Aviva pushes PRI cause
Friday, 14 November 2008 12:10pm
Aviva's global asset management division is launching three socially responsible investment (SRI) initiatives, including greater corporate voting actions and a renewable energy fund.
Aviva Investors annual general meeting (AGM) voting practices will now extend to all global holdings on the MSCI World Index.
The firm is also including the United Nations Principles for Responsible Investment (UN PRI) in its contracts with other firms to assess and compare global best practice.
"Aviva Investors will include a clause on responsible investment in all of the contractual Investment Management Agreements proposed to clients. Clients will be able to see the PRI assessment of our performance and they will be able to hold us to account for delivery on our responsible investment commitments," said Alain Dromer, Aviva Investors chief executive.
The global division also launched the Aviva Investors European Renewable Energy Fund that develops and finances renewable energy projects in the European Union.
Dromer said the initiatives stem from the firm's belief that well governed companies with responsible management practices provide greater long-term investment returns.
These initiatives were launched at the Triple Bottom Line Investment conference in Amsterdam where Dromer implored listing authorities across all stock markets to explore the possibility of including the Global Compact principles into the listing requirements.
"I would like to see all stock market listing authorities make it a listing requirement that companies must evaluate the responsibility and sustainability of their business model," he said. "And either [implement] a sustainability strategy to the vote at their AGM or explain why they were unable to do so."
Michael Hobbs
