responsible investment the national pensions reserve fund and active ownership
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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

Responsible Investment: The National Pensions Reserve Fund and Active Ownership

Annette Egan, Conor Trodden

MDP Research Project, Trocaire

8 November 2010

introduction
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
research questions
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?
background
Background
  • Responsible investment and concerns over actions of trans-national corporations.
  • Environmental, social and governance (ESG) issues
  • UNPRI
  • NPRF
  • Hermes
methodology
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
norway sweden ri models
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
conclusion and recommendations
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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