AEX Futureproof Index: A price tag that changes business forever

A new perspective on value
As it happens, Dirk and Willem have been researching corporate value for years, specifically long-term value. Their second book, Corporate Finance for Long-Term Value, is proof of this—a magnum opus of over 600 pages that supports their deceptively simple formula:

Integrated value = financial + social + ecological value

Through their research, they discovered that value is not just about the balance sheet—at least, not as we currently construct balance sheets. Social and ecological value must also be included—in cold, hard euros. By translating all these factors back into money—factors such as pollution, greenhouse gas emissions, employee well-being, and even human rights violations—it becomes possible to assess whether a company creates or destroys value for society. That was the starting point of our conversation: what would happen if we calculated all these material issues and thus converted previously intangible value into euros and cents? What impact would that have on how we invest for the long term? And what if we could get the CFOs of companies like Philips, Shell, and Heineken to consider this new perspective on value? Because ultimately, integrated value translates social and ecological impact into monetary value. We would be speaking their language.

Putting it to the test
And so, we assembled our calculation team to convert these previously unquantifiable issues into the language of cold, hard euros. Under the leadership of Dirk and Willem, a unique operation took place in which 400 master's students in corporate finance from the Rotterdam School of Management, a team of MBA students in corporate finance from Nyenrode Business University, and a team of analysts, project managers, and designers from ftrprf took on the challenge of calculating the integrated value and Futureproofing Ratios for 23 AEX-listed companies. This meant hours and hours of research, calculations, double-checking, problem-solving, and triple-checking. We combed through reports, websites, Glassdoor reviews, factsheets, and academic research. And we determined: what exactly do we want to measure? And why does it matter? These extensive calculations resulted in the AEX Future Proof Index, which was launched on February 7, 2025.
In total, we examined 17 social issues and 13 ecological issues, ranging from CO₂ emissions and corporate tax to biodiversity loss and water pollution. We researched and calculated shadow prices—values based on academic research that offer a standardized way to express environmental effects and societal impact in monetary terms—and thus translated these issues into the language of money. Most importantly, we remained radically transparent: all of our calculations in the AEX Futureproof Index were conducted with publicly available information. Our goal was simple: to develop a standardized method to calculate and compare the financial, social, and ecological value of companies—and to see how these companies would respond to the challenges of tomorrow.

If vague language were a KPI
This led to numerous challenges: after all, it’s not every day that you apply groundbreaking research and formulas to 23 AEX-listed companies. First of all, what we needed most was often missing from annual reports: hard data. This was especially difficult in sustainability reports, where the annual "results" were often more of a pat on the back for relative improvement, or worse, targets for relative improvement, rather than objective and concrete outcomes. Negative impact was at best well concealed, and vague terms were used as a distraction.
Even more difficult was the fact that what we were measuring became increasingly abstract. CO₂ emissions are now reasonably well documented: we even had a scientifically supported shadow price of about €206 per ton of CO₂ ready. But social impact means putting a price tag on more complex, harder-to-define issues: what does a case of workplace harassment cost? How do you calculate that musicians aren’t paid fairly while top executives rake in billions? And how do we incorporate child labor in a supply chain into the overall value of a company? Assigning numbers to these topics was one of our biggest challenges and sometimes seemed to confirm the impossibility of our project. But to make something futureproof, you have to do what has never been done before.

What we learned
It was precisely these challenges that led to some of our biggest discoveries. We found that "greenwashing" was widespread among these AEX-listed companies. Our analysts also discovered an important inverse correlation: the greater a company's negative impact on social or ecological aspects,the less likely it is that this impact is well reported. And I understand why: it’s hard to admit mistakes, especially when there’s a high chance of being penalized for them. But how else can we address the problem of negative impact if not by talking about it?

A positive note
We also found that of the 23 companies we examined, 15 scored a positive integrated value, meaning they contribute social and ecological value on top of financial value. Philips ranked highest for its positive impact: the company provides products that significantly improve the lives of millions of people. The "laggards," ArcelorMittal, Shell, and Heineken, fared worse due to their negative impact, such as pollution and the societal costs of alcohol consumption (I’m sticking to my 0.0). But this is precisely what makes the AEX Futureproof Index so powerful: the translation of previously intangible social and ecological values into comparable monetary figures. Now it’s up to companies, investors, and policymakers to show whether they are willing to change—or would rather bury their heads in the sand.

A look into the future
The first AEX Futureproof Index has proven to be an incredibly powerful tool. We have received a flood of support and interest, which makes it clear to me that this is not only pioneering but also absolutely necessary if we want to change the way we do business. And there is still much work to be done.
Certain material issues cry out for more solid facts and figures. Biodiversity—one of the most urgent problems of our time—still has very little available data. Human rights violations and unfair wages in global supply chains are also systematically overlooked.
The AEX Futureproof Index is only a first step—our analyses would greatly benefit from sector-specific comparisons. Moreover, we want to expand our research to Europe and the U.S. as soon as possible. Because they, too, speak the language of money, right?

This essay, by Pieter Hemels, director of consultancy firm ftrprf, was published in Management Scope 04 2025. You can find the complete study at www.longtermvalue.com/aex-index.