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					VOLUME 2, ISSUE 6: August 2006

                                                                                         Social Investment of Pension Funds
                                                                                         University-Union Research Alliance

                                                                                            University-Union Research Alliance




                                                                                                               NEWS

                                                                                          http://www.pensionsatwork.ca/


                                                                directly; they sought to terminate the plan under the rule
                       Canada                                   in Saunders v. Vautier and provincial trust legislation
10 August 2006 – Applicability of Trust Law                     Read full story
Principles to Pension Plans
Jana Steele, Mondaq Business Briefing                           Read more: http://www.mondaq.com/

A recent Supreme Court of Canada case has determined            8 August 2006 – Tribunal supports CUPE’s pay
that not all trust law principles should be applied to          equity complaints
modern day pension plans that are funded through a              CUPE
trust. The old common law rule in Saunders v. Vautier
will not normally apply to pension trusts.                      Saskatoon: The Saskatchewan Human Rights Tribunal
                                                                has sided with a group of CUPE university clerical
In Buschau v. Rogers Communications Inc., the                   workers and ordered the human rights commission to
Supreme Court of Canada considered whether the                  investigate pay equity complaints.
participants of a pension plan subject to a trust could
invoke the rule in Saunders v. Vautier and terminate the        In nine separate rulings issued in July, the tribunal
trust under the plan. The rule in Saunders v. Vautier           overruled the commission’s decision last year to dismiss
provides that if all the beneficiaries of a trust are legally   a large number of pay equity complaints from CUPE
capable of managing their own affairs and agree, they           members employed in clerical jobs at the University of
may terminate the trust regardless of the express wishes        Saskatchewan.
of the person who established the trust.
                                                                “The significance of the tribunal’s rulings cannot be
The Buschau plan was frozen in 1984 and was                     overstated,” said Aina Kagis, chair of the province’s pay
subsequently merged with three other plans to form a            equity coalition and a CUPE staff representative in
continuing plan. The plan had a substantial surplus,            Regina. “Pay discrimination continues to be the workday
which the members sought to access by terminating the           reality for many Saskatchewan women, and the human
pension plan. The argument raised was that because the          rights route is often they only avenue they have to
plan membership had been frozen in 1984, its members            address it.”
and their named beneficiaries were the only persons with
                                                                Since Saskatchewan is one of the few remaining
an interest in the pension trust fund.
                                                                provinces without pay equity legislation, hundreds of
The problem they faced, however, is that the merged             workers have filed wage discrimination complaints
plan was a continuing plan and therefore any rights to          under the code over the last decade.
surplus would not crystallize until the merged plan was
                                                                Read full story
wound up. Under the terms of the federal pension
legislation, which applied to the plan, only two people         Read more: http://www.cupe.ca/
can voluntarily wind up a plan - the employer or the
Superintendent (in certain circumstances). There is no
direct mechanism permitting plan members to trigger a
plan wind up. Further, neither the plan nor the trust
allowed the members to terminate the plan. So the
members sought to do indirectly what they could not do
Pensions at Work Newsletter                                   Volume 2, Issue 4: June 2006

5 August 2006 – Will Work for Change; Most                    August 2006 - AIDS Forum 2006
entrepreneurs dream of big bucks. But a new                   Canadian Labour Congress
breed of small-business owner is sacrificing
lucrative jobs to launch socially conscious                   The Canadian Labour Congress is proud to host the first
start-ups.                                                    ever global meeting specifically for trade unionists
Elisa Birnbaum, The Globe and Mail                            working on HIV/AIDS.

