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.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers