News Round Up
Billion dollar fund adopts SRI approach, Close call on rates this week. Comment: Changes this year, despite the delay.
Monday, January 22nd 2007, 6:34AM
The ASB Community Trust has adopted a socially responsible investment policy for its billion-dollar assets.It has become a signatory to the UN Global Compact, which supports universal environmental and social principles.
“We want to demonstrate leadership in this important area of investment,” Trust chief executive Jennifer Gill says.
ASB Community Trust does not expect its socially responsible investment policy to impact on its return (8.7% pa since 1994). Its range of investments will not change.
“We are not about to divest ourselves of major investments overnight. Where there has been a breach of the UN guidelines we will be encouraging dialogue and discussion.
As long as a company is talking about the issue and is seen to be making progress in remedying it, we will continue to hold them.”
Trust Waikato and Community Trust of Otago, use a responsible engagement overlay for their investments, while the $11.2 billion New Zealand Superannuation Fund also supports the UN Global Compact as its key benchmark for monitoring its portfolio.
Most economists expect Reserve Bank governor Alan Bollard will seize on lower than expected inflation figures and weak September quarter economic growth figures as an excuse to hold interest rates steady next week. But it will be a close decision. [MORE]
Comment: Changes this year, despite the delay
It was very pleasing to hear from the Ministry of Economic Development last week that it was combining a lot of its financial sector reform work into one package. Here's what it means for advisers. [Read On].
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