CLP Group ESG and effect on valuation
Use the file uploaded to answer. What are the most material KPIs in the the electric utility industry using materiality matrix?
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UST052/A/1805
ENTELA BENZ
ELLEN ORR
CLP Group: Environmental, Social, and Governance Factors and
Their Effects on Valuation (A)1
An historic agreement to combat climate change and unleash actions and investment towards
a low carbon, resilient and sustainable future was agreed by 195 nations in Paris today. . . .
The universal agreements main aim is to keep a global temperature rise this century well
below 2 degrees Celsius and to drive efforts to limit the temperature increase even further to
1.5 degrees Celsius above pre-industrial levels.2
United Nations Framework Convention on Climate Change, Paris, 12 December 2015
Susan Chen read the announcement from the climate change conference with interest. As a keen
environmentalist and an equity analyst covering the energy industry, Susan had both personal and
professional motives to follow the climate change talks. Now that countries around the world had made a
firm commitment to measurable reductions in greenhouse gas emissions [see Exhibit 1], Susan wondered
how this commitment might affect the energy companies she followed.
Matthew Lok, the head of the research department and Susans boss, felt that the Paris Agreement would
have little direct impact on equity research. While he agreed that reducing emissions was an important goal
for society, he believed that it would be too difficult to quantify the effects of climate change rules and
increasing environmental legislation on company valuations. If the impact of rules on carbon dioxide (CO2)
and greenhouse gas (GHG) emissions were to be considered at all, in his view they should be studied
separately from the traditional analysts metrics such as sales growth, market share, and costs.
Susan disagreed. Intuitively, she felt that companies with strong performances in environmental and
social and governance (ESG) areas should be valued more highly than otherwise equivalent companies with
1 This case is based on research performed by HKUST students Adam Ho, Anjori Singh, Grant Cheng, Jiapei Liu, Nelson
Wong, and William Yiu.
2 Historic Paris Agreement on Climate Change, United Nations Framework Convention on Climate Change (UNFCC) press
release, Paris, 12 December 2015, http://newsroom.unfccc.int/unfccc-newsroom/finale-cop21/ , accessed 13 July 2016.
Ellen Orr prepared this case under the supervision of Professor Entela Benz solely as a basis for class discussion. The authors have
disguised certain data to protect confidentiality. Cases are written in the past tense; this is not meant to imply that all practices,
organizations, people, places or facts mentioned in the case no longer occur, exist or apply. Cases are not intended to serve as
endorsements, sources of primary data, or illustration of effective or ineffective handling of a business situation.
Inquiry on ordering and permission to reproduce the case and its materials, write to [emailprotected] or visit cbcs.ust.hk
2017 by The Hong Kong University of Science and Technology. This publication shall not be digitized, photocopied or
otherwise reproduced, posted, or transmitted without the permission of the Hong Kong University of Science and
Technology.
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HKUST Business School Thompson Center for Business Case Studies
weaker ESG performance. She strongly believed that this missing information, or the market inability to
price such information, led to mispriced stock and, as such, investment opportunities. The challenge was how
to identify the relevant ESG factors and incorporate them into a companys valuation.
After consulting with ESG experts and reading several academic and industry papers, Susan concluded
that while there was no unique model for ESG valuation, there was a strong case for ESG integration in
valuation models.3 She identified several techniques to integrate ESG factors into conventional valuation
calculations.4 She decided to apply these techniques to the Hong Kong utility CLP Group (CLP), and to use
the results to persuade Matthew that ESG factors could be used to identify investment opportunities.
Hong Kong Electric Utilities and Sustainability
Electricity in Hong Kong was provided by two suppliers: CLP Power Company Hong Kong Limited
(CLPHK) and the Hongkong Electric Company Limited (HKE). These two suppliers did not compete
directly with each other. Instead, each served a defined, distinct geographical area of Hong Kong.
