FirstEnergy Board Must Face Investor Suit Over Bribery Scheme

FirstEnergy Corp.’s directors and officers must face a shareholder derivative suit stemming from their alleged involvement in a bribery, racketeering, and pay-to-play scheme with Ohio politicians, after a federal court in that state found enough support Tuesday for allegations of false or misleading statements or omissions. The allegations that the leadership misrepresented or failed to…

Private Equity Investors Prioritize ESG| Coller Capital

According to Coller Capital’s Private Equity Barometer: Three quarters of Limited Partners say climate change and healthcare/biotech will change their investment priorities in the post-covid world Half of Limited Partners believe a strong ESG policy boosts PE returns Risks to PE returns have risen significantly – but it’s still a good time to invest, LPs…

Exxon must face Massachusetts lawsuit alleging climate change deceit | Reuters

A Massachusetts state judge has rejected Exxon Mobil Corp’s (XOM.N) bid to dismiss a lawsuit by state Attorney General Maura Healey accusing the oil company of misleading consumers and investors about its role in climate change. In a decision released on Wednesday, Superior Court Justice Karen Green in Boston said Exxon failed to show that…

SoftBank’s Masayoshi Son grilled by investors over governance lapses | Financial Times

Masayoshi Son has told shareholders that SoftBank will not prioritise short-term trading gains as the company behind the world’s most aggressive technology fund was grilled over governance failures after the collapses of Greensill and Katerra.  At an annual shareholder meeting on Wednesday, the 63-year-old billionaire founder defended the Japanese conglomerate’s governance structure, saying the board…

Agenda – Considering ESG Pay Targets? Europe Offers Clues

Last year, U.S. companies trailed their European peers in tying environmental, social and governance metrics to their executive pay packages. Yet many businesses may need to prepare for regulatory changes requiring American companies to make such disclosures in the future, according to advisory firm Pay Governance LLC. The Pay Governance study showed that 22% of…

Making companies tell the truth about climate change

Michael Hiltzik writes in the LA Times about pressure on corporations from investors and government to get better data on climate and other ESG risks. [I]nvestors have been asking for much more from corporate managements — more disclosures about how their activities contribute to climate change, and more about how climate change will affect their…

Proxy Preview: Record Votes for ESG Proposals

The Proxy Preview team today released highlights of the unprecedented 2021 proxy season, which saw nearly three dozen majority votes for disclosure and action on environmental, social, and sustainable governance (ESG) shareholder resolutions. To date, there have been 34 majority votes for ESG proposals, shattering last year’s record of 21. More are likely by year’s…