Yarra makes commitment to ethical investment
26 August 2016
Yarra City Council has introduced a new Ethical Investment and Procurement Commitment, continuing its proud tradition of leading positive social, environmental and cultural change.
This progressive move will embed ethical investment practices within Council’s procurement and investment activities and help ensure Council does not indirectly or inadvertently support practices that cause harm or injustice.
Under the commitment, Council will actively seek to invest its financial resources, where possible, in companies that have a positive impact on the social, economic and environmental health of our community.
This includes companies that produce goods or services which enhance the health and welfare of individuals and communities, and companies which produce goods or services which preserve the environment.
Further, Council will avoid doing business with companies whose products or practices cause or perpetuate injustice and suffering, infringe fundamental human rights or cause unacceptable damage to the natural environment.
In adopting the Commitment, Council also endorsed the principles of the No Business in Abuse (NBIA) pledge, under which Council will not enter in to any future contracts, tenders or business dealings with any companies involved in Australia’s offshore and onshore immigration processing system that fail to meet the NBIA pledge requirements.
Yarra has long had a commitment to social justice and environmental sustainability. As a major provider of services and infrastructure, it is important that Council’s investment and procurement practices reflect the values of our community.
The Ethical Investment and Procurement Commitment was formally adopted by Council at its meeting on 23 August 2016. The Commitment can be viewed in full below:
Ethical Procurement Investment Commitment - Yarra City Council (226.77 KB)
Full Council resolution from 23 August 2016:
- endorses the Ethical Procurement and Investment Commitment (attachment 1) and requires that officers audit Council’s current exposure and embed these principles into procurement and investment policies activities as the opportunities arise;
- supports the Commitment to be used as the key document for advocacy efforts when promoting Council’s stance on ethnical investment and procurement;
- requires that the Commitment is posted on Council’s website;
- endorses the principles of the No Business in Abuse (NBIA) pledge (attachment 2), thereby excluding from future contracts, tenders or business dealings any companies involved in Australia’s offshore and onshore immigration processing system that fail to meet the NBIA pledge requirements;
- requires that when Council’s transactional banking services are next tendered, respondents will be requested to complete a questionnaire in relation to their exposure to the fossil fuel sector; and
- requests that a report on progress towards embedding Council's commitment is reviewed annually in line with the review of Council’s Procurement policy.
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Director Corporate, Business and Finance