ISIS heads oil trade corruption campaign

May 23, 2003 02:00 AM

ISIS Asset Management is leading a group of powerful investors in a campaign to stamp out corruption in countries that rely on oil production and mining.
The investors, with £ 400 bn of assets under management, are calling on oil and mining groups to disclose their payments to governments, as part of the UK government's Extractive Industries Transparency Initiative, to be launched.

Karina Litvack, ISIS Asset Management's head of socially responsible investing, said that legitimate payments such as taxes, royalties and signature bonuses are "open to misuse". They can fuel corruption, poverty and conflict in developing countries.
"This creates unstable and high-cost operating environments for the companies in which we invest," she said.

In 2001, ISIS joined a group of fund managers in a campaign against companies operating in Burma. In March of this year, it join ed an attack against the pharmaceuticals industry.
The group of investors behind the payment disclosure campaign includesthe Central Finance Board of the Methodist Church, Co-operative Insurance Society, Dresdner RCM Global Investors, Henderson Global Investors, Insight Investment Management, Jupiter Asset Management, Morley Fund Management, PGGM, and Schroeder’s Investment Management.

Source: Financial Times
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