Global Compact Office Clarifies News Reports on UN Pension Fund
In response to recent news reports regarding the UN Joint Staff Pension Fund (UNJSPF), the Global Compact Office wishes to clarify matters with the following information:
- As a direct outcome of the announcement by the Secretary-General at the Global Compact Leaders Summit in June 2004 stating that the UN would begin a process to internalize the Global Compact's ten principles, an Advisory Group and working groups were established and have been examining how best to translate the UN's commitment into operational reality.
- Working groups are currently focused on how best to incorporate the Global Compact principles within the UNJSPF, the UN Procurement Service and the UN Facilities Management Division.
- The Board of the UNJSPF made the decision to take into account the Global Compact's ten principles in investment processes.
- The UNJSPF is currently involved in the development of the Principles for Responsible Investment (PRI) initiative. Co-sponsored by the United Nations Environment Programme Finance Initiative and the Global Compact, the PRI initiative has mobilized a group of approximately 20 international public pension funds in the development of a core set of investment principles based on environmental, social and corporate governance criteria.
- The Principles for Responsible Investment will be announced by signatories and rolled out in 2006, and the Global Compact Office expects the UNJSPF to endorse the PRI following the required UN internal process.
The GCO hopes that the UNJSPF will show leadership in this important global endeavor around responsible investment.
Please contact Mr. Gavin Power (email@example.com) for more information.