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| SHAREHOLDER
ACTION TO BE TAKEN ON BOARD FOR SRI POLICY |
02/03/04 |
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The
Co-operative Insurance Society (CIS) is the first insurance company to invite
its customers to have a say in developing its socially responsible investment
policy.
CIS, a major investor in shares, property and bonds, will devise an SRI
policy based on the results of a consultation with its 5m policyholders
later this year.
In a detailed questionnaire, customers will be encouraged to express their
views on a wide range of corporate governance, social, ethical and environmental
issues.
Issues expected to be covered include whether a company’s involvement in
countries with oppressive regimes helps or hinders the advancement of democracy,
global climate change, and human rights– plus whether CIS should increase
or reduce its current level of engagement with companies’ boards over such
issues.
Mervyn Pedelty, chief executive of its parent company Co-operative Financial
Services, says: ”Since 1999, CIS has operated a responsible shareholding
programme whereby it seeks to improve the corporate governance and the social,
ethical and environmental performance of those companies in which it is
a shareholder.
“In the best traditions of the co-operative movement, we believe CIS’ customers
have a right to have a say in that policy. These are not easy subjects and
we think that the social, ethical and environmental issues on which we engage
should reflect the values of our customers."
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