Responsible Investor

RI Briefing, February 8: New UK social impact bond in pipeline

RI’s regular round-up of responsible investing news

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

ICCR publishes its proxy resolutions for 2012.

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

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.

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.

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.

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

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.

UK investors meet with government and warn that binding pay vote could backfire

Proposal to vote on ‘forward-looking’ pay policy floated.

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

FREE Planned UN climate fund ‘won’t get $100bn’, says World Bank climate chief

Flagship climate fund was agreed at Durban talks

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

RI’s regular review of governance and engagement developments

RI Briefing, January 11: SAM looks at obesity crisis & investment opportunities

RI’s regular round-up of responsible investing developments

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

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

SEC planning rules on disclosure of investors’ executive pay votes

New provisions under the Dodd-Frank Act

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.

RI Governance & Engagement, Dec. 22: New York City funds hold big banks to account

RI’s regular review of governance and engagement news

Clean Investor, December 20: Clean Development Mechanism under review

RI’s regular round-up of clean investing 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

ESG USA: US investor groups issue fracking risk recommendations for oil & gas companies

List compiled after lengthy risk engagement with companies.

UK government sets up £200m interim Green Investments team, seeks fund managers

Green Investment Bank gets a step closer

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

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

FREE Norwegian Finance Ministry puts France’s Alstom on watch over corruption

FMC Corp. and Potash Corp. excluded over Western Sahara operations

Norwegian government fund seeks to nominate directors at big US firms

Norges makes its first ever ‘proxy access’ move

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.

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 BSkyB AGM: 19% of shareholder votes go against James Murdoch

Shareholders make their views known at media company

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

US industrial group freed to omit Walden political spending proposal

Dispute over mailing date

California pension giant votes against entire BSkyB board

Investor pressure ahead of next week’s AGM

US sustainable investment forum raises concerns over integrated reporting (amended)*

US SIF fears diminished ESG reporting

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

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.

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

Challenge comes as UK government reiterates exec pay legislation threat.

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

RI Governance & Engagement, November 10: NBIM takes on Goldman over mortgage securities

RI’s regular review of governance news

Australian super funds to price carbon in portfolios as legislation passes

Investors welcome passage of landmark clean energy legislation

FREE CalSTRS wants yearly reports on political contributions

Vote at giant fund’s investment committee formalises procedure

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.

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.

Bishop meets institutional investors on executive pay as Church softens Occupy London stance

Plans for Church group to examine the ethics of finance.

Clean Investor, November 1: Climate Advocacy Fund targets ANZ on emissions

RI’s regular look at clean investment

UK charity launches £20m bond as regulator clarifies ethical investment guidance

Innovative bond programme developed with Investing for Good

US arms of Dutch fund managers could be caught by cluster bombs ban

Government says bill could cover grey area of ‘indirect’ investments.

What’s in this week’s EU CSR Communication and Transparency Directive for investors?

A mixed bag of good intentions, but fewer concrete policy measures.

FREE HSBC, Microsoft and Coca-Cola back integrated reporting pilot project

More than 40 global corporations named as participants by IIRC

EU considers requiring all financial institutions to disclose responsible investment criteria

Sweeping “Responsible Business” proposals from European Commission

FREE Asset managers, banks and insurers line up against financial trading tax

FTT will impede the efficient operation of markets, say trade groups

Investor group calls for James Murdoch to leave Sotheby’s and GSK boards

Union-affiliated CtW widens scrutiny on News Corp. director

RI Governance & Engagement, Oct. 20: OTPP votes against News Corp.’s James Murdoch

RI’s regular Thusday review of corporate governance and engagement news

FREE Dexia confirms plans to sell European SRI pioneer Dexia Asset Management

Founding UN PRI signatory on the block

FREE Generation’s Blood enters ‘Occupy Wall Street’ debate

Protests could be a turning point in market capitalism, says RI funds chief.

