P+ member vote; success for board members with green credentials

Members of Danish pension fund P+ have elected a large number of candidates with green credentials to the board of the pension fund.

The pension fund, which invests around DKK 140m, on behalf of 101,000 engineers, lawyers and economists, held a digital referendum on 28 April to elect the board members.

Campaign groups AnsvarligFremtid (Responsible Future) and Demokratisk Erhvervsnetværk (Network for members of democratically governed institutions) had endorsed four of the successful candidates for having green credentials. According to the campaign group, they ran for election due to dissatisfaction with the current board, and how it is “misrepresenting its members on climate topics”.

Two of these candidates achieved the most votes, which AnsvarligFremtid believes shows that members support P+ in its effort to Paris-align the investment portfolio. The newly elected board will represent its members for the next three years.

One of the newly elected board members, Katrine Ehnhuus, said: “I am now looking very much forward to continue the progress on climate, in the hope that P+ will continue to take the lead in the pension fund industry, by showing that responsible investments, with stringent policies on climate, human rights and handling of tax evasion, goes hand in hand with high returns”.

AnsvarligFremtid said the candidates were spurred on by a lack of action on decisions made at the annual general assembly in August 2020, where a majority of members voted for a rapid sale of coal mining companies as well as oil and gas companies that continue to lobby against the Paris Agreement, and whose business model is generally incompatible with the Paris agreement.

Commenting, AnsvarligFremtid campaign coordinator, Thomas Meinert Larsen, said: “This is truly a clear sign, that beneficiaries are increasingly asking for more responsible investments, and that pension fund directors and trustees need to change course accordingly”.

In a statement on its website in response to the result, P+ chair of the board, Kim Duus, said: “As a member-owned pension fund, it is important that the members of P + engage in member democracy. I would therefore like to thank the members for their involvement in board elections and to give the board a good mandate for the future development of the pension fund.

“Board elections at P + have drawn more headlines, and the candidates have among others had clear views on pension fund future investment strategy and responsible investment. P + is broad, and in our membership, attitudes to, for example, responsible investments can be divided. The crucial thing for me is that we as a board can accommodate the diversity of the members. We must constantly strive to balance the different attitudes in the membership and build a bridge so that we meet as many members as possible.

"I am therefore looking forward to getting started with the board work, so we can get together created the best possible pension fund and the best possible results for all 100,000 members of P +. ”

    Share Story:

Recent Stories

How the US’s robust securities law can benefit European investors
Over recent years several financial scandals have shocked investors, such as the Danske Bank money laundering case. When a scandal like this occurs, investor returns suffer, which is why many seek redress. Many European investors seek to recover assets lost as a result of securities fraud through U.S. courts, with their robust securities laws.

In this podcast, Jeremy Lieberman, Managing Partner at Pomerantz LLP, talks to European Pensions Editor, Natalie Tuck, about how European investors can use U.S. courts to recover assets lost to securities fraud and the challenges facing investors seeking compensation.

Podcast: Opportunities in Chinese equities
China was the first country to be impacted by the coronavirus outbreak, which lead to its economy plummeting. Since then, however, the country has managed to keep outbreaks of the virus under control, and is experiencing a V-shaped recovery with many areas returning to normal.

In this podcast, David Choa CFA, Head of Greater China Equities at BNP Paribas Asset Management talks to European Pensions Editor, Natalie Tuck, about China, its position within the global economy and the potential institutional investor opportunities within Chinese equities.
Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows

Europe’s pensions challenges
Francesca Fabrizi meets Matti Leppälä, Secretary General and CEO of PensionsEurope, to discuss the key aims and objectives of the association today.