A report released today from Fossil Free California reveals that California’s public pensions voted to oppose climate action at major fossil fuel companies and financiers during the 2022 Annual General Meeting season. This exposé comes two weeks ahead of an Assembly Committee hearing on SB 1173, a bill that would require the funds to divest from fossil…
Category: climate change
Comment from Securities Law Professors on SEC’s Climate Disclosure Proposal
A group of distinguished securities law professors have submitted a comment to the SEC on the proposed rule that would require additional disclosures about climate change. Some highlights [footnotes omitted]: —The Commission’s disclosure authority extends not just to information relevant to investor trading decisions but also to information used by investors in connection with the…
Nell Minow’s Comment to the SEC on Proposed Climate Change Disclosure Rule
VEA Vice Chair Nell Minow has submitted a comment to the SEC on File No. S7-10-22, Proposal on Climate-Related Disclosures for Investors. The full comment is attached below. An excerpt: Government regulation is most needed when there are collective choice issues or conflicts of interest. Both are the case when it comes to corporate disclosures….
File a Comment with the SEC on Climate Change Disclosure
The deadline for filing comments with the SEC on their proposed climate change disclosure rule is June 17, 2022. The comment does not have to be technical or use legal language. All you need to do is send an email to rule-comments@sec.gov with this in the subject line: Release No. 33-11042; File No. S7-10-22 And…
CalPERS and Massachusetts PRIM Vote Against Chevron Directors
Massachusetts State Treasurer and Receiver General Deborah B. Goldberg today announced her opposition to the election of all members of the board of Chevron Corporation (NYSE: CVX) ahead of the company’s annual meeting on May 25. “Last year more than 60 percent of Chevron’s shareholders voted for a proposal calling on the company to set…
HSBC pressured to fire “responsible investing” banker who discredited climate crisis warnings | HSBC | The Guardian
HSBC is under pressure to fire a senior banker in charge of responsible investing after a speech in which he described warnings about the climate crisis as “unsubstantiated” and “shrill”, made light of major flooding risks, and complained about having to spend time “looking at something that’s going to happen in 20 or 30 years”.The…
Dark Money from the US Now Polluting the UK
Investigative reporting by Open Democracy found that a Koch-funded dark money organization has now extended its reach to the UK. Shadow climate secretary Ed Miliband said: “US right-wing groups with links to big oil are desperate to stop action against the climate crisis. Now they are trying to extend their reach into UK political debate.”…
Caterpillar Endorses As You Sow Climate Proposal
Caterpillar has recommended a vote in favor of the shareholder proposal on climate disclosures submitted by As You Sow. Resolved: Shareholders request that Caterpillar issue a report within a year, and annually thereafter, at reasonable expense and excluding confidential information, disclosing interim and long term greenhouse gas targets aligned with the Paris Agreement’s goal of maintaining…
Dutch investor group targets oil, gas execs’ pay plans if climate goals fall short | Reuters
A group of Dutch investors managing assets worth nearly 1.5 trillion euros threatened on Friday to oppose oil and gas sector executives’ pay plans if their companies failed to set climate change goals in line with the Paris Agreement on global warming. The institutional investors, including the asset management arms of insurers Aegon(AEGN.AS) and NN…
PWC’s Annual CEO Survey 2022
PWC’s 25th annual CEO survey focused on “the power of trust.” We found that highly trusted companies are more likely to have made net-zero commitments and to have tied their CEO’s compensation to nonfinancial outcomes, such as employee engagement scores and gender diversity in the workforce. Correlation is not causation, and we’ll continue to explore…
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