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EIRIS Charity Project SeminarPooled Funds: the Opportunities for Responsible Investment 1 December 2009 Authorised and Regulated by the Financial Services Authority Incorporated in England and Wales Registered number 3052894 Registered Office 9 Bonhill Street London EC2A 4PE
Specialist in church & charity fund management Specialist in ethical fund management The CFB of the Methodist Church 10 pooled funds valued at £1,090 million for the Methodist Church only Epworth Investment Management 4 pooled funds valued at £630 million (of which £500 million CFB) for UK charities only and 2 pooled funds valued at £30 million (of which £25 million CFB)
Pooled Funds & Responsible Investment Our Mission • to provide a high quality investment service seeking above average returns • to follow a discipline in which the ethical dimension is an integral part of investment decisions • to construct investment portfolios consistent with Christian faith and morals • to encourage strategic thinking on the ethics of investment • to be a Christian witness in the investment community
Pooled Funds & Responsible Investment Epworth range of funds • Common Investment and Common Deposit Funds • Affirmative Equity Fund • Affirmative Fixed Interest Fund • Affirmative Corporate Bond Fund • Affirmative Deposit Fund • UCITS Umbrella Unit Trust Scheme • Epworth UK Equity Fund • Epworth European Fund Simplicity with service
Pooled Funds & Responsible Investment Affirmative Equity Fund the first sustainable growth common investment fund “Investment will be made in companies (that) will normally (but not exclusively) pursue long term sustainable growth strategies in the wider interests of all parties including owners, lenders, employees, suppliers, customers/clients and the local and wider community.” Extract from Scheme Particulars
Pooled Funds & Responsible Investment A structured approach to ethics • Theological input • Detailed research • Company dialogue • Ethics Advisory Committee • Networking • Reporting
Pooled Funds & Responsible Investment Networking • Ecumenical church relationships • Church Investors’ Group • Ecumenical Council for Corporate Responsibility (ECCR) • International networks • Secular collaborative projects • Institutional Investors’ Group on Climate Change • Extractive Industries Transparency Initiative • Carbon Disclosure Project • UN Principles for Responsible Investment • Research organisations • EIRIS, PIRC, Trucost
Pooled Funds & Responsible Investment Reporting • EIRIS screening report • PIRC voting report • Policy statements • Ethics Advisory Committee report • Quarterly SRI review
Pooled Funds & Responsible Investment Position Papers and Policy Statements • Alcohol • Children’s issues • Climate change • Corporate governance • Financial intermediaries • Food industry including Nestlé • Israel/Palestine • Media • Military exposed companies including security services • Mining and other extractive industries • Political donations • Prisons • Voting
Pooled Funds & Responsible Investment Ethics Advisory Committee Annual Report 2009 • Policy on children’s issues • Policy on contractors providing military and security services • Exchange of views with US churches on Israel/Palestine • Climate change position paper drafted and debated • CIG policy statement with respect to Sudan adopted as CFB/Epworth position • Nestlé • BSkyB • Anglo American • Meetings, correspondence or ethical research - 35 companies • Regular reporting items • Conclusion • “The Committee judges that the CFB has managed the funds under its control in accordance with the aims of the Methodist Church”
Pooled Funds & Responsible Investment Contact Details 9 Bonhill Street London EC2A 4PE Chief ExecutiveRelationship Manager Bill Seddon Bill Lane Chief Investment Officer Russell Sparkes Central Finance Board of the Methodist Church Epworth Investment Management Limited Tel 020 7496 3630 Tel 020 7496 3636 Email: Bill.email@example.com Email: firstname.lastname@example.org www.cfbmethodistchurch.org.ukwww.epworthinvestment.co.uk