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EIRIS Charity Project Seminar
Pooled Funds: the Opportunities for Responsible Investment
1 December 2009
Authorised and Regulated by the Financial Services Authority
Incorporated in England and Wales Registered number 3052894
Registered Office 9 Bonhill Street London EC2A 4PE
Specialist in
church & charity
fund management
Specialist in
ethical
fund management
The CFB of the Methodist Church
10 pooled funds valued at £1,090 million for the Methodist Church only
Epworth Investment Management
4 pooled funds valued at £630 million (of which £500 million CFB) for UK charities only
and
2 pooled funds valued at £30 million (of which £25 million CFB)
Pooled Funds & Responsible Investment
Our Mission
• to provide a high quality investment service seeking above average returns
• to follow a discipline in which the ethical dimension is an integral part of
investment decisions
• to construct investment portfolios consistent with Christian faith and morals
• to encourage strategic thinking on the ethics of investment
• to be a Christian witness in the investment community
Pooled Funds & Responsible Investment
Epworth range of funds
• Common Investment and Common Deposit Funds
◦ Affirmative Equity Fund
◦ Affirmative Fixed Interest Fund
◦ Affirmative Corporate Bond Fund
◦ Affirmative Deposit Fund
• UCITS Umbrella Unit Trust Scheme
◦ Epworth UK Equity Fund
◦ Epworth European Fund
Simplicity with service
Pooled Funds & Responsible Investment
Affirmative Equity Fund
the first sustainable growth common investment fund
“Investment will be made in companies (that) will normally (but not exclusively)
pursue long term sustainable growth strategies in the wider interests of all
parties including owners, lenders, employees, suppliers, customers/clients and
the local and wider community.”
Extract from Scheme Particulars
Pooled Funds & Responsible Investment
A structured approach to ethics
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Theological input
Detailed research
Company dialogue
Ethics Advisory Committee
Networking
Reporting
Pooled Funds & Responsible Investment
Networking
• Ecumenical church relationships
◦ Church Investors’ Group
◦ Ecumenical Council for Corporate Responsibility (ECCR)
◦ International networks
• Secular collaborative projects
◦ Institutional Investors’ Group on Climate Change
◦ Extractive Industries Transparency Initiative
◦ Carbon Disclosure Project
◦ UN Principles for Responsible Investment
• Research organisations
◦ EIRIS, PIRC, Trucost
Pooled Funds & Responsible Investment
Reporting
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EIRIS screening report
PIRC voting report
Policy statements
Ethics Advisory Committee report
Quarterly SRI review
Pooled Funds & Responsible Investment
Position Papers and Policy Statements
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Alcohol
Children’s issues
Climate change
Corporate governance
Financial intermediaries
Food industry including Nestlé
Israel/Palestine
Media
Military exposed companies including security services
Mining and other extractive industries
Political donations
Prisons
Voting
Pooled Funds & Responsible Investment
Ethics Advisory Committee Annual Report 2009
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Policy on children’s issues
Policy on contractors providing military and security services
Exchange of views with US churches on Israel/Palestine
Climate change position paper drafted and debated
CIG policy statement with respect to Sudan adopted as CFB/Epworth position
Nestlé
BSkyB
Anglo American
Meetings, correspondence or ethical research - 35 companies
Regular reporting items
Conclusion
◦ “The Committee judges that the CFB has managed the funds under its control in accordance
with the aims of the Methodist Church”
Pooled Funds & Responsible Investment
Contact Details
9 Bonhill Street
London EC2A 4PE
Chief Executive
Bill Seddon
Chief Investment Officer
Russell Sparkes
Central Finance Board of the Methodist Church
Tel 020 7496 3630
Email: [email protected]
www.cfbmethodistchurch.org.uk
Relationship Manager
Bill Lane
Epworth Investment Management Limited
Tel 020 7496 3636
Email: [email protected]
www.epworthinvestment.co.uk