WASHINGTON, November 25, 2015—The World Bank Group Staff Retirement and Benefit Plans (“the Plans”) today announced their decision to sign on to the United Nations-supported Principles for Responsible Investment (PRI), which is recognized as the leading global network for investors who are committed to integrating environmental, social and governance (ESG) considerations into their investment practices and ownership policies.
“We are very pleased to take this positive new step in the evolution of our pension plan,” said Bertrand Badre, World Bank Group Chief Financial Officer and Chairman of the Pension Finance Committee entrusted with the responsibility for the financial management of the Pension Plan. “As long-term investors, we are by nature focused on material ESG factors and the responsible stewardship of our investments, so we see signing on to PRI as a prudent, logical step in support of our long-term sustainability efforts.”
The PRI’s network of international investors work together to implement a set of voluntary principles that provide a framework for integrating ESG factors into investment analysis and ownership practices aligned with investors’ fiduciary duties. The Pension Plan will implement the principles in its management of the Plan’s financial assets, where consistent with its fiduciary responsibilities.
“After careful review of the PRI, we decided that implementing the principles put forth by this pioneering organization is a natural step for us in the evolution of our responsible investment and ESG practices,” said John Gandolfo, Chief Investment Officer and Plan Administrator.
The decision to join the PRI follows a yearlong review process, and will allow the Plans to expand its engagement and outreach with like-minded peers in this important area.
“Making the decision to join PRI underscores the Plans’ consideration of sustainable investment strategies,” said PRI Managing Director Fiona Reynolds, “and they will no doubt benefit from sharing best practices with our other members.”
The Plans will review and assess their involvement in the organization from time to time.
About The World Bank Group Staff Retirement and Benefit Plans
The World Bank Group Staff Retirement and Benefit Plans are a leading institutional investor with $21.8 billion in assets that is invested across the full spectrum of asset classes ranging from public equities and fixed income to private equity, real estate and absolute return and opportunistic strategies. Now in its 66th year, the Retirement Plan assets are held in a separate trust and the Plan financial management is overseen by a Pension Finance Committee chaired by the World Bank Group Chief Financial Officer.