Financial Services Committee Hearing on Sustainability and Competitiveness

The Congressional Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets held a hearing on”Building a Sustainable and Competitive Economy: An Examination of Proposals to Improve Environmental, Social, and Governance Disclosures.” Note at 55:45 Representative Vargas asks former SEC Commissioner Paul Atkins if he believes climate change is real and Atkins dissembles, despite the fact that…

Can Blue Bonds Save the Oceans?

Can we financially engineer our way out of climate change and polluted oceans? Maybe not, but financial innovation is emerging as a popular tool to help in the race to protect the planet. Last year, the market for “green bonds,” a decade-old asset class that funds environmentally friendly projects, reached a record $163.7 billion, up…

Nell Minow on ERISA, the Trump Executive Order, and ESG

VEA Vice Chair Nell Minow writes on the Harvard Law School Forum on Corporate Governance and Financial Regulation about the Labor Department’s review of ERISA fiduciaries and ESG under the Executive Order issued last month by President Trump. She wrote: ERISA, the 1974 law that governs pension funds, recognizes that the third parties who manage…

Dr Raj Thamotheram Calls on Investors to Take the Lead on Climate Change

Dr Raj Thamotheram compares the essential urgency of investor engagement on climate change to the first major social movement, the campaign to abolish slavery. And he says the crucial moment this proxy season is the ExxonMobil annual meeting. So why is ExxonMobil set to be the litmus test for climate aware investors in 2019? ●…

Despite SEC Action, Shareholders Push ExxonMobil for Progress on Climate Change

They can run, but they can’t hide. Efforts by ExxonMobil to squelch shareholder initiatives on climate change have led to escalation, including a high-visibility call to withhold votes for the nominees for the company’s board. Directors at Exxon Mobil Corp. are facing a withhold campaign from two institutional shareholders alleging the energy company has failed…

ISS Endorses Shareholder Challenge to Dominion Energy

Majority Action is calling on Dominion Energy to appoint an independent board chair because “the board’s composition and the qualifications and outside connections of board members in key leadership positions call into question whether the board is well-positioned to provide independent oversight.” Proxy advisory firm ISS has recommended a vote in favor of the resolution….

Net-Zero by 2050 — Report from Climate Majority Action

Investors are increasingly making the business case for taking action on climate change. The collective choice problem inherent in planet-wide environmental issues, amplified by the distorting impact of often-undisclosed political donations from corporate executives and billionaires (see our work on the fake dark money front group Main Street Investors Coalition) has left investors, particularly long-term, passive investors like…

Report: Pensions in a Changing Climate

A new report from Share Action finds that pension funds are not doing an adequate job of disclosing climate risk in their portfolios. The most striking finding of our analysis reveals that over 60% of pension funds publish little or no information on their climate responses, placing them at risk of breaching their legal duties…

A.G. Underwood Files Lawsuit Against Exxonmobil For Defrauding Investors Regarding Financial Risk The Company Faces From Climate Change Regulations  | New York State Attorney General

Attorney General Barbara D. Underwood today announced a lawsuit against Exxon Mobil Corporation (“Exxon”), alleging that the company misled investors regarding the risk that climate change regulations posed to its business. As alleged in the complaint, Exxon for years assured investors that it was accounting for the likelihood of increasingly stringent regulation of greenhouse gas…

Walden Asset Management and CalSTRs Ask NAM Members Why They Support Main Street Investors Coalition

Walden Asset Management released this statement today: Investors led by Walden Asset Management and the California State Teachers’ Retirement System (CalSTRS) called on 45 companies sitting on the Executive Committee and Board of the National Association of Manufacturers (NAM) to end the trade association’s attacks on shareholders. The investors’ letter asks the companies to distance…