Six Danish pension funds have decided to leave the United Nations-supported Principles for Responsible Investment (PRI) initiative because of concerns over the governance of the organisation.
ATP, Industriens Pension, PensionDanmark, PFA Pension, PKA and Sampension said they would stick to the values upon which the initiative was founded, but would do so outside of the organisation.
The six funds complained of a lack of transparency and membership democracy within the initiative, saying, “the governance of the PRI organisation does not live up to the basic standards we as investors would expect of the companies in which we invest.”
“Despite numerous attempts to improve the conditions within PRI, we must, unfortunately, acknowledge that these attempts have not been successful.”
PRI managing director Fiona Reynolds said the organisation was “deeply disappointed” by the decision.
“The PRI Advisory Council is democratically elected by signatories and is globally diverse, made up of representatives from all three categories of signatory and regions of the world,” Reynolds said.
“Given the important work of the Danish pension funds in responsible investment, we hope that the funds concerned will reconsider their decision at some point in the near future.”
She added that PRI is currently considering a review of its governance structure.
The UN-backed initiative currently has 1,230 signatories, managing assets of around $35 trillion (£21.4 trillion) – though the six Danish pension funds are still included in these calculations.
It was founded in 2006 to promote six aspirational investment principles covering a range of environmental, social and governance (ESG) topics such as transparency, decision-making and active ownership.
Speaking to Blue & Green Tomorrow in November, the outgoing executive director of PRI James Gifford said, “The PRI has been successful within the institutional investment world, in demonstrating that integrating ESG factors into investment processes and ownership activities is core, mainstream activity, and it’s quite different from the traditional ethical investment movement.
“I think we’ve been successful in that.”
‘Parents, stop f***ing up my future!’ A new campaign for sustainable investment
James Gifford, PRI: ‘we have made responsible investment normal’
AXA becomes latest Principles for Responsible Investment signatory
$800bn Norwegian oil fund under pressure to divest from coal
Pension headache: why we need our funds to go on a fossil fuel diet
Like our Facebook Page
How Cities In Canada Are Addressing Climate Change
10 Tax Incentives for Businesses That are Lowering their Carbon Footprint
How to Manage Anxieties About Climate Change
Green Brands Must Understand Their Customers to Market Wisely
Key Necessities for Starting an Eco-Friendly Freelance Business
6 Ways To Overcome Cash Flow Challenges as a Green Business
Going Cashless Lowers Our Carbon Footprint and Has Other Pros and Cons
How to Be as Eco-Friendly as Possible on a Trip to New York
Why Brazed Plate Heat Exchangers Are Eco-Friendly
6 Steps For Making Crypto & Blockchain Eco-Friendly
How To Use Solar Power Sustainably At Home
Building a Career in Green Construction: Tips and Insights
Solar-Powered Security Systems: Protecting Your Home and the Environment
Top 5 Benefits of Workplace Sustainability
The Role of Smart Technology in Managing EV Charging Stations
4 USA Vacation Destinations for an Eco-Friendly Trip
Why Internet Faxing Is A Sustainable Business Move
5 Ways Eco-Friendly Employers Can Boost Efficiency
6 Wastewater Management Tips to Reduce Water Pollution
What to Look for When Choosing an Eco-Friendly Locksmith
- Environment3 months ago
6 Home Improvements You Can Make to Help the Environment
- Environment10 months ago
4 Countries That Have Banned Single-Use Plastic
- Features9 months ago
5 Huge Support Tips for Eco-friendly eCommerce Brands
- Environment7 months ago
How to Ensure Your Home’s Eco-Friendly During Construction?