Al Gore suggests ‘loyalty shares’ for long-term investors

L-shares a “useful mechanism for investors”

Responsible investors engaging with SEC on conflict minerals

Input on legislation required under Dodd-Frank

Hermes EOS the latest investor body to line up against News Corp.

Pressure intensifies on embattled media giant

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

RI’s regular roundup of governance news

BP meets with socially responsible investors on safety and risk, reviews board governance

Oil major reaching out to SRI investors at London and New York meetings

CDP: majority of FTSE 350 companies way below government C02 reduction targets

A third fail to respond at all to annual carbon survey.

RI Briefing, October 12: UK ethical investment reaches €12.9bn says EIRIS

RI’s regular round-up of responsible investing news

Investors back EU on enhanced disclosure for extractives companies

But letter to EU Commissioner, Michel Barnier, warns on legal conflict.

New €100m Dutch green bank could issue bonds

Investment proposal planned for next year

EU firms up its plans to legislate on non-financial disclosure

Investor input to Commission expert group

UK’s largest pension fund weighs in on high frequency trading

Giant BT fund stresses “agency role” of market players

European SRI giant Dexia AM reassures over mandates amid crisis

All mandates are “fully protected” in separate legal entity

FREE ESG Europe: Responsible investors oppose European financial trading tax proposals

Warning about unintended consequences of Commission proposals

European SRI giant Dexia Asset Management ‘up for sale’ amid crisis

Dexia AM a founding signatory of the UN PRI

UK’s Myners sees UN PRI having little “real world” impact

Directors, executives and fund managers don’t mention it, says influential former minister

Giant US fund wins political donation disclosure commitments

NY fund gets assurances from three Fortune 500 firms

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

Investment bank defeats investors over bonus billions

Pension fund class action against US finance giant Hartford dismissed

Plaintiffs’ assumptions “faulty” says judge

FREE Investor group quizzes FTSE 350 chairs over women on boards

Letter to companies organised by UKSIF

$1.6trn investor-led coalition calls for integrated sustainability reporting

Group targets both listed and large unlisted firms

Next step beckons for children’s rights and business principles initiative

Three-month consultation period ends

UK considers introducing binding shareholder votes on executive pay

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

FREE CBI chief suggests changing tax regime to encourage long-term investment

Something to be looked at by Kay Review says CBI President

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

Clean Investor, September 13: Danish pension funds back Africa green energy fund

RI’s regular Tuesday round-up of clean investment news

FREE Bob Monks calls on ICGN to set up ‘muscular’ shareholder activism body

Future of democratic capitalism under threat, says governance guru.

OECD calls for ‘loud, long and legal’ govt policies to boost pension fund green investing

Current allocations less than 1% according to international body.

UK banking giant RBS cuts links to cluster bomb clients

Chief executive sends email response to campaigners

$18trn International Corporate Governance Network backs corporate political spending disclosure

Investor group supports academics’ petition to SEC

RI Briefing, August 31: Denmark’s Codan launches CSR measurement project

RI’s regular round-up of responsible investing news

FREE €31bn Royal Mail fund signs up to Stewardship Code

Major asset owner boosts investor code

Influential EU corporate governance advisory forum disbanded ahead of Green Paper evaluation

Decision follows changes to EU rules on expert groups.

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

RI Governance & Engagement, August 18: ABP hits snag in Countrywide legal action

RI’s regular review of governance and engagement news

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

Holding revealed by Finance Minister contravenes tobacco investment policy

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

RI’s regular review of governance developments

NBIM wants “market-wide rethink” on how investors tackle remuneration

Voting on executive pay a “distraction” says giant investor

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

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

RI Briefing, August 3: India launches responsible business guidelines

RI’s regular round-up of responsible investing news

The UK comes into the modern age as the Bribery Act becomes law

Update of prior bribery laws which dated back to 1889.

