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Three more Danish pension funds leave Principles for Responsible Investment

It means 11 Danish funds have now quit the Initiative

It’s emerged that three more Danish pension schemes quit the UN-supported Principles for Responsible Investment (PRI) earlier this year, taking the total number who have left since late last year to 11.

The initiative was hit in December when eight Danish funds quit over concerns about how the PRI is governed.

Now a new list of de-listed signatories released by the PRI shows that Laegernes Pensionskasse, PenSam Liv and DIP JØP also exited at the start of 2014.

Doctors fund Laegernes, which has DKK70bn (€9.4bn) in assets, left earlier this year. In a statement entitled ‘Farewell to the PRI’ it said that dissatisfaction with the organization has meant that almost all Danish pension funds had decided to leave and it would follow suit.

It said it would continue to follow UN principles outside the PRI as changes had meant signatories had less impact on decisions.

A spokeswoman for DKK34.3bn engineers fund DIP JØP confirmed to RI that it left for the same reason. And DKK130bn labour-market pensions provider PenSam has also quit. According to PRI’s website, there are just four remaining Danish asset owner signatories – including Unipension, the DKK100bn consolidated pension administrator whose Chief Investment Officer Niels Erik Petersen sits on the PRI Advisory Council.The others are DKK15.4bn engineers fund ISP, state investment fund Vækstfonden and Danske Bank, owner of Danica Pension.

A PRI spokesman said: “We are currently consulting with all of our signatories – including those Danish funds that delisted – on the recommendations from our governance review, which was carried out by an independent expert.

“These will be presented to signatories at our upcoming Signatory General Meeting in Montreal on 24 September and put to a vote after the meeting.”

The PRI is holding a workshop in Copenhagen on September 8 to present the findings of its recent engagement and satisfaction survey. There will be a similar meeting in Oslo the next day.

The Danish funds that have quit the PRI:

  • ATP
  • Industriens Pension
  • PensionDanmark
  • PFA
  • PKA
  • Sampension
  • LD Pension
  • Tryg Pension
  • Laegernes Pensionskasse
  • DIP JØP
  • PenSam Liv