Minister for Superannuation and Corporate Law
3 December 2007 - 8 June 2009
Government to Provide Assistance for Establishment of Responsible Investment Academy
Senator Nick Sherry, Minister for Superannuation and Corporate Law, has announced that the Rudd Government will provide financial assistance to the Responsible Investment Association Australasia (RIAA) to establish the Responsible Investment Academy, the world's first academic-level centre for responsible investment education, training and innovation.
The RIAA is a not-for-profit industry association that unites investors (institutional and individual) and financial advisers who are interested in the impact of environmental, social and governance (ESG) issues on investment practices. The Academy will deliver a range of education and training programs, including diploma and certificate coursecourses, that will enable the investment community to better assess the ESG considerations.
"The Government is delighted to support the establishment of the Responsible Investment Academy. The Academy's addition to the sector will develop the critical skills and capacity of the investment industry to harness the potential of responsible investment."
"In response to growing evidence of the importance of environmental, social and governance (ESG) factors, global investors and asset managers are increasingly integrating a broader assessment of risk into decision-making," Minister Sherry said.
Minister Sherry noted that this is yet another initiative that highlights the Rudd Government's practical policy approach in the corporate social responsibility field."
"The Australian Government is committed to fostering corporate social responsibility in the Australian business and investment communities. Facilitating a greater awareness of responsible business practices in Australia can contribute to the long term profitability of corporate Australia, and deliver benefits to the community," Minister Sherry said.
Today, Minister Sherry has also written to the Australian Prudential Regulation Authority, requesting that it review its guidance to superannuation funds to take greater account of ESG issues in their investment practices."As large investors in Australian listed companies, super funds can have significant influence over those companies' operations and practices. This gives super funds the capacity to influence approaches to corporate social responsibility including management of non financial risk," Minister Sherry said.
5 February, 2009