UK/OECD - Insight Investment is in top-level talks with the government over an initiative to improve corporate social responsibility.
The fund manager’s head of investor responsibility Craig Mackenzie is in discussions with e-commerce and competitiveness minister Stephen Timms over how the UK can meet international guidelines for processing complaints about the conduct of multi-national companies.
Mackenzie pointed out that each member of the Organisation for Economic Co-operation and Development (OECD) had agreed to set up a national contact point for OECD guidelines on social responsibility which enable investors to lodge complaints about the behaviour of domestic multinationals.
But he added that while the Netherlands and Canada have set up successful contact points, Britain’s is manned by “a fifth of one civil servant who has lots of other things to do”.
He continued: “There really is a need for investors to back a common set of principles.”
The OECD’s national contact point system has been in place since 2000 but only 24 complaints have been raised internationally in the 30 participating countries.
Mackenzie thought this figure was low given the amount of public concern expressed about the behaviour of UK-based mul-tinationals in the last two years.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.