For more than seven years, Ivan Mulder called the             The Forum will take place in Toronto, August 11th –
streets and homeless shelters of Toronto home. But now        13th and will bring together activists from around the
the 25-year-old has a job as a bike courier — and his         world.
own one-bedroom apartment downtown. Instead of
bingeing on alcohol and drugs, he says, “I've learned         It will provide an opportunity to analyze the
responsibility and how to manage my money. I now put          effectiveness of our activities as trade unionists, learn
it toward things that really matter.”                         from each other’s experiences, and develop strengths
                                                              and strategies to better respond to the HIV/AIDS
Not that long ago, the man who hired Mr. Mulder               pandemic.
changed his own life to focus on things that really
matter. Like a growing new breed of entrepreneurs,            Read full story
Richard Durham, who founded TurnAround Couriers,              Read more:
decided to give up his steady, well-paying job in the         http://canadianlabour.ca/index.php/view_en/958
private sector to start a “social enterprise.” While
retaining the basic elements of a typical business, social
enterprises make social change — not profit — their
primary focus.                                                                  United States
According to David Bornstein, the author of How to            13 August 2006 – Mutual Funds are Failing as
Change the Word: Social Entrepreneurs and the Power           Deal Police
of New Ideas, the real risk for those behind such socially    Gretchen Morgenson, The New York Times
conscious ventures isn't giving up security. “It's the risk
of spending the next 40 years of their lives doing            AS fiduciaries responsible for clients' financial interests,
something they don't care about,” he says. “It's deep and     mutual fund managers are supposed to monitor the
its personal.”                                                companies whose shares they own, on the lookout for
                                                              avaricious      executives,    phony       financials    or
Read full story                                               somnambulant directors. That they have failed miserably
Read more: http://www.theglobeandmail.com/                    in this task in recent years has frustrated investors, who
                                                              know that only big, household-name stockholders like
August 2006 – Shareholder Association for                     Fidelity, Vanguard and the rest have the clout to reform
Research and Education (SHARE) publish                        wayward companies. Before prosecutors have to get
Model Proxy Guidelines for Pension Funds.                     involved, that is.
SHARE (Shareholder Association for Research and
Education)                                                    Now, an academic study by Lily Qiu, an assistant
                                                              professor of economics at Brown University, quantifies
SHARE is a national non-profit organization with its          just how poorly mutual funds police management in one
roots in the labor movement. This organization works          particular area -- mergers and acquisitions -- and how
with institutional investors to promote socially desirable    costly that failure has been. By contrast, her study shows
investing through research and advocacy. These                that the activist approach taken by public pension funds
guidelines were developed by SHARE to be used for             has proved to be a positive policing mechanism that has
Canadian pension funds.                                       translated into better performance in M.& A. deals.

Read the guidelines

Read more: http://www.share.ca/




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Pensions at Work Newsletter                                   Volume 2, Issue 4: June 2006

The paper is titled, 'Which Institutional Investors           has been more responsive in dialogues with ICCR
Monitor? Evidence from Acquisition Activity,' and             shareholders and that our engagement has improved."
Yale's School of Management is reviewing it for
possible publication in its Review of Financial Studies.      Part two of this two-part article addresses shareowner
Ms. Qiu has been working on the paper for three years;        engagement with TimeWarner over recycled content in
she updated the draft in June.                                magazine paper, depiction of smoking in films, and pay
                                                              disparity, among other issues.
Read full story
                                                              Read full story
Read more: http://www.nytimes.com/
                                                              Read more: http://www.socialfunds.com
8 - 9 August 2006 – Shareowners Push
TimeWarner on Movies Depicting Smoking,                       7 August 2006 – Group Sues Illinois Over Ban
Recycled Paper, and Pay Disparity &                           on Investments in Sudan
Shareowner Activists See Progress at                          Dow Jones International News
TimeWarner, and Room for Improvement
Bill Baue, Green Money Journal                                CHICAGO (AP)--A new state law requiring Illinois to
                                                              sell about $1 billion worth of investments in companies
In part one of this two-part article, activists applaud the   doing business in Sudan is unconstitutional, a national
company on its first corporate social responsibility          trade association and several police officer and
report while continuing to push on environmental,             firefighter pension funds argued Monday.
social, and governance issues.
                                                              In a 14-page federal lawsuit, the National Foreign Trade
SocialFunds.com -- Ever since the early 1990s,                Council and other plaintiffs contend that by enacting the
shareowner activists have engaged TimeWarner (ticker:         law - the first of its kind in the country - Illinois is
">TWX) on environmental, social, and governance               attempting to conduct its own foreign policy in violation
(ESG) issues ranging from vendor standards, recycled          of the U.S. Constitution.
content in magazine paper, smoking-related issues, pay
disparity, and splitting CEO/chair roles. This year saw       The law "impedes the federal government from speaking
significant progress forward on many of these fronts,         with one voice with respect to its regulation of
according to shareowner activists affiliated with the         commerce with the Republic of the Sudan," the lawsuit
Interfaith Center on Corporate Responsibility (ICCR), a       claims.
network of 275 faith-based institutional investors with       Named in the lawsuit are State Treasurer Judy Baar
more than $110 billion in assets. At the same time, these     Topinka, Attorney General Lisa Madigan and Dean
activists see many areas where TimeWarner still has           Martinez, the secretary of the Illinois Department of
much room for improvement in its corporate social             Financial and Professional Regulation.
responsibility (CSR) performance.
                                                              Madigan's office declined to comment, saying the
"We commend the company for recently joining Ceres,           attorney general had not seen the lawsuit. In Topinka's
issuing its first CSR report, and creating the position of    office, Deputy Treasurer Martin Noven said he hopes
vice president of corporate citizenship and appointing        state officials and the plaintiffs can work out a
Michele Sacconaghi in that role," said Julie Tanner,          compromise.
corporate advocacy coordinator for Christian Brothers
Investment Services. CBIS, a socially responsible             Read full story
investing (SRI) firm and ICCR member, has filed
shareowner resolutions with TimeWarner since 2004 on          Read more: http://www.dowjones.com
pay disparity and splitting the CEO and board chair
positions. "We believe these steps represent real progress    7 August 2006 – Artists Forced to Seek Help
at the company."                                              with Finances, Health Care
                                                              Pittsburgh Post-Gazette
"The availability of environmental and social
performance data provides a basis for our social and          CHICAGO-- Being a struggling artist isn't what it used
environmental analysis, allows us to make industry and        to be. In fact, it might be worse.
peer group comparisons, and gives evidence of the
                                                              Andrew Falkowski thinks so, and it's easy to understand
company's commitment to disclosure," Ms. Tanner told
                                                              why. The suburban Chicago resident and his wife have a
SocialFunds.com. "We also believe that the company

