations are publicly available online(see www.sarasin.com/Heading “About us > Corporategovernance”).

Sustainability Council and Sustainability Committee ensurethat sustainability is firmly embeddedAt the strategic level, the Sustainability Committee and theSustainability Council ensure that sustainability is firmlyembedded in all of the group’s divisions and at all levels.Thomas A. Mueller, CFO and Head of the Corporate Cen-ter division, chairs the Sustainability Council, which has amonitoring and control function. It performs preparatorywork for the Executive Committee by assessing all mattersthat are relevant in terms of sustainability with regard to

“Were the goals achieved?”The Sarasin group regularly conducts internal reviews to determine the extentto which the goals have been achieved.The degree of attainment is divided into the following categories:

Goal not achievedGoal achievement project initiatedProgress as plannedGoal achievement project in endphaseGoal achieved

The Sarasin Group does not view sustainability as an end in itself – but rather as a key factor in its success. The basis is sustainable governance

in all areas, supported by a focused sustainability strategy and a structured management process.

Mission Statement and Code of Conduct: These set out theSarasin Group’s express commitment to sustainability. Thetwo instruments are key elements of the sustainability strategy and form the top of the sustainability pyramid. TheCode of Conduct, which was introduced during the first quarter of 2011, sets out the principles that all employeesof the Sarasin Group and the members of the Board of Directors are required to adhere to in their business activi-ties. Acting responsibly in accordance with the Code of Con-duct is the basis on which services can be improved con-tinuously and the bank can achieve sustained success at alllevels. This creates transparency and commitment. The Mis-sion Statement and Code of Conduct are available online at

www.sarasin.com/Heading “About us”.


The Mission Statement and a binding group-wide Code of Conduct, a three-point political sustainability programme, five key performance indicators withappropriate parameters and targets as well as directives, guidelines andmeasurements constitute the pyramid that demonstrates how the SarasinGroup organises its sustainability strategy.

Sustainability strategy driven by clear goals

Directives, guidelines and measures:These ensure that the goals are achieved.

Sustainability policy: This summarises howthe Sarasin Group views regards in the con-text of sustainability and sets out its overarch-ing goals and how these are to be achieved.

1. Understanding of itself > Our forward-looking decisions contribute

to our commercial success (Profit).> Our commercial success is based on our

first-class workforce and our sustainablecorporate culture (People).

> We achieve our commercial success withan acceptable ecological footprint (Planet).

2. Strategic goals > Sarasin wants to be the first port of call

for tailor-made, sustainable investmentsolutions and personalised product ad-vice (Business).

> Sarasin wants sustainability to be an inte-gral part of the corporate behaviour andall processes to allow continuous improve-ment with benefits for all stakeholders(Good governance).

> Sarasin wants to be perceived as themost sustainable Swiss Private Bank (Perception).

3. Strategic approach > We continuously monitor and identify po-

tential or actual risks and establish a pro-cess for precautionary or counter meas-ures where necessary (Reputation).

> We are always able to rationalise our de-cisions and engage in an open dialoguewith our stakeholders (Credibility)

> We communicate promptly, precisely andcomprehensively (Transparency).Key performance indicators: To implement the sustain-

ability policy in a focused manner, the Sarasin Group has de-fined appropriate indicators and targets. These and theachievements to date are described on the following pages. 1. We define sustainability standards for all our business

activities.2. We help clients make responsible investments.3. We build sustainable relationships with our stakeholders.4. We live up to a responsible corporate behaviour.5. We offer services in a resource-efficient way.



target achievement, positioning opportunities, cost effi-ciency as well as any goal conflicts or reputational risks.Thomas Mueller is convinced that “credibility can only beachieved if the sustainability strategy is consistently imple-mented”. He adds: “To establish sustainability in all busi-ness areas and at all levels of the group, an organisationalstructure with clearly defined responsibilities is hugely sig-nificant.” The Sustainability Committee chaired byBurkhard P. Varnholt, Head of Asset Management, Products& Sales, ensures that there is a commitment to sustainabil-ity within the organisation. The Committee has been set upfor all business divisions. It also deals with sustainability is-sues across divisions and offices at the highest managementlevel.

A continuous processEmbedding sustainability in all divisions and at all levels ofthe group is an ongoing process which is coordinated by thegroup’s sustainability management team, which is part ofthe Corporate Communications department. It is supportedby the international sustainability network. Sustainabilityofficers have been appointed in Basel, Dubai, Frankfurt,Geneva, Hong Kong, London, Singapore and Zurich. Theyare responsible for coordinating local sustainability meas-ures and recording local sustainability indicators.

Sarasin takes a holistic approach to sustainability

The Sarasin Group is convinced that the long-term prosperity of its clients

represents the best basis for the consistency of its own success.

To this end, its business activity isbased on holistic thinking and

action. As a maxim for decision-making, we aim to achieve a long-lasting balance of our commercial,

social and ecological responsibility.From experience, we are convincedthat this is the best way of combin-

ing the interests of our clients, our employees and our shareholders

with our social responsibility.

Defined accountability through a clear organisational structure

Chief Executive Officer

Corporate Communications

Executive Committee

Sustainability Council

Sustainability Committee

International Sustainability Network

Sustainability Management


Under the armaments policy now adopted, the Sarasin Groupdoes not invest its own funds in securities of companies thatare active in the domain of controversial armaments. In addi-tion, it provides neither asset management nor advisory ser-vices regarding such companies and offers neither capital mar-ket nor M&A services for such companies. Nor does it acceptsecurities from such companies as collateral for loans. Thepolicy is available online at www.sarasin.com/Heading“Sustainability > Sustainability standards”.

Internationally bannedIn the current debate, the Sarasin Group has made a clear stand.Although demands for cluster munitions to be prohibited dateback to 1974, it was not until August 2010 that a conventionto ban such weapons came into effect. By the end of 2011, theso-called Oslo Convention had been ratified by 67 states – including Germany, Italy, France and the UK – and signed bya further 44. Switzerland signed the convention in 2008. In thesecond half of 2011, the Council of States (Ständerat) and theNational Council (Nationalrat) came out in favour of prohib-ition. By ratifying the convention, Switzerland undertakes notto deploy, stockpile or produce cluster munitions. Stockpilesmust be destroyed within eight years.

War after the warAccording to Handicap International, more than 30 countriesare contaminated by cluster bombs. The weapons contain nu-merous bomblets that lie unexploded over large areas. Thismakes them extremely dangerous. Even after armed conflictshave ended, cluster bombs kill and main thousands of civil-ians. It is estimated that cluster bombs have claimed some55,000 to 100,000 victims to date.1

1 Source: Handicap International (2007): Circle of Impact: The Fatal Footprint

of Cluster Munitions on People and Communities.

THE SARASIN GROUP ACTSSustainability standards

1_We define sustainability standardsfor all our business activities.The goal was to put all sustainabilityguidelines, measures and standards for all relevant business activities intoeffect in 2011. With one exception, all the objectives were achieved. Infor-mation is available on our website

www.sarasin.com. Sustainability inlending policy will be integrated in 2012.

Establishing a Code of BusinessConduct www.sarasin.com/Head-ing “About us”Integrating sustainability into the guidelines for donations

www.sarasin.com/Heading “Sus-tainability > Sustainability standards”Integrating sustainability into theguidelines for sponsoring and events

www.sarasin.com/Heading “Sus-tainability > Sustainability standards”Integrating sustainability into guidelines for procurement

www.sarasin.com/Heading “Sus-tainability > Sustainability standards”Integrating sustainability into thecredit policyEstablishing policies and processesfor responsible investment decisions

www.sarasin.com/Heading “Sustainability > Responsible invest-ments”

In 2011, the Sarasin Group set itself the goal of adopting sustainability standards for all of the Sarasin Group’s relevant business activities. The Sarasin Group’s policy on the Armaments Industry is a current

example of the successful implementation of such a standard. The standard was approved by the Board of Directors and the

Executive Committee. This means that the Sarasin Group disassociates itself from cluster bombs, biological and chemical weapons

and anti-personnel mines.



GEARED FOR THE PARADIGM SHIFTSustainability in our Core Business

2_We help clients make responsible investments.The following objectives should be achieved by the end of 2012:

Duplication of sustainable assetsunder management to CHF 25 billionInternational roll-out of sustainableapproach Introducing innovative sustainabilityproducts to the market Maintaining market leadership insustainable assets under manage-ment in Switzerland

The Sarasin Group’s top priorities include investor protec-tion through enhanced risk disclosure, measures to imple-ment the strategy for avoiding non tax-compliant assets, as-surance of fully compliant cross-border business and also theexpansion of its range of innovative, sustainable investmentproducts. The Sarasin Group’s activities validate its businessmodel, which is geared towards avoiding unnecessary risks toclients, shareholders and employees, as well as to the Bank asa whole. They enable the bank to focus even more stronglyon the new and more complex world of private banking.

