AUSTRALIA - QIC has signed the United Nations Principles for Responsible Investing (PRI), pledging to incorporate environmental, social and corporate governance (ESG) issues in the development of its investment strategies.
"We did not sign the Principles for Responsible Investing just to be 'green'," he said. "We believe ESG issues must be taken into consideration to continue to deliver superior risk-adjusted returns to our clients."
McTaggart said the impacts of issues such as climate change, would have significant influence on investment returns.
He explained: "While it will have a negative impact on some industries it will also create new investment opportunities.
"Part of our role as an investment manager will be to determine the best ways to influence the companies we invest in to improve their ESG practices.
QIC, which currently has more than AUS$70bn under management, will also encourage its external investment managers to follow the UN PRI.
In November, the California State Teachers' Retirement System (CalSTRS) signed up to the UN PRI. Signatories to the initiative include pension funds and other investors whose combined assets under management total $11trn (€7.6trn).
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