Responsible Investor

US faith shareholders to pressure Amazon, Boeing and GE over potential tax danger

ICCR publishes its proxy resolutions for 2012.

RI Governance, Feb. 2: MSCI’s governance earnings slip in fourth quarter

RI’s regular review of governance developments

Shareholders withdraw Pfizer lobbying resolution as company agrees to dialogue

Pharma giant commits to “future dialogue”

Vedanta Wal-Mart and Freeport most excluded companies in European investor sample: Novethic

15 most blacklisted companies listed by large investors.

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.

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.

Bank of America seeks to omit NY funds’ proposal on mortgage foreclosures

RI Governance & Engagement, Jan. 12: CalSTRS votes against entire Aberdeen AM board

RI’s regular review of governance and engagement developments

British Columbia investment giant hires corporate engagement manager

Canadian investor hires engagement specialist from mutual fund firm

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 Governance & Engagement, Jan. 5: Funds take legal action over failed brokerage MF Global

FREE Dutch pension giant excludes Wal-Mart and PetroChina

Divestments over non-compliance with Global Compact

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

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 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

FREE €9bn Church investors to exclude high interest-rate lenders

Ethical advisory group “not prepared to sanction” investment

Investors should examine their exposure to companies linked to Western Sahara

Investors have responsibilities to ensure that they don’t sustain or aggravate conflict

RI Governance & Engagement, Dec. 8: Australian govt looks at role of AGMs

RI’s regular round-up of governance and engagement news

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

MP warns investors about News Corp. computer hacking allegations

Local Authority Pension Fund Forum conference told of risks

Giant UK coal mining pension funds sign up to Stewardship Code

Latest asset owners to issue compliance statement

FREE New Zealand Super Fund rejects media criticism of Grasberg mine investments

Investor says engagement is working at world’s largest gold mine

FREE Singapore panel calls on shareholders to vote responsibly at AGMs

Engagement guidance released alongside new Corporate Governance Code

AEGON makes major new RI statement for €413bn group assets

Insurer to make third party managers RI compliant.

RI Governance & Engagement, Nov. 17: US manager targets Cisco on freedom of expression

RI’s regular round-up of governance news.

TUC: manager voting survey indicates shareholders “not doing their job properly”

Challenge comes as UK government reiterates exec pay legislation threat.

UK MPs suggest Stewardship Code improvements in anniversary report

ABI, TUC and BlackRock all contribute to Stewardship thought papers.

FREE RI blog: Why we need to engage with the 147 most important companies right NOW!

The current sub-optimal engagement process needs to change.

Alberta fund dumps millions in tobacco stocks ahead of proposed lawsuit

Decision on legal action expected shortly as fund sells off holdings.

CalPERS to back innovative floor resolution calling for separate CEO/Chair at News Corp.

Giant pension fund to attend AGM and back Christian Brothers’ motion

New York City funds trigger Microsoft supply chain commitment

Software giant says it appreciates discussions with shareholders

RI Governance & Engagement, Oct. 13: Pension suit over Goldman pay gets thrown out

RI’s regular roundup of governance news

£100bn UK pension fund group opposes Murdochs at News Corp AGM

Decision follows engagement with company

RI Governance & Engagement, Oct. 6: Pension case vs. ratings agencies gets go-ahead

RI’s regular round-up of governance and engagement news

Oil sands: a policy engagement role for responsible investors

An incomplete or uncertain regulatory environment can increase risk for both companies and investors.

The future of fish: investors get active on unsustainable fishing practices

Engagement could be a turning point for marine engagement.

RI Governance & Engagement, Sept. 29: Ethos calls for removal of UBS chairman

RI’s regular review of governance and engagement news

RI Analysis: How judge rejected pension fund claim over Goldman bonuses

Investment bank defeats investors over bonus billions

UK considers introducing binding shareholder votes on executive pay

“Engaging shareholders and empowering them to take action on executive pay”

RI Governance & Engagement, Sept. 15: new European corporate governance head at BlackRock

RI’s regular look at governance and engagement news

UK Kay review on investor short-termism outlines public comment questions and promises “action”

Report to look along the chain of investment decision making.

$2trn global investor group urges SEC to bring in new director election rules

Some of world’s largest pension funds in plea over proxy access

Sweden’s AP3 voted against exec pay deals at 75% of international companies

Number of against votes rises year-on-year

UK banking giant RBS cuts links to cluster bomb clients

Chief executive sends email response to campaigners

New Zealand Green Party continues attacks on ethical policy of NZ$19.2bn sovereign Super Fund

Fund accused of potential breach of government cluster bomb treaty commitment.