Taking a leadership role with its strategy for avoiding non tax-compliant assetsIn the spring of 2009 Bank Sarasin opted to systematicallypursue a strategy for avoiding non tax-compliant assets. Theunderlying rationale was the Bank’s conviction that onlysuch a business model is oriented to the future. It focuses onthe asset management of funds for which proper tax treat-ment is arranged by clients in their country of residence. TheBank has communicated its aim of no longer managing un-taxed assets by the end of 2012. This decision reflects theBank’s commitment to the principles and values of “Sustain-

able Swiss Private Banking since 1841”. The decision breaksnew ground in minimising the risks for all parties concerned.The ongoing implementation of its strategy for avoiding nontax-compliant assets is a core project of the Sarasin Group asa whole.

Compliant cross-border businessThe Bank continues to make selective investments in order todrive the geographical diversification of its business base ininternational growth markets. At the same time, it focuses onindividual country markets in Europe, the Middle East andAsia coupled with a wide range of both onshore and cross-border offerings. The Sarasin Group is well aware that more

Bank client confidentiality and protection of privacy are top priorityThe Bank deeply regrets the violationof bank client confidentiality commit-ted by a lone employee from BankSarasin’s IT department in early 2012.The Bank has offered its apologies to the affected client for the con-siderable inconvenience this matter has caused and in addition has filedcharges against the offending formeremployee, as well as third parties. At the same time, the Bank is verykeen to stress that this was an isol-ated incident, one that attests to theconfidence placed in the loyalty of all remaining employees who adhereto applicable laws and regulations.The preservation of bank client confi-dentiality and protection of client privacy are our utmost priority at theSarasin Group and must be assured at all times.

Swiss private banking is on the verge of a paradigm shift: Bank client confidentiality in tax matters is being lifted while restrictive regulations governing cross-border offerings are making

for tougher competition. Bank Sarasin is tackling these challenges head on. The actions taken by the Bank are premised on a holistic understanding of sustainability, in turn reflected

in the implementation of proactive, client-oriented projects that the Bank has undertaken to ensure the future viability of its business model. The Bank is a leading player in sustainable

investments. It boasts a 20-year track record of success as a pioneer in this field.


Private Banking facing new challenges

“Sarasin is alreadywell at the forefront”

From an expert’s point of view, what are the challenges facingSwiss private banking? Daniel Patrick Senn, Partner at KPMGSwitzerland, shares his insights.

Mr Senn, what is the nature of the challenges lying ahead forprivate banking? We are going to see a greater focus onclearly defined client segments on account of regulatory re-quirements. Banks will need to make a decision on whichmarkets and asset classes they will still be interested in sup-porting and acquiring. Another challenge is presented bytoday’s far more critical and better educated clients as theydesire faster and – since Lehman at the very latest – more pre-cise information. Clients will increasingly prefer to make in-vestment decisions on their own. The consultation process inprivate banking will undergo a change as a result, with con-sultation gaining in importance.

What does sustainable private banking mean to you? Basi-cally, it means adequately advising clients in keeping withtheir current circumstances and then selecting the appropri-ate asset allocation. This calls for a deeper understanding ofclients’ needs and is also reflected in the sustained supportand consultation provided by a bank. Clear sustainability cri-teria should be applied in the evaluation of equities andfunds. An additional sustainable promise in connection withBank Sarasin can also be seen in the fact that, as its new ma-jority shareholder, Safra will acquire Rabobank’s controllingstake in Sarasin. So not only does the Bank’s sustainablebrand recognition remain intact but at the same time jobswere also able to be saved.

What about non tax-compliant assets and cross-border issues?Today, every bank needs to be able to demonstrate that it has what it takes in terms of professional teams, know-how

and systems in order to support clients in a fully compliantmanner. It is imperative that Banks have a clear understand-ing that violations of regulations abroad will result in severesanctions. Bank Sarasin is already well at the forefront com-pared to its competitors, especially when it comes to compli-ant cross-border business and the strategy for avoiding nontax-compliant assets. Their systematic implementation iswhere the challenge lies for the Bank going forward.

What added value does sustainability bring to the company?In addition to the branding and reinforcement of its reputa-tion in terms of risk minimisation, long-term client relation-ships can also be forged through compelling positioning andimplementation of a sustainable business model. A com-pelling approach provides the means for acquiring an addi-tional private client group. Compelling sustainability affordsthe company an opportunity to successfully brand itself andreinforce its reputation – in terms of risk minimisation.

How can clients be sure that sustainable asset managementdelivers what the provider promised? It is vital to understandwho is launching the services or products, on the basis ofwhich criteria, whether the business model of the relevantbank or asset manager abides by economic, ecological andsocial sustainability criteria. By way of comparison, it is alsoimportant to pay attention to whether the provider is usingsustainability merely as a marketing tool or whether this in-volves a serious and long-term commitment. This is relativelyeasy to track down.

Turning to the share of sustainable assets, how is it possibleto guarantee or achieve comparability among banks? It is in-deed possible to perform a comparison among the variousapproaches (multi-funds concept, theme funds, best-in-class)provided that transparency is assured. This should be a basicprerequisite in the first place for obtaining a “sustainabilitylabel”.

Daniel Patrick Senn is employed at KPMG. He is a partner, member of the

Executive Board, Head of Financial Services, Sector Coordinator of Banking,

Switzerland. The interview was conducted by Franziska Gumpfer-Keller,

Corporate Communications, Bank Sarasin.

restrictive legal and regulatory frameworks place ever-greater demands on client relationship managers involved incross-border business activities. For Sarasin, compliance withmarket-specific and regulatory requirements in Switzerlandand in its target markets is paramount. A systematic organi-sational focus on the specific underlying conditions in themarkets not only contributes to further enhancement of theprofessional quality of client relationship managers, who arefree to concentrate on the unique aspects of a dedicated mar-

ket, but also the minimisation of risks to the Bank itself. Aspart of its strategy to minimise risk and concentrate on se-lected markets, Bank Sarasin decided in 2008 to withdrawfrom the US market. This decision was implemented and fi-nalised in 2009.

Clients benefit from enhanced risk disclosureSarasin was also one of the first banks in Switzerland to in-troduce the EU MiFID (Markets in Financial Instruments Di-



rective) for clients in Switzerland in 2010. In doing so, it hasalso opted to minimise risk further. The Bank is esteemed forits high-quality consultation, of which the maxim “Knowyour clients” and the determination of clients’ risk toleranceand appetite form an integral part. Experience in 2011demonstrates that the strategy is clearly paying off.

Responsible investment for our clientsThe basis of the Sarasin Group’s success is also founded on itssustainable investment strategy and its solid, sustainableknow-how gleaned from over twenty years of experience.Sarasin responded promptly – ahead of other banks – to theneed for greater transparency, as well as comprehensive andproactive management of risks and opportunities. This in turnprompted Bank Sarasin’s decision to introduce sustainabilityin 2009 as a standard additional decision-making criterion forasset management mandates of private clients in Switzerland.As a result, the Bank is able to respond effectively to a needon the part of clients for this type of asset management. Sinceautumn 2011, the sustainable discretionary asset manage-ment agreements have also been offered to private clients inAsia. Not least, the dramatic events in Japan demonstrated inearly 2011 just how important a serious sustainable invest-ment that rules out problem areas is. Bank Sarasin is con-vinced that the identification and systematic avoidance ofcompany-specific and sector-specific risks will continue togenerate demonstrable added value for our clients.

Sustainable and responsible investment universeIn order to expand its leading role, the decision was taken bymanagement in early 2011 to gear the investment strategy ofBank Sarasin even more strongly towards sustainability. Theappropriate adjustments have been made to the organisa-tional structure of asset management in Switzerland in orderto achieve the goal of greater consistency in the implementa-tion of investment decisions. This is backed by an evenbroader and more compelling sustainable product offeringwhich includes responsibly managed solutions. In addition tosustainable products, Bank Sarasin also offers responsiblymanaged solutions. Investments in sustainable instrumentscontinue to meet the stringent requirements of sustainableasset management. With responsible investing, it is possibleto purchase instruments not designated as sustainable – butonly after the environmental and social risks have been criti-cally examined and monitored and then also identified asnecessary and economically viable for the task. Responsibleinvestment styles provide for a minimum standard, which atthe same time underscores the credibility of Bank Sarasin’ssustainability approach.

