Investment funds backing the Principles for Responsible Investment have doubled to reach more than 4 trillion US-Dollars when asset owners and fund managers joined the European launch of this new initiative at the Palais Brongniart in Paris on 2 May. It is expected that further funds will pledge support for the Principles, which were officially launched by United Nations Secretary-General Kofi Annan at the New York Stock Exchange on 27 April.

At the Paris event, the heads of 18 major institutional investors from nine countries, representing more than 2 trillion US-Dollars in assets, singed up to the Principles. They joined a group of 32 institutional asset owners representing the original 2 trillion US-Dollars which backed the Principles during the international launch in New York.

The Principles were developed during a nearly year-long process convened by the UN Secretary-General and coordinated by the UN Environment Programme Finance Initiative (UNEP FI) and the UN Global Compact.

Monique Barbut, Director of the UN Environment Programme explained: “The commitment embodied in the Principles and now supported by some of the world’s largest asset owners and asset managers is a clear signal to business and global capital markets. The USD 4 Trillions now backing the Principles confirm that the integration of environmental, social and corporate governance considerations is now an essential part of good business.”

“In fact, the Principles provide a blueprint for what is fast becoming the only way to do business in the globalizing markets of the 21st Century,” added Mme Barbut.

”The Principles for Responsible Investment forge a much-needed link between corporate responsibility and decision-making in the financial markets,” said Georg Kell, Executive Head of the Global Compact Office. “Through their focus on engagement, not divestment, the Principles represent a major milestone in our efforts to root global business in universal values to achieve a more sustainable global economy.”

In joining with institutional investors and investment managers to develop the Principles, the United Nations collaborated with some of the world’s most influential institutions – many of them public pension funds – involved in investment activities worldwide. It is estimated that pension funds alone – public and private – account for up to 35 percent of total global investment.

More than 20 pension funds, foundations and special government funds, backed by a group of 70 experts from around the world, held meetings in Paris, New York, Toronto, London, and Boston over an eight-month period to craft the Principles.

Francis Mayer, Chief Executive Officer of the Caisse des Dépôts explained: “In light of our reputation as an experienced investor, as well as our long-term vision and focus on the public interest, I naturally wanted the Caisse des Dépôts to play a role in drafting these benchmark principles set forth by the United Nations.”

Mr Mayer continued: “Our asset management policies and practice already focus particular attention on environmental, social and governance issues. We opted to take these factors into account across the board in our portfolio management, rather than limiting ourselves to a few funds invested in accordance with SRI principles.”

The six overarching Principles, which are voluntary, are underpinned by a set of 35 possible actions that institutional investors and asset managers can take to integrate environmental, social and corporate governance (ESG) considerations into their investment activities. These actions relate to a variety of issues, including investment decision-making, active ownership, transparency, collaboration and gaining wider support for these practices from the whole financial services industry.

Signatories to the Principles for Responsible Investment are so far:

Institution (Country)
ABP (Netherlands)
AP2 (Sweden)
Bedrijfstakpensioenfonds Metalektro (PME) (Netherlands)
BT Pension Scheme (UK)
Caisse de dépôt et placement du Québec (Canada)
Caisse des dépôts et consignations (CDC) (France)
CalPERS (USA)
Canada Pension Plan Investment Board (Canada)
Catholic Superannuation Fund (Australia)
Christian Super (Australia)
CIA (Caisse de Prévoyance du Canton de Genève) (Switzerland)
Comité syndical national de retraite Bâtirente (Canada)
Connecticut Retirement Plans and Trust Funds (CRPTF) (USA)
Etablissement du Régime Additionnel de la Fonction Publique (France)
Folksam (Sweden)
Fonds de réserve pour les retraites (FRR) (France)
General Board of Pension and Health Benefits of the United Methodist Church (USA)
Government Employees Pension Fund (South Africa)
Government Pension Fund (Thailand)
Kikkoman Corporation Pension Scheme (Japan)
Mennonite Mutual Aid (MMA) (USA)
Munich Reinsurance Company (Germany)
Nathan Cummings Foundation (USA)
National Pensions Reserve Fund of Ireland (Ireland)
New York City Employees Retirement System (NYCERS) (USA)
New York State and Local Retirement System (USA)
New Zealand Superannuation Fund (New Zealand)
Norwegian Government Pension Fund (Norway)
PGGM (Netherlands)
PREVI (Brazil)
Storebrand (Norway)
Teachers’ Retirement System of the City of New York (USA)
United Nations Joint Staff Pension Fund (UNJSPF) (International)
Universities Superannuation Scheme (USS) (UK)

Investment manager signatories
Total assets managed: Greater than USD 3 trillion
Institution (Country)
ABN AMRO Asset Management (Netherlands)
Amalgamated Bank (USA)
Banco (Sweden)
Bank Sarasin & Co. Ltd (Switzerland)
BC Investment Management Corporation (Canada)
BNP Paribas Asset Management (France)
Calvert Group (USA)
Crédit Agricole Asset Management Group (France)
Daiwa Asset Management Co. Ltd (Japan)
Dexia Asset Management (Netherlands)
Domini (USA)
F&C Asset Management (UK)
Generation Investment Management LLP (UK)
Groupama Asset Management (France)
Henderson Global Investors (UK)
Hermes Pensions Management ( UK)
Insight Investment (UK)
Macif Gestion (France)
Mitsubishi UFJ Trust and Banking Corporation (Japan)
Morley Fund Management (UK)
Portfolio Partners Limited (Australia)
Sompo Japan (Japan)
Sumitomo Trust (Japan)
Threadneedle Asset Management Ltd (United Kingdom)

Professional service partners
Institution (Country)
Asset4 (Switzerland)
Ethix (Sweden)
FTSE (United Kingdom)
Innovest Strategic Value Advisors (USA)
Mercer Investment Consulting (USA)
onValues Ltd. (Switzerland)
Trucost (United Kingdom)
Vigeo (France)

(Paris, 1 May, 2006)