Climate Change Is a Business Risk – MarketWatch

A new report from Ceres, a global sustainability nonprofit where I serve on the board, describes the systemic threat that climate change poses to financial markets. The impacts—storms, wildfires, rising sea levels, and more—are multiplying, intensifying, and combining in ways that affect asset valuations, public health, worker productivity, and economic stability. The report provides more…

A Successful Season for SASB-Based Shareholder Resolutions

Timed to the 2020 Annual General Meeting (AGM) season, shareholder advocacy non-profit As You Sow filed seven shareholder resolutions, on behalf of individual proponents, that specifically requested material disclosure compliant with environmental and social corporate reporting standards published by the Sustainability Accounting Standards Board (SASB). SASB standards are explicitly designed to reflect financially material aspects…

Investors ignoring climate change risks, IMF warns

Sharemarket investors are failing to properly price in the risk of climate change inflicting damage on companies and economies, a new analysis by the International Monetary Fund has warned. The Washington-based fund’s Global Financial Stability Report examines the impact of climate change physical risk on financial stability, including the loss of life and property as…

JPMorgan Chase removes Climate Change Denier and Former Oil Company CEO from independent director role | Financial Times

JPMorgan Chase has promised to announce a new lead independent director by the end of September, bringing an end to the 19-year tenure of former ExxonMobil chief Lee Raymond and satisfying demands for change led by New York City’s comptroller and climate groups.  America’s biggest bank revealed the timetable for appointing Mr Raymond’s successor in documents filed ahead of its May 19…

Church of England fuels ExxonMobil rebellion with open letter | News | IPE

he Church Commissioners for England and New York State Common Retirement Fund (NYSCRF) have written an open letter to ExxonMobil shareholders asking them to call for change in the company’s governance and strategy, by their votes on three specific issues at the company’s annual general meeting on 27 May. Investors are being asked to: Vote…

Jon Lukomnik: Why Investors Might be Climate Allies

One of the most thoughtful and experienced people in the corporate governance field is Jon Lukomnik, who has a rare combination of solid quantitative skills and a deep understanding of the culture and policy of institutional investing. His new paper, “Why Investors Might be Climate Allies: Corporate Governance Today” (in full below), based on his…

BlackRock stands by climate priorities, sees tougher shareholder votes – Reuters

Michelle Edkins, BlackRock’s (BLK.N) global head of investment stewardship, said in an interview on Tuesday that the pandemic is consuming corporate attention but indicated that BlackRock will not cut company directors slack as it decides whether to back their re-election. BlackRock will continue to judge whether boards have made progress against goals BlackRock has touted…

Campaign contributions pay off for Ohio utilities and coal interests

Utility, nuclear and coal interests are big players in Ohio politics, giving about $3 million to Ohio political campaigns in 2018, according to data from the National Institute on Money in Politics. The industry interests have long been active politically. But just as competitive markets began coming into their own around 2010, the pattern of…