Profiling the Principles for Responsible Investment
ICNOME FUNDS: SEDCO, Saudi Arabia
We’re celebrating our success early this year with our assignment as the external Shari’a Auditor for SEDCO Capital’s two funds worth $160 Million.
At the heart of this appointment is a strategy to focus and build on the three groups of areas we serve in our Shari’a Compliance audit — transparency, accountability and accuracy – in light of Shari’a guidelines. We found SEDCO’s goal of increasing the amount of Shari’a compliant investments in ESG (ethical, social responsibility, and corporate governance) standards that are the basis of the United Nations’ 2005 Principles for Responsible Investment as truly unique. And we remain excited to see the positive impact on the local economies where such investments will operate.
We now wish to see more and more companies embed ethical and socially responsible strategies in their portfolios. We’re happy to play an independent role in such an incredible effort.