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Pensions at Work Newsletter                                   Volume 2, Issue 4: June 2006

combined five art degrees and six figures in debt because     distasteful to advocates of a minimum wage hike: a
of them.                                                      provision that, in seven states, would have cut into the
                                                              earnings of employees who earn tips.
"Van Gogh was simply broke -- he didn't have $100,000
in debt," said the 32-year-old Falkowski, who makes text      Read full story
paintings but works weekdays as a medical receptionist
to make ends meet. "We all should be so lucky."               Read more: http://www.cbsnews.com

Mostly self-employed or relying on part-time teaching
jobs, many artists tend to have shaky finances and scant
prospects for improving them aside from going into                                 The World
another profession. But some institutions have sprung up
in recent years to try to help -- and ideally thrive          14 August 2006 – China should be considered
financially at the same time.                                 "socially unethical investor"
                                                              Text of report by James Rose headlined: "Morals and
Artist Pension Trust, Creative Capital and Fractured          investment" by Hong Kong newspaper The Standard
Atlas are among the options now for artists with talent       website on 14 August BBC Monitoring Asia Pacific
but limited wherewithal to pursue it. They offer creative
workers financial education, career planning help, health     If you weren't paying attention you might have missed it,
insurance -- even some steady income.                         but a few months ago, socially responsible investment
                                                              breached one of the citadels of Freidmanite free-market
Persistence and patience still are required in large doses.   fundamentalism.

Read full story                                               In a leader article in May, the London-based Economist
                                                              sought to convince its million-plus high-flying readers to
Read more: http://www.post-gazette.com/                       embargo any investment in the Russian oil sector. The
                                                              journal advised "prospective buyers inclined to heed
4 August 2006 – Senate Rejects Minimum Wage
                                                              their consciences should do so" and to ignore upcoming
Hike
                                                              oil IPOs in Russia. Those interested in China's
CBS Broadcasting
                                                              investment market might treat this as a heads up.
WASHINGTON, D.C. (CBS/AP)-- A Republican
                                                              Firstly, what is socially responsible investment (SRI -
election year effort to fuse a cut in inheritance taxes on
                                                              also known as ethical investment)? Well, there are
multimillion-dollar estates to an increase in the
                                                              differing forms, but basically it is founded on a belief
minimum wage was rejected by the Senate late
                                                              that social, environmental and/or moral factors have a
Thursday.
                                                              role to play in investment and business decisions and
Republicans needed 60 votes to cut off debate and             that pure finances are but one facet in an assessment of
advance the bill - officially entitled the "Family            any sound or appropriate engagement.
Prosperity Act" - which links a $2.10 increase in the
                                                              Most commonly SRI manifests itself in a negative sense
$5.15 federal minimum wage over three years to
                                                              boycotting so-called "sin stocks" like alcohol or the sex
reductions on estate taxes next decade. The legislation,
                                                              industry, or in a positive sense favouring proactive
which was approved by the House last Saturday, got a
                                                              companies seeking to balance quantitative gains with
56-42 vote in the Senate: four votes short of succeess.
                                                              qualitative ones.
The vote would have been 57-41, but Senate Majority
                                                              In Russia, the dire corruption and lack of disclosure
Leader Bill Frist switched his vote in a maneuver which
                                                              inherent in the Russian oil sector was deemed sufficient
preserves his right to debate the bill again this fall. The
                                                              to argue it ought to be beyond the pale even for hard-
Tennessee Republican urged senators who voted against
                                                              nosed readers of the Economist.
it to "rethink long and hard" before lawmakers
reconvene in September.                                       The thing is, the Economist has touched upon,
                                                              presumably unwittingly, a very hot topic.
The federal minimum wage of $5.15 an hour hasn't been
raised since 1997.                                            Read more: http://news.bbc.co.uk/
In addition to a cut in the estate tax, the measure also
contained one other poison pill element that was

