1、2019 Sustainability Report TABLE OF CONTENTS 3 Our Sustainability Journey 3 Milestones 4 Our Business 5 From Our CEO 6 Approach to Sustainability 6 ESG Integration 8 2019 Sustainability Highlights 10 Thematic Focus Areas 12 Sustainability Governance 13 Sustainability Reporting 14 Stakeholder Engagem

2、ent 15 Solutions and Services 16 Institutional Securities 20 Wealth Management 22 Investment Management 26 Community Development Finance 28 The Morgan Stanley Institute for Sustainable Investing 28 Fostering Innovation 29 Delivering Actionable Analysis 30 Developing Future Sustainable Investing Lead

3、ers 31 Firmwide Sustainability 31 Governance and Business Ethics 32 Risk Management 35 Our People 40 Appendix: SASB Index 2019 SUSTAINABILITY REPORT 3MORGAN STANLEY Our Sustainability Journey As a global financial services provider, Morgan Stanley partners with clients and stakeholders to mobilize c

4、apital at scale to tackle global sustainability challenges, including climate change and inequality. We are deeply committed to delivering long-term value for clients and shareholders in ways that also benefit the environment and society. Committed to facilitate the prevention, reduction and removal

5、 of 50 million metric tons of plastic waste from entering rivers, oceans, landscapes and landfills by 2030 through the Morgan Stanley Plastic Waste Resolution. Launched Morgan Stanley Impact Quotient (Morgan Stanley IQ), an impact reporting application. Introduced a new “Sustainability at Work” prog

6、ram across our global operations, which seeks to reduce our operational environmental impacts and engage employees. Committed to mobilize $250 billion in capital to support low-carbon solutions by 2030. Reached approximately $25 billion on Wealth Managements IIP platform, more than double our five-y

7、ear goal of $10 billion. Launched the Wealth Management Investing with Impact Platform (IIP). Issued our own $500 million green bond. Created the Global Sustainable Finance group (GSF). Established the Morgan Stanley Institute for Sustainable Investing. 2009201320172019 PRE-2009201220152018 Committe

8、d to achieving carbon neutrality for our global operations by 2022. Appointed the firms first Chief Sustainability Officer. Raised over $125 million for Morgan Stanley Investment Managements (MSIM) first impact investing product. Introduced business unit-specific initiatives on sustainability issues

9、, including environmental finance, renewable energy deals and microfinance. 2019 SUSTAINABILITY REPORT 4MORGAN STANLEY Our Business Morgan Stanley is a global financial services firm. Our subsidiaries and affiliates advise, originate, trade, manage and distribute capital for governments, corporation

10、s, institutions and individuals. We maintain significant market positions in our three business segmentsInstitutional Securities, Wealth Management and Investment Management. These businesses provide a wide variety of products and services to a large and diversified group of clients and customers. O

11、ur core valuesDoing the Right Thing, Putting Clients First, Leading With Exceptional Ideas and Giving Backguide everything we do. Through the talents and effort of our over 60,000 employees in more than 36 countries, we aim to deliver results for our stakeholders today while setting strategic goals

12、for the future. $20,386 $41,419 2019 2019 $17,737 Financial Performance (Net Revenue, USD millions) For more information, please see our Annual Report on Form 10-K for the year ending December 31, 2019 (2019 Form 10-K). Institutional Securities Wealth Management Investment Management Firm $3,763 201

13、8$40,107 2018$20,582$17,242$2,746 Institutional Securities Provides investment banking, sales and trading, lending, and other services to corporations, governments, financial institutions and high to ultra high net worth clients. Other activities include Asia Wealth Management services, investments

14、and research. Wealth Management Provides a comprehensive array of financial services and solutions to individual investors and small- to medium-sized businesses and institutions. These offerings cover brokerage and investment advisory services; financial and wealth planning services; stock plan admi

15、nistration services; annuity and insurance products; securities-based lending, residential real estate loans and other lending products; banking; and retirement plan services. Investment Management Provides a broad range of investment strategies and products that span geographies, asset classes, and

16、 public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, liquidity and alternative/other products. OUR THREE BUSINESS SEGMENTS 5MORGAN S

17、TANLEY It has been an extremely challenging few months thus far in 2020. We are in the midst of a global health crisis, and a period of great economic uncertainty. During this difficult time, the resilience of our team is more important than ever. I am proud that our employees are doing what they do