Both companies were vertically integrated, running generation, transmission, and distribution operations.
Their business models were therefore capital intensive, with a relatively high proportion of fixed costs.
Despite this cost structure, operating risk was considered low, due to the largely inelastic nature of demand
for their services and the low threat of competition.
Though CLPHK and HKE were not government owned, the Hong Kong government provided guidance
in the form of the Scheme of Control Agreements (SCA). These agreements allowed the government to
monitor the companies financial affairs, service reliability, and environmental performance. The term of
these agreements was 10 years, after which they were subject to renegotiation. The current SCAs, due to
expire in 2018, allowed CLPHK and HKE to earn a 9.99% return on their investments generally, and an 11%
return for renewable energy.5 This provision capped permissible returns for these quasi-monopolies, while
allowing the companies to earn a reasonable return.
The Hong Kong Environment Bureau oversaw environmental regulation governing CLPHK, HKE, and
the gas utility, Hong Kong & China Gas (HKCG). Since the end of the 20th century, the bureau had been
implementing increasingly stringent environmental controls. From 1997, it forbade new coal-fired
electricity-generating units and directed that existing coal-fired units should be retired after 2017.6 In 2014,7
it passed a new Air Pollution Control Ordinance, which specified gradually lower caps on air pollutants from
local power plants [see Exhibit 2]. These environmental improvement measures were broadly welcomed by
the Hong Kong public.8
3 Mozaffar Khan, George Serafeim, and Aaron Yoon, Corporate Sustainability: First Evidence on Materiality, The
Accounting Review, 2015, https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2575912.
4 W. Schramade, Integrating ESG into valuation models and investment decisions: the Value Driver Adjustment Approach,
Robeco, 2015.
5 Future Development of the Electricity Industry, Legislative Council Panel on Economic Development, 23 November
2015, http://www.legco.gov.hk/yr15-16/english/panels/edev/papers/edev20151123cb4-217-3-e.pdf, accessed 31 October2016.
6 Hong Kong Environmental Bureau website,
http://www.enb.gov.hk/sites/default/files/en/node2605/Consultation%20Document.pdf, accessed 25 November 2015.
7 Hong Kong Air Pollution Control Ordinance, version 10 April 2014,
http://www.legislation.gov.hk/blis_pdf.nsf/4f0db701c6c25d4a4825755c00352e35/86682A3515C78D29482575EE005BD610/$FIL
E/CAP_311_e_b5.pdf , accessed 25 November 2015.
8 Future Development of the Electricity Industry, Legislative Council Panel on Economic Development, 23 November
2015, http://www.legco.gov.hk/yr15-16/english/panels/edev/papers/edev20151123cb4-217-3-e.pdf, accessed 31 October 2016.
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HKUST Business School Thompson Center for Business Case Studies
The Paris Agreement, signed in December 2015, further boosted government and public support for clean
energy. For the first time, the worlds major nations agreed to ambitious and well-defined measures to
combat climate change.9 Adherence to these measures was likely to increase pressure on energy-intensive
industries in Hong Kong and elsewhere to demonstrate their clean credentials.
The CLP Group
The China Light and Power Company Syndicate was formed in 1901 to meet Hong Kongs then modest
electricity needs. The company was founded with funding from the Kadoorie family, which retained control
of the company through various reorganizations, including the formation of CLP Holdings Limited in 1998,
to hold all the CLP Groups businesses. The companys shares were listed on the Hong Kong Stock
Exchange. In 2015, CLP Holdings posted revenues of HKD80.7bn and earnings of HKD15.7bn.10 [Financial
highlights are shown in Exhibit 3.]
Through the 20th century, the company built and acquired a number of coal- and oil-fired power stations.