Exciting investment themes: Water …The Sarasin Group offers not only institutional investors butalso private clients an innovative and sustainable productrange catered to their individual investment needs while en-abling them to benefit from customised management of theirassets. One of the major investment themes dominating this

Bank Sarasin continues to reign as market leader in SwitzerlandDuring the reporting period, assets man-aged sustainably by the Sarasin Groupdeclined by 9% to CHF 12.3 billion asof 31 December 2011 mainly due to negative currency effects and negativeequity market performance. In additionto its sustainably managed assets, re-sponsibly managed assets (reported forthe first time) stood at CHF 4.7 billion

as of 31 December2011. Sustainablymanaged discretion-ary mandates for

private clients continue to enjoy strongdemand among the Bank’s clients inSwitzerland: The number of mandateswas increased by a further 5% duringthe reporting year. The correspondingtotal asset volume of sustainably man-aged discretionary mandates decreasedby 4% as a result of nega-tive market performanceand currency effects.Measured in terms of theSarasin Group’s total client assets withasset management mandate (includingproprietary funds), the proportion of responsibly managed assets stood at11.3% as of 31 December 2011 andthat of sustainably managed assetsamounted to 29.7%.

At the end of 2010 the market for sus-tainable investments in Switzerland(investment funds, mandates andstructured products) hit a new recordhigh of CHF 42 billion, representing anincrease of 23% on the previous year.In 2010 net inflows of sustainable as-sets averaged 4% while comparablenon-sustainable Swiss funds postednet outflows of the same order of mag-nitude. With a market share of 27%Bank Sarasin continues to reign asmarket leader in sustainable invest-ments in Switzerland.1

12.3

4.7


European market environment –uninterrupted growth trendThe market for European sustain-ability funds grew 12% in 2011,from EUR 75.3 billion (2010) toEUR 84.3 billion (2011). At thesame time, the proportion of sus-tainable investment funds as a per-centage of the total fund market(UCITS) increased from 1.34% inthe previous year to 1.42%. The

market for SRIfunds in Europethus continues toexpand at an unin-

terrupted pace both in terms of absolute and in terms of relativeunits. Although sustainability fundsstill represent a niche area withinthe total fund market, they enjoyincreasing popularity each yearand exhibit greater momentum relative to the rest of the sector.6

decade is water. Sarasin Sustainable Water Fund2 has been in-vesting in this theme for four years now. The investment strat-egy makes cross-border and cross-sector investments in fu-ture-oriented sustainable companies covering the entire valuechain of the global water market. The fund’s success is illus-trated by the Climate Change Award in the category “Water,Food, Agriculture”, which it was awarded by InvestmentWeek magazine and wealth manager Holden & Partners atthe end of 2011. The jury singled out the fund’s unique in-vestment selection process. In order to offer qualified in-vestors the opportunity to benefit from the Sarasin Sustain-able Water Fund’s investment strategy, Sarasin launched anew sub-fund in late May 2011 that is denominated in USdollars.3

… and real estateMany pension funds rely on a real estate focus in their port-folios. By contrast, Swiss pension funds invest in overseas realestate only to a limited extent. However, the growing shortageof opportunities in the Swiss market could change all that.Bank Sarasin and Catella Real Estate AG have joined forces toestablish a real estate fund solely for institutional investorsseeking new opportunities to benefit from international realestate markets. The first sustainable property fund aimed ex-clusively at institutional investors was launched in October2011, with the EUR 100 million fund investing solely in sus-tainable buildings in high-growth European cities. The newlylaunched fund will initially focus on Germany, France and theNordic countries. The fund’s management will invest primar-ily in office and commercial properties.

In addition, the conventionally structured Sarasin BondSarWorld A fund was converted into Sarasin Sustainable Bond –EUR Corporates4 as of 31 December 2011. The fund’s newinvestments are mainly in euro-denominated corporatebonds that meet Bank Sarasin’s comprehensive sustainabilitycriteria. Another key element of the investment concept is itsactive maturity management, which uses a systematic ap-proach incorporating both quantitative models and qualita-tive assessments of interest rate developments. This fund isaimed at private and institutional investors.

STOXX®5 made by SarasinAs of March 2011 Bank Sarasin is responsible for the com-position of the Stoxx® Sustainability Indices, taking the placeof SAM Group. Index members are taken from the Stoxx®

Europe 600 Index in line with Bank Sarasin’s sustainabilityrating. As the sustainability ratings cover nearly all indexmembers of the Stoxx® Europe 600 Index, the Stoxx Sustain-ability Indices will now be broader in scope. STOXX® sees

Bank Sarasin as a reliable partner boasting a long-establishedtradition. This is also a welcome move for Bank Sarasin. “Weare truly honoured that Stoxx has opted for our research forindices as an index base,” said Andreas Knörzer, Head ofAsset Management.

Commitment as investor and sustainable lendingInformation on how Bank Sarasin exercises its voting rights fornumerous sustainability funds and how sustainability is em-bedded in its lending business is found in the PDF version of thereport under www.sarasin.com/Heading “Sustainability”.

1 onValues (2011): Sustainable investments in Switzerland 2010.2 This fund is approved for distribution in the following countries: Austria,

Belgium, Denmark, France, Germany, Great Britain, Ireland, Italy, Liechtenstein,

Luxembourg, the Netherlands, Singapore, Spain, Sweden and Switzerland.3 This fund is approved for distribution in Luxembourg and Singapore.4 This fund is approved for distribution in the following countries: Austria,

Belgium, Denmark, France, Germany, Great Britain, Ireland, Italy, Liechtenstein,

Luxembourg, the Netherlands, Spain, Sweden and Switzerland. 5 The STOXX® Sustainability Indices are the intellectual property of STOXX®

Limited. STOXX® makes no investment recommendations and shall not be

liable for any errors or delays in the index calculation or data distribution.6 Vigeo SRI Research (2011), “Green, social and ethical funds in Europe 2011”.

12%



Bank Sarasin is Switzerland’s Market Leader in SustainableInvestment. We set ourselves apart from our competitorsthrough our discerning and proactive investment style. Tex-tile and clothing industry ratings and our study on govern-ment bonds serve to demonstrate how a sophisticated sus-tainability analysis that incorporates longer term and socialaspects is able to reduce investment risks and create addi-tional investment opportunities as a result.

With reference to the textile and clothing industry, we favourcompanies whose suppliers meet high environmental and so-cial standards. Our underlying rationale is that a clothingbrand’s reputation can be rapidly damaged by critical mediapublicity, e.g. poor working conditions. Similarly, a rigoroussustainability analysis was instrumental in Bank Sarasin’s de-cision to avoid investments in Greek, Portuguese and Italiangovernment bonds and even US government bonds. Espe-cially in view of the current debt crisis, sustainability analy-ses show undisputed added value.

Sustainability rating of countries (as of 2010)Sarasin Sustainability-Matrix®

high

Res

ourc

e ef

ficie

ncy

low

Sustainable investment at Sarasin –Our distinct approach guarantees qualityby Eckhard Plinke, Head of Sustainability Research at Bank Sarasin

Sweden

Germany

Austria

Switzerland

UK

Australia

Availability of resourceslow high

The Netherlands

Greece

China

Poland

Romania

Botswana

RussiaZimbabwe

Cyprus

USA

Brazil

Chile

Costa Rica

South Africa

Japan

Investment universe

Source: Sustainability study of Bank Sarasin (2011): Sustainability and

Performance of Sovereign Bonds, see page 43, focus 2.


Focus 1: Textiles and clothing industryA clear conscience when sporting a T-shirtWhen it comes to making equity investment decisions, wesupplement companies’ traditional financial analysis with atwo-dimensional sustainability rating, our so-called SarasinSustainability-Matrix®. Each company rating is comprised oftwo components:

The industry rating measures the environmental and social im-pacts of a particular industry. In the textile and clothing in-dustry, these mainly consist of impacts associated with thecompanies’ supply chain: Impacts range all the way fromwater consumption and the use of pesticides in cotton pro-duction and to water pollution from tanneries and dye worksin countries with low environmental standards through topoor working conditions in the textile industry, a considerableshare of which takes place today in emerging and developingcountries. Our industry rating defines the admissible area forthe sustainable investment universe. Our textile industry andclothing industry rating is “average”. Other industries, such asthe weapon industry, are utterly excluded from our sustainableinvestment universe.

