Five investment firms have been removed from the United Nations Principles for Responsible Investment for failing to meet its minimum requirements.
The removed firms are BPE, the private banking arm of La Banque Postale, Stichting Gemeenschappelijk Beleggingsfonds, Corfina Capital, Primary Wave IP Investment Management and Delta Alternative Management. PRI Chief Executive Fiona Reynolds said, “We had signatories who just weren’t doing enough, and were very much there for the marketing.They were sort of riding on the brand and riding on what other signatories were doing.” The PRI did not say which standard the delisted firms failed.
The PRI said it now plans to toughen membership requirements further and will launch a consultation at a meeting this month. Proposed changes include requiring firms’ responsible investment policies to cover 90% of assets and making that policy public.