Pension funds in class action over banks’ LIBOR price fixing

US institutional investors in potential multi-billion dollar case

RI Governance & Engagement, August 25: Investors urge SEC to pursue proxy access case

RI’s regular review of governance and engagement news

Clean Investor, August 16: Church investor group welcomes Niger Delta oil spills report

RI’s regular Tuesday round-up of clean investing developments

FREE NZ Super Fund facing questions over stake in tobacco-linked Chinese conglomerate

Holding revealed by Finance Minister contravenes tobacco investment policy

FREE NBIM withdraws request for special audit at Porsche

Two-year engagement relating to VW acquisition

RI Governance & Engagement, August 11: Australian super funds release new governance guidelines

RI’s regular review of governance developments

Clean Investor, August 9: Trillium, Calvert muster shareholders for climate motion at US food group

RI’s regular Tuesday review of clean investing news

RI Governance & Engagement, August 4: MSCI’s governance segment earnings slip 7.7%

RI’s regular round-up of governance and engagment developments

RI Governance & Engagement, July 28: Manifest survey finds FTSE 100 CEOs’ pay soars

RI’s regular review of governance and engagement news

Swiss pension investor Ethos excludes commodities giant Glencore from its portfolios

Allegations include so-called ‘transfer pricing’ of tax receipts out of Africa.

RI Governance & Engagement, July 21: CalSTRS hails successful proxy season

RI’s regular review of governance and engagement news

FREE Editor’s comment: Murdoch and News Corp, hacked to bits?

Shareholders can’t say they weren’t warned!

UK’s £5bn church asset chief expects top News Corp. executives to be tried in court

Media giant “not a place where shareholders come first” says Church Commissioners’ Whittam Smith

FREE RI Governance & Engagement, July 7: ISS launches annual policy consultation

RI’s regular review of governance and engagement news

£4bn London Pension Fund Authority goes Dutch for voting and engagement on £1bn in equities

Appointment follows major internal review.

The RI Interview: Lord Myners on governance - practising what he preaches

The former UK Financial Services Secretary talks activism, engagement and converting sceptics on the value of better stewardship.

RI Governance & Engagement, June 30: ISS in proxy voting deal with Deutsche Börse’s Clearstream

RI’s regular review of governance and engagement news

FREE RI Academic Digest, June 2011: Investor protections improve corporate governance and returns.

Review of Bebchuk, L. A. and Weisbach, M. S.. (2010) “The State of Corporate Governance Research.” The Review of Financial Studies, 23 (3): 939-961.

RI’s regular digest of research published by the PRI Academic Network, June 2011.

Norwegian govt fund embroiled in Indonesia illegal logging allegations

Investor facing scrutiny from NGO

Responsible investors flagged governance concerns at Sino-Forest

Shareholders engaged with forestry firm before scandal

Norway’s KLP excludes three new companies over tobacco and environmental damage

Influential responsible investor now blacklists 63 firms

RI Governance & Engagement, June 2: Proxy Governance chief joins NYSE

RI’s regular review of governance and engagement news

RI Governance & Engagement, May 26: SocGen CEO opposed by 15% at AGM

RI’s regular review of governance and engagement news

RI Interview: NYC pension funds, the country’s most active shareholder resolution filers

The funds are lodging fewer resolutions but driving deeper to get better value for money.

RI Governance & Engagement, May 19: Investors target companies over human trafficking, slavery

RI’s regular review of governance and engagement news

Japan nuclear crisis firm TEPCO removed from sustainability indices

Deleted over environmental management and health & safety failings

Norwegian government fund assesses 432 companies on water risk

Investor says just 50 firms report on supply chain water risks

Australian Future Fund divests from defence companies

Exclusions amid treaty ratification and increased ESG focus

Co-op invests in West Bank-linked Veolia and Alstom despite misgivings

Investor takes “pragmatic” view of companies’ operations

Dutch pension giants voted against BP safety chief

Influential asset owners refused to back Sir William Castell

RI Round-up: Key ESG shareholder proposals at US AGMs

A look at some of the most important environmental, social and governance (ESG) resolutions at forthcoming US shareholder meetings, in chronological order.

We will update it as the proxy season progresses.

