Stewardship moves beyond box ticking | Minerva-Manifest

The Financial Reporting Council (FRC) has published a new UK Stewardship Code which is due to come into effect on 1 January 2020. The revised Code has set a higher standard for how money is invested on behalf of UK savers and pensioners that the FRC said reflects “the changing expectations of investors and the…

Converging on climate lobbying: aligning corporate practice with investor expectations | Reports/Guides | PRI

PRI’s new guidance for engagement on corporate climate denial and lobbying: nvestors are increasingly scrutinising corporate engagement on climate policy as it plays a critical role in helping governments create practical climate policy solutions. However, corporate engagement on climate policy is a double-edged sword.  Negative and resistant corporate interest, often represented by third-party organisations, can…

Investors turn up the heat on governments over climate change – CNN

Investors managing assets worth $35 trillion are sending a message to governments and companies: Do more to fight climate change. A group of 515 investors on Wednesday urged policymakers to act with the “utmost urgency” to comply with the goals of the 2015 Paris climate agreement, which seeks to limit global warming. “Much more needs…

A $750 Billion Midwest Fund Group Pushes for Board Diversity – Bloomberg

A group of 11 pension and union funds with a collective $750 billion in assets has picked up the mantle [on board diversity in small and mid-size companies]. Called the Midwest Investor Diversity Initiative, the group, which includes the United Auto Workers Retiree Medical Benefits Trust, the Illinois State Treasurer’s Office and the Ohio Public…

Investors discuss future of ESG engagement at Sustainable Finance Forum | IR Magazine

A large UK pension manager gave a frank and detailed description of engagement with oil and gas companies, relating to enhanced disclosure and increased action on climate initiatives, particularly the 2C degree scenario. He emphasized the need for more ‘credible’ institutional leaders to ‘step up’ regarding climate issues, and suggested that the media could be…

WSJ: Giant Investors Are Coming After One of Wall Street’s Cash Cows

Liz Hoffman and Geoffrey Rogow write about direct contact between the largest investors and their portfolio companies in the Wall Street Journal. While it applies to the functions related to research and deals usually undertaken by financial intermediaries, it is likely to have an impact on governance and ESG-related engagement as well. Wall Street’s role…

Investors with $34 trillion demand urgent climate change action – Reuters

Investors managing more than $34 trillion in assets, nearly half the world’s invested capital, are demanding urgent action from governments on climate change, piling pressure on leaders of the world’s 20 biggest economies meeting this week.In an open letter to the “governments of the world” seen by Reuters, groups representing 477 investors stressed “the urgency…

New UK Rules for Improving shareholder engagement and increasing transparency around stewardship | FCA

The UK’s Financial Conduct Authority has issued new rules for institutional investor fiduciaries that impose new requirements for engagement and disclosure: We have introduced new requirements to improve shareholder engagement and increase transparency around stewardship. The requirements come into effect on 10 June 2019.  Asset managers and life insurers will need to disclose and make…