Big US sustainable funds fail to support ESG shareholder proposals | Financial Times

Big US fund managers that have promoted their credentials in tackling sustainability issues have done little to support environmental and social shareholder proposals, their voting records reveal. During the 2019 shareholder voting season, funds labelled by BlackRock, JPMorgan Asset Management and Vanguard as sustainable frequently sided with a company’s management and against shareholder proposals on…

UK: FRC Statement on Green Investing

From the UK: The Government has announced its Green Finance Strategy which recognises the role of the financial sector in delivering global and domestic climate and environmental objectives. In response, the FRC has issued a joint statement with other financial regulators, including the PRA, FCA and the TPR which can be viewed here, while the…

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….