10 March 2009

Minister Meets World First Responsible Investment Academy

Senator Nick Sherry, Minister for Superannuation and Corporate Law, has today attended the inaugural Responsible Investment Academy Advisory Council to hand over $2.5 million in funding from the Rudd Government to support the development of responsible investment education and training programs for investment professionals.

"The Rudd Government is committed to fostering corporate social responsibility in the business and investment communities."

"To deliver real outcomes, we've offered direct support for the establishment of the Responsible Investment Academy as the world's first academic-level centre for responsible investment education, training and innovation."

"The Academy will help develop the critical skills and capacity of the investment industry to harness the potential of responsible investment."

"Today I met with Louise O'Halloran, the Academy Executive Director, and the full Academy Advisory Council at their inaugural Council meeting in Canberra."

"The Council, whose members include the Financial Planning Association, Investment and Financial Services Association and the Association of Superannuation Funds of Australia, will play an important role in developing responsible investment programs and industry partnerships," Minister Sherry said.

Last month, the Federal Government announced that $2.5 million in funding over three years would be provided to the RIA. The RIA is a not-for-profit industry association that unites institutional and individual investors and financial advisers who are interested in the impact of environmental, social and governance (ESG) issues on investment practices.

The Academy will deliver education and training programs, including diploma and certificate courses, to enable the investment community to better assess ESG considerations.

In February, Minister Sherry also wrote to the Australian Prudential Regulation Authority, requesting that it review its guidance to superannuation funds to take greater account of ESG issues in their investment practices.

"As large investors in Australian listed companies, super funds can have significant influence over those companies' operations and practices," Minister Sherry said.