In 1987, CLP, with its partner Guangdong Nuclear Investment Company, began construction on a nuclear
power station at Daya Bay in mainland Chinas Guangdong Province. This plant, commissioned in 1994,
was CLPs first low-emission power project, and eventually comprised almost one-third of its energy mix
and approximately a quarter of Hong Kongs energy needs.11
CLP continued to expand its use of clean energy technology. In the late 1990s, it commissioned Hong
Kongs first environmentally friendly gas-fired power station. The company also became involved with a
hydropower project in Guangdong Province. At the same time, in the late 1990s and early 2000s, it was
expanding in Asia and the Pacific, initiating projects in Taiwan, Thailand, India, and Australia.12
By the time CLP celebrated its centenary in 2001, it was clear to the companys management that clean
energy was critical to the industrys future. In 2003, the company established a Group Environmental Affairs
Department, appointing Dr. Jeanne Ng to oversee environmental strategy.13 Under Dr. Ngs direction, CLP
developed a sustainability framework, defining its commitment to economic sustainability, its people, the
environment, and the community. In 2007, the company published its Climate Vision 2050, which pledged
to reduce the companys carbon intensity by 75% by the year 2050.14 To achieve this goal, CLP planned to
diversify its fuel mix, increasing the use of cleaner technologies such as natural gas and nuclear power.
[Exhibit 4 shows CLPs energy mix.]
9 The Paris Agreement, UNFCC website, http://unfccc.int/paris_agreement/items/9485.php, accessed 1 November 2016.
10 USD = HKD7.75 on 31 December 2015.
11 CLP Holdings Limited website, About Daya Bay Nuclear Project,
https://www.clpgroup.com/NuclearEnergy/Eng/aboutus/aboutus1_2.aspx, accessed 1 November 2016.
12 CLP Holdings Limited website, Our History, https://www.clpgroup.com/en/about-clp/company-profile/our-history,
accessed 1 November 2016.
13 International Sustainable Campus Network website, ISCN Conference 2015, http://www.international-sustainable-
campus-network.org/downloads/conference-and-symposia/iscn-conference-2015/422-jeanne-ng-director-group-sustainability-
china-light-and-power/file, accessed 2 November 2016.
14 CLP Holdings Limited website, Sustainability: Our Approach, https://www.clpgroup.com/en/sustainability/our-
approach/frameworks-strategies, accessed 2 November 2016.
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HKUST Business School Thompson Center for Business Case Studies
Beyond clean energy, CLP considered broader issues in its community. Continuing the Kadoorie
familys philanthropic values, CLP maintained a community commitment program that focused on youth
education, community development, arts and culture, and the like.
A distinctive feature of CLPs approach to sustainability was its reporting. In addition to its standard
annual report, the company produced sustainability reports in both a short summary version and a full online
version. CLP also provided environmental performance metrics to many international surveys, including
FTSE4Good, TruCost, Reputex, and others.15 The companys shares were included in the Dow Jones
Sustainability Index Asia Pacific 40 and the Hang Seng Corporate Sustainability Index. In 2010, CLP won
the Globe Sustainability Reporting Award.16
Hong Kongs other utilities, HKE and HKCG, also pursued ESG initiatives. HKE built Hong Kongs
largest commercial-scale solar power system and first commercial-scale wind power station. Its Smart
Power Campaign and Smart Power Fund promoted energy efficiency. HKCG was the first in Hong Kong
to use landfill gas commercially. It had a formal waste-reduction program, as well as a campaign to promote
work-life balance. Both HKE and HKCG were members of the Hang Seng Corporate Sustainability Index,
but did not belong to any broader sustainability indexes. [Exhibit 5 gives descriptions of CLPHK, HKE,
and HKCG businesses. Exhibits 6, 7, and 8 (Excel files) show ESG disclosure scores for the three utilities.]
As the SCA renewal date approached, CLP was doing well in the financial and environmental aspects of
its business. But some risks were apparent. The Chinese economy was slowing, and broader demand in Asia
was likely to be affected. Fuel prices were starting to rise again, after sharp declines in 2014 and 2015.