Shareholders back independent chair at ratings agency Moody’s

“Landmark” shareholder vote at company meeting

Swedish AP funds call for Motorola to withdraw from West Bank

AP funds’ Ethical Council also in dialogue with France’s Veolia and Alstom

RI Governance & Engagement, April 15: Shell holds briefing for SRI investors

RI’s regular review of governance and engagement news

Investors register protest over BP’s safety committee chairman

43% of votes against Castell – CBIS

Giant US pension funds weigh into BP AGM protest

CalPERS and Florida SBA also vote against environmental committee chief

UK’s NEST awards ethical mandate to F&C Asset Management

New workplace scheme to screen human rights, environment and corporate governance

Index firm STOXX launches global ESG indices with Sustainalytics data

New “fully transparent” offering mapped to KPIs for ESG 3.0

Wal-Mart could face shareholder resolution on supply chain sustainability

SEC gives OK to New York Pension Funds’ AGM proposal

RI Governance & Engagement, April 8: Pennsylvania amends proxy guidelines to boost diversity

RI’s regular review of governance and engagement news

EU wants a “critical mass” of shareholders taking engagement seriously

Long-awaited Green Paper on Corporate Governance from European Commission

€5trn investor group presses global top 500 companies on greenhouse gases

Change in empahsis by Carbon Disclosure Project

Goldman Sachs facing six ESG resolutions at annual general meeting

Investors table questions on pay and climate change

Government guidance needed to clarify fiduciary responsibility, says FairPensions

Companies Act-style provision recommended for institutional investors

BP faces pressure from world’s biggest investor proxy voting firms ahead of AGM

Influential advisors take oil major to task over remuneration and safety.

UK’s new NEST confirms ethical fund and signs up to UN PRI

New fund seeks to be a “responsible and vigilant asset owner”

RI Governance & Engagement, March 25: BP to meet with SRI investors

RI’s regular review of governance and engagement news

RI Governance & Engagement, March 18: Renault facing shareholder resolution on CEO pay

RI’s regular review of governance and engagement news

RI Interview: Wolfgang Engshuber: the new Chair at the helm of the UNPRI

Munich Re chief to step down from his current corporate position in October to focus more time on PRI role

Norwegian Government Fund excludes Chinese conglomerate over tobacco

US industrial group L-3 Communications readmitted

RI Governance & Engagement, March 11: Latest legal moves in US proxy access battle

RI’s regular review of governance and engagement news

Shell cuts executive bonus link to Dow Jones Sustainability Index

Decision follows exit from index in 2010

RI Governance & Engagement, March 4: UK panel reviewing BP reporting

RI’s regular review of governance and engagement news

US oil majors petition SEC to write off environmental shareholder resolutions from AGM votes

Companies seek SEC OK for omitting investor filings from the proxy.

Australia legislates to give shareholders more say on pay

Shareholders get opportunity to remove directors over remuneration

Merseyside puts ESG at heart of €1.6bn passive fixed income and equity manager search

Fund wants managers to monitor ESG risk and engage with companies

Backdrop to an investor campaign to regulate deadly arms trade

Major hurdles remain to clear before international agreement can be reached.

Investors and NGOs aim for biggest ever signatory campaign to back global arms trade treaty

Initiative ahead of UN discussions to kick off next month.

Norwegian Global Fund excludes Malaysian logging firm

Giant fund now excludes a total of 51 companies

Henderson plans €392m SRI funds merger

More leverage on social and environmental issues with investee companies

French oil giant Total facing investor resolution on tar sands

Company to face questions at AGM in May

Swiss pension fund issues bond mandate excluding arms, tobacco

CHF100m mandate also targets revenues from gambling, nuclear energy and genetically modified organisms

RI Briefing, February 2: Ireland starts green financial services centre

RI’s round-up of sustainable finance news.

Call for greater transparency on climate change engagement

Climate Principles progress report published

US investors target “fracking”, political contributions, network neutrality

Battle lines drawn for proxy season

F&C says Sherborne attack threatens its governance role

Asset manager faces up to activist investor

Shareholders drop resolution on BP’s Gulf oil spill

Investor group favours UK-style engagement at oil major

UK Stewardship Code signatories double but hedgies stay away

Wellcome Trust among six new asset owners to back code

Boston Common divests Cisco Systems over human rights

Investor also expresses concerns over proxy voting

Canada’s Northwest & Ethical divests from Vedanta

Ethical investor becomes the latest institution to exit mining firm

APG calls on BP to integrate safety into pay following Deepwater

Call comes as US funds get lead plaintiff status

Dutch MP calls for annual ‘name-and-shame’ after TV doc reveals controversial charity investments

