A new wave of environmentally focused retirement funds aims to advance corporate sustainability goals while enabling employees to save for their own financial future.
At its member meeting in Phoenix next week, the World Business Council for Sustainable Development (WBCSD) plans to set an aspirational goal to move 1 percent of $1 trillion ($10 billion) in retirement assets under management of its member companies to environmental, social and governance-themed retirement benefit accounts by 2020.
This includes defined-contribution (DC) plans, in which a company sets aside money each year for the benefit of their employees, and defined-benefit (DB) plans, which calculate pension payments linked to an employee’s salary and how long they worked at the company.
“Several recent studies confirm that a significant majority of employees would like their company to align its social and environmental commitments with its retirement investment strategy, yet very few Fortune 500 companies do this today,” said Chris Walker, WBCSD’s North American director. “Our initiative enables companies to satisfy that expectation and gain a competitive edge in the battle to attract and retain the best talent.” (…)
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