Colonial First State has become the second Australian retail platform provider to sign up to the UN-backed Principles for Responsible Investment (PRI).
Colonial First State has followed in the footsteps of BT Financial Group to become the second retail platform provider to sign up to the PRI.
When it comes to retail platform providers, AMP Financial Services, ANZ Wealth, NAB Wealth, IOOF and Macquarie Wealth have yet to sign up to the PRI.
However, many of the asset management arms of retail financial services companies (along with industry super funds) have been signatories to the PRI for some time.
For example, AMP Capital and Colonial First State Global Asset Management have both been signatories since 2007.
But according to CFS senior manager for corporate responsibility Jodie Tapscott, there are "added complexities" to becoming a signatory for retail platform providers.
"For example, the wide range of investment strategies being offered on a platform managed by many different fund managers means that retail providers have needed to consider the implications across the platform," Ms Tapscott said.
"Colonial First State has been considering these issues for a number of years and we believe we now have the right approach to allow us to become a signatory.
"This will formalise our commitment to being transparent with our members on how ESG risks and issues are being managed on their behalf.
"It will also provide an opportunity to share engagement and voting outcomes so that our members have comfort that we are listening to their concerns on the environment and human rights."
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