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February 2012
France’s €12bn ERAFP tenders for €865m in SRI convertible bond and real estate mandates
Huge ESG tender will follow fund’s SRI charter.
RI Briefing, February 8: New UK social impact bond in pipeline
RI’s regular round-up of responsible investing news
Denmark’s ATP “gratified” asset firms Goldman Sachs AM and PIMCO signed UN PRI
Fund giant says it engaged with managers to “induce” them to sign up
FREE Pension scheme members to be approached for info for 1000 fund climate investment response ranking
Pressure group to survey and rank 1000 global institutional investors starting in May.
8 steps to bring investors into the $1trn per annum needed to prevent dangerous climate change
Action is needed to make institutional funds flow: Sean Kidney shows how.
US faith shareholders to pressure Amazon, Boeing and GE over potential tax danger
ICCR publishes its proxy resolutions for 2012.
Environment, Feb. 7: Generation IM discloses stake in smart grid firm
RI’s regular review of environmental investing news
RI People & Appointments, February 6: UN PRI seeking Director of Global Development
ESG movers and shakers
Giant Japanese investor seeks environmental social and governance managers for passive equities
Candidates must be signatories to the UN PRI
FREE UK Pension Protection Fund seeks responsible farmland and timberland managers
Candidates must manage assets “responsibly and sustainably”
FREE UNEP Finance Initiative chief quits to join private sector in responsible investment role
Will also step down from UN PRI role
MSCI: Environmental, Social and Governance Trends to Watch in 2012
Accounting for natural capital, conflicting water demands and the shifting debate on climate change
Social funds buck market as top performer hits 10.25% for 2011: RI publishes Cedrus top perf stats
Top 5 performing funds data across 11 sustainability themed asset segments.
Responsible Funds, February 3: the round-up of ESG funds news
RI’s regular look at responsible funds news
RI Governance, Feb. 2: MSCI’s governance earnings slip in fourth quarter
RI’s regular review of governance developments
Ontario Teachers fund writes to 665 companies outlining exec pay expectations
Canada’s Teachers gets specific on remuneration
Australian super funds advised to see ESG as a competitive advantage
New guidance from financial services body Finsia
FREE Henderson was a canary in the coalmine, Aviva is an explosion in the SRI business…
If asset managers are cutting SRI funds teams, will they really back ESG integration if the price signals aren’t strong?
Aviva Investors names new Chief Responsible Investment Officer
First details of new structure emerge after shake-up
RI Briefing, February 1: Man Group hopes others will follow its lead on UN PRI
RI’s regular review of responsible investing news
Environment, January 31: Institutional investors’ climate change group reacts to EU working paper
RI’s regular round-up of environmental investing developments
FREE MSCI launches ESG sovereign ratings, to complement traditional debt analysis
New ratings cover developed, emerging and frontier markets
Ending Wall Street’s big sleep on sustainability
A recent closed meeting of investors looked at moving from words to action.
Aviva Investors’ SRI team seeks to stay together with new parent
Team leader Michaelis confirms intention
Aviva Investors cuts London SRI equity desk amid wider job cull
Formation of new Global Responsible Investment Team
Norwegian pension fund meets resistance in US shareholder rights campaign
Western Union seeks to omit shareholder resolution from ballot
US investors push House of Representatives on forced labour law
House proposal would oblige companies to identify and report risks.
UK’s €10bn responsible investment-focused pensions lifeboat in bond move
Leading responsible investor seeking bond managers
RI People & Appointments, January 30: New chairman at Finnish pension giant
RI’s regular round-up of responsible people moves
Responsible Funds, January 27: the round-up of ESG funds news
RI’s regular look at responsible funds news
FREE UK’s NEST appoints Co-operative Asset Management as responsible ownership partner
Major new asset owner rounds out ESG suppliers
A third of Swedish companies making little sustainability progress despite local investor pressure
Sustainable Value Creation in Sweden reports second year findings.