Consumers were demanding continuing advances in clean energy, spurred by innovations such as electric
cars, but they wanted cheap energy, too. Nuclear energy had low marginal costs and very low emissions, but
was falling from favor in some quarters, following the 2011 Fukushima nuclear disaster in Japan. Other clean
technology tended to be expensive. The twin goals of cheap and clean energy could prove elusive.
ESGs Impact on CLP
Susan Chen was intrigued by CLPs ESG performance and reporting of ESG key performance indicators
(KPIs). She recognized, though, that reporting on the ESG KPIs, while good for transparency and firm
reputation, did not necessarily affect share price, as the typical equity analyst lacked the ability to identify,
interpret, and integrate ESG KPIs. This was partially caused by the overabundance of indicators and data,
without any industry consensus on what was material. In fact, Susans research indicated that only a handful
of ESG KPIs would be important to the firms valuation.
Therefore, her first step would be to identify the ESG KPIs that were material and had clear financial
implications for electric utilities. These KPIs would be based on macro trends as well as more specific ESG
trends in the industry. There were various third-party data providers that reported ESG metrics. There was
no uniform setup for providing the data, with each provider having its own in-house methodology.
[Bloomberg ESG KPIs for three Hong Kong utility companies are shown in Exhibits 6, 7, and 8].
15 Hong Kong Institute of Certified Public Accountants website, CLP and Sustainability Reporting,
http://www.hkicpa.org.hk/file/media/section8_communications/pdf-file/annual-conference/2011/speech/jeanne-ng.pdf, accessed 2
November 2016.
16 Globe Award website, Hong Kong Company, CLP Holdings Ltd, wins the Globe Sustainability Reporting Award 2010,
http://globeaward.org/winner-reporting-2010.html, accessed 2 November 2016.
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HKUST Business School Thompson Center for Business Case Studies
Susan did not want to appear to be green washing, or exaggerating the strength of the companys
commitment to environmental friendliness. To avoid this problem, she decided to focus on the materiality
of each of the indicators and its long-term financial implicationhow important it was to the companys
valuation. To accomplish this, she planned to assess the impact of each KPI on the valuation metrics and core
business drivers for the utility sector. Using a framework similar to the one provided in Exhibit 9A, she
would determine whether each KPI had a strong, moderate, or weak link to each valuation metric. Similarly,
she could assess the impact of each KPI on CLPs core business drivers for the utilities sector, as shown in
Exhibit 9B, showing whether each KPI had a strong, moderate, or weak link to each driver. In either case,
Susan would arrive at a list of the most material KPIs for CLP.
While these matrices would allow her to select the material KPIs, more analysis would be needed. Some
of the KPIs, such as bribery and corruption, while having significant implications on the financial
performance of the firm, had a low probability of occurring. Conversely, some other KPIs, such as solar
panel innovation, had a high probability but low impact on the financials. Logically, Susan would need to
focus only on the high-probability, high-impact KPIs. Using these KPIs, she would plot the industrys
materiality matrix, which would show the strength of each issues potential business impact (size of the
impact) versus the potential sustainability impact (the likelihood of the impact). [See Exhibit 10 for the
format of a materiality matrix.] Next, Susan would evaluate how CLP was doing on each of the material
issues, relative to its industry peers. Based on her findings, she could begin to understand how these material
ESG factors were likely to affect CLPs valuation.
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EXHIBIT 1: KEY POINTS OF THE PARIS CLIMATE AGREEMENT
The agreement calls for holding the increase in the global average temperature to well below 2C
above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5C above pre-
industrial levels, recognizing that this would significantly reduce the risks and impacts of climate
change.
Countries should reach global peaking of greenhouse gas emissions as soon as possible, recognizing
that peaking will take longer for developing country parties, and to undertake rapid reductions
thereafter.
The agreement acknowledges the importance of averting, minimizing and addressing loss and
damage associated with the adverse effects of climate change.
