Standard Life Investments has heeded its customers' requests to stop investing its ethical funds in airline stocks after receiving feedback from its investors.
In Standard Life's 2007 annual ethical investor survey, 30 per cent of respondents said that they would favour a complete exclusion of airline stocks from their ethical investments
, which Standard Life considered an ample proportion to instigate a change in policy.
Julie McDowell, Head of SRI at Standard Life Investments, said: "The views of investors in our ethical fund range are of paramount importance to us. We are unique in carrying out an annual survey to understand investor wishes and concerns and we seek, wherever possible, to reflect those concerns in the criteria applicable to our ethical funds.
"The Standard Life Ethical Committee, which is comprised of senior Standard Life managers and three individual investors in the ethical funds, has considered the results of our 2007 ethical investor survey. In light of the sizeable percentage of our investors wishing to avoid investment in airlines, the Ethical Committee has decided that our ethical policy should be adapted to reflect these views. I am sure that investors welcome the fact that they play an important part in helping to shape our ethical fund criteria."
Standard Life's ethical funds already avoided investing in companies which manufacture pesticide products, those which practice animal testing or intensive farming, weapons manufacturers, those in the pornography business, brewers, tobacco companies and those companies which derive a minimum of three per cent of their revenue from gambling.
Ethical investment has grown in popularity over recent years as increasing numbers of investors have become aware of their individual impact upon the environment and how they can shape the future of investment, ethical banking
, green energy
and various other commodities with the choices they make.
© Fair Investment Company Ltd