Transcript View the presentation delivered by speaker Mark Cumming

Trocaire Development Review
Trinity college
th
11 November 09
Mark 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
The case for Responsible Investment
Global context
•UN John Ruggie &
State duty to protect
•Pressure for ethics
Consumers
Business case
The NPRF
•History of dealing with
ethics
•UNPRI
•Hermes & active
ownership
•Gaps
Norway Pension Fund
Norway Fund
•Principles
•Mechanisms
•Operational strategies
•Record on divestment
Positive
screening
Active
engagement /
ownership
1% of fund –
sustainability
Principle renewables etc
Positively
Strategy screening
Satisfies
Responsi
ble
Political
concerns to
engage new
green deal
NBIM
implements
Active
ownership
Fiduciary duty to
manage ESG
concerns and
signal to market
NBIM decides
and implements
Negative screening
Exclusion /divestment
societal consensus
internationally accepted
norms
Avoidance
societal consensus
internationally accepted
norms
Investigate companies
due diligence to ensure
avoidance of complicity
due diligence to ensure
avoidance of complicity
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
Applicability to Ireland
•Universality of principles
•Risk – return profile
•Capacity to influence
•An independent council