Pension Fund signs up for UN rule

The Lothian Pension Fund has become among the first to sign up to a UN agreement on responsible investing.

Under the agreement, the £3bn fund will be managed in an environmentally and socially conscientious way.

The UN said that signing the principles illustrates a commitment to ethical investment.

It also believes applying the principles should lead to better long-term financial returns. Only four of 99 UK councils have joined.

Tim McKay, chairman of the pensions and trusts committee, said: "This is a very positive move which is consistent with the policies of the fund.

"Our main aim always has to be investing employee and employer contributions in the best financial interests of members.

"However, this is a logical step forward given our views on responsible investment.

"We look forward to working with other signatories to the principles to improve decision making on matters that affect us all."