Furore recalls Zembla pension fund exposé of 2007

NGO condemns Norwegian pension fund’s oil & gas investments in Burma

EarthRights International says fund has $4.7bn tied up in repressive regime

Fixed income giant PIMCO endorses UK Stewardship Code

New code gets backing of $1.2trn investor

Norway’s KLP puts BP on watch list over Deepwater oil spill

Influential responsible investor initiates dialogue with oil giant

Dodd-Frank say-on-pay unlikely to have impact - CalPERS governance chief

Investors key to corporate reform, says Anne Simpson

Al Gore’s Generation to audit engagement and voting

Boutique considers including info in annual Assurance Report

UK corporate governance leader Railpen signs up to UNPRI

€20bn railway fund the latest asset owner to sign up

Swedish AP funds name ESG analysis providers

€86.5bn buffer funds complete procurement

CalPERS shifts $500m into internally-run environmental index strategy

Fund changes tack from exclusion of big polluters via external mandates

CalPERS in radical rethink of company engagement

Giant fund to relegate governance from initial screening process

Australia’s Future Fund ups engagement and ESG integration

€49.2bn sovereign fund develops ownership rights approach

Norwegian Govt Fund under fire over ‘reprehensible’ external managers’ performance fees

Finance ministry rejects watchdog’s criticism that fees should have been capped.

French mutual insurer hires three managers for first RI bond fund seeded with €175m

Fund has scope for engagement with bond issuers on ESG issues.

Dutch pension fund PNO excludes Wal-Mart over labour standards

US retailer blacklisted by €3bn industry-wide scheme

AP2 demands performance metric on company share matching schemes, extends enviro assets

€22bn buffer fund moves into agriculture and timber alongside its existing green bonds allocation.

Shell to review Dow Jones Sustainability Index as bonus metric after being dumped from benchmark

Response to “subjective” decision by Dow Jones/SAM

RI Briefing, October 15: ACSI, US SIF, Toyota, UBS, Triodos, MSCI, Ceres, IFC, Novethic

RI’s regular round-up of responsible investing news

NZ Superannuation Fund looking at ‘Positive Investment’

€8.8bn state fund also considering footprint of total portfolio

Hungary toxic spill is symptomatic of poor safety in the extractives sector

Investors and corporate peers need to push laggards towards best practice.

Sweden’s AP3 buffer fund knocks back 60% of exec comp packages in overseas holdings

Fund says many foreign companies unable to meet its pay criteria.

Towards investment clarity on controversial weapons

Could non-compliance with prohibition of controversial weapons be a problem for institutional investors?

UK minister welcomes AGM activism

Ed Davey’s speech to insurance industry conference

New US proxy access rules a “win-win”, says CalPERS

Investors to get more say on company boards

India Inc.’s increasing presence on the Burma “Dirty List”

The recent visit of the Burmese senior general to India underpins a growing corporate relationship.

Norwegian government fund excludes Israel construction firm

Giant fund the latest to exit Africa Israel Investments

Hermes sets up asset ownership services subsidiary

New company founded by BT Pension Scheme’s manager

RI Briefing, July 30: Foxconn, New York Common, Shanghai SE, Legg Mason

APG sends warning to mining firm Vedanta on ESG issues

Giant pensions manager abstains at AGM vote over ESG concerns.

UK: stewardship elusive as pension funds buck governance code

€126bn pension trio wants companies to ignore guidelines

The rising wave of investor/corporate engagement in Japan

How the debate and practice of engagement in Japan has developed.

The European Commission could pull the plug on shareholder engagement unless owners step up

EC Green Paper is sceptical about shareholder oversight to prevent another financial crisis.

Irish reserve fund doubles ESG engagements

NPRF also extends forestry commitments

APG details 19 exclusions; plans ESG by asset class

Dutch giant releases Responsible Investing Report

Seven-point UK institutional Stewardship Code published

It’s “comply or explain” this time for pension funds

What have asset managers learnt from the BP disaster?

Few fund managers sold BP despite some of the warning signs.

$10trn investor group to act on big oil and insurance

Investors seeking information on boards’ competence in wake of Gulf spill

France’s FRR reaches 85% integration for ESG research on investment

Assets run via an SRI process reach 13% as fund recovers on performance.

Exclusion doesn’t equal underperformance

The KLP fund shows good performance of indexed responsible investments

How should investors respond to the BP Deepwater disaster?

Demand a full, long-term environmental clean-up, board accountability and management explanation, say Mark Tulay and Stephen Viederman

RI Briefing, June 9: Nordea, HESTA, NAPF, Network for Sustainable Financial Markets

RI’s regular round-up of the most important responsible investment news

Institutional investors consider tar sands litigation

IIGCC says potential for future legal proceedings are being looked at by signatories.