The second step in our sustainability rating involves the com-pany rating, which assesses how well the respective com-panies manage these environmental and social risks. In thetextile and clothing industry, the focus of our sustainabilityanalysis is thus on how well companies master their supplychain. Our best-practice checklist:> suppliers observe internationally recognised environmental

and social standards, e.g. organic cotton label or fair work-ing conditions (occupational health and safety, minimumwages, working hours, minimum age, trade union freedom,etc.),

> regular company visits to monitor suppliers for compliancewith standards,

> active support of suppliers to encourage improvements inenvironmental protection and working conditions, e.g.training, consultation and mechanisms ensuring the rightto be heard for employees in the supplier companies.

Information from independent sources such as non-govern-mental organisations (e.g. Clean Clothes Campaign, Oxfam)that publish data on the extent to which environmental andsocial standards are actually achieved. Our Bank’s sustain-ability analysis provides a detailed profile of companies thatbest fulfil these criteria. These companies are able to benefitfrom the cost advantages of production in emerging countriesover the longer term without running high reputational risks.This holistic analysis helps reduce financial risks while at thesame time identifying long-term investment opportunities forclients.

Focus 2: Government bondsFocus on the “nature” of government bonds for the earlydetection of risksIn recent years, supposedly safe government bonds haveturned out to be far riskier than previously thought and sosuffered significant losses as a result. This raises the questionof whether certain indicators for these negative develop-ments were already present beforehand. One might arguablyjust as well do without the “traditional” credit ratings of themajor rating agencies. A closer examination reveals, however,that in most cases the credit ratings issued by the agencieswere continually adjusted downward – nearly in parallelwith the drop in value. Hence, rather than offer an indicationfor the future they turned out to be more of a by-product ofthe present.

For a more reliable indication, we first need an accurate un-derstanding of the very nature of government bonds. By issu-ing government bonds, states pledge to make future interestand principal payments in exchange for a lump sum amounttoday. To a considerable extent, the fulfilment of the prom-ised payments depends on future tax receipts. Accordingly, asustainable tax base, primarily in the form of future goodsand services, is a must. This in turn depends on a country’sresource availability and its efficiency in converting these re-sources into goods and services. As for the future, we can ex-pect ongoing scarcity of resources in the face of continuingglobal population growth together with a steady increase inprosperity.

Based on these observations, we at Bank Sarasin focus ontwo main themes in our sustainability analysis of governmentbonds. First, we measure the availability of natural, socialand economic resources, including freely available land areaand the demographic situation in a country. Second, the Bankanalyses the efficiency of the transformation of resourcesinto quality of life, which includes not only material wealthbut also education and health. We supplement this with ananalysis of the efficiency of economical, political and socialprocesses such as competitiveness and income distribution.Countries with comparatively high resource availabilityand/or efficiency include Sweden, Australia, Brazil, Germanyand Switzerland. The solvency and hence creditworthiness ofa country are closely connected to its sustainable productivecapacity. Bank Sarasin’s sustainability rating allows investorsto integrate environmental and social criteria into their in-vestment decisions (see page 42, Sarasin Sustainability-Matrix®).



HIGH LEVEL OF SATISFACTION AS THE OBJECTIVE,ACTIVE COMMITMENT AS A CONTRIBUTION

Relationship with stakeholders

3_We build sustainable relationshipswith our stakeholders.The following objectives should beachieved by the end of 2012:

Establishing a continuous dialogueand engagement with external stake-holders on sustainabilityFurther intensifying external commu-nication on sustainabilityEncouraging knowledge on sustain-ability through own research studiesand third party research projects

In the economic sustainability area (profit) the demandsmade of the Sarasin Group come from the market partici-pants. The focus here is upon the shareholders and analystsas well as existing and potential clients.

Safra supports Sarasin’s future oriented positioningA core issue for the Sarasin Group is the sustained protectionof its strategic direction and economic success for its share-holders. Safra is a new, financially powerful majority share-holder who supports Sarasin’s strong position as an inde-pendent Swiss private bank under the Sarasin Brand as wellas its strategy and business model. As Joseph Safra explainedin the media release of 25 November 2011: “It is a privilegeto make this investment in Sarasin, reflecting Safra’s commit-ment to, and confidence in, the strength, reputation and qual-

ity of Sarasin’s banking business, its people, clients and fu-ture business potential.” Safra and Rabobank signed an Ac-quisition Agreement in November 2011, whereby Safra willacquire the majority of shares of Bank Sarasin. The agree-ment is still subject to approval by the respective authoritiesin Switzerland and abroad. The transaction is scheduled forcompletion in the first half of 2012. Corresponding withSwiss Law, the obligation to submit a public offer to the mi-nority shareholders will be triggered with the enforcement ofthe transaction.

Discussions with sustainability analysts As part of its sustainable investments Bank Sarasin criticallyanalyses companies’ sustainability practices. And it is just asimportant for the bank to know how its own sustainability israted by third parties. The Bank therefore sought a dialogueand discussed its own strengths and the existing improve-ment potentials with external sustainability analysts in 2011.Bank Sarasin spoke with analysts from the independent rat-ing agency oekom research, the Zürcher Kantonalbank andthe Genfer Kantonalbank. The analysts’ feedback was verypositive, not least because only a few companies actively seekout a direct exchange with analysts. Please visit the linkbelow for the ratings published in 2011: www.sarasin.com/Heading “Sustainability > Reports, ratings and awards”.

Clients give the bank a good testimonialA central concern of the Sarasin Group is to satisfy theirclients. Bank Sarasin last measured client satisfaction in 2007and thus opted to conduct another comprehensive client sur-vey in the private banking sector in 2011. Private clients wereinvited to take part in this survey, which will now be con-

It is important for the Sarasin Group to uphold an ongoing dialogue with all its stakeholders. For business-policy decisions made at a corporate management level, the management

strives to take account of the interests of all stakeholders who are connected with the Sarasin Group. Sarasin identifies its stakeholders in line with the three pillars of its

sustainability policy: “Profit”, “People” and “Planet”.


ducted on an annual basis in the future. The overall result of the surveywas very positive, showing that ourclients have a strong association withBank Sarasin and value the business relationship. Good advisory and servicefeatures have the greatest influence on theclient relationship. Clients in the retail sec-tor rate the advisory quality very highly. It ispleasing that the majority of clients rate BankSarasin better than the other banks with whichthey also have a business relationship.

In addition, clients can give both positive and critical feed-back to Bank Sarasin via several channels since the summerof 2011. They can either inform the client relationship man-ager or forward information using the feedback form on theSarasin website. A third option is provided by the e-mail ad-dress [email protected], using which clients can contactBank Sarasin. These responses are coordinated and evaluatedcentrally, in order to specifically improve the quality of theservices provided.

The needs and interests of our existing and potential clientsare reflected also in the Bank’s new sponsoring strategy. Thisis dedicated mainly to classical music, art and philanthropi-cal projects. In 2011 Bank Sarasin supported the ForumStiftungswesen Schweiz as main sponsor. With many years ofexperience in the field of sustainable asset management, thebank is the ideal partner for all charitable trusts with a focuson non-profit objectives.

In the social sustainability area (people) Sarasin differentiatesbetween the employees as internal stakeholders on the onehand and external stakeholders on the other. Media profes-sionals and government agencies are the main external part-ners here.

Sustainable relationship with the media and the stateThe Sarasin Group has regular contact to national and inter-national media. It uses the communications tools at its dis-posal to maintain these links. There was tremendous media

interest concerning thechanges introduced to the

shareholder structure in particular in 2011.As a listed company Bank Sarasin is bound by specific regu-lations. Essentially this relates to the obligation of issuers todisclose potentially share price-sensitive facts. Sarasin Groupoffices also maintain regular contact with the respective localregulatory authorities. The Swiss Bankers Association (SBVg)and the Association of Foreign Banks in Switzerland assumehigher level authority interests in Switzerland and abroad onbehalf of Bank Sarasin. Joachim H. Straehle, CEO of theSarasin Group, has been a member of the Board of Directorsof the SBVg since 2011.

Satisfied employees generate added valueMotivated and committed employees are an important suc-cess factor for every company. Different instruments andforms of dialogue are required to identify the employees’needs. So Sarasin conducts group-wide employee surveys ona regular basis. The response rate of 73% for the survey con-ducted at the end of 2011 demonstrates the employees’ highlevel of interest in voicing their opinions. The result showsthat the employees associate strongly with the SarasinGroup. With 71 points out of a maximum of 100 on the emo-tional attachment index, the survey shows a good result forsatisfaction among the employees. The Sarasin Group em-ployees are proud of the company (3.9 points from a maxi-mum of 5). They enjoy coming to work (3.9 points from amaximum of 5) and would recommend Sarasin as an em-ployer to friends (3.8 points from a maximum of 5). Areas

Non-

gove

rnm

enta

l

orga

nisa

tions

(NGO

s)

Government agencies

Clie

ntsSh

areh

older

s

Employees

Government agencies

Analysts

Media professionals

SuppliersPE

OPLE

PROFIT

PLANET


which can be further optimised are currently being evaluatedand actions will then be defined and implemented. Thetremendous loyalty to the Bank was also evident in the ex-traordinary dedication of the Sarasin employees concerningthe sales rumours in mid-November 2011. At an employeemeeting convened by the employee representatives (ANV)they demanded that the Rabobank give high priority duringthe negotiations and for their decision to both the long-terminterests of the Sarasin Group’s clients as well as to the loy-alty and the commitment of the employees.

