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Published today, UPP’s Inequality Stewardship Plan sets out how UPP will begin addressing specific challenges related to inequality in our investment portfolio over the next three years. This broadens UPP’s environmental, social, and governance (ESG) stewardship focus to include a key social issue which can have serious adverse effects on the financial markets on which UPP relies to pay pensions.
High levels of inequality weaken social, economic, and political systems, leading to adverse macroeconomic impacts. These impacts – increased capital market volatility, reduced economic growth, and fewer investment opportunities – can pose significant risks for long-term investment returns.
“For UPP, creating value and managing risk for our members involves exercising our voice to influence outcomes on key issues such as inequality. It’s crucial for us to understand and do our part to address these issues, consistent with our fiduciary duty as a pension plan. As a new stewardship focus area for UPP, we will seek to support positive outcomes for companies and markets while also learning about inequality on the path toward a more equitable future.”
Brian Minns
Senior Managing Director of Responsible Investing
Exercising our voice to influence more equitable outcomes
UPP uses active ownership, policy advocacy, and collaboration with other investors and stakeholders to promote change within our investment portfolio. Our Climate Stewardship Plan, published in 2023, described how UPP engages with portfolio companies and market actors to encourage the net-zero transition and sufficient climate-related disclosure. Similarly, we will leverage active engagement with portfolio companies, financial market advocacy, and enhancements to our proxy voting policy to promote more equitable outcomes within our scope of influence.
“Based on economic research, the impact of high inequality on both the economy and society is profound. UPP’s Inequality Stewardship Plan employs targeted strategies to raise awareness and promote business practices that mitigate inequality in support of a stable, healthy economy for our members.”
Delaney Greig
Director, Investor Stewardship
Acting on two key themes
Encouraging decent work standards as defined by the ILO Principles
To support socially responsible business practices, UPP seeks to raise the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work as baseline standards of decent work with portfolio companies and UPP’s external managers. The ILO Principles, which cover the elimination of forced and child labour, non-discrimination in employment, ensuring a safe and healthy work environment, and freedom of association, have been agreed to by global government, employer, and worker representatives as crucial to protect against worsening inequality and enable healthy social and economic systems.
Addressing excessive executive compensation
UPP will promote a more holistic approach to executive compensation, where executive pay plans acknowledge the factors that contribute to long-term real-world value creation. This approach demonstrates a commitment to a broader societal impact. When executive pay reflects stakeholder experience and long-term company objectives, executives are incentivized to make decisions that generate long term value over short term.
Creating and protecting value for members
As a long-term investor, UPP seeks to take meaningful action on key ESG issues to create and protect value for members. As such, addressing inequality as laid out in our plan aligns with our fiduciary responsibilities by helping to safeguard long-term pension income. Read the full plan for further details.
To learn more, please visit:
Media Contact
Kelly Conlon
Managing Director, Strategic Communications and External Relations
[email protected]
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