Concern at pension link to Zimbabwe

CONCERN OVER investments by the State's pension fund body in firms operating in Zimbabwe are to be raised with these firms, the National Pension Reserve Fund (NPRF) Commission has said.

The NPRF was responding to media reports that 3 per cent, or €578 million, of the fund was invested in Zimbabwe-based firms. The commission disputed claims the figure related entirely to investment in Zimbabwe or in Zimbabwe-based firms. It said it invested in firms with "a presence in dozens of countries including, in some cases, Zimbabwe".

It cited examples such as BP and Nestlé, and said it was incorrect to describe them as "Zimbabwe-based on the grounds that they have a presence in Zimbabwe . . . nonetheless, the commission is raising with these companies the concerns which have been expressed", it said.

The NPRF's mandate is to provide optimal financial return with an acceptable level of risk, it said.