RI Governance, Jan. 26: New proxy consultant launches in UK
RI’s regular round-up of govenrance and engagement news
Shareholders withdraw Pfizer lobbying resolution as company agrees to dialogue
Pharma giant commits to “future dialogue”
Major US corporate lobby groups tells SEC to regulate proxy firms as investment advisers
US regulator to issue ruling in coming months.
RI Briefing, January 25: Royal Bank of Canada in social and environmental initiative
RI’s regular review of responsible investing developments
Corporate Knights’ corporate sustainability ranking launched with Kiernan’s Inflection Point input
New ‘Global Responsible Investment Network’ formed
US fund manager offers free RI training to asset owners
RI Academy programme proposed to hundreds of pension funds and their trustees.
Reto Ringger’s Globalance taps ex-Deutsche wealth chief for board
New top appointment at SAM founder’s new venture
Vedanta Wal-Mart and Freeport most excluded companies in European investor sample: Novethic
15 most blacklisted companies listed by large investors.
Environment: Jan 24: Allianz’s Faber: Just 1% of institutional assets is 5x green climate fund
RI’s regular round-up of environmental investing developments
FREE UK confirms binding shareholder votes on future executive pay
Government issues measures to address pay “disconnect”
New Dutch class action pay-out could lead investors to chase US claims in the Netherlands
Lawyers exploit Dutch Court of Appeals to get shareholder damages.
Fixed income giant PIMCO backs ESG to increase long-term portfolio quality
$1.3trn fund firm explains rationale for signing up to UN PRI
RI People & Appointments, January 23: ex-UN PRI operating chief takes up mission investing post
Ri’s regular round-up of people news
FREE Major investor coalition seeks disclosure of US corporate lobbying expenditure
Shareholder resolutions tabled at 40 blue chip companies
Group warns Bank of England over “systemic risk” of high carbon investments
Investors and campaign groups write to BOE Governor
RI Governance & Engagement, Jan. 19: Tokyo exchange planning governance changes
RI’s regular round-up of governance and engagement news
Siemens faces investor call at Jan 24 AGM to quit US Chamber of Commerce over bribery issue
German company faces ‘reputation risk’ say investors as DoJ reviews Foreign Corrupt Practices Act.
Investors braced for key UK executive pay proposals next week as Fidelity enters debate
Long-awaited government pay proposals to be unveiled by Business Secretary Vince Cable
FREE China: manufacturing sector and social issues highest reported investor ESG risks: study
Environmental risks ahead as government policy tightens.
RI Briefing, January 18: UN PRI signatory managers sought by Danish pension funds
RI’s regular round-up of responsible investing news
UK investors meet with government and warn that binding pay vote could backfire
Proposal to vote on ‘forward-looking’ pay policy floated.
Clean Investor, January 17: CDP chief named to Clean Development Mechanism panel
RI’s regular round-up of clean investing news
Philippe Desfossés, RAFP: sustainable investment requires changing investor market expectations
Investors need to go back to the origin of the risk they are taking.
RI People & Appointments, January 16: US SIF names four new board members
RI’s regular round-up of people news
Conference report: US Pension funds report to INCR/UN summit on progress in climate investments
In the face of political foot-dragging, long-term investors say they are getting down to green business.
Flight to safety in European SRI and green fund sales reflects continuing market crisis
Cash funds best sellers in both sectors as downturn persists.
FREE Planned UN climate fund ‘won’t get $100bn’, says World Bank climate chief
Flagship climate fund was agreed at Durban talks
Responsible Funds, January 13: the round-up of ESG funds news
RI’s regular look at responsible funds news
RI Governance & Engagement, Jan. 12: CalSTRS votes against entire Aberdeen AM board
RI’s regular review of governance and engagement developments
MIT Sloan Survey: take up of business critical sustainability initiatives has reached tipping point
Number of companies profiting from sustainability lower but rising.
