Bloomberg is First ERISA Plan Sponsor to Sign the PRI
(3BL Media/Justmeans) – The PRI is the world's leading proponent of responsible investment. It represents the six Principles for Responsible Investment, whichis a voluntary set of investment principles offering a menu of possible actions for incorporating ESG issues into investment practice. Inimplementing them, signatories contribute to developing a more sustainable global financial system. The PRI has more than 1,800 signatories, from over 50 countries, representing about $70 trillion.
Bloomberg recently announced that it has become the first U.S.-domiciled corporate retirement plan sponsor (ERISA plan sponsor) to join the PRI. The six Principles for Responsible Investing align closely with Bloomberg’s commitment as a financial data provider to integrate sustainable business and finance considerations into its operations, products and services.Bloomberg is already a PRI signatory in its capacity as a service provider since 2009.
As a PRI signatory Bloomberg emphasizes its role as fiduciary – putting the interests of its retirement plan participants first. A primary driver for Bloomberg’s decision to join the PRI was to enable its employees to pro-actively integrate ESG-themed funds into their own retirement investment strategies. As a signatory, Bloomberg will submit a yearly transparency report to PRI outlining its approach to integrating ESG factors.
According to Dom Maida, Global Head of Global Data at Bloomberg L.P. and Chairman of Bloomberg’s Investment Committee, the company is committed to providing data and insights on ESG issues for its clients. Bloomberg’s employees are long-term investors, and giving them the choice to take ESG criteria into consideration in their retirement planning strategy was a logical next step.
Bloomberg carefully reviewed opportunities to integrate ESG considerations into the company’s global retirement plans. This included adding an ESG-themed equity fund to its U.S. 401(k) plan options and updating the plan’s Investment Policy Statement to integrate ESG considerations into plan management and monitoring decisions.
Cathy Bolz, Head of Global Benefits at Bloomberg L.P., said that not many companies offer ESG-themed funds to their employees through their corporate retirement plans. The PRI is a great platform for sharing best practices with other companies. PRI managing director, Fiona Reynolds, said that this move by Bloomberg will send an important signal to other retirement funds that ESG should be a part of every investment vehicle.
Source: 3BL Media
Image Credit: Bloomberg.com