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Investment giant goes ethical
7 August 2000
Friends of the Earth today welcomed the announcement that a leading socially responsible investment team [1] are to manage the assets of the world's sixth largest insurance company.
The move by CGNU (formerly Norwich Union and CGU) [2] to manage all of its £200 billion pounds-worth of funds in accordance with socially-responsible criteria follows a campaign from Friends of the Earth targeted on the company earlier this year [3]. Thousands of postcards were sent by members of the public across the UK in a FoE campaign that demanded environmental and ethical screening for all of the company's investments.
Commenting, Tony Juniper, Policy and Campaigns Director at Friends of the Earth, said:
"Socially responsible investment has now gone mainstream. Financial companies who continue to ignore ethical or environmental concerns will lose customers to those who don't. In responding to our campaign for greener investment policies, CGNU have gained a competitive advantage. We will make it our business to highlight City firms who continue to operate without ethical standards".
NOTES
[1] Most of Henderson Investment's team of socially responsible investment specialists have been recruited by CGNU. The team has earned a reputation for socially responsible investment.
[2] CGNU was formed from the merger of CGU and Norwich Union in May 2000.
[3] See for example, Capital Punishment - UK Insurance Companies and the Global Environment, published by Friends of the Earth in January 2000. This report led to the grass-roots campaign aimed at Norwich Union and its lack of socially responsible investment policies.
If you're a journalist looking for press information please contact the Friends of the Earth media team on 020 7566 1649.
Published by Friends of the Earth Trust
Last modified: Jul 2008
