Socially Responsible Investment Review December 2023

Mining and Faith

The CFB attended the 10th annual Mining & Faith Reflections Initiative (MFRI) conference, a gathering of senior leaders from the mining industry and faith institutions. This is a unique engagement opportunity only open to faith based organisations such as the CFB, with participants ranging from the chief executive of multi-national mining company BHP Group, through to the Archbishop of Canterbury.

The CFB took the opportunity to congratulate companies such as Anglo American that have responded positively to the efforts of this initiative since its launch, including the notable improvements in mining site safety and company transparency. However, all participants agreed there was much more work to be done to further improve the activities and reputation of the mining industry for all stakeholders, particularly highlighted by the recent cases of human rights abuses of minority groups at mining sites. The CFB used the conference to put pressure on companies to turn their positive dialogue into further action, noting their vital importance to the energy transition, and the unique operational challenges inherent in this sector.

Property Income Trust for Charities

The CFB met with the management of PITCH during the quarter, a fund that continues to be utilised to provide exposure to unlisted commercial property assets within the CFB Property Fund. As well as discussing portfolio changes, performance and the investment outlook, the CFB took the opportunity to learn more about how the fund has improved its client data collection in order to better report its progress against net zero emission targets. This progress on has helped the fund move into the top 5 of the Global Real Estate Sustainability Benchmark, out of a universe of over 100 funds. The CFB is keen to see that progress continue, and took the opportunity to question the fund managers on their approach to material sourcing in their building renovations, particularly focusing on the human rights issues prevalent in the supply chain for solar panels.