The ecological sustainability (planet) demands made ofSarasin come largely from non-government organisations.Sarasin Group wishes to intensify the active dialogue here in2012.

The Bank already manages both the “Living Planet” and the“Living Planet Energy” funds by the international environ-mental protection organisation WWF (World Wide Fund forNature). The celebrations to mark the 50th anniversary ofthe WWF in Switzerland were given generous financial sup-port by Bank Sarasin.

Sarasin for society

Independent of the dialogue with stakeholders, one of theSarasin Group’s and its employees’ major concerns is to makean active contribution to sustained social development withdifferent commitments.

Passing on knowledge about sustainability topicsThe Sarasin Group compiles and shares knowledge aboutsustainability-related topics. The Sarasin Sustainability Re-search Team has ten employees who have, on average, 15years of professional experience. Each year the team pub-lishes surveys concerning relevant topics and issues. The find-ings covered provide different stakeholders – such as ana-lysts, media representatives, non-government organisations(NGOs) or an interested public audience – with basic infor-mation about the sustainability of individual sectors or tech-nologies. The surveys also give the employees, especially theclient relationship managers, an important information plat-form. In 2011 Sarasin published five sustainability studies:Knowledge society as a megatrend, Sustainability of sover-eign bonds, Health care in emerging markets, Solar energy,and Sustainability in the banking industry. At the same timedifferent authors put their expertise at disposal in variousspecialist articles. We are planning to step up our publicationactivities in 2012: The Bank will be publishing a fact sheet ora more extensive survey ( www.sarasin.com/Heading “Sus-tainability > Responsible investments > Publications”) everymonth.

Awareness campaign in the Middle EastEmployees at Bank Sarasin-Alpen learned that changing tomore a sustainable way of life can be fun at a sustainability

The Sarasin team demonstrates its winning mentality at the Rat Race

in Hong Kong – Staff from offices in the Middle East planted numerous

trees as part of a Sustainability Week – “Culture at lunchtime” is the

name of the alternative lunch breaks for staff at the offices in Switzer-

land – The staff of Bank Sarasin-Alpen collected money for children in

Somalia – Top sporting achievements were the name of the game at

the Laureus Foundation event (from left to right)



week held in all offices in the Middle East and in India. Underthe motto “Let’s go Sustainable” awareness was increasedamong employees for various sustainability topics. All officesintroduced a recycling programme as part of the week’sevents. A highlight was also the tree planting event whichwas conducted together with local schools: This involvementshows that the Sarasin Group is committed to the principlesof sustainability independent of the location. So it comes asno surprise that Bank Sarasin-Alpen has become a foundingmember of the Sustainability Network at the Chamber ofCommerce in Dubai.

Sporting commitment …Two events sponsored by the Sarasin Group are excellent il-lustrations of how community involvement can be combinedwith sport and fun: The eight-man delegation from SarasinHong Kong joined in when Hong Kong’s business centre wastransformed into a funfair of light-footed managers and cre-atively-dressed teams to mark the annual CENTRAL RatRace in mid October. The participants’ task was to pass on abriefcase in a kind of relay race over a distance of 2.5 kilo-metres. Over 450 people took part in the charity race, heldfor the sixth time, and together raised a total of USD337,000. This will be donated to organisations and projectsin Hong Kong and China which work to improve mentalhealth.

The second example originates in Switzerland: In April 2011the Swiss Championships “Alpine Skiing for the Visually andPhysically Handicapped” took place in St. Moritz. Volunteersfrom Bank Sarasin supported the entire proceedings and theevent was organised by the Swiss Laureus Foundation. BankSarasin has been a national partner of this organisation since2011. Joachim H. Straehle, CEO of the Bank, is a member of

the Board of Trustees. The Laureus Foundation supportsprojects which reduce the social challenges facing childrenand teenagers by encouraging them to participate in sportingactivities, thus motivating them to cope better with their cir-cumstances.

… and financial supportIn 2011 the Sarasin Group supported a variety of charitableorganisations at its locations with CHF 227,000. The focushere was on urgent and fast support when catastrophesstruck.

Together for more sustainabilityFor many years, the Sarasin Group has been actively involvedin numerous initiatives and organisations which work forsustainable development. Two important developments wereachieved in 2011 regarding different community initiativesby responsible investors: In April the Carbon DisclosureProject (CDP), of which the Sarasin Group has been a mem-ber since the outset, sent a personal letter to the world’s 500largest corporations. The corporations were requested to setthemselves specific emission and energy efficiency objectivesas part of their sustainability reporting. At a national levelthe Swiss Parliament agreed on new CO2 Legislation. By theyear 2020 total CO2 emissions should be reduced by 20% incomparison with the 1990 figures. Prior to this, Bank Sarasinhad already addressed other renowned companies in writingin a letter from the Swiss trade association swisscleantechand members of parliament by means of advertising. As suchthey documented their support for a solid CO2 Legislation. Afull list of the investor initiatives and memberships is pro-vided on the Internet at ( www.sarasin.com/Heading “Sus-tainability > Dialogue and commitment”).



MANAGING, WORKING ANDFURTHER DEVELOPMENTSustainable corporate culture

4_We live up to a responsible corporatebehaviour.The following objectives should beachieved by the end of 2012:

Integrating sustainability into theMbOs (Management by Objectives)Implementation of a new process to manage human capital Group-wide rollout of the Sarasin Development Forum Establishing a health managementconcept for the staff of Bank Sarasinin SwitzerlandFurther intensification of internalcommunication on sustainability

The headcount in the Sarasin Group grew this year by 72.8jobs (+ 4%) to a total of 1,715.2 jobs (adjusted for part-timestaff) at year-end 2011. The group-wide fluctuation rate was13%. The employee survey conducted at the end of 2011shows the high level of satisfaction among the bank’s em-ployees (see page 45).

Sustainability objectives as part of the MbO processWe achieved an important objective for the fourth key indi-cator in 2011 by integrating the sustainability objectives into

SaraDialog, the instrument for Management by Objectives(abbreviation: MbO) at the Sarasin Group. Specifically, eachobjective in the sustainability strategy is split into sub-objec-tives and assigned to the respective middle and upper man-agement members. The management board members are responsible for achieving the primary objectives. The em-ployees will also be reassessed regarding the conduct objec-tives in how far they identify themselves with the core valuesustainability and in which way they take sustainability prin-ciples into consideration as part of their activities.

Code of conduct as an obligatory guideThe foundation for the Sarasin Group’s success is the confi-dence entrusted by existing and potential clients. This confi-dence depends upon how the bank is experienced on a dailybasis. A group-wide code of conduct which was adapted tothe existing mission statement and in line with the sustain-ability objectives was introduced in February 2011. This covers the underlying principles, which are to be observed byall employees of the Sarasin Group as well as by the Membersof the Board of Directors as part of their business-related activities. It comprises the daily behaviour in dealing withclients, between the employees of the Sarasin Group and allother stakeholders. The code calls upon the employees to uphold all valid laws and regulations. The code of conductforms part of the employment contract. The Sarasin Grouprelies on an open dialogue should possible violations ariseagainst the codex: If in doubt, the initial point of contact isthe line manager. Should this not be possible, contact should

The Sarasin Group is an attractive employer thanks to its clear positioning. The company attracts first-rate applicants

both at home and abroad. The group succeeds in winning and retaining high-performing employees with focused development programmes, a strong corporate culture,

convincing management personalities and competitive market-oriented salaries.


be taken up with the Human Resources Department. Thecode of conduct of the Sarasin Group is accessible publicallyon the Internet ( www.sarasin.com/Heading “About us”).

Leadership with foresightThe Sarasin Group encourages and challenges its manage-ment staff. The management is largely staffed by locals at theinternational locations. Those who want to be good man-agers must be aware and accepting of their own weaknessesas well as being prepared to consistently expand and imple-ment their strengths. Successful managers are experts in detecting, developing and drawing upon personal strengths.Good leadership goes hand in hand with creative, motivatedand high performing employees and a pleasant working at-mosphere. Bank Sarasin therefore offers special LeadershipDevelopment Modules.

