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​Norwegian sovereign fund rejects outcomes reporting for SDGs

first_imgInvestors should not be formally assessed on the outcomes of investments made in line with the UN’s Sustainable Development Goals (SDGs), according to one of the world’s biggest asset owners.Norges Bank Investment Management (NBIM), manager of Norway’s NOK8.9trn (€919bn) sovereign wealth fund, said it did not support adding outcome-based reporting on the SDGs, in a written response to the Principles for Responsible Investment’s (PRI) reporting review.NBIM argued in a letter to the PRI Association that it was difficult to measure an investor’s direct impact on the SDGs, and that the inclusion of outcome-based reporting was drifting away from the PRI’s founding principles.In the letter, NBIM’s Carine Smith Ihenacho, chief corporate governance officer, and Wilhelm Mohn, head of sustainability initiatives, wrote: “To attribute ownership of an outcome, an investor would ideally need to be able to demonstrate additionality, ie that any positive impact would not have happened without their investment. “Establishing such a relationship is challenging, given that a minority investor has only a marginal influence on a company’s funding cost and on its strategic direction, and is not involved in operational decisions. Investors’ efforts may be several steps removed from real-world outcomes on sustainable development.”NBIM also said that, for many investors, achieving the SDGs was not necessarily part of their mandate and so they should not be expected to report potential outcomes of their investments in this way to the PRI.#*#*Show Fullscreen*#*# Dutch asset managers APG and PGGM have assessed the ‘investability’ of the SDGs“Finally, including outcome-based reporting in the PRI Reporting Framework is drifting away from the PRI’s founding principles,” Smith Ihenacho and Mohn said. They added that the PRI’s signatories were financial investors committed to incorporate environmental, social and corporate governance (ESG) issues into their decision-making, while delivering on their investment mandate.“Most investors’ mandate is to maximise financial returns for their beneficiaries,” they said. “Responsible investors who do not have in their mandate to achieve specific social or environmental goals, or to contribute to policy goals, should not be expected to report on such potential impact under the PRI Reporting Framework.”The PRI has said that reporting how companies incorporated ESG factors not only encouraged positive change in financial markets, but also gave signatories an opportunity to compare their performance with peers, allowing for feedback and improvement.NBIM said this was not the first time it had objected to the concept of outcome-based reporting, having previously highlighted problems in the fund’s response to the PRI Blueprint, created in 2017.The PRI is surveying signatory investors and service providers about their views on the organisation’s reporting framework as part of a review it committed to in 2017.It wants to force signatories to report how they have considered specific climate change risks in their portfolios, beginning in 2020.Launched in 2012, the framework is, according to the PRI, “the largest global reporting project on responsible investment”.last_img read more

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Pellegrini set to coach Real Betis – Report

first_imgRelatedPosts Bale completes Tottenham return from Real Madrid Live stream Premier League, La Liga, Serie A on Showmax Pro this weekend Premier League, La Liga back on DStv, GOtv Former Real Madrid and Manchester City coach Manuel Pellegrini is set to take over at La Liga side Real Betis from next season, Spanish newspaper El Pais said on Wednesday.The report in El Pais said the Chilean, 66, has agreed to sign a two-year contract with the option of a third year with Betis, who sacked coach Rubi last month. One of Spain’s best-supported clubs with more than 50,000 season ticket holders, Betis are currently 14th in La Liga, nine points above the relegation zone.A report in newspaper Marca said the club wishes to wait until they have mathematically guaranteed their status in the top flight before announcing they have hired Pellegrini.Pellegrini won the Premier League title with City in 2014 as well as two League Cups and had successful stays in Spain’s top-flight with Villarreal, who he took to the Champions League semi-finals in 2006.He led Malaga into Europe’s top competition for the first time in 2012 and to the last eight of the competition the following year, losing to eventual finalists Borussia Dortmund.Reuters/NAN. Tags: La LigaManuel Pellegrininew managerReal Betislast_img read more

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FIBA U-17: Spanish Embassy Denies Nigerian Team Visas

first_img*As Championship dunks off todayThe 2016 FIBA U-17 World Championship will dunk off today in Spain without Nigeria’s team following the refusal of the Spanish Embassy in Lagos to give the team travelling visas. Shockingly too, the Embassy officials offered no explanation for their action.The Nigeria Basketball Federation (NBBF) had presented every document ranging from travelling insurance, birth certificates, sworn affidavits by the players parents which the Foreign Affairs Ministry endorsed since they are minors as demanded by the embassy but yet the Spaniards denied them visas. Surprisingly, the NBBF all through was working with the sport’s world body, FIBA, and the Local Organising Committee on ground in Spain but in spite of all these, the Spanish Embassy which had promised to issue the visa, started shifting grounds from Thursday to Friday last week before they finally returned the players passports to the protocol officer of the Youth and Sports ministry without visas on them.Meanwhile, the players and their coaches who were aware of the whole rigmarole by the Spanish Embassy were addressed by the NBBF President, Tijjani Umar, yesterday evening and would be released to return to their various homes today.“We are however, going to invite most of them for the Africa U-18 Championship holding later this year,” Umar assured.The U-17 girls tutored by Coach Adeka Daudu qualified from the African Championship held in Madagascar last year and were drawn in Group A with Canada, Latvia and Japan for the World Championship.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

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