Monash Memo - 20 June 2001

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Prize for environmentally responsible investment

Monash's Centre for Environmental Management has won a prestigious award for an eco-friendly investment product offered through Westpac.

Centre director Mr Doug Holmes said the Banksia Award for Socially Responsible Investment was awarded to Monash and Westpac for developing the Australian Eco-Share Fund.

He said the Australian Eco Share Fund invested in companies that scored favourably on criteria including their environmental strategy, management practices, operational and product performance, and stakeholder relations.

Monash and Westpac have also jointly created the first index to track sector-leading companies using environmental performance criteria (called the Westpac Monash Eco Index).

"So far, the fund has attracted $50 million in investments from leading superannuation funds HESTA, UniSuper and Australia's largest master fund ASGARD," Mr Holmes said.

The fund also holds undisclosed contributions from other private investors.

Monash Environment Institute director Professor Chris Cocklin, who helped develop the fund, said its success meant businesses would have to pay more attention to their environmental responsibilities.

He said a sustainability fund was about to be released, also through Westpac, which takes into account companies' records on social justice and employee relations, including issues related to sweatshop labour.

Also in the pipeline is an occupational health and safety fund, involving the Monash University Accident Research Centre, which will rank the performance of businesses in workplace health and safety issues.

Caption: Professor Chris Cocklin and Mr Doug Holmes.