EIRIS Convention Watch is the world’s first service to track corporate compliance with global norms and to assess how companies are addressing the specific and broader issues associated with the allegations made against them. The UN Global Compact is a voluntary corporate responsibility initiative launched by the UN with the aim of establishing global responsibility norms in business around the world.
The UN Global Compact establishs 10 principles which corporates should abide by.
To date the UN record that there are 8,700 global corporate participants in 130 countries. The ten principles cover human rights, labour, environment and anti-corruption.
EIRIS Convention Watch provides a clear understanding of the many allegations made against companies in the media and through NGO campaigns. The product uses a broad framework of global conventions to analyse how well companies are upholding widely-supported principles and addressing the associated material environmental, social and governance (ESG) risks to their businesses. EIRIS monitor 3,750 companies and as part of this process will engage with companies to improve their performance.
Two examples provided by EIRIS of companies currently identified to be in breach of global conventions are:
Walmart (in breach of the conventions on labour standards relating to anti-union activities in the USA); and
Vedanta Resources which has faced severe criticism from investors, NGOs and activists at its annual general meeting (AGM) and is in breach of global convention on environmental, health and safety, indigenous and human rights issues.
The first funds to use the UN Compact as a core part of their product offering are Vanguard who, together with the help of FTSE, have launched two tracker funds.
Mark Hoskin is a Partner at Holden & Partners. Holden & Partners are Chartered Financial Planners who provide financial advice to high net worth clients, the majority of whom have a significant interest in ethical or environmental issues.
Mark Hoskin graduated with a History degree from Keble College, Oxford and went on to become a Chartered Accountant with Price Waterhouse. He cofounded Holden & Partners in 2003 and is a Certified Financial Planner and Chartered Financial Planner. Holden & Partners set up Worldwise Investor to help both advisers and investors understand quickly and easily how they can benefit from ethical and environmental investment in the UK market.
The value of ethical and green investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks of investing. Our aim is to provide you with the best information we can to help you make decisions about ethical and green investments. It is not to advise you on the suitability of an investment to your personal circumstances. Nothing written on the site should be considered personal advice, nor do Holden & Partners accept liability for any inaccurate information on the site. If you are unsure about the suitability of an ethical and green investment please contact Holden & Partners or your financial adviser.