The Leadership Development Modules adopted by the SarasinGroup differ from conventional management training courseswith an orientation to professional sports, from which man-agement principles and management fundamentals can be mir-rored and in part also derived. The participants experiencefirsthand how management is practiced in the sporting worldby not only speaking to top sports men and women and na-tional trainers, but also visiting training sessions for differenttypes of sport. These experiences encourage contemplationand facilitate a critical analysis of one’s own management style(see Interview with Urs Muehlethaler, page 50).

The management training is one of many elements of the Development Forum which was introduced one year ago andwith which the Sarasin Group sets new standards in humanresources development. It is a comprehensive and integratedinstrument for development as well as for vocational educa-tion and training of the employees. In 2011 alone, a total of1,095 training days were held as part of the Forum – 80 percent of the management staff from the upper and middle lev-els attended a Leadership Development Module. In the sec-ond half of 2011 the first Management Module was held inthe Middle East in Dubai. The focus here too was upon theexpectations, fundamentals and moral concepts, which theSarasin Group places upon its management staff. Coupledwith invitations extended to foreign employees to events heldin Switzerland, the Development Forum will become an ex-change platform for different international locations. TheDevelopment Forum makes a fundamental contribution tothe sustainable corporate culture thanks to discussions aboutvalues and norms.

Committed to vocational trainingBank Sarasin has facilitated young people at Swiss locationsto start apprenticeships and as such to start their careerssince the 1930s. The practical everyday working life beginssubsequent to an introductory period: The trainees are sup-ported and trained by their vocational trainers. Each traineeis also assigned to a mentor as additional contact who helpsthe trainee to integrate quickly into the culture at BankSarasin. At present 17 trainees are currently undergoingtraining to become computer scientists (system technologyarea) or clerks.

On a typical working day the trainees will have contact withmany different people. We encourage a high degree of socialcompetence which they can also apply in unusual situations.So this year too, for three trainees at Bank Sarasin this meantthe following: Swap sides! They were given the opportunityto gain insight into the everyday lives of the physically handi-capped during a three-day placement at the Accommodationand Office Centre for the physically handicapped in Reinach(near Basel).

Healthy employeesWithin the key indicators for sustainability Bank Sarasin hasset itself the objective of developing a strategic health man-agement concept in 2012. Today already the Sarasin Groupviews the promotion of health as a fixed element of the cor-porate culture. For example, the Bank provides free tea, cof-fee and water dispensers in its Swiss offices. All offices in theSarasin Group have been non-smoking since 2007. At BankSarasin in Switzerland free flu vaccinations are offered everyyear. Employees in Switzerland also have the opportunity tobenefit from reduced rate health insurance premiums. At theBasel office the bank employees are also given a discount fora subscription to a local fitness studio.

Wellness week in DubaiFor one week in 2011 the focus of daily office life was put onhaving fun exercising and healthy nutrition at the Dubai of-fice. Under the motto “Wellness Week” all employees wereoffered a variety of activities and presentations in May 2011.There was a choice between interesting talks on health andcorrect nutrition. A fitness coach was invited to show em-ployees exercises for everyday life. With the help of reducedentry fees incentives were set to go to the fitness studio moreoften. Each employee was offered a medical health check too.The health week culminated in a seated yoga class.



Leadership module

“Management staffshould adopt therole of coach moreoften”

Urs Muehlethaler provides answers about what managementstaff can learn from the sporting world and the quality ofBank Sarasin’s management.

What can the Sarasin management staff learn from the sport-ing world? The “Learnings” focus on direct management, ac-companying employees and taking the time to do so. Leader-ship in sport is much more direct because the coach is alwaysthere on the job. As such, sport provides good visual instruc-tions in terms of a reflective platform. The corrective element(technical processes, tactical situations) that is very dominantin the sporting world and leads to frequent interaction withthe sportsmen and women, is less central in a company’sdaily management routine.

Which qualities does the management at Bank Sarasin havethat are convincing? First and foremost, I observed the man-agement’s high level of identification with the company. Thenthere is the willingness to grapple with management issuesand being open to new things. The ability to question one’sown structures critically and to change these is also evident.

What are the challenges that our managers have to master or consider more strongly? I see three points here: First of all,the management staff should be less player manager and assume the role of coach more. Secondly, the issue is to takeadvantage of leeway for decision-making and not to delegateresponsibility upwards, but instead to assume this more con-sciously. Thirdly, the issue is to support decisions taken by di-rect subordinate employees – i. e. to back them up – and notto allow these decisions to be bypassed by informal routes.

Urs Muehlethaler is Coach and former professional coach of the Swiss na-

tional handball team. As an external specialist he supports and accompanies

the Leadership Modules of Bank Sarasin. The questions were posed by

Franziska Gumpfer-Keller, Corporate Communications, Bank Sarasin.

In 2011 absenteeism due to illness and accidents totalled2.23%.

Communicating sustainabilityThe initial impression is what counts: The Welcome Day atthe Sarasin Group is therefore also an important special oc-casion for the bank and its new employees. This event washeld three times in 2011. On this introductory day all man-agement members take the time to welcome the new employ-ees from all international locations at the headquarters inBasel and to introduce them to the history and corporate cul-ture of the Sarasin Group.

After the introductory day it is up to the internal communi-cations team to convey ongoing expertise about sustainabil-ity. The employees can obtain in-depth information from theIntranet sustainability pages covering current topics, the sus-tainability strategy as well as sustainability objectives andcurrent projects. On average, one news article is posted onthe intranet about sustainability every two weeks. The em-ployee magazine “Oak Tree”, which is published three timesa year, includes a section on sustainability with various cur-rent background reports from within the Group. A five-head“Client Services Sustainable Investment” team is availablefor the client relationship managers in all locations to answerquestions about sustainable investments and sustainable fi-nancial products.

An interesting excursion on the Basel tram provides an ideal opportunity to get

chatting to new colleagues – Staff in Dubai learn that health-promoting exer-

cises are perfect for integrating into day-to-day office life – It’s all about team

spirit in the leadership modules – You can learn a great deal about leadership

by talking to top sportspeople – Staff experience the magic of sustainability

at the Welcome Day (from top to bottom, left to right)



Women in management positions

“It’s not about quotas”

With Dagmar G. Woehrl, a member of the German Parlia-ment, a woman took over a seat for the first time in the Boardof Directors at Bank Sarasin in 2011. This choice all the morepleasing precisely because women in board and manage-ment positions are underrepresented. Personnel consultant Claudia Bucheli Ruffieux is convinced that companies whouse female potential will gain in the long run. She is also ab-solutely aware of the fact that women are difficult to recruitfor management positions.

“Diligent women do the work, while the clever ones get pro-moted”1 – Mrs Bucheli, is this statement true? Yes and no. Itis true that women are more reserved than men: Whilewomen are still thinking about whether or not they are doinga good job and consolidating their existing position, the menhave already planned out their next career move.

In Asia our share of women in management functions and onthe client relationship manager side is pleasingly high. How-ever, we still need to catch up in the European locations. Howdo you explain this picture? There are many non-skilledworkers for different jobs in Asia. Women use this there andare, for example, more willing to delegate childcare. Thelower women’s quota in management positions in Switzer-land is not least the result of the social structure and the prevailing understanding of roles. In our culture women feelresponsible for childcare. They only want to delegate this re-sponsibility to a certain extent.

Is that why it is more difficult to recruit female managementemployees? No, this is not the only reason. Women are lesssingle-tracked. They repeatedly ask themselves the question:Do I want this? Would something else also be worth consid-ering? They also say: It’s not worth it (for me). So there arealways women who leave larger organisations because thecareer development there is too one-dimensional and theywant to organise their lives with more variety. Women mustbe prepared to go out on a limb in a male-dominated world.Many do not want this.

Is there market demand for more female client relationshipmanagers? The issue is not that the client relationship man-

ager has to be female. Far more, a company must be able toaddress the different customer requirements. There are maleclients who are supported or want to be advised by a femaleconsultant, and there is the female client who feels thatwomen understand her needs better. The gender-specific variety is part of the diversity issue and should be taken ac-count of.

In 2001 the percentage of women in management positionsin the Sarasin Group was 12.9%. Is that sufficient or whichquota is correct? It is not a matter of quotas, which, by theway, many women do not want. However, women have notyet reached a percentage rate for which it is completely normal that they are up there together with the men in man-agement. The objective should be to give the subject a rele-vance and to strive for a different distribution.

