Today's Labour News

newsThis news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.

retirementBloomberg reports that pension funds in SA have a legal obligation to account for the financial effects of climate change on their investments, according to two groups lobbying money managers to pay closer attention to the issue.  

Shareholder activists Just Share and environmental law organisation ClientEarth have written to more than 50 funds in the country about their duty to savers.  The local industry oversees about R4.2-trillion in retirement investments.  Legal opinion commissioned by the campaigners shows that failing to meet the requirement on climate change “would likely amount to a breach of duty by the board of a pension fund,” the groups said in a joint statement Monday.  Tracey Davies of Just Share noted that the ultimate effects of climate change and the cost of transitioning to a low-carbon economy should form part of money managers’ investment strategies, adding that the primary reason was the fiduciary responsibility for the funds to invest in the long term.  Reaction from funds that responded to the campaigners’ questions apparently ranged from interest in discussing the issue to asking whether they were being accused of doing something wrong.

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