Membership

Current Members

Members of the IIGCC include:

ABP Investments
Baptist Union of Great Britain**
BBC Pension Trust
Bedfordshire County Council Pension Fund
BlackRock
BNP Paribas Asset Management
CB Richard Ellis Investors
CCLA Investment Management
Central Finance Board of the Methodist Church
Climate Change Capital
Co-operative Insurance Society
Corporation of London Pension Fund
Credit Agricole Asset Management
DWS Investments
Environment Agency Pension Fund
Ethos Foundation
F & C Management Ltd
Generation Investment Management LLP
Greater Manchester Pension Fund
Henderson Global Investors
Hermes
HSBC Investments
I.DE.A.M. - Integral Development Asset Management
Insight Investment
Joseph Rowntree Charitable Trust**
London Borough of Hounslow Pension Fund
London Borough of Islington Pension Fund
London Borough of Newham
London Pensions Fund Authority
Merseyside Pension Fund
Morley Fund Management
Northern Trust
PGGM Investments
PRUPIM
Schroders
The Church Commissioners for England
The Church in Wales**
The Roman Catholic Diocese of Portsmouth**
Transport for London Pension Fund
United Reform Church**
Universities Superannuation Scheme
West Midlands Metropolitan Authorities Pension Fund
West Yorkshire Pension Fund
William Leech Charitable Trust**

** part of the Church Investors Group

Membership of IIGCC

Membership of IIGCC is open to any institutional investor (from the UK or elsewhere) who supports the aims and positioning of the IIGCC and is willing to attend one full member meeting per year and be involved in at least one IIGCC Workstream (see our Constitution for further information).

A request for membership should be made in writing to Stephanie Pfeifer, Programme Director, IIGCC, IIGCC, c/o The Climate Group, Suite 4, 3rd Floor, One Crown Square, Church Street East, Woking GU21 6HR. The letter should be signed by a director or equivalent of the company. New members will be accepted by a simple majority of a quorate steering committee meeting.

Membership Fees

The following fee scale will apply from 1st January 2008 and be subject to review at a full meeting of the Group:

Fee Scale	Value of Assets/Fundsunder management	Annual Fee
1	In excess of £10 billion	£3,500
2	Between £5 and £10 billion	£2,500
3	Between £1 and £5 billion	£1,500
4	Less than £1 billion	£1,000

For the purposes of fee calculations, the value of assets/funds under management is as estimated at 31st December in the preceding year. The annual membership fee is payable on 1st January each year and is non-refundable. Any new member joining after 30th June in any year may be charged 50% of the annual fee.

Why join IIGCC?

Institutional Funds

Institutional funds (i.e. pension funds and charitable trusts) are the primary governance mechanism for IIGCC. Pension funds and their members are amongst those with most to lose if companies and markets are negatively affected by either direct impacts of climate change or by sudden political responses to it. And pension fund members want to have a safe and healthy world to retire into, something which climate change puts at risk. Given that responsible corporate behaviour could do much to minimise the negative impact of climate change, pension funds and other institutional shareholders have an important role to play.

Climate change is a risk which is consistent with pension funds time-frame of interest but fund managers have many reasons for focusing on shorter time-frames. Pension funds therefore have a fiduciary duty to do what they can to ensure that fund managers are taking longer-term risks, like those associated with climate change, into account. IIGCC does not substitute for individual fund managers taking action, but leverages each manager’s effort so that the sum is greater than the parts. Climate change is such a complex issue on such a big scale that no fund manager would claim to be able to respond to all aspects of the challenge if acting alone. By sharing experience and understanding, IIGCC also helps ensure that companies are not being pulled in different directions by investors failing to co-ordinate.

Having pension funds involved creates an important business case for fund manager collaboration. and also allows those pension funds who have made a commitment to taking environmental factors into account within their Statement of Investment principles to demonstrate that this is, indeed, happening.

Fund Managers

IIGCC aims to become an influential player on the investment implications of climate change. IIGCC aims to be the preferred vehicle through which Government and other initiatives such as UNEP FI, Carbon Disclosure Project and others address investors on climate change. Members of the IIGCC will thus gain from greater access to information and greater ability to influence other parties.

By pooling resources, IIGCC members will have more impact and be more efficient. Specifically the Group will be able to:

Cover more companies, sectors, and markets in a shorter time.

Climate change is an issue that has implications for many sectors in which we invest. By pooling resources IIGCC members will be able to cover more sectors more quickly and in more depth than if they were acting alone.

Get more out of interactions with analyst and management.

Given their combined funds under management, IIGCC members are likely to have better access to specialist sell-side analysts and more senior corporate executives than if they were acting alone.

Share experience and understanding.

Climate change is a complex and challenging issue to address. With more people monitoring developments in climate science, public policy, and corporate responses, and sharing that information in a coordinated manner, IIGCC members will be better informed than if they were working alone.

Reduce questionnaire fatigue.

By working together, IIGCC members will reduce the number of requests companies get for the same information from IIGCC members themselves but also from influence that IIGCC will have with third party agencies. As important, and as a result of combined assets under management, better quality information is likely to be made available more quickly.

Reduce contradictory requests to companies from investors.

Coordination from investors on the implications of climate change will help ensure that different investors do not pull companies in different directions in the discussion about good practice on managing carbon risks.

Increased Profile.

IIGCC is not an alternative to individual fund manager activity. Indeed, such activity by member organisations is essential for the success of IIGCC. What the Group does provide is a structured mechanism for members to undertake activity which they want to do and which other members would benefit from, in return for privileged access to similar activity by other members.

Within the Group’s workstreams, there will be opportunities for individual organisations to take a leadership role on projects and to coordinate the workstream.

Members will gain profile as a result of their association through publications, websites and presentations.