RI People & Appointments, August 1: UN’s Ruggie joins US law firm

RI’s regular Monday round-up of people news

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

RI’s regular review of governance and engagement news

How low pay is moving up pension funds’ governance agendas

Investors taking on top pay have so far been silent on pay at the other end

Responses to EU governance paper highlight custody, Solvency II, procurement

A look through responses from ICGN, FRC and Eurosif

FREE Proxy access decision a major governance blow to US pension funds

Discouraged, disappointed: investor reaction to director nomination block

Swiss pension investor Ethos excludes commodities giant Glencore from its portfolios

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

FREE Christian Brothers confident of investor support for News Corp. AGM governance motion

“If it appears in the proxy it’ll get a good vote,” says US faith investor.

FREE New York State Comptroller DiNapoli named to Ceres board

Prominent shareholder advocate joins investor coalition

South Africa launches responsible investing code for institutional investors

New voluntary Code for Responsible Investing in South Africa (CRISA) unveiled

Myners calls for Murdoch to step down as BSkyB Chair

Former City Minister says ‘business judgement’ of Murdoch is questionable as phone hacking scandal rolls on.

$1.2trn investor group calls for “strong, legally binding” Arms Trade Treaty

Treaty “directly relevant” to the long-term financial interests of investors

Consultation floats idea of common EU label for social investment funds

Discussion paper ahead of European Commission proposal by year-end

Stock markets hold 80% more fossil fuel reserves than can be burned under 2°C climate limit: report

London Stock Exchange particularly exposed says Carbon Tracker.

Dutch engaged share ownership guidance launched by Eumedion

New “stewardship” guidance from €1trn investor forum

Clean Investor, July 12: Macquarie’s forest offset project gets backing

RI’s regular Tuesday review of clean investing news

FREE US institutional investors take on News Corp. over phone hacking

US funds file amended complaint in wake of scandal

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

RI analysis: institutional investors, ESG and News Corp.

Time for institutions to step up engagement?

Clean Investor, July 5: SWIP eyes renewable energy, energy efficiency, water & food

RI’s regular Tuesday review of clean investing news

Swedish AP funds critical of EU corporate governance proposals

Influential asset owners in broadside against Green Paper

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.

Clean Investor conference: Minister sees ‘big appetite’ for Green Bank from institutional investors

Greg Barker, UK Minister of State for Energy and Climate Change, tells conference he is “hopeful” for 2012 start despite legislative hurdles.

Asset owners, fund managers to sit on UK’s new Kay Review panel

Government confirms role of asset owners in major systemic review

UK’s €9bn Church investors target supermarkets over cheap alcohol

“We want to use our influence as shareholders”

Ethos calls for sweeping revision to Swiss corporate governance regime

Pension fund-backed group’s dismay over executive pay rises

Sweden’s AP7 seeks proxy voting service provider

State fund issues RFP for 2,500-company portfolio

Investor group targets 27 global household name firms on human trafficking, slavery

Interfaith Center on Corporate Responsibility issues statement to Apple, Nestlé, DuPont etc.

FREE Singapore Exchange introduces sustainability reporting guide for listed firms

Exchange cites pressure from global investors

RI Briefing, June 22: CalPERS committee to hold ESG workshop

RI’s regular Wednesday round-up of responsible investing news

Canadian pension fund starts C$6.5bn class action against Sino-Forest, Ernst & Young

Investor takes on crisis-torn Toronto-listed Chinese forestry firm

UK institutional investment groups set up “mechanism for collective engagement”

Institutional Investor Committee sets up new high-powered Advisory Council

FREE ISS announces comprehensive new executive pay database

“Major data initiative” comes as scrutiny on executive pay intensifies

UN PRI shakes up signatories’ reporting to make survey responses mandatory

Greater focus on responsible investment outcomes amid transparency push

Norwegian govt fund embroiled in Indonesia illegal logging allegations

Investor facing scrutiny from NGO

RI Governance & Engagement, June 16: Call for Shell to exit Syria

RI’s regular review of governance and engagement news

FREE Investors join companies in calling for European GHG emissions cuts

Declaration ahead of EU meetings next week

Bloomberg, TIAA-CREF support new Global Initiative for Sustainability Ratings project

