It’s been nearly three years since the UK Pensions Act was changed to require occupational pension funds to make statements on the degree to which they take ethical, social and environmental considerations into accounts. From then on in, a pension fund’s Statement of Investment Principles (SIP) had to address the issue.

The change was lauded by pressure groups and socially responsible investment (SRI) fund managers, and copied in several European countries.

But whilst the legislative change certainly raised SRI’s profile, there is less evidence to suggest it is actually filtering down into changed investment procedures within the pension funds.

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