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Policies and processes

Our policies and processes provide guidance and outline procedures for key areas of our work, such as our elections and flagship member event, RCN Congress. Browse our policies and processes by topic below.

We are pleased to confirm that the RCN has a strong ethical policy which requires that the investments should be managed in a socially responsible manner. The policy states that there should be no direct investments in companies that violate the following restrictions:

  • Cluster bombs and landmines – Prohibited under international treaties and not included in any portfolio managed by Sarasin.
  • Adult entertainment – 5% of revenues in activities connected to adult entertainment.
  • Alcohol – 5% of revenues related to the production of alcohol or 10% of revenues from the sale of alcohol related products and services.
  • Armaments – zero exposure to manufacturers of whole weapon systems and 10% of revenues from sales connected to weapons systems including components, support systems and services designed for weapon use.
  • Civilian firearms – zero exposure to either the manufacture or sale of civilian firearms.
  • Gambling – 5% of revenues related to gambling operations or 10% of revenues from the sale of gambling related activity.
  • Tobacco – zero exposure to tobacco producers, 10% of revenues derived from tobacco related products.
  • Thermal coal – 5% of revenues derived from the extraction of thermal coal.
  • Oil tar sands – 5% of revenues derived from the production of oil from tar sands.
  • Predatory Lending - 5% of revenues for activities connected to predatory lending

In addition to our specific ethical restrictions, our Investment Manager looks to avoid investing in companies which are materially involved in ethically unacceptable practices such as:

  • Corruption
  • Environmental degradation
  • Poor labour practices
  • Breaches of human rights
  • Companies which persistently, knowingly and materially breach international legal standards

Finally, our Investment Manager has been graded as an A which is well above the median average of other investment based upon the UN Principles for Responsible Investment, 

Statement of investment principles

 

Breakdown of RCN portfolio as at 30 June 2024

Investments

Asset Type

Value £

Capital % 

Bond UK Gilts 5,939,250 5.7%
Bond
Sterling Corporate Bonds 4,707,543 4.5%
Bond
Sterling Asset Backed 3,040,164 2.9%
Bond
Sterling Government Agencies, Supra  1,770,851 1.7%
Bond
US Corporate Bonds 375,375 0.4%
Bond
US Government Agencies, Supra 195,420 0.2%
Bond
Other Corporate Bonds 156,571 0.2%
Bond Euro Corporate Bonds 96,434 0.1%
Bond US Asset Backed 47,487
0.0%
Bond Euro Government Agencies, Supra 39,150 0.0%

Bond Total


16,368,245 

15.8%

Equity North American Equities 51,444,666 49.6%
Equity European Equities Ex UK 12,003,435 11.6%
Equity Asia Pacific Basin Equities Ex Japan 3,353,374 3.2%
Equity UK Equities 2,770,982 2.7%
Equity Japanese Equities 2,187,002 
2.1%

 Equity Total 


71,759,459 

69.2%

Fund (External)  Direct Property UK 3,249,403  3.1%

Fund (External) Total 


3,249,403 

3.1%

Alternative Investments  Infrastructure 2,455,735  2.4%
Alternative Investments  Commodities 2,259,360 2.2%
Alternative Investments  Absolute Return 1,472,647 1.4%
Alternative Investments  Other Alternatives 736,787 0.7%
Alternative Investments  Private Equity 254,981 0.2%

Alternative Investments Total 


7,179,510

6.9%

Liquid Assets Liquid Assets 5,088,141 4.9%

Liquid Assets Total

 

5,088,141

4.9%

Grand Total

103,644,758 

100.0%