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Responsible investment & its place in development: Challenges for the Irish National Pensions Reserve Fund. Trocaire Development Review Trinity college 11 th November 09 Mark Cumming. Background. Reality for Trócaire’s Partners & Communities State pension fund in spotlight. - PowerPoint PPT Presentation
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Trocaire Development ReviewTrinity college
11th November 09Mark Cumming
Background
•Reality for Trócaire’s Partners & Communities
•State pension fund in spotlight
Sunday Tribune: Revealed: our € 1/2 bn pension funds invested in Zimbabwe
Source - FoE
Global context
•UN John Ruggie & State duty to protect
•Pressure for ethics Consumers Business case
The case for Responsible Investment
•History of dealing with ethics
•UNPRI
•Hermes & active ownership
•Gaps
The NPRF
Norway Fund
•Principles
•Mechanisms
•Operational strategies
•Record on divestment
Norway Pension Fund
Positive screening
Active engagement / ownership
Negative screening Exclusion /divestment
Principle1% of fund –renewables etc
sustainability societal consensus internationally accepted norms
societal consensus internationally accepted norms
StrategyPositively screening
Active ownership
Avoidance Investigate companies
Satisfies
Political concerns to engage new green deal
Fiduciary duty to manage ESG concerns and signal to market
due diligence to ensure avoidance of complicity
due diligence to ensure avoidance of complicity
Responsible
NBIM implements
NBIM decides and implements
Council on Ethics evaluates, then recommends and Ministry of Finance decides on exclusion. NBIM implements
Council on Ethics evaluates, then recommends and Ministry of Finance decides on exclusion. NBIM implements
•Universality of principles
•Risk – return profile
•Capacity to influence
•An independent council
Applicability to Ireland