British Columbia investment giant hires corporate engagement manager
Canadian investor hires engagement specialist from mutual fund firm
Sustainalytics seeking institutional relations head for Germany
ESG research house targeting German-speaking markets
RI Briefing, January 11: SAM looks at obesity crisis & investment opportunities
RI’s regular round-up of responsible investing developments
Mercer says global institutional investors starting to address climate risk
Consultant’s follow-up to groundbreaking 2011 climate change research
Global investor groups issue first ever joint action plan on corporate responses to climate change
Statement to be issued on January 12 conference at UN in New York.
Clean Investor, January 10: French state investor signs Tunisia carbon credits deal
RI’s regular round-up of clean investing news
Threadneedle names new Head of Governance and Responsible Investment
€75bn funds firm hires from rival Aviva Investors
FREE Key EU Parliament committee backs financial transaction tax
MEPs say the “pendulum has swung” in favour of controversial tax
UK government indicates binding pay vote on the way: but will it work?
PM Cameron says there is a market failure on pay, so let the ‘market’ decide!
FREE €3trn investor group sets out to improve quality of engagement
Goal to make engagement “more rewarding” for investors and companies
RI People & Appointments, January 9: New operations chief at APG
RI’s regular round-up of people news
FREE Brazilian exchange moves to boost corporate sustainability reporting
‘Report or explain’ as country prepares for Rio+20 summit
Responsible Funds, Jan. 6: the round-up of ESG funds news
RI’s regular look at responsible funds news
Kris Douma. Mn Services: Food crisis and commodities: are investors to blame?
Pension fund addresses public concern after media coverage on agricultural commodities investing.
Zembla documentary blasts ABP, PGGM and Mn Services, saying commodity investments behind food crises
Report says funds are ignoring research that speculation is fuelling food price bubbles.
RI Briefing, January 4: €5bn charity sector fund signs up to Stewardship Code
RI’s regular round-up of responsible investing news
SEC planning rules on disclosure of investors’ executive pay votes
New provisions under the Dodd-Frank Act
Bob Monks hits out at SEC plans to clamp down on shareholder voting advisers
ISS founder says proxy firms are the only service sector not “suborned” by corporate management.
The RI year ahead….and the year that was: the biggest stories of 2011…and 2012
We take a look at the most read stories of 2011 and what will make the headlines early this year.
FREE Dutch pension giant excludes Wal-Mart and PetroChina
Divestments over non-compliance with Global Compact
Clean Investor, January 3: Munich Re to invest €2.5bn in renewables
RI’s regular round-up of clean investing developments
FREE Philippe Desfossés, Director, RAFP: Governments must design regulations that value ESG/long term
A glut of debt and unsustainable pension promises requires an ESG and long-term institutional sustainability fix.
UN Environment Programme shutters Climate Neutral Network web portal
300-member low carbon project shelved
Olympus scandal highlights need for tighter focus on corporate governance in Japan
Increased levels of accountability and transparency are needed if Japanese companies are to attract long-term shareholders.
RI Governance & Engagement, Dec. 22: New York City funds hold big banks to account
RI’s regular review of governance and engagement news
EXCLUSIVE: Goldman Sachs Asset Management makes responsible investing commitment
GSAM signs up to UN PRI and plots ESG integration process.
RI Briefing, December 21: Microfinance transparency project winds down
RI’s regular round-up of responsible investing news
FREE ESG USA keynote: Thomas Di Napoli, New York State Comptroller, Trustee, New York State Common fund
State finance chief talks ESG, engagement, BP, fracking and climate change.
FREE ESG USA conference report: what’s holding ESG back in the US?
Top level speakers and more than 300 attendees gathered in New York for RI’s annual ESG event.
Clean Investor, December 20: Clean Development Mechanism under review
RI’s regular round-up of clean investing news
RI People & Appointments, Dec. 19: J.P. Morgan seeks Director of Environmental Performance
RI’s regular round-up of people news
Stake institutional investors mull Climate Change Capital sale ‘deal’ reports
New-York listed Bunge reported to be close to CCC buy-out
SEC says proxy voting firms face US legal clampdown
Regulation advice follows suggestion of rules in the EU last month.
