GLOBAL - Pension funds have been taking positive shareholder action to address the issue of disclosure over climate change and socially responsible investing.
As one of the CDP signatories, the CPPIB urged the 200 largest Canadian companies to measure their greenhouse gas emissions and report on strategies to deal with climate change.
David McCann, vice-president and head of relationship investments, CPPIB, said: "Improved disclosure on climate change related risks and opportunities through mechanisms such as the...CDP is necessary as it enables long term investors like us to incorporate the potential investment impact into our investment decisions."
A spokesman from the CDP told Global Pensions some of the 385 institutional investors which supported the scheme had taken action similar action in their own countries.
These pension funds included Hermes, ABP, Catholic Super and the two largest Californian retirement systems.
Elsewhere, a group of signatories to the UN Principles of Responsible Investment (UNPRI) wrote to the CEOs of 103 companies highlighting those both doing well and needing improvement in this area.
These companies had elected to participate in the UN Global Compact, the world's largest voluntary corporate responsibility initiative.
As signatories, companies agreed to implement and report their progress on ten principles in the areas of human rights, labour standards, the environment and anti-corruption to investors.
Steve Waygood, head of engagement, Morley, commented: "Without adequate reporting on progress, a company signing the Global Compact's ten principles represents little more than a statement of good intentions."
Signatories to the letter included four Swedish AP funds and the New Zealand Superannuation Fund.
A group of major institutional investors launched a climate change action plan at a summit held at the UN on February 14 to boost investments in energy efficiency and clean energy technologies.
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.