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Ethical Investment Policy.

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made (14/06/2007) regarding: Ethical Investment Policy.

Subject:

Ethical Investment Policy

Decision Reference:

MD-TR-2007-0067

Exempt clause(s):

NA

Type of Report: (oral or written)

Written

Person Giving Report (if oral):

George Butler – Strategic Investments Manager

Telephone or

e-mail Meeting?

NA

Report

File ref:

GB/12/07/06/07

Written Report –

Title

Ethical Investment Policy

Written report - author

George Butler – Strategic Investments Manager

Decision(s):

The Minster agreed to:

1) Adopt the Institutional Shareholders’ Committee’s Statement of Principals (ISCSP) for all investments under the Minister’s control;

2) Incorporate statements of understanding, Appendix B to the report, in respect of ethical investment into the mandates of investment managers for which the Minister is responsible; and

3) Consult with the Minister for Social Security regarding the adoption of the policy for the Social Security Reserve Fund.

Reason(s) for decision:

The Minister for Treasury and Resources is mindful of ethical issues and recognises the importance of acting in an ethically responsible manner when investing monies on behalf of the States of Jersey.

Actions required:

1) States to be informed of the policy.

2) Statements of Understanding in respect of ethical investment to be incorporated into the mandates of investment managers for which the Minister is responsible.

3) Minister to consult with the Minister for Social Security regarding the adoption of the policy for the Social Security Reserve Fund.

Signature:

(Minister/ Assistant Minister)

Date of Decision:

14th June 2007

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