Are NZ’s Crown Financial Institutions’investments socially and environmentally responsible?
Seminar: Friday, October 14 2005 9.15 am - 4.45 pm: KPMG Centre, Auckland
6 October 2005--New Zealand’s Crown Financial Institutions (CFI’s) are obliged to follow certain ethical criteria for
their non-financial investments, but do they meet them?
In New Zealand, the “international reputation” clause (1) has become the main non-financial criterion for our CFIs,
which include the NZ Superannuation Fund, the Government Superannuation Fund, the National Provident Fund, the Accident
Compensation Corporation, and the Earthquake Commission. They currently have around NZ$21 billion under investment, and
this is likely to grow over the next 15 years or so to something between $120 and $150 billion. But how is this
invested?
The Council for Socially Responsible Investment (CSRI) chair, Dr Robert Howell, has written to all the CFI’s to find
out how they are following the guidance.
The surprising results will be released – and the criteria reviewed – at a one-day conference next week. “From the
research we have done, it’s clear that the system is not working,” says Dr Howell.
Dr Howell will be joined by national and international speakers (see below) who are experts in Socially Responsible
Investment (SRI), an area of the financial community which is fast growing around the world.
“New Zealand’s has a good international reputation. Our Crown Financial Institutions are supposed to take this into
account. Given that they are owned by the public, I think a large number of New Zealanders would find some of their
investments unacceptable. At this conference we aim to review the criteria, and consider alternatives.”
Notes “to avoid prejudice to New Zealand’s reputation as a responsible member of the world community” Speakers:
Dr Margaret Bedggood is Professor of Law at the University of Waikato (former Dean) a member of the International
Executive Committee of Amnesty International and a member of the Faculty of Continuing Education at the University of
Oxford on International Human Rights Law. She was Chief Commissioner of the New Zealand Human Rights Commission from
1989-94.
Dr Morgan Williams has been the Parliamentary Commissioner for the Environment since 1997. His professional career
began with research in Antarctica and in Fiji. He then worked for the New Zealand Ministry of Agriculture and Fisheries
in research, management and policy for 21 years, prior to joining Agriculture New Zealand Ltd, a Wrightson Group company
in January 1996. During the 1980s and 1990s Morgan represented New Zealand on three Australasian inter-governmental
committees and undertook many consultancies in the Pacific Islands and Australia. In association with this work he
visited Europe and North America to study pest management and sustainability initiatives.
Tessa Tennant is the -Executive Chair, Association for Sustainable & Responsible Investment in Asia (ASrIA). In 1988 she co-founded the UK's first sustainable investment unit trust and has
worked in the field ever since, most recently as Head of SRI Strategy for Henderson Investors. From 1993 to 1997, she
was Chair of the UK Social Investment Forum and has served on environmental advisory panels for the UK Government and
HRH The Prince of Wales. She is a Board member of The Calvert World Values Fund, Washington DC and an adviser to the
UNEP Finance Initiative. Since 1997 she has focused on research of Asian companies for SRI portfolios and in 1998
co-founded the world's first SRI fund for the Asia Pacific region.
Dr Robert Howell is Chair of the Council for Socially Responsible Investment. Robert is a management consultant
specialising in governance and strategic planning. His career has included management and planning positions in the
health services and local government. He has taught at Massey and Waikato Universities, and started his own educational
business.
The following speakers have been interviewed by journalist Rod Oram, and their comments will be played by video link:
Mark Campanale has worked in the socially responsible investment field for the last ten years, working as an investment
analyst for seven years and investment marketing manager for three. Mark holds an M.Sc in Agricultural Economics from
Wye College and a BA in Politics and Economic History from the University of York. Mark spent four years working on
overseas aid projects in Africa before joining Jupiter Asset Management in 1990. Now working for Henderson Global
Investors, he is currently responsible for the investment marketing and sales strategy for their SRI division. Mark is a
founding director of the UK Social Investment Forum and a member of the Steering Group for the UNEP Insurers Initiative.
Robert Rubinstein is Founder and CEO of Brooklyn Bridge, the Triple P Performance Center (competence and training
center for triple bottom line investing), and the 3P Academy. Brooklyn Bridge is a knowledge broker that links all
relevant parties to achieve a desired goal with respect to Corporate Social Responsibility. Robert has been active in
Corporate Social Responsibility (CSR) for the past 20 years. He has been influential in getting CSR into the mainstream
of business strategy, by focusing on finance and personnel issues.
Magnus Enell has a Ph.D. in limnology and holds an Adjunct Professor position at the International Institute for
Industrial Environmental Economics, and runs his only company (Enell Sustainable Business), mainly as a Think-Tank,
Mentor and knowledge resource for different stakeholders in the society. His main working area since the end of the 90s
is practical and strategic sustainable development in businesses and organisations. During the years 1995-2003 he was
the Corporate Manager for Environment and the last years for Sustainable Development at ITT Flygt. [+ GRI involvement]
Magnus Furugård is the President of GES Investment Services, as well as one of the founders and owners of the company.
He has a Master's degree in business administration from the Stockholm School of Economics, and is a trained marine
officer from the Royal Swedish Naval Staff College. Magnus has worked as a management consultant for a major consultancy
firm in Stockholm, as well as a campaign leader for the environmental organisation Greenpeace.
ENDS