Hawley and Lukomnik on Portfolio Theory

There is no one we respect more than Jon Lukomnik, especially when it comes to portfolio theory. Every fiduciary fund manager should read his new article with James P. Hawley. An excerpt: Two recent statements, one by the world’s largest pension fund and the other by the largest asset manager, are harbingers of future corporate…

Comment to the SEC: Investor-as-Owner Subcommittee of the SEC Investor Advisory Committee (IAC) Relating to SEC Guidance and Rule Proposals on Proxy Advisors and Shareholder Proposals

The SEC’s own Investor-as-Owner Subcommittee of the SEC Investor Advisory Committee does not approve of the proposed rule on proxy advisory firms and proxy proposals. An excerpt: The IAC has long urged the Commission to address a variety of problems in the proxy system, and there are valuable elements in the PA/SP actions, such as…

AstraZeneca commits to being carbon negative by 2030 –

AstraZeneca has announced its ambition to have zero carbon emissions from its global operations by 2025 and to ensure its entire value chain is carbon negative by 2030, bringing forward decarbonisation plans by more than a decade. Launched at the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, AstraZeneca’s ‘Ambition Zero Carbon’ strategy accelerates…

Comment from Ciara Torres-Spelliscy on SEC Proposal

Stetson law professor Ciara Torres-Spelliscy, an expert on dark money and its pernicious impact on both public and private governance, has submitted an excellent and very persuasive comment to the SEC on the proposed rules for limiting shareholder proposals. The full text is in the link below. An excerpt: [T]he rule proposed by File No….

Warren calls on big U.S. banks for steps on climate risk | Article [AMP] | Reuters

U.S. Senator Elizabeth Warren, a contender for the Democratic Party’s presidential nomination, is asking the biggest U.S. banks for details on their assessments of and preparations for risks related to global warming. “To protect themselves and the economy from climate-driven catastrophes, large financial institutions must act quickly to address risks,” Warren, a frequent critic of…

Quants Say They Can Make Investing More Sustainable – Bloomberg

Some companies disclose a lot of information about sustainability, labor practices, or gender equity. Others say almost nothing. A fund manager buying a few dozen large-cap U.S. stocks may be able to have analysts dig up enough corporate info to make a decision. But things get harder if you want to be able to choose…

The World’s Most-Profitable Hedge Fund Is Now a Climate Radical – Bloomberg

The hedge fund industry has no shortage of aggressive, in-your-face players, but few are as tough as Chris Hohn. The British billionaire takes the typical playbook to new levels—scuttling deals, pushing to remove bosses, and battering companies with litigation and threats. One opponent was so peeved after losing a boardroom battle with Hohn that he…