The £28bn Barclays Bank UK Retirement Fund (UKRF) has become the first UK bank pension fund to sign up to the United Nations supported Principles for Responsible Investment (PRI).
UKRF said as a long-term investor it shares the values and priorities advocated by the PRI, and as a signatory has committed to incorporating environmental, social and governance (ESG) issues into its investment decision-making, to be an active share owner and to report annually on its activities and progress in implementing the principles.
The PRI, launched in 2006, now has some 1,400 signatories worldwide, of which nearly 300 are asset owners.
The six principles require signatories to:
– incorporate ESG issues into investment analysis and decision-making processes;
– be active owners and incorporate ESG issues into ownership policies and practices;
– seek appropriate disclosure on ESG issues by the entities in which they invest;
– promote acceptance and implementation of the principles within the investment industry;
-work together to enhance signatories’ collective effectiveness in implementing the principles; and
-report on activities and progress towards implementing the principles.
UKRF chief investment officer Tony Broccardo (pictured) said: “We see a long-term, strategic approach, incorporating environmental, social and governance factors into the investment process, as not only good for society, but also as a proven way to deliver superior, more sustainable returns for our members.
“The trustees of the UKRF are fully committed to the UN initiative, and we look forward to playing our part, alongside other major global investors, in making the case for a longer term, more sustainable approach to investing.”
UKRF independent chairman Kevin Abbott added: “I am delighted to support signing up to the UN supported PRI and making a more public statement of the existing and long-standing commitment of the fund to responsible investment.”
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