UK - Strathclyde Pension Fund's current review of its property portfolio will include 'further consideration' of the application of its responsible investment (RI) strategy.

The results of a review by the £9.41bn (€10.44bn) pension scheme into the adherence of its private equity and property portfolios to the UN Principles of Responsible Investment (UN PRI) showed its existing property manager, Aberdeen Property Investors, has a corporate responsibility policy for its investments. And its activities are centred around the first three principles of the UN PRI.

The findings of the review presented to the Strathclyde Pension Fund Committee at Glasgow City Council earlier this month showed that although RI considerations are incorporated into the management practices of the property fund manager these are "primarily only in so far as they have a legal or regulatory obligation to consider them".

Therefore the committee approved the recommendation to request more regular reporting of activity on RI issues, and agreed the current review of the pension scheme's property strategy and structure "should include further consideration of the application of RI practice within the property portfolio(s)".

Strathclyde issued a tender for three property managers in November 2009 including a global property mandate following the completion of its triennial investment strategy review. The process is expected to be completed by mid-2010. (See earlier IPE Real Estate story: Strathclyde pension fund buys BREEAM green office and the earlier story from IPE Real Estate's sister publication, IPE: UK roundup: Essex, Strathclyde, Equitable Life and Telent)