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ABP concedes African forestry investment failed to meet ESG criteria
Author: Leen Preesman (Investment & Pensions Europe), Published on: 5 December 2011
The €240bn civil service pension scheme ABP has conceded that a €47m investment in a Mozambique forestry project has failed to meet its environmental, social and governance (ESG) standards. ABP's announcement came after [claims] that the forestry project had been involved in land-grabs and contributed to food insecurity for locals... Since 2007, ABP has been a stakeholder in the Global Solidarity Forest Fund (GSFF), aimed at forestry in Mozambique and managed by the Global Solidarity Fund International (GSFI), an asset manager for churches in Sweden and Norway. ABP said it was taking the allegations "very seriously", adding that it had already raised concerns about the project's management following an independent assessment on the implementation of the Forest Steward Council standard... In a statement on its website, the GSFF said it is taking the issue of land tenure very seriously and that it is cooperating with Mozambican authorities and local communities closely on the issue of land rights.
Related companies: ABP