The Principles for Responsible Investment (PRI) and the United Nations Global Compact have teamed up to look at investor-corporate engagement on companies’ anti-corruption measures.
The PRI and UNGC, the corporate sustainability body with over 8,000 members, will work together and with a consultant to produce a joint publication on the topic early next year.
It’s a sign of closer cooperation between the two bodies flagged up by PRI Chair Martin Skancke in February (RI coverage). He told RI at the time that the PRI should look at making more use of its links with its fellow UN-supported body to improve investor-corporate engagement. Skancke, who is an ex-officio board member at the Global Compact, said the Global Compact’s existing standards for corporates could be a useful framework for engagement between investors and companies.
The Global Compact is the UN’s voluntary business responsibility platform; its Vice Chair is Sir Mark Moody-Stuart, the former Royal Dutch Shell chief who chairsHermes Equity Ownership Services, the engagement arm of the BT Pension Fund-owned fund firm Hermes. Since September its been headed by Executive Director Lise Kingo, the former Novo Nordisk executive.
The PRI initiative itself was formed in partnership with the Global Compact and the UN Environment Programme Finance Initiative (UNEP FI).
Now the PRI and the UNGC are inviting proposals from individuals or organisations to “edit and refine” high quality content about the issue and provide critical assessment of quantitative and qualitative data presented.
The objectives of the publication are to “clarify the need for investors and companies to identify and manage corruption risks at global and local level” and “identify and share” lessons learnt from engagement dialogue between companies and investors. It will also provide practical guidance to investors and companies. The consultant will work on a part time basis from December 14, 2015 to April 1, 2016. Link