Peter Murphy, CEO of Christian Super, today applauded the recent decision by Wesfarmers to significantly invest to source the phosphate rock used in their production of agricultural superphosphate from areas other than Western Sahara.
“Western Sahara is a disputed territory where there are clear human rights abuses,” said Mr Murphy.
“Importing phosphate from this region raises ethical questions that are very difficult to answer positively.” he said.
“This decision by Wesfarmers has spurred us on to continue our commitment to proactively engage with companies who are strong investment opportunities. We see ourselves as having a growing responsibility to challenge companies to continue to wrestle with the ethical considerations in their operations where necessary. Our dialogue with Wesfarmers has been mature and encouraging for future engagement.” Mr Murphy said.
Christian Super provides superannuation services to Churches and Christian organisations. Accordingly it advocates investment in responsible ventures with an importance placed on social outcomes of investments, as well as good returns for members. Christian Super was awarded, ‘Sustainable Super Fund of the Year’ in December 2008.
In presenting the award, Dr Caroline Noller, Head of Corporate Responsibility at co-lead sponsor GPT Group said, “This super fund has embraced the principles of ethical investment more than any other in Australia – and in a way that establishes alignment with the values represented by its industry. It was the first industry super fund to decide that putting all its money into ethical investments was not at odds with its fiduciary duty to maximize returns.”
Christian Super’s Chief Investment Officer, Tim Macready, said the decision by Wesfarmers was, “not only an outcome of Christian Super’s ethical investment process, it also proactively manages the long term risk of investments by foreseeing ‘risk’ areas that may threaten the investment’s reputation and long term profitability.”
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Wesfarmers decision ‘good news’ for Christian Super and ethical investment
Friday, 23 October 2009, 10:26 (EST)
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