Pension fund backs UN initiative

IRELAND’S pension fund is backing a UN initiative to promote investments that reflect environmental, social and corporate-governance concerns.

The UN has drafted six voluntary “principles for responsible investment”. Ireland, Norway and such US states as California and Connecticut will endorse them in New York.

Munich Re, the world’s largest reinsurer, will also pledge its support.

The UN wants corporations to disclose their performance on environmental, social and governance issues, shareholder resolutions and investment strategies.

Ireland, Norway and France have established funds to reduce the burden on state coffers as life expectancy increases.

Ireland expects its €16 billion fund to reach €140bn, or 40% of gross national product, by 2025.

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