Is it necessary to cultivate female talents specifically? If youassume that you have women in the company who showgreat potential, but that are forgotten because they do notpush themselves forward, then yes. These women can begiven strategic projects for example, for which they can goout on a limb themselves and assume responsibility.

What can a company do over and above this? A companymust want to position itself deliberately as women – andfamily-friendly company. Issues here are, among others, flex-ible working models, for men too, or infrastructure advan-tages.

1 Titel of Barbara Schneider’s book “Fleissige Frauen arbeiten, schlaue steigen

auf: Wie Frauen in Führung gehen” (Gabal 2009; only available in German).

Claudia Bucheli Ruffieux is a part-

ner at Amrop Executive Search AG.

She is a solicitor and graduated in

law from the University of Zurich.

The interview was conducted by

Franziska Gumpfer-Keller, Corporate

Communications, Bank Sarasin.


FOCUS ON MANAGING RESOURCES EFFICIENTLY

Environment

Managing resources efficiently involves taking action to cutCO2 emissions. The Sarasin Group used the software (SoFi)developed for financial service providers in drawing up itsenvironmental performance report. The software makes iteasier to record and analyse the data material and then iden-tify suitable measures to improve performance on an ongoingbasis.

Sarasin is carbon neutralThe total emission of CO2 rose slightly in 2011 by 2% fromthe previous year to 2,427 kg CO2-equivalent per employee.The largest sources of emissions are electricity consumptionand air travel. In 2011 electricity consumption per employeerose slightly by 2%. The Sarasin Group has set itself the tar-get of using only 100% recycled paper in future. In 2011, theproportion was 72%. The unavoidable CO2 emissions areoffset retroactively by the majority shareholder Rabobank.The CO2 emissions in 2010 were offset by a wind energy

5_We offer services in a resource-efficient way.Sarasin aims to meet the following targets by the end of 2015: Indicator Target 2015 Status 2011CO2 emissions/FTE (kg CO2-e) 2,000 2,427Energy consumption/FTE (kWh) 5,315 5,557Water consumption/FTE (l/day) 41 47Paper consumption/FTE (kg) 101 125Proportion of recycled paper (%) 100 72Proportion of renewable energies (%) 70 70

FTE= full-time equivalent employee

project in Jiangsu province in China: a high-technology windenergy park generates electricity, which is fed into easternChina’s power grid. The project cuts greenhouse emissions byreplacing fossil fuels with renewable power in a region inwhich large amounts of coal are burnt.

Taking early action to counter rising demand for electricityTo attain its goal of energy efficiency, Bank Sarasin regularlytakes steps to raise efficiency. The focus is mainly on ITequipment – the largest energy consumer of financial serviceproviders. In 2010, the bank replaced the cooling units at theBasel head office with two new machines that were twice asefficient. In doing so, it took early action to meet the futureincrease in power consumption resulting from higher serverperformance. Annual heating energy requirements dependheavily on outside temperatures during the heating period. In2011, the winter was relatively mild. Nevertheless, in orderto minimise energy requirements on cold days, an automatic

The Sarasin Group’s aim is to achieve commercial success with an acceptable ecological footprint. It therefore seeks to contain

energy consumption and to use resources carefully.



heating control system has been installed in the Basel headoffice. This measure also contributed to a 34% reduction inheating energy per employee to 1,010 kWh compared to theprevious year.

Electricity from renewable energiesAs a pioneer in environmental protection, Bank Sarasinshowed its colours as early as 1993 when it installed its ownphotovoltaic system on the roof of its Basel head office. Eachyear, the system produces power for six average four-personhouseholds. In 2011, this amounted to 26,848 kilowatthours (kWh). Renewable sources account for 70% of theelectricity consumed in the Sarasin Group; at the Swiss sites,the figure is already 100%. The electricity from renewableenergies used in Zurich and at bank zweiplus has beenawarded the “naturemade star” label. This is the Swiss seal ofquality for power that is generated in an especially environ-mentally friendly way. The Basel office uses only distanceheating as a source of heating energy. This comes fromprocess heat generated by the nearby refuse incinerationplant in Basel and is 100% renewable.

Further information and details of initiatives are available atwww.sarasin.com/Heading “Sustainability > Managing re-

sources efficiently”.

Proportion of greenhouse gas emissions by source (%) Long-haul flights 28

6 Paper

2 District heating

6 Gas

Rail travel 1

Road travel 6

47 Electricity

1 Waste

Electricity consumption per FTE(kWh)

2007 2008 2009 2010 2011

2007 2008 2009 2010 2011

1,5

12

1,5

68 2

,247

2,3

75

1

2,4

27

6,1

16

5,5

58

5,9

06

5,4

52

5,5

57

Greenhouse gas emissionsCarbon dioxide equivalent perFTE (kg CO2 per FTE)

Short-haul flights 3

1 Flights adjusted due to a data error (plus 1,300,000 km).


ABOUT THIS REPORTPart of 2011 publication trilogy

In this 2011 sustainability report, the Sarasin Group docu-ments how forward-looking decisions secure its commercialsuccess. This is based on its team of first-class employees andits experienced sustainable corporate culture. The bank seeksto achieve success with an acceptable ecological footprint. Thesustainability report is part of the Sarasin Group’s trilogy of2011 reports, consisting of the annual report (“Our Results”),the portrait (“Our Bank”) and the sustainability report (“OurFuture”).

The Sarasin Group’s sustainability reports are based on theguidelines of the Global Reporting Initiative (GRI). These areinternationally recognised standards for reporting on sustain-able corporate governance.

The Sarasin Group’s reports (2011 trilogy and the GRI report)cover all the criteria of the GRI application level A+. The en-vironmental key performance indicators are determined in ac-cordance with the VfU’s 2005 indicators (Verein für Umwelt-management in Banken, Sparkassen und Versicherungen e.V. /Association for Environmental Management in Banks, SavingsBanks and Insurance Companies e.V.) and the emissions indi-cators are calculated in accordance with the VfU’s 2010 cal-culation system.

Having regard to the GRI guidelines, the selection and presen-tation of the topics are based on their relevance in a sustain-ability context and on completeness, balance, accuracy, timeli-ness, clarity and reliability. In general, the figures published inthe sustainability report cover the entire Sarasin Group. Withregard to the environmental KPIs, the figures published up to2008 relate only to the Sarasin Group’s offices in Basel,Geneva, London and Zurich and to bank zweiplus, in whichBank Sarasin holds a 57.5 per cent interest.

In 2009, the scope of the report was extended to cover the of-fices in Dubai, Frankfurt am Main, Hong Kong and Singapore.In general, the offices with more than 15 employees are inte-grated into the environmental indicator reporting system. TheLugano office (18 employees) is an exception, as no environ-mental data are available. In 2010, Dubai was disregarded forthe same reason. At office level, estimates are made if no exactmeasurements are available.

Sustainability reporting by BankSarasin is aligned with the guidelines

of the Global Reporting Initiative(GRI). A summary of the GRI Report isfound on pages 32–54. The complete

GRI Report is available in a PDF version on the Internet. Sarasin hasassigned Ernst & Young to provide

limited assurance on selected quantitative information in the GRI

Report. Its conclusion is documentedin an assurance report. It is available

along with the GRI Report on the Internet at www.sarasin.com/

Heading «Sustainability».

OUR locations


Switzerland

Basel – Head OfficeBank Sarasin & Cie AGElisabethenstrasse 62Postfach4002 BaselSchweizT: +41 (0)61 277 77 77F: +41 (0)61 272 02 05

www.sarasin.ch

Berne Bank Sarasin & Cie AGWaisenhausplatz 103000 Bern 7SchweizT: +41 (0)31 560 59 59F: +41 (0)31 560 59 79

www.sarasin.ch

GenevaBanque Sarasin & Cie SA8, place de l’UniversitéCase postale 331211 Genève 4SuisseT: +41 (0)22 322 99 99F: +41 (0)22 322 99 00

www.sarasin.ch

LucerneBank Sarasin & Cie AGSchwanenplatz 4Postfach6000 Luzern 5SchweizT: +41 (0)41 561 55 55F: +41 (0)41 561 55 75

www.sarasin.ch

LuganoBanca Sarasin & C. SA Via Serafino Balestra 5 Casella postale 58466901 Lugano SvizzeraT: +41 (0)91 911 36 36 F: +41 (0)91 911 36 98

www.sarasin.ch

ZurichBank Sarasin & Cie AGLöwenstrasse 11Postfach8022 ZürichSchweizT: +41 (0)44 213 91 91F: +41 (0)44 221 04 54

www.sarasin.ch

International

Abu DhabiBank Sarasin-Alpen (ME) LimitedAbu Dhabi (Representative Office)Abu Dhabi Mall, East Wing, Level 1P.O. Box 54049Abu DhabiUnited Arab EmiratesT: +971 2 652 9888F: +971 2 652 9850

www.sarasin-alpen.com

CologneBank Sarasin AGKranhaus SüdIm Zollhafen 2450678 KölnDeutschlandT: +49 (0)221 37992 0F: +49 (0)221 37992 449

www.sarasin.de

DohaBank Sarasin-Alpen (Qatar) LLCQatar Financial Centre TowerLevel 3, Room 303 & 304P.O. Box 24580DohaState of QatarT: +974 (0)4496 8000F: +974 (0)4496 8020


