Pension fund PNO Media is accountable to its members, pensioners and affiliated employers for the policies that it decides to implement. In addition, the fund is committed to fulfilling its corporate social responsibility as an institutional investor.

Although institutional investors are not responsible for the decisions made by companies, governmental authorities and other entities in which they are invested, there is a risk that they will be associated with the decisions made by those entities through their investments, which effectively fund these entities. This level of ownership may therefore give rise to questions where the actions of companies invested in do not accord with the standards accepted in our society. Whilst the influence of investors on the actions of companies and government authorities is of course limited by degree, PNO Media wishes to reflect of the standards and values of the wider society in the implementation of its investment policy. PNO Media is therefore prepared to account for the manner in which social, governance and environmental considerations have been considered in its investment decisions.

PNO Media aims to fulfil its obligations of corporate social responsibility by exercising the voting rights attached to all of its equity holdings. Decisions as to how we vote at shareholder meetings are based on the Corporate Socially Responsible Investment Code, the UNPRI, and the Hermes Principles.

In addition, PNO Media has opted to take an engagement approach towards companies in which it is invested. This approach means that PNO Media, through its voting and engagement services provider, Hermes Equity Ownership Services (EOS) and where appropriate in partnership with other institutional investors, enters into a dialogue with companies which are known to be violating the environment, human rights, and corporate governance principles. Where engagement is not effective in producing clear and substantive change in the behaviour of the companies concerned, PNO Media will divest from that company.  The list of companies excluded from PNO’s investment universe also includes companies that, due to the nature of their activities should a priorinot be considered for investment. By way of example, this would include manufacturers of certain weapon systems.

PNO Media is a signatory to the United Nations-backed Principles for Responsible Investment (PRI).