[pf] try#9. A big fund manager to pressure big UK companies on envir.

· This is my "try#9".

At 08:44 14/5/2001 +1200, I wrote to GreenViews-NZ:
>· ... for ethical investments; ...

http://www.planetark.org/dailynewsstory.cfm?newsid=10480&newsDate=11-Apr-200
1  [all on same line in browser]
  is:

Morley Fund Management to pressure big UK companies on environment
  
UK: April 11, 2001

LONDON - Morley Fund Management yesterday said it will pressure Britain's
largest companies to be more environmentally conscious and threatened to
use its voting power if they fail to respond. 

The fund management arm of UK insurer CGNU said it will require the
companies it invests in who are also members of the blue-chip FTSE 100
index to "have robust processes to minimise damaging environmental impacts"
and to publish an annual environmental report.
If the companies fail to do so, Morley said it will use its stakes in the
firms to vote against the adoption of their annual reports and accounts.

Morley's new policy is expected to influential, as it manages more than 100
billion pounds ($144 billion), including about 42 billion pounds of UK
equities. The fund manager estimates it controls about 2.5 percent of the
UK stock market.

"Identification of environmental risks and opportunities is becoming
increasingly important for institutional investors. We believe that
management ought to be actively considering steps to report publicly on
their key environmental issues," Anita Skipper, Morley's head of corporate
governance, said in a statement.

The policy will also be applied in a looser fashion to companies which are
members of the wider FTSE 250 index. Morley expects FTSE 250 companies in
high risk sectors to produce an annual environmental report. When a report
is not produced the fund manager said it will abstain from voting to adopt
annual accounts.

Industry sectors considered high risk range from aerospace and defence
firms to waste management and water companies.

Morley said it will review the situation with the FTSE 250 companies each
year, but that it is likely to harden its stance over time.

The Morley decision is the latest instance of big fund managers using their
holdings in corporations to influence their policies.

Last month, eight pension funds and institutions controlling more than five
percent of Britain's stock market launched a campaign to make UK companies
put director's pay to a shareholders vote. 

REUTERS 

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
sent on by David.
(David MacClement) davd@ihug.co.nz 
http://www.geocities.com/davd.geo/index.html#top
************************************************

==^================================================================
EASY UNSUBSCRIBE click here: http://igc.topica.com/u/?aVxifP.aVx3Cb
Or send an email To: positive-futures-unsubscribe@igc.topica.com
This email was sent to: archive+pfvs@csf.colorado.edu

T O P I C A  -- Learn More. Surf Less.
Newsletters, Tips and Discussions on Topics You Choose.
http://www.topica.com/partner/tag01
==^================================================================