Inconsistent ESG scores force USS to make its own decisions

Pension fund needs ESG alternatives to bonds to help close its funding deficit

Simon Pilcher
Simon Pilcher, Universities Superannuation Scheme

When is a green investment not a green investment? When one rating agency says a stock or bond is green, while another says the opposite.

For the chief executive of the investments arm of the £68 billion Universities Superannuation Scheme (USS), the answer may be to decide in-house what counts as a green investment.

“One source will tell you that it’s a pretty green asset, and another source will tell you the opposite,” says Simon Pilcher, who joined the final-salary pension scheme for

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