Responsible Funds, Dec. 16: the round-up of ESG funds news
RI’s regular look at responsible funds news
FREE US pension fund starts class action against Bank of New York Mellon
Investor suit over foreign exchange trading controversy
RI Governance & Engagement, Dec. 15: US pension funds take on drilling firm Nabors over pay
RI’s regular look at governance and engagement news
€55bn investor group presses Canadian government on extractives
Canada urged to sign up to industry transparency initiative
RI Briefing, Dec. 14: $4bn set to go into impact investments - JP Morgan
RI’s regular round-up of responsible investing news
RI Interview: Francois Passant, new Eurosif head on Brussels and changes to the SRI market survey
Evolution not revolution, says former Vanguard exec.
FREE €9bn Church investors to exclude high interest-rate lenders
Ethical advisory group “not prepared to sanction” investment
Asset owners seeking stewardship assurance from fund managers - watchdog
Stewardship becoming integral to investment mandates, says FRC
Clean Investor, December 13: Carbon Disclosure Project seeks partnership with exchanges, regulators
The regular round-up of clean investing news
ESG USA: US investor groups issue fracking risk recommendations for oil & gas companies
List compiled after lengthy risk engagement with companies.
Henderson SRI team’s talks with management end
Six-strong team will be made redundant after talks reach no outcome.
UK government sets up £200m interim Green Investments team, seeks fund managers
Green Investment Bank gets a step closer
RI People & Appointments, December 12: New class actions head at ISS
RI’s regular round-up of people news
New UK workplace pension giant to use ESG research from EIRIS
NEST also backs Stewardship Code and UKSIF
Ceres: US climate negotiating team should take their cue from investors
Looking at the Obama administration’s resistance to a new binding global agreement
FREE S. Korea contributes to new UN Green Climate Fund start-up costs
“Main global fund for climate change finance” gets approval
Investors should examine their exposure to companies linked to Western Sahara
Investors have responsibilities to ensure that they don’t sustain or aggravate conflict
European Commission’s new funds label aims to make social investment easier
New social funds label initially only available for professional investors
South African pensions body signs major ESG implementation agreement
Framework will help fund trustees build capacity to meet new regulations.
RI Governance & Engagement, Dec. 8: Australian govt looks at role of AGMs
RI’s regular round-up of governance and engagement news
RI Briefing, December 7: Hedge fund giant signs up to UN Principles for Responsible Investment
RI’s regular round-up of responsible investing news
Sweden’s AP2 responds to NGO’s “land grab” comments
Comments made in Parliament by non-governmental organisation
NAPF survey says 72% of UK’s biggest pension funds to use RI criteria in manager hires
Trade body says funds also becoming more ‘hands on’ with investee companies.
NYC funds withdraw Hewlett-Packard sustainability proposal after engagement
Pension fund meeting with HP’s sustainability chief
FREE Norwegian Finance Ministry puts France’s Alstom on watch over corruption
FMC Corp. and Potash Corp. excluded over Western Sahara operations
Clean Investor, December 6: Deutsche Bank on Durban climate talks
The regular Tuesday round-up of clean investing news
Norwegian government fund seeks to nominate directors at big US firms
Norges makes its first ever ‘proxy access’ move
RI funds grow more quickly and outperform average mainstream funds in Australasia: RIAA report
Broad ESG market doubles in a year.
RI People & Appointments, Dec. 5: Switzerland’s Ethos seeks Enviro & Social Sustainability Head
RI’s regular round-up of people news
FREE Insurers call on Durban to push green sovereign bonds and relax regulation for investment
Less than 0.1% of global fixed income market environmentally focused.