http://www.pensionsatwork.ca/                                                                      4
Pensions at Work Newsletter                                Volume 2, Issue 4: June 2006

14 August 2006 – South Korea Experiences                   Her achievement is even more remarkable when you
Growing Pains as its Workers Strike for Bigger             consider she has no formal education in finance, started
Slice of Prosperity                                        her working life as a primary school teacher and has
Henry Sender, The Wall Street Journal                      been a pioneer in driving a better deal for women from
                                                           superannuation along the way.
Seoul, South Korea -- SUMMERTIME in South Korea
is time for striking workers to take to the streets.       How did she do it? She says she was just in the right
                                                           place at the right time. She credits the growth of HESTA
Toward the end of July, construction workers, seeking      (Health Employees Superannuation Trust Australia)
higher wages and better working conditions, ended a        under her watch to its reputation, its board, and to sound
nine-day seizure of steelmaker Posco. A few days later,    investment advice. No doubt, all key drivers, but spend
workers at Hyundai Motor Co., the country's largest auto   some time with Ms Corboy and it is clear that she has
maker in terms of sales and production, finally voted to   played a pivotal role in everything that has gone on at
accept a wage package after a month of unrest.             this innovative super fund. It may seem an unlikely
                                                           marriage but, in many respects, Ms Corboy and HESTA
Workers at the local unit of General Motors Corp., the     are a perfect match. The job brings out the nurturer in
third-largest vehicle maker here, rejected a tentative     her.
agreement over pay. And last week, workers at
Ssangyong Motor Co., Korea's fifth-largest auto maker,     HESTA has 525,000 members, 85 per cent of whom are
said they will stage a strike starting today, unless the   women, many of them working casually or part-time.
company withdraws a plan for layoffs.                      The average member is a woman in her mid 40s.
With so much production capacity idled by strikes,         Read full story
Korean auto exports dropped 32% last month, according
to data from J.P. Morgan Securities. Hyundai, where        Read more: http://www.theage.com.au
44,000 production workers were on strike, estimates its
losses from the walkout at more than $1 billion, which     12 August 2006 – Healthy returns available as
will hurt the company's third-quarter results.             Britons get fitter
                                                           David Prosser, The Independent
Labor conflicts have become a ritual in South Korea,
where workers typically demand -- and in the past          Snacks and fizzy drinks are out, while more nutritious
usually have received -- a bigger share of the country's   foods generate profits.
prosperity. Though economists expect such conflicts to
accelerate, future job actions aren't expected to bring    As Premier Foods prepared to announce its latest set of
workers significant gains. Korean companies say they no    interim results on Monday, few analysts expected it to
longer can afford to pay up.                               unveil bumper profits generated by Britons' growing
                                                           desire to eat more healthily. While the company's best-
Read full story                                            known products, Ambrosia Custard and Branston Pickle,
                                                           are hardly in the same league as Turkey Twizzlers, nor
Read more: http://wsj.com                                  are they top of the shopping lists of health-conscious
                                                           consumers.
13 August 2006 – Super Woman
Muriel Reddy, Sunday Age                                   But Premier had a secret weapon up its sleeve. Last year,
                                                           it bought Quorn, the company that makes the
Muriel Reddy meets a woman determined to lead the          eponymous processed vegetarian alternative to meat.
way to a fair deal for other women.                        Since the acquisition, it has worked hard on Quorn's
                                                           branding, presenting the product as a healthy-eating
ANNE-MARIE CORBOY knows how to make a fund                 option in its own right - low in salt and fat but high in
grow. When she was appointed chief executive of            protein and fibre - rather than simply as a meat
HESTA Super Fund eight years ago, it was valued at         replacement.
$1.4 billion. Today it's worth $9.7 billion, seven times
what it was then.                                          The results have been spectacular. Premier's profits for
                                                           the first six months of this year more than doubled
That makes HESTA one of the fastest growing super          compared to 2005, with most of the extra cash generated
funds in the country and catapults Ms Corboy to among      by Quorn. One in five households now regularly buys
the super industry's managerial elite.


