investment review’s remit ignores SRIJuly 2000
A major review of institutional investment in the UK has failed to include any consideration of socially responsible investment (SRI) in its remit.
The Myners review, which was commissioned by the chancellor of the exchequer, Gordon Brown, in March, has now set out its main themes in a consultation document – but the paper makes no mention of SRI among some 50 issues up for discussion.
Although the head of the review, Paul Myners, who is chairman of Gartmore Investment Management, has said he will welcome views ‘from as wide a range of organizations and individuals as possible’, the omission has caused concern for supporters of ethical investment.
Mark Mansley, head of Claros Consulting, a specialist SRI consultancy, said there were almost 50 ethical funds in the UK, and a number of conventional fund managers were now taking account of the social, environmental and ethical performance of companies.
The review should therefore ‘place a high priority on dialogue with the socially responsible investment community’. SRI was ‘particularly pertinent’ in view of a new regulation which comes into force this month requiring pension funds to disclose their policy on social, environmental and ethical issues, he added.
And he added that SRI ‘may help answer the concerns over a lack of long-term investment that underlie the Myners Review’, because ‘SRI investors have been at the forefront of exploring long-term themes in investment’.
The review covers all types of institutional investment. It will report to the chancellor of the exchequer before the next Budget.
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