Ceres/Tellus Institute project gets underway

Responsible investors flagged governance concerns at Sino-Forest

Shareholders engaged with forestry firm before scandal

Clean Investor, June 14: First close for new Unigestion-Ethos environmental fund

RI’s regular Tuesday review of clean investing news

Singapore introduces guidance on shareholder engagement

Monetary Authority consultation calls for “constructive relationship” with companies

Asset owners who fail to engage may be “abrogating fiduciary duty”

High-level study looks at barriers to engagement

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

Influential responsible investor now blacklists 63 firms

$1.2trn investor group in plea over Alberta oil sands monitoring

Group of responsible investors write to new oil sands panel

FREE Gold mining giant Barrick investigates sexual assaults at Tanzanian mine, faces human rights claims

Company takes unusual step of publishing internal investigation details.

UK’s CDC to consider running third-party pension fund assets

ESG takes centre stage at development finance institution in government revamp

Active ownership specialist Cevian hires Myners for UK role

€3.5bn firm nabs ex-government minister

FREE $202bn investor group challenges US firms over trade group membership

Responsible investors query National Association of Manufacturers’ sustainability stance

UK share voting advisor avoids wind-up order over tax debt

Proxy firm reaches voluntary arrangement with creditors for repayment.

Remuneration at heart of new OECD guidelines for multinationals

Tougher standards to protect human rights and social development

Investors call on SEC to probe Chevron over Ecuador statements

Shareholders intensify pressure on oil major ahead of annual meeting

New Green Investment Bank to prioritise offshore wind, waste, energy efficiency

Investments to start from April 2012

Canadian pension funds face First Nations opposition to timber acquisition

Injunction sought by tribal group

Investors and advisers at odds in SEC probe of compensation committees

Dodd-Frank consultation also covers executive pay advisers

UK mainstream investor association, IIC, calls on bank fees challenge, but drops Stewardship role

Relaunched shareholders group issues guidance on underwriting but rows back from original investor engagement statement.

First non-domestic pension fund signs up to UK Stewardship Code

“Logical and appropriate” says Canadian pension giant

Investors call on Chevron to settle $18bn Ecuador case

Signatories sought for letter challenging oil major

RI Governance & Engagement, May 12: CalPERS’ annual director election proposal gets 69% support

RI’s regular review of governance and engagement news

UK reporting watchdog forced Rio Tinto to publish ESG financial risks

Investigation followed complaint from investor.

European fund association puts forward own version of Stewardship Code

EFAMA also seeks role in responsible investment standards

RI COMMENT: Pension funds need to professionalise or governance reforms will be in vain

It’s time to put pension members’ interests first

UK authorities launch consultation on boardroom diversity

FRC wants “workable alternative to quotas”

Swiss banks rocked by shareholder revolts on pay

UBS and Credit Suisse suffer large shareholder rejection of their remuneration reports.

French bank becomes the first to introduce Tobin Tax

Bank says tax will raise €100,000 per annum for Millennium Development Goals

Australian Future Fund divests from defence companies

Exclusions amid treaty ratification and increased ESG focus

RI Briefing, April 27: Putnam Investments signs up to UN PRI

RI’s regular Wednesday round-up of responsible investing news

Clean Investor, April 26: Business leaders back UK green bonds

RI’s regular Tuesday review of clean investing news

RI Briefing, April 20: AFL-CIO unveils Executive PayWatch site

RI’s regular Wednesday round-up of responsible investing news

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

Norwegian investor KLP votes against BP chairman

Environment committee chief and remuneration also rejected

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

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

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

New California hybrid corporate form could bring mainstream capital to social enterprises

The Flexible Purpose Corp. is being pushed in the Senate