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RECENT TRENDS AND REGULATORY IMPLICATIONS IN SOCIALLY RESPONSIBLE INVESTMENT FOR PENSION FUNDS

In addition, the Act significantly narrows the exemptions from registration contained in (i) Section 203(b)(1) of the Advisers Act (which generally exempts from SEC registration intrastate advisers) to expressly exclude investment managers that advise Private Funds, and (ii) Section 203(b)(6) of the Advisers Act (which generally exempts from SEC registration advisers registered with the Commodities Futures Trading Commission (“CFTC”) as commodity trading advisers) to limit that exception to advisers who do not “predominately” provide securities-related advice. Under the Act, the SEC is required to take into account the size, governance and investment strategy of Private Funds when prescribing regulations. | ORGANISATION FOR ECONOMIC K tvJ CO-OPERATION AND DEVELOPMENT 2007 OECD ROUNDTABLE ON CORPORATE RESPONSIBILITY THE OECD GUIDELINES FOR MULTINATIONAL ENTERPRISES AND THE FINANCIAL SECTOR RECENT TRENDS AND REGULATORY IMPLICATIONS IN SOCIALLY RESPONSIBLE INVESTMENT FOR PENSION FUNDS This paper was prepared for the 16th Session of the OECD Working Party on Private Pensions held on 16-17 December 2006. It is circulated as background documentation to the discussion at the Roundtable on Corporate Responsibility on 18 June 2007. The study was prepared by Oxford Business Knowledge. The views contained within do not necessarily represent those of the OECD or its member governments._ Recent Trends and Regulatory Implications of Socially Responsible Investment for Pension Funds1 Contents Introduction.3 I. Defining Socially Responsible Investment.4 II. Socially Responsible Investments and their Returns.6 III. Socially Responsible Investment by Private Pension Funds.10 IV. The Wider Policy Environment SRI and Corporate Social Responsibility.13 V. Regulating Socially Responsible Investment by Pension Funds.18 Conclusion.24 References.25 Abstract More than 3 trillion in assets are managed by socially responsible investment SRI funds around the world - a significant part of those funds by private pension funds. To date international approaches as enshrined in self-regulation such as the United Nation s Global Compact and Principles for Responsible Investment have urged institutional investors like pension funds to take a more stringent view of SRI than the approach taken by national regulatory authorities which relies largely on disclosure requirements. This paper argues that these regulations should be buttressed with guidance regarding the definition of social environmental and other risks targeted by SRI. Pension funds should also be required to disclose in their statement of investment policy the potential implications of their SRI strategy for their .