http://www.pensionsatwork.ca/                                                                   5
Pensions at Work Newsletter                                   Volume 2, Issue 4: June 2006

Quorn, the company says, with the product popular             One union official describes the multinational as
among calorie-counting younger women.                         "adopting a common sense approach" to labour relations
                                                              in the UK. In June, Tony Blair, the prime minister,
The huge increase in its popularity over the past 12          described a union recognition agreement between the
months alone reflects Britain's sudden conversion to all      GMB and Group 4 Securicor as "groundbreaking". It
things wholesome. Call it the Jamie Oliver effect or          took 15 months to negotiate the deal, which says that the
ascribe it to publicity about the obesity epidemic, but       GMB is an appropriate union to represent the firm's
there's no doubt increasing numbers of Britons are            15,500 UK-based security officers and agents.
shaping up.
                                                              Read full story
As a result, sales of snacks and fizzy drinks are
declining, while healthier products are booming: market       Read more: http://www.guardian.co.uk
research specialist Mintel estimates sales of the latter
rose from £3.7bn in 2003 to £3.9bn last year.                 11 August 2006 – Wal-Mart backs down and
                                                              allows Chinese workers to join union: Move
Some analysts believe the trend is part of a wider            sets a precedent for hundreds of foreign firms:
movement towards more ethical consumerism - that              Workers unlikely to benefit from membership
healthy eating goes hand in hand with greater                 Jonathan Watts, The Guardian
environmental awareness, for example, or an enhanced
sense of social responsibility. Alternatively, this could     Wal-Mart, the world's biggest retail company, conceded
just be the latest fad, in which case it won't last.          defeat yesterday in a two-year battle against the world's
                                                              largest labour federation, by offering to support the
Read full story                                               formation of labour unions at its 60 stores in China. The
                                                              American supermarket giant - which is notoriously
Read more: http://www.independent.co.uk                       reluctant to support workers' organisations throughout its
                                                              global empire - said it would cooperate with the
12 August 2006 – Workers of the world unite:                  government-controlled labour federation to establish
Unions are following corporations and going                   unions for its 28,000 Chinese employees.
multinational
Phil Chamberlain, The Guardian                                Although the move is expected to set a trend for
                                                              hundreds of foreign companies, it is unclear whether it
For Yachya, a security guard in Indonesia, the strike hit     will benefit the workers. Chinese unions are not
his children hardest. "They should be in school by now,       independent. Organised from the top down, they have
but we don't have any money for their school fees," he        little influence on personnel decisions and are often used
says. "We used to have health insurance, but now we           by the government and management to placate
have to borrow money for health care." Over in Uganda         employees.
it is alleged that security guards at one company have
been denied the right to form a union. In India, some         Wal-Mart's climbdown comes less than two weeks after
security guards claim their firm fails to pay the legal       workers at a store in Fujian province established a union
level of overtime.                                            and af filiated themselves to the All China Federation of
                                                              Trade Unions (ACFTU). Employees at four other shops
What links all three disputes is the British security giant   have followed suit, raising the prospect of a domino
Group 4 Securicor. With 33,000 employees in Britain,          effect in the company's 60 outlets in China.
430,000 staff worldwide and a global turnover of more
than pounds 4bn, it is a major player.                        Read full story

                                                              Read more: http://www.guardian.co.uk

                                                              8 August 2006 – Food for thought
                                                              Matt Preston, The Age

                                                              Social enterprise projects open up exotic new worlds -
                                                              and everybody benefits.

