The Socially Responsible Investment and Finnish pensions
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1 Round table: Should financial market actors only go for return or do they have more responsibilities? The Socially Responsible Investment and Finnish pensions Matti Leppälä Director Finnish Pension Alliance TELA Ageing, a mission possible if responsibilities are shared DECEMBER 16, 2004 Grand Beguinage The Convent de Chièvres Salle Willem van Croy Faculty Club Groot Begijnhof 14 B-3000 LEUVEN
2 Outline Finnish pension institutions and the market Pension assets and how they are invested Finnish Pension Alliance s principles of Socially Responsible Investment Practice: Varma as an example SRI in annual reports
3 Finnish Pension Institutions Private sector Varma, Mutual Pension Insurance Company Ilmarinen, Mutual Pension Insurance Company Pension-Fennia, Mutual Insurance Company Tapiola Mutual Pension Insurance Company Veritas Pension Insurance Company Ltd Pensions-Alandia, Insurance Company Sectoral Pension Funds (8) Company Pension Funds (35) Public sector The Local Government Pensions Institution State Treasury National Ecclesiastical Board Special schemes Etera Mutual Pension Insurance Company The Farmers Social Insurance Institution Sailors' Pension Fund
4 INVESTMENT PORTFOLIO All members 90 83,5 85,4 82,7 78,6 EUR BILLION ,0 17,3 1,79 5,00 35,9 65,9 20,3 1,90 4,84 38,9 69,2 70,9 22,6 22,5 1,90 1,83 4,41 4,59 40,3 41,9 27,8 28,5 27,3 25,6 2,14 2,16 2,03 2,13 5,20 5,30 5,17 4,98 48,4 48,1 46,0 49, Pension insurance companies 2002 Pension foundations /04 2/04 3/04 Pension funds Other statutory pension providers SIJ3004/1SKRYH/ /MS Source: TELA
5 INVESTMENT PORTFOLIO Pension insurance companies, -funds, -foundations, Etera Mutual Pension Insurance Company, Seamen s Pension Fund, Farmers Social Insurance Institution, Church Central Pension Fund, Local Government Pensions Institution, State Pension Fund, Staff Pension Scheme of The Social Incurance Institution and Bank on Finland Pension Fund MRD.EUR Since 2004 investments in money market funds are included in money market investments instead of bonds Since 1999 in market value MONEY MARKET INVESTMENTS 4,6 3,2 4,1 1,7 2,8 3,3 3,1 3,9 4,1 3,7 BONDS 18,9 23,8 25,9 30,9 32,9 36,0 38,3 39,2 39,3 41,1 SHARES AND CONVERTIBLE BONDS 5,0 8,5 15,5 18,7 19,4 17,1 22,7 25,3 26,2 26,8 REAL ESTATE AND -SHARES 3,4 3,5 4,6 6,1 6,5 7,2 7,5 7,9 7,7 7,6 LOANS TO GROUP COMPANIES 1,7 1,7 1,9 1,7 1,7 1,9 2,0 2,0 2,0 2,1 INVESTMENT LOANS 3,9 4,2 3,9 3,5 2,8 2,5 2,5 2,1 1,9 1,9 TEL-PREMIUM LOANS 5,0 4,4 3,7 3,3 3,1 2,8 2,5 2,4 2,3 2,2 42,5 49,3 59,6 66,0 0 69,2 70,9 78,6 82,7 83,5 85,4 1/04 2/04 3/04 SIJ3004/1SKRYH/ /MS Source: TELA
6 EUR BILLION ,8 17,9 INVESTMENT PORTFOLIO IN DIFFERENT CURRENCY AREAS All members 69 11,6 23,5 11,3 28, ,4 18,0 20,8 32,4 34,9 32,8 21,5 34, ,2 34,1 31,2 30,8 29,9 29,8 29, I/04 II/04 III/04 Finland Rest of euro area The rest of the world SIJ3004/1SKRYH/ /MS Source: TELA
7 Bonds held by the Finnish statutory pension insurers by bond issuer in Q3/2004, bn EUR and per cent Euro area general government (excl. Finnish) 18.1 bn (44.5 %) Finnish corporations 1.4 bn (3,3 %) Finnish general government 4.0 bn (9.8 %) Non-euro area corporations 5.0 bn (12.1 %) Others 1.6 bn (4.0 %) Euro area corporations (excl. Finnish) 8.1 bn (19.7 %) Shares of bond funds 2.6 bn (6.3 %) BOND RV/tn
8 Finnish pension institutions investment in equity , Mil Total ,2 % 272 1,0 % 789 3,0 % ,6 % 1,9 % 303 1,2 % ,0 % ,2 % ,5 % Finnish listed companies Rest of E-area listed Outside E-area listed Venture capital outside Finland Other unlisted outside Finland Equity Funds outside E-area Equity Funds E-area Other Other Finnish unlisted Venture capital in Finland ,4 % FIPE ML/tn
9 Finnish Pension Alliance s principles of Socially Responsible Investment (1) Adopted by the investment committee of the Finnish Pension Alliance TELA in April 2004 Each pension institution independent in their own investment policy and actions Loyalty According to legislation, pension funds must be invested profitably and securely. Target: a yield as high, stable and long-standing as possible. These objectives must also be achieved when social responsibility is taken into account. In the name of social responsibility pension funds shall not be invested in objects in which the yield is not as good and secure.
10 Finnish Pension Alliance s principles of Socially Responsible Investment (2) Pension schemes are for the most part PAYG (70%) and partially funded (30%) pension institutions should invest also in Finland However, when making investment decisions, investors of pension funds shall first and foremost take into consideration profit earning capacity and sufficient security of investments. Social responsibility as a form of risk management SRI is a sustainable investment policy Long term yield has been good SRI applies to all investments
11 Finnish Pension Alliance s principles of Socially Responsible Investment (3) SRI at different stages of investment activity Investment decision, during ownership and when considering disinvestment It is important that SRI issues are part of a controlled investment process. The costs of SRI investing should be in line with other expenses of the investments. Transparency of investment activity Good reputation bad reputation No illegal operations or operations that are directly or indirectly in conflict with international human rights and fundamental rights conventions. Own ethical criteria
12 Example: Social responsibility in Varma equities portfolio (2002) Total eguities portfolio 3.0 billion 57 % 1. Finnish companies 24 % 2. Companies included in SRI 5 % 14 % 3. Companies sending a social responsibility report (not Finnish, not SRI) 4. No response
13 SRI in annual reports Varma s principles of social responsibility in investment operations determine the goals of responsible investment. Social responsibility is also a tool in seeking higher returns. (Annual report 2003) In accordance with Ilmarinen s ownership policy, the investments it makes should not only be profitable but also socially responsible and ethically sustainable. Ilmarinen expects the companies it invests in to follow the principles of sustainable development. (Annual report 2003) Since 2003 Ilmarinen has sold four holdings due to unethical bahaviour
14 Thank you! Matti Leppälä Director, International and Legal Affairs The Finnish Pension Alliance TELA Lastenkodinkuja HELSINKI FINLAND TEL (direct) Mobile FAX
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