New Delhi, March 18, 2020: SBI Funds Management Private Limited (SBIFMPL), a joint venture between State Bank of India (“SBI”), India’s largest bank, and Amundi, Europe’s largest asset manager has adopted Stewardship Code ahead of SEBI mandate effective from April 1, 2020. In doing this, they have become the first fund house to implement the Stewardship Code in India.
The AMC had already adopted a Responsible Investment Policy, and the Stewardship Code is a natural extension to its commitment to become the most respected and trusted asset manager in the country.
SBI Mutual Fund has been a pioneer in ESG investing in India. The Stewardship Code, which they now have adopted highlights the stewardship responsibilities undertaken by the fund house to actively monitor, engage with and intervene, if needed, in the companies under its coverage.
Ashwani Bhatia MD & CEO, SBIFMPL said, “We have a highly committed investment team who follow robust systems and processes in the investor’s interest. The Stewardship Code shall guide SBIFMPL’s vision to be a trusted and respected Asset Manager by being an ethical, responsive and innovative partner in investment solutions. SBI Mutual Fund is also the lead investor in the climate change engagement and has been ahead of its peers in adopting best practices.”
According to Navneet Munot, ED & CIO, SBIFMPL, “We have a fiduciary duty to create long term value for all our stakeholders. The Stewardship Code gives an insight into the AMC’s strong ESG integration initiatives and firm resolve to take decisions in the best interest of its unit holders.”
“SBI Mutual Fund was the first mutual fund in India to adopt the CFA Institute’s Asset Manager Code of Conduct, is the signatory of UN-supported Principles of Responsible Investing and claims compliance with the Global Investment Performance Standards (GIPS®). The AMC shall continue to monitor and engage constructively with its investee companies on matters related to Environmental footprint, social impact and Governance.” adds Navneet.
The Securities and Exchange Board of India (SEBI) has mandated all Mutual Funds and AIFs in the country to adopt a Stewardship Code, which is applicable for investments in listed equities. The Code will come into effect from the financial year beginning April 01, 2020. By adopting this Code, SBI Mutual Fund continues to demonstrate leadership and readiness towards an evolving responsible investment ecosystem within the country. SBI Mutual Fund’s Stewardship Code document can be accessed.
Corporate Comm India(CCI Newswire)
