The UK should learn from France’s approach to social investing and consider launching an investment option aimed solely at impact and charitable assets, according to a think tank.In a paper funded by asset manager Big Society Capital, the Social Market Foundation (SMF) argued there was a case for introducing what it termed social pension funds in the UK.It said the fund could be based around a retail savings product – the solidarity investment fund, or 90/10 fund – in place in France since 2001.In its report, ‘Good pensions: Introducing social pension funds in the UK’, the SMF said: “Whilst regulatory change is largely not needed for the establishment of the funds, the government could promote their development through targeted regulatory action, such as by allowing ‘mark to model’ pricing to overcome liquidity constraints within the social element of the fund, as well as to provide assurance to trustees they are not failing in their fiduciary duty.” The ‘mark to model’ approach, based on the French model, would base asset value on pre-determined prices and help reduce liquidity constraints within the immature social investment market, the SMF said.However, the paper argues that many social investment funds are focusing on screening and exclusion rather than a positive social outcome.“This does not provide the positive social intention that survey evidence suggests could be mobilised,” it argues.“These ethical funds also often fail to effectively analyse and report on the social impact achieved in the same engaging way and with detail that modern social impact reporting achieves.“Second, even these ethical funds do not appear to reflect consumer priorities.”The report also said pension investors were failing to include impact investing in their portfolios.A number of UK local authority pension funds have recently committed to social or affordable housing projects, while interest in renewable projects with a measurable impact has also increased.Interest in ethically themed investment options among defined contribution members has also been low to date, with the National Employment Savings Trust – which had £420m (€570m) in assets under management at the end of its most recent financial year – only seeing £660,000, or 0.15%, allocated away from its default fund option to ethical fund options.
1 Gary Cahill was absent from England’s first training session ahead of the Euro 2016 finals in France.Without those involved in the Europa League and FA Cup finals, Roy Hodgson was able to call on 17 of his 26 players at St George’s Park on Wednesday.Chelsea centre-back Cahill was the only absentee from those available for the afternoon session due to a knock picked up in the 1-1 season finale at home to Leicester City.The severity of the knock was unclear ahead of the Three Lions’ first preparation friendly against Turkey at the Etihad Stadium on Sunday.Cahill is one of only three centre backs called upon by Hodgson. John Stones and Chris Smalling are the other options in the heart of the defence. The Chelsea defender is poised for a key role in France with the Three Lions
Source = e-Travel Blackboard: G.A Cruise West has announced a suspension of all bookings and voided all current bookings on the Spirit of Oceanus from today.The company advised that it is restructuring operations, the first step being the sale the Spirit of Oceanus.“Additional assets may be sold and other steps are being pursued towards a restructure,” Cruise West said in a statement.“We would like to reassure all our agents that the Cruise West departures for this Saturday are confirmed to be operating as normal. “Our Adventure World [Cruise West’s Australian representatives] team will continue working directly with Cruise West and individual agents on their current and outstanding bookings to ensure the minimal affect of this restructure.”