Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Group Asks For More Specific SRI Guidlines

Commonwealth Group Asks For More Specific SRI Guidelines In Super Fund Bill

Investment management and financial services entity Commonwealth Group* has suggested to the Finance and Expenditure Select Committee that more specific guidelines on ethical or socially responsible investing (SRI) should be put in the New Zealand Superannuation Bill.

Representatives of the Group today appeared before the Select Committee to recommend more comprehensive wording for clause 58 (2) C, which instructs the Guardians - the Fund’s trustee board – on how they should invest the Fund.

The clause currently instructs the Guardians to manage the Fund so as not to damage New Zealand’s reputation as a good international citizen.

Michael Hill, Head of Business Management for Commonwealth Investment Management, and Mark Bytheway, C.E.O. of Sustainable Investment Research Institute Pty Ltd, suggested to the Select Committee that the legislation needed to be as clear as possible to assist the Guardians.

The Commonwealth Group recommended that the legislation should instruct the Guardians to develop sustainable economic, social and environmental outcomes from investments that would enhance New Zealand’s reputation.

The aim of the Group’s submission was to help the Government achieve its superannuation objectives by making the legislation as robust as possible.

The Commonwealth Group views SRI (which has evolved from ethical investing) as a permanent feature in the funds management industry.



Given the potential size of the Superannuation Fund, its approach to SRI is very likely to create a benchmark for the rest of the New Zealand investment market.

The Commonwealth Group’s investment managers include Colonial First State Investment Managers (NZ) Ltd, and Australian firms Commonwealth Investment Management and Tactical Global Management. Other New Zealand members of the Commonwealth Group are ASB Bank, Sovereign Ltd, and Jacques Martin New Zealand Ltd.

* The Commonwealth Bank of Australia (incorporated in Australia) and subsidiary companies.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tax Bill Passes, Drops: “An End To Unnecessary Secondary Tax”

“The changes mean Inland Revenue will more closely monitor the tax paid by wage and salary earners through the year. If it appears the worker is being over taxed, Inland Revenue will suggest a more suitable PAYE tax code tailored to that worker.” More>>

ALSO:

Ethiopian Airline Crash: Boeing 737 Max Aircraft Operations Temporarily Suspended

New Zealand’s Civil Aviation Authority has suspended the operation of Boeing 737 MAX aircraft to or from New Zealand. Currently this affects only one operator, Fiji Airways. There are no other airlines that fly this aircraft type to New Zealand. More>>

ALSO:

Sorting Out DNA: Crime-Busting Software Wins Top Science Prize

Software developed in New Zealand that has contributed to identifying suspects in tens of thousands of criminal cases around the world has won the 2018 Prime Minister’s $500,000 Science Prize. More>>

ALSO:

In The High Court: IRD Wins Tax Avoidance Case

Inland Revenue has won a High Court case against Eric Watson’s Cullen Group over a nearly $52 million tax debt. More>>

ALSO:

Insurers Withdraw From Market: Plea For EQC Rethink

A consumer watchdog wants the government to rethink the Earthquake Commission (EQC) as more people are pushed out of getting property and contents insurance. More>>

ALSO:

Women's Day: New Zealand Rated Third Best In OECD For Working Women

New Zealand has been rated among the top countries in the world for working women. The Women in Work Index rated New Zealand third in the OECD and it was the only country outside Europe to make the top 10. More>>

ALSO: