US - Fidelity has become the latest target for US pension schemes pulling investment out of Sudan by way of its holding in a Chinese oil company.
Figures quoted by the US Securities and Exchange Commission from the end of 2006 on showed Fidelity held a 5% stake worth around $1.3bn in PetroChina which has been identified as doing business with the regional Darfur government in Sudan.
A spokesman for Fidelity could not confirm current holdings in the Chinese company, but said the firm's investment policy was in line with US legislation over investing in the war-torn region.
Standing at odds to these claims, PetroChina released its first corporate social responsibility report in April which appeared to focus on domestic and employee welfare.
The company stated: “PetroChina believes that its primary task in fulfilling social responsibilities is to fuel the economic growth and social development by providing stable energy supply.”
PetroChina also mentioned a donation of 12 ambulances to communities and 100 computers to schools in Kazakhstan, plus investment in the maintenance of community roads in the country.
The company’s net profit in 2006 was RMB142,224m (US$18.5m).
A number of US states have passed bills preventing pension funds investing in any company that had recently or continued to do business in Sudan.
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.