By Andrei Skvarsky.
Sedco, a Saudi Shariah-compliant private wealth manager, has pledged to follow environmental, social and governance (ESG) principles laid down by United Nations Principles for Responsible Investment (UNPRI), a set of voluntary guidelines on ESG issues.
Sedco Capital US Equities Fundamental Indexing Fund and Sedco Capital Global Higher Dividend Yield Fund have become the first Shariah-compliant funds to officially subscribe to the principles, according to a statement from Sedco Capital Global Funds, a Luxembourg-based operation of the Saudi company.
The two funds will be screened for compliance with pacts such as the UN Global Compact, the Guidelines for Multinational Enterprises of the Organisation for Economic Co-operation and Development, the core conventions of the International Labour Organization, and environmental and weapons-related accords, the statement said.
The funds are co-run by Informed Portfolio Management, a Stockholm-based firm and a signatory to UNPRI.
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