18、 best: supporting our clients and our firm, and helping their loved ones and communities through the physical and mental stress of this crisis. I know that together we can support one another in navigating these challenges. While its only April 2020, the year of 2019 feels very distant. Looking back

19、, throughout 2019, sustainable investing gained momentum. Mainstream investment managers and large corporations stepped forward with bold statements and long-term commitments. 2019 ended with Time Magazine naming a young climate activist as its person of the year. 2020 kicked off with climate change

20、 and sustainable investing as central themes at Davos. When the global pandemic hit, we turned our energy toward taking care of our employees, our clients and our communities. It is a challenging time unlike any we have seen, but as a firm we are strong, and we will come through this. When we do, ou

21、r commitment to our communities for a more sustainable world will be more important than ever. As I reflect on what we achieved in 2019, I am reassured that the fundamentals of Morgan Stanleys business strategy continue to prioritize long-term value creation, earnings stability and a strong, inclusi

22、ve and ethical culture. This approach is core to everything we do, including our efforts built over the past decade to integrate sustainability considerations across our firm. Notably, we became the first bank to embark on activities across the value chain to reduce plastic waste, announcing the Mor

23、gan Stanley Plastic Waste Resolution in April 2019. While we benefit from the innovative products and services that plastics enable throughout our lives, including vital diagnostic and medical equipment, excessive plastic waste takes an environmental and economic toll. By partnering with our clients

24、 as well as nonprofits and academic institutions, we have pledged to facilitate the prevention, reduction and removal of 50 million metric tons of plastic waste by 2030. This commitment maintains that plastic can offer many important benefits, while also seeking to reduce plastic waste from entering

25、 the natural environment and ecosystems. In 2019, we hosted our inaugural Sustainable Investing Summit. The successful event, which was attended by more than 100 clients, demonstrated our truly integrated approach and commitment to sustainability. Every day our professionals are focused on bringing

26、tangible impacts to our sustainable investing initiatives, which include everything from issuing green bonds in capital markets, to impact investing for Wealth Management clients, to innovative Investment Management strategies. The risks and opportunities of climate change have become more apparent.

27、 We believe having a sustainable planet is foundational to having a healthy society and sound financial system. Morgan Stanley seeks to support the transition to a low-carbon economy through products and services, business activities, and actionable analysis for investors. Last year, we financed ove

28、r $50 billion toward our goal of $250 billion to support climate-related solutions by 2030. On this journey we remain committed to providing investors with useful, relevant and meaningful sustainability information. Morgan Stanley is a longtime supporter of the Sustainability Accounting Standards Bo

29、ard (SASB). SASBs guidance for Investment Banking, Commercial Banking and Asset Management help inform the content, narrative and data included in this report. In 2020, we will publish our first report in line with the recommendations of the Task Force on Climate-Related Financial Disclosures. As we

30、 move forward in 2020, we expect to continue to advance our sustainability goals. We expect the markets to remain volatile this year, but we look forward to a period of recovery in the coming years. Like you, I hope that recovery across financial services incorporates and advances the agenda we shar

31、e to create a more sustainable and resilient future. James P. Gorman Chairman and Chief Executive Officer April 2020 From Our CEO 5MORGAN STANLEY 2019 SUSTAINABILITY REPORT 6MORGAN STANLEY Approach to Sustainability Our commitment to promoting global sustainability is reflected across our business s

32、trategy, products and services, thought leadership, and operations. Building on a track record of industry-leading innovation, we use our global reach to mobilize and scale capital in ways that deliver sustainable growth and long-term value for our clients and society. Our proactive approach to sust

33、ainability aims to mitigate risks to our business and the markets in which we operate. Morgan Stanley integrates sustainability into the firms activities through three core areas of focus: Solutions and Services, the Institute for Sustainable Investing and Firmwide Sustainability. Highlights of this

34、 strategy in action during 2019 are described below and throughout this report. Solutions and Services Connecting clients to sustainable investing products and services, and mobilizing capital to drive progress on key issues such as climate change, inclusive growth and the circular economy. From gre

35、en, blue and SDG- linked bonds to Morgan Stanley IQ, our businesses deliver innovative, actionable and customized solutions that empower clients to adopt sustainable finance strategies. The Institute for Sustainable Investing Accelerating the adoption of sustainable investing strategies across capit