                                                              IN THESE days of $2 million fit-outs and $10,000-a-
                                                              week rent, is it any wonder that so many migrants and


http://www.pensionsatwork.ca/                                                                      6
Pensions at Work Newsletter                                 Volume 2, Issue 4: June 2006

refugees find themselves driving cabs or cleaning offices   across the UK since it was set up for the purpose in 1990
rather than opening restaurants?                            and holds similar contracts in England, Wales and
                                                            Northern Ireland. It installs 90,000 domestic boilers and
It's a problem all too familiar to Pablo Gimenez, who co-   insulates 150,000 UK homes a year, and has growing
ordinates the Asylum Seeker Resource Centre's social        businesses in the Republic of Ireland, Canada and India.
enterprise and small business unit. "A lot of people are
interested in starting up food businesses but often the     Read full story
capital costs make it impracticable," he says.
                                                            Read more: http://www.theherald.co.uk/
That's why the unit has concentrated on helping those
refugees who are allowed to work by setting up a            2 August 2006 – The Smart Money
catering operation.                                         Justin Harper, Daily Mail

The centre's social enterprise, ASRC Catering Service,      JUSTIN   HARPER   ASKS   INDEPENDENT
was launched in May 2005. Currently the team includes       FINANCIAL ADVISERS WHICH FUNDS THEY
workers from Sudanese, Indonesian, Sri Lankan,              WOULD PICK FOR 'GREEN' AND ETHICAL
Afghani, Iraqi and Congolese backgrounds and is             INVESTORS
specialising in organic produce, when possible, and
vegan and vegetarian meals, which makes it much easier      STANDARD            LIFE        UK       ETHICAL
for Hindus, Muslims and Buddhists to work in these jobs     Size: £90 million Five-year record: +42pc Minimum
together.                                                   investment: £500 lump sum/£50 a month

"We're doing arts community events and openings and         THIS fund aims to hold a diversified portfolio of
corporate functions. We can't keep up with the demand -     between 50 and 100 stocks which are chosen using
people want to do something that gives back to people       Standard Life's strict ethical policy.
who need support, and there's interest in the food, too.    This is not just a negative screening process to exclude
There's a genuine concern about asylum seekers," says       companies involved in practices such as animal testing,
Caroline Sturzaker, the catering services co-ordinator.     arms manufacturing, tobacco and environmental damage
Read full story                                             and pollution. It also favours companies that meet
                                                            ethical criteria such as those that have a strong human
Read more: http://www.theage.com.au                         rights record or a positive effect on society and the
                                                            environment.
7 August 2006 – British Gas is preferred bidder
for fuel poverty programme; Social enterprise               The fund has about a quarter of its portfolio invested in
Eaga Group loses out to multinational                       financial companies, with a further quarter in consumer
Simon Bain, The Herald UK                                   services. It has a bias towards small to mid-sized firms,
                                                            which can make it a more volatile fund. However, risk is
THE Scottish Executive has dropped the UK's most            managed through having a detailed knowledge of the
successful social enterprise, Eaga Group, from its fuel     funds in the portfolio and lots of different sectors.
poverty programme in favour of British Gas, weeks after
promising to open up more public sector contracts to        Recommended by Anna Bowes at independent financial
social enterprises.                                         adviser (IFA) Chase de Vere. She says: 'Lesley Duncan
                                                            took over the management of this fund in May 2004,
Communities Scotland has awarded preferred bidder           having been part of the team since 1995, and,
status to British Gas - which is at the centre of           impressively, she has continued to outperform the
controversy after a string of price rises - for the         previous manager due to her sound stock selection.'
government's central heating and Warm Deal
programmes, currently by far the biggest state contracts
awarded to a social enterprise.

The programmes offering grants to the over-60s for
insulation and energy-efficient central heating are
currently run by Eaga, which is owned by its 1600
employees and reinvests its profits back into the
community rather than paying shareholders. Based in
Newcastle, it has been working on the programmes

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Pensions at Work Newsletter                                  Volume 2, Issue 4: June 2006

Other funds include:
JUPITER ECOLOGY
AEGON ETHICAL EQUITY
F&C STEWARDSHIP
VODAFONE
SCOTTISH & SOUTHERN ENERGY
CAPITA AND NATIONAL GRID

Read full story

Read more: http://www.dailymail.co.uk



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