A/HRC/4/99 page 11 raise questions of ultimate ownership of a given project and therefore of accountability for its human rights impact. Other participants asserted that holding companies have no impact on the risk of a project. IV. BEYOND PROJECT FINANCE 36. The fourth session, moderated by Paul Watchman (Partner, LeBoeuf, Lamb, Greene & MacRae), explored issues and initiatives in the financial sector beyond project finance, including the perspectives of asset managers, the status of some voluntary initiatives, and the activities of export credit agencies. 37. Various initiatives have been launched to address the impact on human rights of various aspects of the financial sector, namely: • United Nations Environment Programme Financial Initiative (UNEP FI)4 works with over 160 financial institution signatories to develop linkages between the environment, sustainability and financial performance; • The “Who Cares Wins”5 initiative launched by the United Nations Global Compact convenes investment, asset management and brokerage houses to work on guidelines as to how financial analysts can better factor environmental, social, and corporate governance (ESG) issues into their work; • The Principles for Responsible Investment6 were developed by a group of the world’s largest institutional investors; they are voluntary and aspirational, open to institutional investors, investment managers and professional service partners, and provide a menu of possible actions for incorporating ESG issues into mainstream investment decision-making and ownership practice; • Ethical Indices such as FTSE4Good and the Dow Jones Sustainability Indexes list only companies that meet prescribed standards in the areas of human rights, environmental sustainability, and stakeholder engagement. Panellist presentations 38. Adam Kanzer (General Counsel and Director of Shareholder Advocacy, Domini Social Investments) stressed that investors have a critical role to play in advancing human rights through the use of human rights criteria to select holdings, principled use of proxy voting, and direct engagement with their holdings. Corporations cannot be held accountable without information, and consistent, comparable and reliable data on human rights is generally not available. A combination of voluntary and mandatory reporting is needed, and the concept of 4 http://www.unepfi.org. 5 http://www.unglobalcompact.org/Issues/financial_markets/index.html. 6 http://www.unpri.org.