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Together against grievances in cacao cultivation


Every European consumes an average of 5.2kg of chocolate per year. While demand keeps rising, climate change and social problems in connection with the main ingredient, cacao, represent a clear challenge. Erste Asset Management is part of the initiative “CocoaAction”, a worldwide group of investors who are committed to the sustainable production and improved working conditions and standard of living of cacao farmers and their families. In this interview, Stefan Rößler, ESG investment analyst with Erste Asset Management, tells us what this initiative is all about and how it fights deficiencies and grievances in cacao production.

Stefan Rößler, ESG-Investmentanalyst bei Erste Asset Management
Stefan Rößler, ESG-Investmentanalyst bei Erste Asset Management
Stefan Rößler, Erste Asset Management is member of the initiative „CocoaAction“. Can you tell us more about that?
Rößler: The demand for chocolate and thus for the raw material cacao is on the rise, as also reflected by the cacao price, which has pretty much doubled since mid-2011. As a result, the raw material cacao has drawn some attention from global investors. We, from Erste Asset Management, are convinced that a due form of management in environmental, social, and governance aspects across all sectors also comes with positive ramifications for companies, and thus for the portfolio of their investors. Therefore the improvement of the social and environmental conditions in cacao production quite frankly is in line with the best interest of our investors, and thus in our own best interest. We are not alone with this insight and are therefore members of the “CacaoAction” initiative, along the lines of the idea that we are only strong united. Investors with total assets of USD 530bn just have a stronger clout.

What are the social problems that we see in the cacao industry?
Rößler: The main issue are the working conditions and the standard of living of workers on cacao farms, which also directly affect their families. In order for the social situation to improve, wages have to be sufficient, and access to education has to be expanded, not the least for children. This goes hand in hand with the fight against child labour, which in this sector remains a big issue.

And how does the initiative address these deficiencies?
Rößler: Prior to taking concrete steps, intensive research is required. “CocoaAction” acts as driving force in the development of a method of measuring the income of cacao farmers and their families across various regions in relation to other agricultural products. In order to fight child labour the initiative is committed to the introduction of a system of monitoring and countermeasures in cacao cultivation regions. So as to facilitate children’s access to education, there is for example a collaborative project with the government of Ivory Coast, by which geographic gaps in the education system are to be disclosed and closed.


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This document is an advertisement. All data is sourced from ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H., Erste Asset Management GmbH and ERSTE Immobilien Kapitalanlagegesellschaft m.b.H. unless indicated otherwise. Our languages of communication are German and English.

The prospectus for UCITS (including any amendments) is published in Amtsblatt zur Wiener Zeitung in accordance with the provisions of the InvFG 2011 in the currently amended version. The simplified prospectus is prepared by ERSTE Immobilien Kapitalanlagegesellschaft m.b.H. and published in Amtsblatt zur Wiener Zeitung in accordance with the provisions of the ImmoInvFG 2003 as amended. Information for Investors pursuant to § 21 AIFMG is prepared for the alternative investment funds (AIF) administered by ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H., Erste Asset Management GmbH and for ERSTE Immobilien Kapitalanlagegesellschaft m.b.H. pursuant to the provisions of the AIFMG in connection with the InvFG 2011.

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This document serves as additional information for our investors and is based on the knowledge of the staff responsible for preparing it at the time of preparation. Our analyses and conclusions are general in nature and do not take into account the individual needs of our investors in terms of earnings, taxation and risk appetite. Past performance is not a reliable indicator of the future performance of a fund.

Paul Severin

Paul Severin has worked at Erste Asset Management since April 2008. Until 2012 he was responsible for the company’s product management; he has directed communications and PR activities since April 2012. From 1992 to 2008, he was director of equity fund management and deputy director for institu...


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Together against grievances in cacao cultivation comment      1 Author Reply

  1. Dear EAM,

    thanks for sharing this interesing topic.
    I think every chocolate consumer (aren’t we all?) should be aware of above facts…and the following video should raise awarness over production of cocoa:

    On personal level, I’ve been supporting UTZ-certified producers.

    Having learned about Nestle’s mispractice I have not been buying Milka chocholates for few years now:

    Sejad Imamovic

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