Two of the UK’s largest pension schemes will vote against the renewal of top directors at BP Plc (BP.L) and Shell Plc (SHEL.L) at their annual meetings unless both companies strengthen commitments to tackling carbon emissions, the Financial Times reported on Sunday. The plan by Britain’s Universities Superannuation Scheme (USS) and Borders to Coast, which…
Category: climate change
Petition: Demand that State Treasurers and public pensions vote for climate justice and Indigenous rights this spring
This April and May, investors in Wall Street banks and insurance companies will vote on at least four shareholder proposals related to climate justice and Indigenous rights. A resolution calling for a time-bound phase-out of financing for companies engaged in fossil fuel expansion. A resolution demanding that big banks report on how they respect internationally-recognized…
Vanguard step back from climate issues sparks ire from some clients
Vanguard’s recent move to distance itself from climate-conscious investing won support from anti-ESG state leaders — but the firm is now getting pushback from some of its clients. Earlier this week Vanguard received at least 1,400 copies of a form letter from the Sierra Club, signed by Vanguard investors. The letter asserts that by leaving…
Alan Murray on Davos: CEOs Make Climate a Priority
Alan Murray writes in Fortune (emphasis added): Davos also forces CEOs to step back and take a broader view of their place in society. That was evident in a dinner Fortune hosted last night, where 60 global CEOs spent two hours sharing thoughts on the top risks and opportunities facing business in the decade ahead. The…
Europe: Say-on-climate voting is on the up, but support falls
Say-on-climate voting is on the up, but investor support falls by Gavin Hicks Support for say-on-climate proposals has dropped off year on year, though the number of votes— which are currently voluntary—has greatly increased, according to new research. There is also an emerging divide among shareholders. European fund managers appear to be increasing their dissent,…
Funds Still Support Directors at Companies with Poor Climate Change Performance
A new report from Majority Action finds that even investment firms with a commitment to environmental goals do not evaluate director candidates based on meeting those goals. Key findings: 2. While some key investors voted against more directors in 2022 than in 2021, the largest investors by AUM actually increased support for directors at US- based…
The Top 15 Anticipated ESG-Related Considerations That Will Influence Strategy in 2023
The predictions of Dan Romito, Pickering Energy Partners include increased disclosure from public companies and their private company connections, more ESG-focused shareholder proposals, more focus on water issues along the lines of climate change issues, advancement of offsets, Scope 3 disclosures, the US leaning toward Europe’s sustainable finance disclosures, greater focus on climate metrics in credit…
Vanguard Pulls Out of NZAM
Vanguard explains why it is withdrawing from the climate agreement. Emphasis added More than 30 million individual investors around the world have chosen to entrust Vanguard with their hard-earned savings. We have a singular goal to maximize their long-term returns and give them the best chance for investment success as they save for retirement, a…
FRB Proposes Draft Principles for Large Banks’ Management of Climate-related Financial Risks |
The Federal Reserve Board (“FRB”) requested comment on draft “Principles for Climate-Related Financial Risk Management for Large Financial Institutions”. The proposed principles provide banks with “a high-level framework for the safe and sound management of exposures to climate-related financial risks for Board-supervised financial institutions with over $100 billion in assets.” The FRB said that the…
Biden Administration requires federal suppliers to use CDP’s model for climate risk
One of the obstacles to better ESG assessments is inconsistency of disclosures. The Biden administration’s new requirement for federal suppliers will mean that corporate executives, shareholders, regulators, and third party ratings firms will have much better data for assessing risk. Acknowledging the vital role of disclosure around environmental impact, the White House Council on Environmental…
ValueEdge Advisors 