HBOS backs global principlesDecember 2002
A major UK asset manager has said it wants to see the companies it invests in comply with internationally recognized standards of behaviour such as the OECD Guidelines for Multinational Enterprises.
Insight Investment, which is part of the insurance and investment division of the HBOS banking group, will urge companies to apply such principles because ‘they provide the most appropriate basis for a consensual shareholder agenda on corporate responsibility’.
It has written to institutional clients, FTSE 100 companies, investment consultants and large pension funds asking them to clarify which principles are most appropriate for business. Its Global Business Principles Project will also sponsor a comparative analysis of global principles and encourage companies to adopt them.
Craig Mackenzie, head of investor responsibility at Insight, said: ‘There is growing momentum for companies to adopt global business principles, and investors have a powerful role to play – both by helping to clarify what the standards mean, and by challenging firms to comply.’
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