IFC's Capturing Value programme invites research houses, rating firms, index-providers and similar organisations to compete for grants of up to US$500,000 (Bt19 million). The grants will support development of new information services geared to sustainable and responsible investment in developing-country firms.

By making better information available, the goal is to facilitate an increase in high-quality, long-term investment in emerging markets by pension funds and other investors worldwide.

Although socially responsible investment, broadly defined, totals about $2.7 trillion globally, research commissioned by IFC in 2003 suggests that only 0.1 per cent of this capital is invested directly in emerging-market listed equities.

"We know that more and more investors are keen to invest in the emerging markets. They are seeking listed companies that are well governed and that manage environmental risks, treat workers well, are good neighbours to local communities and understand customers' expectations on corporate social responsibility," said Rachel Kyte, director of IFC's environment and social-development department.

"These investors currently lack cost-effective, reliable information on how emerging-market firms perform against such criteria. The research infrastructure is not in place to encourage socially responsible investment in the emerging-market asset class," Kyte added.

The competition is open to a wide range of organisations, from mainstream sell-side analysts who want to deepen their expertise and product offering to more specialised firms that cater to socially responsible and ethical investors in the market.

"This competition challenges the market to come up with commercial ideas on the best way to provide good research," said Kyte.

The deadline for interested parties to submit technical and cost proposals is June 30. IFC will announce the winner(s) of the competition at the end of September.

Winning proposals will be selected by IFC and a six-person panel of independent experts drawn from the UN Global Compact, First State Investments, the World Resources Institute, the World Federation of Exchanges, the Association for Sustainable and Responsible Investment in Asia and OnValues.

The funding for this initiative is provided by IFC and the governments of Italy, Luxembourg, the Netherlands, Norway, Switzerland and the United Kingdom through IFC's Sustainable Financial Markets Facility. The programme builds on IFC's work last year to help the Sao Paolo stock exchange.