NBIM to publish written expectations on board accountability
One of six strategic focus areas for influential investor
Responsible Funds, Dec. 2: the round-up of ESG funds news
RI’s regular look at responsible funds news
MP warns investors about News Corp. computer hacking allegations
Local Authority Pension Fund Forum conference told of risks
RI Governance & Engagement, Dec. 1: Class action lawyers looking at Olympus
RI’s regular round-up of governance and engagement news
World’s largest insurers meet next week to finalise ESG-based Principles for Sustainable Insurance
Final meet follows global consultation process.
Giant UK coal mining pension funds sign up to Stewardship Code
Latest asset owners to issue compliance statement
RI interview: Paul Abberley, CEO, Aviva Investors: PRI should take more public policy positions
Challenge for fund managers is to show full ESG commitment, says Aviva Chief.
RI Briefing, Nov. 30: Global Reporting Initiative names new chairman
RI’s regular round-up of responsible investing news
FREE New Zealand Super Fund rejects media criticism of Grasberg mine investments
Investor says engagement is working at world’s largest gold mine
Climate Change Capital in talks with investors over capital raising
Company confirms in discussions with investors
FREE BSkyB AGM: 19% of shareholder votes go against James Murdoch
Shareholders make their views known at media company
Clean Investor, November 29: NYSE and Bloomberg team up on clean energy indices
RI’s regular round-up of clean investing news
The risks of failing to act effectively on executive remuneration
It is worth considering the High Pay Commission’s proposals in detail.
UK government calls on pension and sovereign wealth funds to invest in offshore wind
Ministers make the case to potential investors
Henderson risks losing major charity client after SRI team closure
Client says it is “considering its options” for approximately £50m in assets.
RI People & Appointments, November 28: JP Morgan’s environmental markets MD departs
RI’s regular round-up of people news
FREE What now for the SRI team at Henderson facing redundancy?
Could a sale to a third-party or a spin-off be on the table?
Responsible Funds, November 25: the round-up of ESG funds news
RI fund launches, closes and asset data.
Academic study finds flaws in corporate CSR reporting
Survey of 4,000 companies finds mistakes and omissions
Former UNPRI Chair steps into lead investor/climate change role
Ole Beier Sørensen of ATP steps down.
RI Governance & Engagement, Nov. 24: New engagement on Canadian oil sands
The regular round-up of governance and engagement developments
FREE Green bond standard launched to verify environmental impact and eligibility
Bonds that pass will be given the label ‘Climate Bonds’.
California pension giant votes against entire BSkyB board
Investor pressure ahead of next week’s AGM
Ethical IFAs say clients will be unimpressed by Henderson SRI team cuts
Move is a “retrograde step” according to advisor.
Equity market slump continues to pound mainstream and SRI fund sales
SRI funds down by €938.2m for the month.
RI Briefing, November 23: Deutsche reviews asset management business
RI’s regular round-up of responsible investing news
US sustainable investment forum raises concerns over integrated reporting (amended)*
US SIF fears diminished ESG reporting
FREE Major blow as six-member SRI team at UK fund manager faces redundancy
Leading manager to outsource research to EIRIS
Clean Investor, November 22: Dutch institutions buy into onshore windfarm portfolio
RI’s regular round-up of clean investing news
FREE Singapore panel calls on shareholders to vote responsibly at AGMs
Engagement guidance released alongside new Corporate Governance Code
UK High Pay report recommendations look set to influence govt. action on investors
Shareholder/pay consultation ends this Friday as commission cites ‘deeply damaging’ excesses.
Misinterpreted fiduciary duty driving short-termism, says Fair Pensions
Beneficiaries can drive long-termism and stewardship, says campaign group
AEGON makes major new RI statement for €413bn group assets
Insurer to make third party managers RI compliant.
RI People & Appointments, Nov. 21: top asset management exec joins BSkyB board
RI’s regular round-up of people news
Responsible Funds, November 18: the round-up of ESG funds news
RI fund launches, closes and asset data.