The agreement requires all countries to monitor, verify, and report their greenhouse gas emissions
and to update their plans regularly.
Source: Key Points of the Paris Climate Pact, New York Times, 12 December 2015,
http://www.nytimes.com/interactive/projects/cp/climate/2015-paris-climate-talks/key-points-of-the-final-
paris-climate-draft, accessed 8 December 2016.
EXHIBIT 2: HONG KONG EMISSION REDUCTION TARGETS
Source: Environmental Protection Department (adapted),
http://www.epd.gov.hk/epd/english/environmentinhk/air/prob_solutions/strategies_apc.html, accessed 6
December 2016.
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EXHIBIT 3: SELECTED FINANCIAL DATA FOR CLP GROUP
(HKD millions) 2014 2013
Revenues 92,259 104,530
Earnings 11,221 6,060
Net cash inflow from operations 21,966 21,021
Total assets 214,663 211,685
Total borrowings 67,435 56,051
Shareholders funds 88,013 87,361
Return on equity (%) 12.8 6.8
Source: CLP Holdings Limited, 2014 Annual Report, p. 2,
https://www.clpgroup.com/en/Investors-Information-
site/Documents/Financial%20Report%20PDF/e_Annual%20Report%202014%20(full%20version).pdf,
accessed 8 December 2016.
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EXHIBIT 4: CLP ENERGY MIX AND VISION
Source: CLP Holdings Limited website, 2014 Sustainability Report,
https://www.clpgroup.com/sr2014/en/chart.html, accessed 6 December 2016.
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EXHIBIT 5: SELECTED INFORMATION ABOUT HONG KONG UTILITIES
Source: Research by HKUST students.
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EXHIBIT 6: ESG DISCLOSURE SCORES FOR CLP,
see Excel file: 2 CLP Holdings ESG Data
EXHIBIT 7: ESG DISCLOSURE SCORES FOR POWER ASSETS, OWNER OF HKE
see Excel file: 6 Power Assets Holdings ESG Data
EXHIBIT 8: ESG DISCLOSURE SCORES FOR HK & CHINA GAS
see Excel file: 3 HK China Gas ESG Data
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EXHIBIT 9A: MAPPING ESG KPIs ON VALUATION METRICS
Environment/ Social/Governance KPIs
KPI1 KPI2 KPI3 KPI4 KPI5
Revenue Growth
New products
New markets
New customers
Innovation
Reputation/differentiation
Return on
capital/Cost of
capital
Operation efficiency
Reputation/Price
premium
Workforce efficiency
Risk factors
Regulatory risk
Public support
Supply chain
Risk to reputation
Management
quality
Leadership development
Adaptability
Long-term strategic view
Source: Adapted by E. Benz from Sheila Bonini, Timothy M. Koller, and Philip H. Mirvis, Valuing
Social Responsibility Programs, McKinsey Quarterly, July 2009, Exhibit 2,
http://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/valuing-social-
responsibility-programs, accessed 6 December 2016.
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EXHIBIT 9B: MAPPING ESG KPIs ON CORE BUSINESS DRIVERS FOR UTILITIES
Environment/ Social/Governance KPIs
KPI1 KPI2 KPI3 KPI4 KPI5
C
or
e
bu
sin
es
s
dr
iv
er
s Access to labour
Access to natural
resources
Regulatory
environment
Consumer demand
Innovation
Operational efficiency
Reputation
Source: Example adapted from Industry Analysis: Utilities, February 2014, Sustainalytics,
http://www.sustainalytics.com/sites/default/files/utilities_february2014.pdf.
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EXHIBIT 10: MATERIALITY MATRIX FRAMEWORK
0
1
2
3
4
5
6
7
8
9
10
0 2 4 6 8 10
Lik
el
ih
oo
d
of
im
pa
ct
Sizeofimpact
ThemostmaterialESGfactors
Focusarea
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