Macquarie Asset Management has been given a low rating of ‘D’ for its approach to responsible investment compared to its global large asset management counterparts.
The ranking by ShareAction, a non-profit organisation that promotes responsible investment, looked at the world’s 75 largest asset managers across four metrics – responsible investment governance, climate change, human rights, and biodiversity.
Macquarie was the only Australian representative and was ranked 55th. The report noted that all managers within Asia Pacific generally performed poorly, with Japan leading the pack.
The ‘D’ rating was described as “business as usual” with “little evidence to suggest adequate management of material responsible investment risks and opportunities”.
All assessed managers were members of the United Nation’s Principles of Responsible Investment (UNPRI).
“The scale and urgency of current ecological and social crises demands far more than a ‘business-as-usual’ approach from asset managers, who are encouraged to use this ranking and report findings to benchmark their individual performance and drive improvements where needed.”
“…While many PRI members show signs of leadership in responsible investment, many of the assessed managers also appear to use the initiative as a tick box exercise. Clients ought not to take membership of the PRI as a proxy for a good responsible investment approach and should ask managers...