Church investors meet with FTSE-listed hotel chains over Olympic trafficking
Hotels in spotlight ahead of London games
EU issues resumé of responses to corporate governance green paper
Document indicates thinking of industry respondents on the main reform questions.
RI Governance & Engagement, Nov. 17: US manager targets Cisco on freedom of expression
RI’s regular round-up of governance news.
UniCredit shutters ESG equity research as head is made redundant
Troubled bank lets respected analyst go amid broader job cuts.
US sustainability investor Calvert axes UK asset manager from sub-advisory role over performance
F&C mandate replaced by multi-manager structure.
Boards not taking water risks seriously despite growing short-term risk: CDP Water Report 2011
Warning comes on day Dell announces profits warning because of Thai floods.
RI Briefing, Nov. 16: Pensions guru Ambactsheer: sustainable investing can buck headwinds capitalism
RI’s regular round-up of responsible investing news
Danish pension fund doubles African sustainability assets to €80m in a year with new commitment
PensionDanmark makes sustainable agriculture investment.
Clean Investor, November 15: Quebec pension fund backs major wind project
RI’s regular look at environmental investing developments.
FREE Alpha for ‘high sustainability’ companies after 3 years, says major Harvard/LBS research report
RI talks to the professors behind long-term corporate sustainability findings.
TUC: manager voting survey indicates shareholders “not doing their job properly”
Challenge comes as UK government reiterates exec pay legislation threat.
RI People & Appointments, Nov. 14: former SAM research head sets up new firm
RI’s regular round-up of people moves
US asset management firm comes out in support of Occupy Wall Street
Responsible investors backing protest movement
LAPFF opposes James Murdoch’s re-election as BSkyB chairman
Voting alert follows engagement and evidence before Parliament
Responsible Funds, November 11: the round-up of ESG funds news
RI fund launches, closes and asset data.
FREE Proxy firm ISS names Aviva’s Marshall as European research head
Asset manager’s regional head joins influential advisory firm
RI Governance & Engagement, November 10: NBIM takes on Goldman over mortgage securities
RI’s regular review of governance news
UK MPs suggest Stewardship Code improvements in anniversary report
ABI, TUC and BlackRock all contribute to Stewardship thought papers.
BSkyB shareholders add to Murdoch pressure by declaring no vote for Chair re-election at Nov 29 AGM
UK parliamentary hearing takes place today.
RI Briefing, November 9: GRI launches sustainability disclosure database
RI’s regular round-up of responsible investing news
Clean Investor, November 8: Clean tech investments by NBIM, Generation IM
The round-up of clean investing news
Australian super funds to price carbon in portfolios as legislation passes
Investors welcome passage of landmark clean energy legislation
RI Interview: Roland Lescure, CIO, $151.7bn CDP Québec fund: stepping up its RI policy
Engagement becomes a prime focus for the Canadian giant.
FREE CalSTRS wants yearly reports on political contributions
Vote at giant fund’s investment committee formalises procedure
Major new study of financial ethics published by St Paul’s Cathedral institute
Cathedral at heart of ‘Occupy London’ protests releases timely survey
RI People & Appointments, November 7: UN PRI marketing chief steps down
RI’s regular Monday people round-up
India’s struggle against corruption: what could the LokPal bill mean for companies and investors?
Anna Hazare’s campaign could start to break the cycle of graft.
Responsible Funds, November 4: the round-up of ESG funds news
RI fund launches, closes and asset data.
RI Governance & Engagement, Nov. 3: €10bn UK fund tenders proxy voting
RI’s regular round-up of governance and engagement developments
UK fracking report finds “quite exceptional” earthquake results at controversial site
ESG risk growing in importance for investors.
Ethix SRI Advisors nabs RepRisk exec for Denmark expansion
Swedish ESG house expands footprint with key hire
FREE Bank of America chief to co-chair new UN sustainable energy group
Senior figures appointed by Secretary General