Institutional Investor looks at Socially Responsible
of II's Executive Editor, Mike Peltz, and reporters, Imogen
Rose-Smith and Katie Gilbert.
Gilberts story about SRI 2.0 todays socially
responsible investing model.
our slideshow of images from the Compass Conference on
Growing up in the 1960s and early 70s, Kerry Kennedy
(pictured below, left) spent her summers on Cape Cod, in
Hyannis Port, Massachusetts, with her many siblings and cousins
at the Kennedy Compound. The three homes that make up the
compound, located on six neatly manicured acres alongside
Nantucket Sound, are still owned by the Kennedys, who descend
on the Cape every summer. This year was no different, except
that Kerry, the seventh of Robert and Ethel Kennedys 11
children, persuaded her family to open its doors for three days
to a serious cause: expanding fiduciary responsibility.
Thats how a group of some 150 people among
them, 31 fiduciaries representing some of the U.S.s
largest public pension plans, including the California Public
Employees Retirement System, the Florida State Board of
Administration and the North Carolina Retirement Systems, as
well as corporate pension plans, sovereign wealth funds,
university endowments and foundations found
themselves invited to the Kennedy
Compound in late July. Ethel Kennedy greeted the guests, who
sneaked glances at the family photos that clutter almost every
surface of her longtime residence and chatted with other
members of the clan, including Kerrys brother Bobby Jr.
and cousin Ted Jr., before wandering out onto the wooden deck.
From there they made their way inside a large tent, decorated
with strings of twinkling lights, where dinner, featuring New
England clam chowder, was served.
James Wolfensohn (pictured right), former head of the World
Bank and a longtime friend of the Kennedys, gave the keynote
address. The world, the veteran investment banker told his
audience, is changing fast. In 30 years as much as half of
global GDP will come from India and China, he said. And
the thing is that, for those of us that live in the currently
viewed rich world, thi
s is a change of proportions that
our generation has never seen before, he explained.
The change in itself is dramatic in terms of numbers, but
the most dramatic change is whats going to happen in the
economics. And its not just in the economics; its
what is happening socially and intellectually in those
countries. In this new world order, Wolfensohn suggested,
fiduciaries will need to rethink not only where they put their
money but how they invest and what they value. In short, they
are going to have to focus on investing for the global