Home ENERGY FOR CLIMATE. Newsletter There is an oficial coment by Kuba Gogolewski, project coordinator at the Foundation Development YES – Open-Pit Mines NO

There is an oficial coment by Kuba Gogolewski, project coordinator at the Foundation Development YES – Open-Pit Mines NO

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“Privately managed pension funds in Poland are often subsidiaries of big European Insurance Groups such as NN or Allianz, they currently own about 4% of the Polish stock exchange. Through these Pension funds, European insurers hold a significant stake in coal. NN Group is by far the biggest privately managed pension fund in Poland and it alone holds over 25% of all assets of Polish coal companies owned by all the privately managed pension funds in Poland” comments  Kuba Gogolewski, project coordinator at the Foundation Development YES – Open-Pit Mines NO.

Privatly managed pension funds in Poland currently own over 10% of the capitalisation of the Polish stock exchange and 14% of the free float. That number was respectively 20% and 41% for Polish companies listed on the Polish stock exchange.

“This is definitely a massive loophole. European consumers are increasingly aware of SRI criteria and their choices are partially on the basis of how sustainable these providers are, but too often third party investments are not factored in. Tracking third party assets is relatively new and complicated. In the case of Poland, privately managed pension funds are obliged to publish their portfolios which is why we are able to access the exact numbers. While third party assets in Poland are tiny compared to the overall third party assets managed by these Insurance Groups, the potential reputational consequences are very serious. There needs to be a lot of thinking in the financial industry” Gogolewski adds.

We have also prepared some social media assets (key infographics based on the report) that can be accessed via the Google Drive link below.

https://drive.google.com/drive/folders/15IzbJaCoiCK8kPwDr3R1LE5xkP_ZOe1A?usp=sharing

If you have any questions do get in touch.

Contact:
The Foundation “Development YES – Open-Pit Mines NO” (abbreviated as “DY-OPMN”)
www.rozwojtak-odkrywkinie.pl

Kuba Gogolewski, tel. +48 661 862 611
Mateusz Jaworski, tel. +48 609 454 556

Best wishes,

Joanna Kubicka
The Ecological Association EKO-UNIA, www.eko-unia.org.pl, 50 -134 Wrocław, ul. Białoskórnicza 26, tel. +48 605 638989

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