Real Assets Investment Management Inc. has launched two new
"social impact" mutual funds, gathering $25 million in
assets in their first eight weeks.
The funds were launched in September 2003 to answer the
growing demand for investments that actively
promote social justice, environmental sustainability and ethical
corporate management practices.
"So far, we're delighted with the
enthusiastic response from investors and financial advisors,"
said Real Assets CEO and Portfolio Manager Deb Abbey,
in a release Nov. 27.
The new funds are the Real Assets Social Impact Balanced Fund, a
balanced portfolio of Canadian and U.S. stocks and Canadian fixed
income investments; and the Real Assets Social Leaders Fund, a
global equity portfolio of companies with leadership and commitment
to social and sustainability issues. The funds are in addition to
Real Assets' existing funds, managed for sophisticated investors and
institutions.
As part of its investment philosophy, Real Assets pursues
shareholder activism strategies, filing
shareholder resolutions and voting proxies in order to push
companies to deal with social, environmental and ethical liabilities
that can impair shareholder value.
For example, on Dec. 3, Real Assets recognized CIBC as an
emerging leader in reporting on how social, environmental, and
ethical issues impact their business and how they are managing these
risks.
CIBC announced its adoption of the "Equator Principles, "
a voluntary set of environmental and social screening criteria and
guidelines adopted by major international banks, based on processes
established by the International Finance Corporation (IFC), the
private-sector investment arm of the World Bank. The Principles
apply globally to development projects with a capital cost of US$50
Million or over in all industry sectors.
Last year, Real Assets Investment Management led a shareholder
campaign on responsible finance with the five major Canadian banks
calling on them to report on how social, environmental and ethical
issues impact their business and what they're doing to manage those
risks. The resolution was co-filed
by Ethical Funds Inc. and Meritas Mutual Funds. The resolution was
withdrawn from CIBC in exchange for board level dialogue.
On Dec. 9, the company announced it has filed shareholder
resolutions dealing with gender diversity with two Canadian
technology companies. Shareholder resolutions filed with Open Text
Corp. and Aastra Technologies Ltd. call on management to adopt
policies and practices designed to open opportunities for women,
combat stereotyping and ultimately to improve gender diversity.
Abbey said Open Text has no women on its board or in its complement
of senior officers. Aastra has no women directors or senior officers
and only one woman within the top management ranks.
The shareholder resolutions pointed out that women comprise 50
percent of Canada's workforce, own 25 percent of the nation's
businesses, and represent 50 percent of all customers. The
shareholder resolution also pointed to a 19-year study of 215
Fortune 500 firms demonstrating a significant correlation between
the promotion of women into executive positions and above average
profitability.
For more information, visit www.realassets.ca.
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