Drilling down on ESG risks in the mining sector

Investors need to be aware of the multiple sustainable initiatives and how they work.

Norway’s KLP excludes two over Western Sahara minerals

Phosphate imports targeted by €32.5bn insurer

Norwegian central bank warns companies on child labour

Global Pension Fund manager to track firms for 20 years

Danish pension giant ATP excludes Nissan

Nissan Motor is excluded over Sudan links

Shell: investor campaigners strike blow on tar sands

11% of votes decline to support management

Shell’s Dutch pension fund engages with 117 companies

€15bn fund in dialogue on a range of issues

Big US pension funds heed NY’s call on Massey

Investors square up to under-fire mining company

Sovereign wealth fund governance forum expands

Malaysia’s Khazanah Nasional joins SWF forum

Investor coalition calls for clean energy shift after BP Deepwater disaster

Shareholders press BP over safety and environmental cost of deep sea oil extraction.

Storebrand Bank names acting CEO, excludes 90 firms

Management change at Norwegian insurance and asset management group

UK pension funds and managers seriously split on annual corporate board elections

Investors respond to the consultation process for the forthcoming Corporate Governance Code.

Tightening up on bribery: changes to the OECD convention

As investors get tough on corruption, what are the implications of OECD enhancements to the Anti-bribery Convention

US pension funds sue Goldman over Abacus

SEC charges prompt funds to take action.

Credit Suisse pay deal knocked back by 34% of shareholders

Swiss investors demand that board engages with investors on executive remuneration.

Revealed: how RiskMetrics-MSCI went down to the wire

Second bidder wanted to spin off ISS

NY State fund writes to Massey shareholders

$129bn pension giant wants directors ousted

Credit Suisse pay under fire as Ethos takes campaign to this week’s AGM

Brady Dougan, Credit Suisse chief executive, in line for €50m five-year pay-out.

Huge investor coalition demands bribery policy clarity from 21 major companies

Defence and construction sectors under particular focus.

Big funds keep up pressure on Freeport-McMoRan

Shareholder proposal targets Papua mine

UK South Yorkshire fund targets non-execs and auditors

€4bn fund revises voting guidelines.

PGGM excludes US and French companies over nuclear weapons and cluster bombs links

Dutch pension giant now excludes 33 firms in total.

Shareholder abstention on oil sands resolution fires BP warning shot

More than 15% of share register fails to back BP management.

UK Pension Protection Fund advisor opposed Judge at Massey

F&C voted against incoming PPF chair’s role at US mine firm

UBS investors demand court action against former execs as AGM votes down discharge

Shareholders at AGM open door to court action against former Swiss bank chiefs.

Oil sands campaign targets ConocoPhillips and ExxonMobil ahead of today’s BP showdown

Resolutions for improved reporting lodged with two more oil majors.

Red letter week as investors face down BP and UBS

Two major AGM battles on the horizon

Giant Norwegian fund’s coal investments under scrutiny

APG may vote against BP, Shell on tar sands

APG Asset Management warns it may join shareholder protests over the involvement of oil giants BP and Shell in controversial tar sands projects in Alberta, Canada.

USS and Railpen set up engagement website

Two of the UK’s largest pension funds set up an investor communication website as part of alliance to coordinate share voting at company meetings – made possible thanks to clarification on ‘acting in concert’ guidelines from the UK Financial Services Authority

The shareholder resolution spat over BP’s controversial tar sands plans

Investors take sides on call for oil giant to disclose info on environmental and economic risks.

BP tar sands resolution campaign hit as UK pension funds back company management

Local Authority Pension Fund Forum says oil giant has provided necessary information.

UK local authority funds to quiz FTSE350 companies on pay

Report to look at work of remuneration committees and consultants.

Swedish govt funds join Norway in ban of Israel’s Elbit Systems over West Bank barrier

Funds follow advice of Ethical Council in potentially controversial sell-off.

ICGN conference report: FRR, CalSTRS, PGGM and Ontario Teachers talk governance

More engagement needed, but more resources necessary.

UBS faces shareholder revolt at April 14 AGM

Ethos calls on shareholders to reject remuneration report and oppose director ‘discharge’.

Where are the real sustainable investment collaborations?

Why have institutional investor groups had little to say about the post crisis reforms?

Swiss pension funds face cluster bomb investment ban

Parliamentary bills look to ratify Oslo Convention.

UK pension funds, Railpen and USS, create shareholder voting alliance

Schemes pool governance expertise and voting resources.