Wed, 20 Jul 2011

Swiss anthroposophical pension fund leads on investment returns

ITTIGEN (NNA) – A Swiss anthroposophical pension fund has once again out-performed the competition to achieve the highest returns on its investments over an extended period.

While the returns of other pension funds have been fluctuating wildly between negative and positive results in recent years, the comparison table published by the SonntagsZeitung newspaper shows that CoOpera achieved a steady result of between 2.6 percent and 3.4 percent in the last four years. On a ten year comparison, CoOpera achieved an annual return of 3.34 percent.

The investment policy of the fund particularly showed its worth in 2008, a year in which, according to the then comparison, Swiss pension funds achieved “by far the worst investment result” with -13.5 percent since the introduction of new pension regulations in 1985. CoOpera was able to show a positive result of +2.8 percent.

As NNA reported at the time, the reason for the good performance of the anthroposophical pension fund was seen in its decision not to invest in shares. Instead of in the stock market, CoOpera had invested its funds of about 300 million Swiss francs in cultural institutions, businesses and housing with a sustainable background. “CoOpera’s investment strategy, which largely ignores shares, last year turned out to be the correct one,” the performance comparison noted.

Now, after a year when it dropped to second place, the pension fund has done it again and has come out on top of the comparison table.

The pension fund also does well with regard to per capita administrative costs, coming fourth out of twenty.

Commenting on the result on its website, CoOpera said it had not deliberately entered a race to achieve the highest ranking, but that the result was probably the logical consequence of its sustainability-focused approach. Its perspective included both the pensioners and those who worked with CoOpera’s financial resources.

“We are pleased that this prudent attitude has been recognised,” the pension fund said.

END/nna/cva

Item: 110720-02EN Date: 20 July 2011

Copyright 2011 News Network Anthroposophy Limited. All rights reserved. See: www.nna-news.org/copyright/

More NNA reports at: www.nna-news.org/en/

Sekem managing director to appeal sentence over IMC funding for Sekem companies

CAIRO (NNA) – The managing director of the Egyptian Sekem Group, Helmy Abouleish, has been sentenced to a suspended prison sentence of one year and a fine in connection with charges of illegal funding from the Egyptian Industrial Modernization Center (IMC) for Sekem companies while he was serving on the IMC. Abouleish intends to lodge an appeal against his conviction.

In a press release, Sekem said that Abouleish had been released from custody on 7 July after 100 days.

According to the Sekem statement, the court in its ruling had followed the application of the state prosecutor who had argued that the IMC should be considered as an ordinary Egyptian authority and not as a body whose activity is governed by separate legislation. It remained in dispute to the end, however, which legal framework applied to the way that IMC funding was disbursed, Sekem said.

The IMC is an economic development fund with funds of 450m euros established by the European Union and the Egyptian government under the separate cooperation act 66-1999. It was funded originally by the EU, the Egyptian government and the Egyptian private sector, but in 2006 the EU transferred its share to the Egyptian government.

Helmy Abouleish was managing director of the fund from 2005 to 2006 and subsequently on its supervisory board.

According to the Sekem statement, the disbursement guidelines under the cooperation act permitted the funding of measures benefiting Sekem companies under the given circumstances. Furthermore, Abouleish had allowed a period of nine months to pass after finishing as managing director before agreeing to new funding for Sekem companies.

IMC funding is not paid directly to the funded companies but goes to providers of training and modernisation measures.

Furthermore, all measures were regularly audited by internal and external inspection agencies as well as the appropriate EU offices, the press release said.

A legal opinion sought at the start of proceedings against Abouleish had confirmed this interpretation.

Although the supervisory board does not exercise any executive functions, the state prosecutor had argued that Sekem companies had not been entitled to IMC funding while Helmy Abouleish was on the board.

After sentencing, Abouleish reaffirmed his view with regard to the legal situation and announced that he would lodge an appeal against the sentence. However, he now intended to devote himself again primarily to the Sekem companies and continue to work for the sustainable development of Egypt.

The Sekem Group of companies is part of the Sekem initiative for sustainable development established in 1977 by Dr.  Ibrahim Abouleish and produces, processes and markets organic and biodynamic foods, textiles and herbal medicines in Egypt, the Arab world and international markets.

END/nna/cva

Item: 110720-01EN Date: 20 July 2011

Copyright 2011 News Network Anthroposophy Limited. All rights reserved. See: www.nna-news.org/copyright/

More NNA reports at: www.nna-news.org/en/