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Responsible Investment: The National Pensions Reserve Fund and Active Ownership

Responsible Investment: The National Pensions Reserve Fund and Active Ownership. Annette Egan, Conor Trodden MDP Research Project, Trocaire 8 November 2010. Introduction. The National Pensions Reserve Fund (NPRF) and Responsible investment Active ownership

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Responsible Investment: The National Pensions Reserve Fund and Active Ownership

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  1. Responsible Investment: The National Pensions Reserve Fund and Active Ownership Annette Egan, Conor Trodden MDP Research Project, Trocaire 8 November 2010

  2. Introduction • The National Pensions Reserve Fund (NPRF) and Responsible investment • Active ownership • voting on shareholder resolutions • engagement with companies on environmental and social issues • Case studies of companies the NPRF invests in • Norway and Sweden’s responsible investment as a model for Ireland

  3. Research questions • Are NPRF’s investment activities in coherence with their responsible investment policy • By investing its pension fund in companies with alleged human rights violations and negative environmental impacts, can the Irish state be seen to be complicit?

  4. Background • Responsible investment and concerns over actions of trans-national corporations. • Environmental, social and governance (ESG) issues • UNPRI • NPRF • Hermes

  5. Methodology • Hermes proxy voting records at company AGMs • Human Rights Watch research • Norwegian’s Pension Fund divestment list • Company proxy statements of shareholder resolutions. • Analysis of engagement reports to investigate whether the NPRF and Hermes is engaging with companies

  6. Findings and discussion

  7. Findings and discussion

  8. Case Studies – How Hermes Voted

  9. Norway/Sweden RI Models • Securing profitable long term returns and avoiding risk of complicity through investment in companies engaged in actions contrary to the values of Norwegian society. • Council on Ethics - evaluates whether investment in companies is consistent with the ethical guidelines • Active ownership, positive and negative screening and exclusion

  10. Conclusion and recommendations • Transparency – Voting explanation • Is engagement best carried out by Hermes? • Leave Hermes as proxy voter but have NPRF more involved in engagement – Council of Ethics. • Move to Norwegian/Sweden model of active ownership? • Legislative change to incorporate ES issues in SRI policy

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