Dubai Bank Sarasin-Alpen (ME) LimitedDubai International Financial CenterGate Precinct Building 5 (North)4th FloorP.O. Box 121806DubaiUnited Arab EmiratesT: +971 (0)4 363 4300F: +971 (0)4 363 4343


Dublin Sarasin & Partners LLP5 Fitzwilliam SquareDublin 2IrelandT: +353 (01)638 0850F: +353 (01)661 0148

www.sarasin.ie

Frankfurt Bank Sarasin AGTaunusanlage 1760325 Frankfurt am MainDeutschlandT: +49 (0)69 714497 100F: +49 (0)69 714497 199

www.sarasin.de

Guernsey Bank Sarasin & Co. LtdGuernsey BranchP.O. Box 3481st Floor, Frances HouseSir William PlaceSt. Peter PortGuernsey GY1 3UYChannel IslandsT: +44 (0)148 172 5147F: +44 (0)148 172 5157

www.sarasin.com

HamburgBank Sarasin AGNeuer Wall 3020354 HamburgDeutschlandT: +49 (0)40 238808 0F: +49 (0)40 238808 259

www.sarasin.de

HanoverBank Sarasin AGErnst-August-CarréeErnst-August-Platz 10d30159 HannoverDeutschlandT: +49 (0)511 65524 380F: +49 (0)511 65524 389

www.sarasin.de

Hong Kong Bank Sarasin & Cie AG40/F Edinburgh TowerThe Landmark15 Queen’s Road CentralHong KongT: +852 2 287 98 88F: +852 2 501 40 01

www.sarasin.hk

London Sarasin & Partners LLPJuxon House100 St. Paul’s ChurchyardLondon EC4M 8BUUnited KingdomT: +44 (0)20 7038 7000F: +44 (0)20 7038 6850

www.sarasin.co.uk

Manama Sarasin-Alpen (Bahrain) B.S.C.(c)P.O. Box 5898, 34th Floor West TowerBahrain World Trade Center ManamaKingdom of BahrainT: +973 17 135 300F: +973 17 135 311


Mumbai Sarasin Alpen (India) Private Limited3rd Floor, Forbes BuildingCharanjit Rai Marg, FortMumbai 400 001India T: +91 2222 190150F: +91 2222 010267


Munich Bank Sarasin AGPromenadeplatz 880333 MünchenDeutschlandT: +49 (0)89 558999 0F: +49 (0)89 558999 499

www.sarasin.de

Muscat Sarasin-Alpen LLC9th Floor, QNB BuildingCentral Business District P.O. Box – 1175, PC 130MuscatSultanate of Oman T: +968 2476 3000F: +968 2476 3050


New Delhi Sarasin Alpen (India) Private LimitedOffice 707, 7th FloorMercantile House15 Kasturba Gandhi MargNew Delhi 110001IndiaT: +91 11 464 44000 F: +91 11 464 44020


Nuremberg Bank Sarasin AGAm Stadtpark 290409 NürnbergDeutschlandT: +49 (0)911 21522 410F: +49 (0)911 21522 419

www.sarasin.de

Singapore (new address as of 12 March 2012)Bank Sarasin & Cie AG8 Marina View#25-01 Asia Square Tower 1Singapore 018960SingaporeT: +65 6 536 68 48F: +65 6 536 38 66

www.sarasin.sg

Vienna Bank Sarasin & Cie AGRepräsentanz ÖsterreichNaglergasse 2/111010 WienÖsterreichT: +43 1 535 33 88F: +43 1 535 33 88 1020

www.sarasin.at

Warsaw Bank Sarasin & Co. Ltd S.A.Przedstawicielstwo w Polsceul. Mysia 500-496 WarszawaPolskaT: +48 22 596 52 72F: +48 22 596 52 80

www.sarasin.pl


Project Management | Franziska Gumpfer-Keller, Bank Sarasin & Co. Ltd, Corporate Communications | Concept | Bank Sarasin & Co. Ltd, Corporate Communi-cations & Publications | Sabine Trieloff, trieloff kommunikation | Texte | Bank Sarasin & Co. Ltd, Corporate Communications & Sustainability Managementand Guest Contributors (see index above) | Layout & Design | Glutz Kommunikation AG | Pictures | see image copyright | Printing | Birkhaeuser + GBC |© Bank Sarasin & Co. Ltd 2012

Contacts

Media Relations/Corporate SustainabilityFranziska Gumpfer-Keller, T: +41 (0)44 213 97 35, [email protected] Gratzl, T: +41 (0)61 277 70 88, [email protected]

Sustainable InvestmentErol Bilecen, T: +41 (0)61 277 75 62, [email protected]

Disclaimer

Bank Sarasin & Co. Ltd undertakes all reasonable measures to ensure the reli-ability of the information published in its Sustainability Report. The informationand opinions contained in this report constitute neither an invitation nor an offeror recommendation to use a service, to buy/sell investment instruments, nor an invitation or an offer to perform any other transaction. In addition, the informationis not intended for distribution to or for use by individuals or legal entities that arecitizens of a country, or have their domicile or registered offices in a country wherethe distribution, publication, provision or use of this information would violate ap-plicable laws or regulations, or in a country in which Bank Sarasin & Co. Ltd wouldhave to comply with registration or approval requirements. The opinions ex-pressed in the reportage section from page 6 to 31 do not necessarily reflect theviews of Bank Sarasin & Co. Ltd.

Trademarks

Sarasin (Logo), Responsibly yours, Sarasin Prime Fund Selection, Sarasin PrimeBlend, Sarasin Pure Oak, Sarasin Sustainable Investment, Sarasin Sustainability-Matrix, Sarasin Sustainability-Matrix (Logo), SWIPO, SWIPOC, Sarasin Swiss IPOIndex, Sarasin Non Traditional AG, Sarasin International Securities Limited and Sarasin Horizon are trademarks of the Sarasin Group and are registered in a number of jurisdictions.

Links to third-party Internet sites

Bank Sarasin accepts no responsibility for the information provided on the third-party Internet sites mentioned in this publication and does not endorse their content.

www.sarasin.com

Guest Contributors

Atlant Bieri, freelance science journalist and science communicator. Writes regu-larly for NZZ am Sonntag, Süddeutsche Zeitung, Vivai and other media with focustopics of biodiversity, environmental management and plants.

Raphael Corneo, freelance journalist in Berne, editor of Cleantech.ch portal.Writer for various newspapers in the German-speaking world. Specialist topics:environment, sustainability and cleantech.

John Dyer, freelance journalist based in Boston, Massachusetts in the UnitedStates. He has written for The Boston Globe, GlobalPost, the Associated Pressand The Economist. He writes often on politics and the economy, environmental-ism and foreign affairs.

Theo Froelich, Deputy General Manager at Jenni Kommunikation, Zurich. He is in-volved in editing and specialises in topics relating to technology and media rela-tions.

Yvonne von Hunnius, editor of the Café Europe copy agency in St. Gallen. Sheworks with newspapers throughout the German-speaking world. Specialist topics:consumer-related issues, personnel management, construction, energy from asustainability perspective.

Martin Rasper works as a freelance journalist in Munich. He specialises in topicsrelating to culture and science, is a former columnist at “du” magazine and a long-standing editor of “natur + kosmos” magazine. His new book “Vom Gärtnern inder Stadt” (“The City Gardner”) will be published in early 2012.

Alain Claude Sulzer, editor, journalist and novelist. His latest novel was “Zurfalschen Zeit” (2010; “Another era”). His new novel “Aus den Fugen” (“Out of con-trol”) is due to be published in autumn 2012 (Galiani Verlag Berlin). The Frenchtranslation of his novel “Ein perfekter Kellner” (“A perfect Waiter”) won the 2008Prix Médicis étranger.

Image copyright

André Albrecht, Cover | Xandra Linsin, Page 5 | Archiv Mammut ©, Page 26 (left) |BMC, www.bmc-racing.com, Page 26 (right) | Ernst Feurer (Illustration), Page 28 |Ralph Dinkel, Page 32

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