Genus Capital screens factory farms from Fossil Free® Funds
Vancouver, BC, Feb. 26, 2020 (GLOBE NEWSWIRE) — Vancouver, BC – Genus Capital, an investment management firm, has recently announced that it has removed companies involved in factory farming from its Fossil Free® Funds in response to increasing client demand. Genus is the first investment firm in Canada to apply this screen across all fossil free funds, in addition to its existing screening of oil, gas and coal industries.
The new screen means that Genus will exclude any company that generates over 10 per cent of its revenue from types of farming that are not free range or organic, and where livestock is reared in confined indoor spaces (typically poultry, pigs, or cattle).Mike Thiessen, Partner & Director of Sustainable Investments, Genus Capital explains: “Factory farming is both an ethical and investment hazard, and today’s announcement is a direct response to demand from Canadians to exclude companies that receive revenue from factory farming from our fossil free funds.“Canadians care about animal welfare, and that’s one of the reasons we’re no longer supporting factory farming in our fossil free funds. However, there is also a financial incentive: companies that have poor standards when it comes to people, the environment, or animals often come with additional risk.”Walter Whiteley, a member of Trinity St Paul’s United Church Investment Committee, said: “Recently we have become aware of how that factory framing is degrading our land, water and air, as well as contributing internationally to land grabs from indigenous peoples. We wish to exclude funds that support factory farming, and I’m pleased to see Genus respond to this request with the introduction of this new factory farming screen on its fossil free funds.”Sofiane Belmiloud, Investor Outreach Manager from FAIRR, says: “Intensive animal production presents material ESG risks, so it’s good to see Genus recognizing this risk and managing it on behalf of their clients. Animal production has a negative impact, and we expect the future growth of this industry to be constrained given its effect.”Genus has a six-year track record in successfully managing fossil free portfolios, aligning performance with values. This new screen is in addition to Genus’ current exclusion of companies that generate over 10 per cent of their revenue from GMO or junk food products. To learn more about Genus Fossil Free funds and its screens visit: GenusFossilFree.com-ENDS-About Genus Capital Management Inc.Genus Capital Management Inc. is an independent investment management firm based in Vancouver, founded in 1989. Genus is passionate about creating innovative investment solutions that meet our clients’ changing needs. With more than $1.6 billion in assets under management, Genus’ clients include leading environmental organizations, foundations, and individuals across Canada. Today, Genus Capital is at the forefront of Canada’s Divest-Invest movement with a complete suite of fossil fuel free funds that are tailored to meet the needs of investors who wish to invest in a sustainable, clean energy future.Media Contact