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


Findings and discussion

Findings and discussion


Findings and discussion1

Findings and discussion


Case studies how hermes voted

Case Studies – How Hermes Voted


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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