The National Union of Mineworkers (NUM) has chosen The Co-operative Asset Management (TCAM) to manage its core investments.
The trade union is the latest group to sign up to TCAMs distinctive approach to responsible investment approach which was recently made available to institutional investors.
TCAM believes its unique process – which integrates environmental, social and governance (ESG) analysis alongside financial considerations when selecting companies for investment offers a compelling alternative, particularly to affinity groups such as trade unions, charities, local authorities and co-operatives.
Ian Jones, Head of Business Development at TCAM, said: The NUMs decision to give The Co-operative responsibility with its investments confirms that our approach is extremely appealing to member and affinity organisations.
Our history of activism, transparency and engagement combined with the fact that were not one of the tainted band of City investors provides trust that we will always act as responsible stewards with our clients money.
Chris Kitchen, Secretary of the NUM said: The Co-operative were an obvious choice for managing our investments because of the similarities between the values and principles of the two organisations.
We believe the responsible approach will deliver the good investment returns that we demand whilst being used to positively influence companies in which it invests.
TCAM has managed retail funds for over 20 years and has long track record of responsible investment. For example:
In 2002, it became the first UK shareholder to make its voting records available to the public;
It voted against Northern Rock remuneration reports two years running prior to the credit crunch;
It refused to support RBS executive remuneration continuously since 2002 up to the financial crisis; and
It was one of few institutional investors to vote against the ill-fated RBS/ABN-AMRO deal.
It was the lead investor at two shareholder resolutions in 2010 at BP and Royal Dutch Shell asking how they will manage the environmental, social, economic and political risk surrounding their activities in oil sands.
D.C.