Friends Provident is lending its support to the campaign lobbying companies to address concerns over human rights, chld labour, and environmental pollution.
To this end the insurer has announced it will invest its £15bn of equity assets only in companies with a good track record in these areas.
The move places Friends Provident at the head of the pack amongst financial institutions in forcing these issues onto the business agenda. It is the most significant step by a financial services company in this direction.
It comes in advance of Government regulations in July that compel shareholders to inform brokers as to the extent social, environmental and ethical considerations concern them when investing.
Friends Provident Group chief executive Keith Satchell says: “good corporate practice on human rights, child labour and environmental pollution is good for society, but it's also good for shareholders.”