36、al markets through the Institute, which leverages the firms expertise to promote innovation, deliver actionable analysis for investors and develop the next generation of leaders in the field. Firmwide Sustainability Integrating ESG into our business activities and operations in partnership with inte

37、rnal functions. This includes our carbon-neutrality goal, approach to proactive ESG risk management, diversity and inclusion, and stakeholder engagement. OUR THREE CORE AREAS OF FOCUS 2019 SUSTAINABILITY REPORT 7MORGAN STANLEY Effective governance, ethical business conduct and support for our skille

38、d workforce underpin our business success and our approach to sustainable investing and finance. We aim for strong ESG performance to help reduce risk and enhance value for our stakeholders. Our firms core values help guide our sustainability strategy. We partner with our clients as well as the publ

39、ic and private sectors to deliver results today while doing our part to contribute to a sustainable future. ESG AT MORGAN STANLEY Sustainability at Morgan Stanley encompasses every aspect of the businessour solutions and services, our operations and people, and the thought leadership provided by the

40、 Morgan Stanley Institute for Sustainable Investing. We pursue sustainability activities and integration through an ESG lens, and refer to our sustainability-focused solutions and services as ESG products, in line with investor usage. We use our global reach to mobilize and scale capital in ways tha

41、t deliver sustainable growth and long-term value for our clients and society. 2019 SUSTAINABILITY REPORT 8MORGAN STANLEY 2019 Sustainability Highlights FIRMWIDE GOALS PRODUCTS $24Bn in 2019 $34Bn in client assets Hedged 726 MW for new build renewable projects through our commodities desk Morgan Stan

42、ley Impact Quotient won MMI and Barrons Sustainable Investing Award 600 companies engaged on ESG issues 116,000+ affordable housing units funded $21Bn committed in community development loans and investments 140,000+ jobs created or retained of long-term client assets apply sustainable investing app

43、roaches of our Financial Advisors use at least one IIP investment strategy with their clients of our Financial Advisors use five or more IIP investment strategy with their clients 81%46% $321 million committed in small-business loans 75% 2019 SUSTAINABILITY REPORT 9MORGAN STANLEY Reacted to 26 extre

44、me weather and natural hazard events INSTITUTE FOR SUSTAINABLE INVESTING 2019 KELLOGG-MORGAN STANLEY SUSTAINABLE INVESTING CHALLENGE COMPETITION SNAPSHOT PROPOSED PROJECTS IN 31 COUNTRIES FROM 80 SCHOOLS FROM 50 HOME COUNTRIES TOTAL OF 365 STUDENTS FORMING 109 TEAMS NARROWED TO 12 FINALISTS PRIDE PA

45、RADE PARTICIPATION EMPLOYEE SURVEY RESULTS GLOBAL FEMALE REPRESENTATION BUSINESS CONTINUITY MANAGEMENT FIRMWIDE SUSTAINABILITY 88 percent of employees are proud to work at Morgan Stanley OverallManaging Directors Summer Analyst and Associate Classes 39% 21%50% 450 employees participated on June 30 i

46、n the New York City Pride March 2019 SUSTAINABILITY REPORT 10MORGAN STANLEY Our Thematic Focus Areas DRIVING OUR PLASTIC WASTE COMMITMENT In 2019, the Institute drove our groundbreaking commitment to facilitate the prevention, reduction and removal of 50 million metric tons of plastic waste from riv

47、ers, oceans, landscapes and landfills by 2030. The Morgan Stanley Plastic Waste Resolution, announced in April 2019, marks a first for Morgan Stanley, as the goal covers each business segment and our global operations, as well as partnerships and capacity-building initiatives. AT A GLANCE: ACTING ON

48、 PLASTIC WASTE ACROSS THE VALUE CHAIN Global Capital Markets is underwriting green, sustainability and blue bonds, which finance projects related to ocean conservation. In 2019, this included lead managing the World Banks $10 million sustainable development bond focused on addressing SDG 6 and SDG 1

49、4 and supporting PepsiCos inaugural $1.0 billion green bond focused on plastic waste reduction (see more on page 16). Institutional Equities Division has launched an initiative in France to sell structured notes with a charitable donation in partnership with National Geographic Society. Investment Management is using its influence to encourage portfolio companies to reduce plastic waste and find innovative solutions to address waste. Wealth Management introduced a suite of low-minimu