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March 2010
Mercer quizzes fund managers over controversial tar sands BP/Shell AGM resolutions
Consultant asks managers to indicate which way they will vote and why.
Swedish govt fund vows to vote down short-term excessive bonuses
Board pressure to be applied on sustainability and female representation.
PGGM to double innovative responsible equity portfolio to €2bn
Fund manager also looks to add RI equity portfolio analyst.
Sustainable investments in Switzerland rebound strongly to hit new peak
Asset flows beat the market average.
Former New York pensions CIO pleads guilty to fund asset corruption
Decisions were driven by politics and greed, says NY state Attorney General.
UK MPs call for Parliament pension fund to back investor tar sands campaign
Call for Parliament fund to get active with its share voting rights.
US pension fund adds to exec comp lawsuits against Goldman Sachs
Lawsuit alleges corporate waste over Goldman compensation pool.
Global institutional big-hitters join climate change asset allocation study
Numbers swell for Mercer-led future strategy projections project.
Blogosphere survey says RI has yet to tap financial crisis potential
Responsible investment terminology gets most positive consumer associations.
Norwegian Global Fund hires specialist water manager
Water Asset Management picks up undisclosed sum for investment brief.
Giant Norway fund relaxes controversial exclusion policy
Norges Bank to favour initial lobbying engagement where possible.
MSCI sees $50m in RiskMetrics’ deal synergies and staff cuts
MSCI chief identifies potential in ESG indices.
Norway fund giant outlines ESG criteria for real estate billions
Property portfolio could reach €16bn.
New Africa ESG focused boutique pledges 25% of revenues to charities
Firm says donations could create 100,000 African jobs by 2012.
Asia sustainable investments could jump from $20bn to $4 trillion by 2015: Vontobel report
ESG uncertainty holding back investors from bigger allocations.
UK trades unions and NGOs unite for pension fund e-mail campaign over BP/Shell tar sands
Website lists pension funds and managers with shares in oil giants.
RI round-up Feb 19
RI’s regular round-up of the most important responsible investment news.
Shell freezes exec salaries and includes sustainability performance after shareholder pressure
Oil giant cites ‘open and constructive’ shareholder dialogue
RIAA seeks manager for Australian RI Academy
Govt backed Academy to push training, education and research.
Private equity push at SAM as Robeco PE chief takes executive position
Andrew Musters steps up to exec committee at Swiss sustainability house.
UNPRI coalition targets 86 major companies on Global Compact failure
Group targets reporting “laggards” that risk ejection.
Myners plans ‘long-only, long-term’ investor governance activist lobby group
NAPF launches governance guidelines in response to governance debate
Towers Watson chief says integrating sustainability could save pension funds 100bps per annum
Long-term investment and ESG integration advocated by influential investment advisor.
Pitt-Watson to advise Kiernan sustainable funds start-up - investment heads named
Inflection Point Capital Management launches with three investment strategies
Church of England funds sell millions in Vedanta shares boycott
Blacklisting follows failed engagement on human rights concerns.
Former Mercer Europe RI head Emma Hunt joins rival consultant Towers Watson
Consultant cites growing RI demand from clients.
Sales of SRI funds drop again, green fund sales hold steady
Monthly retail SRI receipts down, but slowed depression.
TIAA-CREF calls for proactive institutional investors to prevent market crises
Policy paper looks at lessons learned from financial crises.
SAM chief executive steps down over Robeco strategy dispute after just a year in top job
Swiss sustainability manager names interim dual CEOs
Number of Dutch schemes with SRI policies doubles within three years, say pension associations
Survey by Dutch occupational pension umbrella organisations.
Fink-backed Earth Capital Partners hires team for sustainable agriculture launches
Managers join from IBIS Asset Management.
APG, PGGM and USS create index of greenest property companies
Launch follows disappointing environmental reporting levels found by survey.
Innovest founder Kiernan launches new sustainability fund manager
Inflection Point Capital Management informally unveiled in Davos.
Investors herald new SEC corporate climate disclosure guidelines
Companies to report on business-wide risks and opportunities of climate management.
Merseyside puts RI at heart of new £500m emerging markets mandate tenders
Managers will have to demonstrate understanding of ESG and governance in investment.
British Telecom pension scheme puts £75m into new UK green tech fund
Investment in Hermes-run portion of government innovation fund.
Climate investments perform in volatile market: Deutsche report
Simulated portfolio shows performance factor in climate investments.
SAM hires former Credit Suisse director in US push
Swiss manager sees growing sustainability momentum amongst US institutions.
S&P and Hawkamah combine for first Middle East/North Africa ESG index
IFC backing for ESG methodology.
RiskMetrics puts itself up for sale: reports
Bloomberg, McGraw-Hill and Thomson Reuters sounded out on bid, says WSJ.
Institutional investors input to new India governance recommendations
White paper on shareholder rights and audit issued by Asian Corporate Governance Association
RI round-up Jan 19
RI’s regular round up of the most important responsible investment news.
Norwegian fund sells off euro1.8bn in tobacco shares after government ban
Ministry of finance approves tobacco manufacturer exclusion.
UK investor Stewardship Code consultation kicks off, backs long-term mandate review
Financial Reporting Council sounds out investors on long-term performance for ‘market stability’
Hermes launches into RI private equity advisory space with PRI hire
Tom Rotherham joins as manager builds PE team.
Institutional shareholders to quiz Shell board over Canadian oil sands at AGM
FairPensions co-ordinates resolution for May 18 shareholder meet.
Investors vent Copenhagen frustration with asset pledge to countries taking climate action
Joint statement released at UN investor conference.
Gore and Soros lead post Copenhagen investor gathering
UN hosts discussion on investments needed to solve climate change.
Investor governance chiefs write to US Senators calling for SEC self-funding
Letter open to additional signatories.
CalSTRS to push money managers on integrating climate risk into investment and voting
Report by Ceres says 71% of fund managers ignore potential climate risks.
UK investors join with politicians for mandatory GHG reporting call
Group sends letter to UK Secretary of State for Business.
Singapore’s huge SWF, Temasek, backs US solar tech firm
Fund joins pension investors by buying into Innovalight fundraising.
UN pension fund seeks $200k budget for external RI consultant
Hire of dedicated RI staff member vetoed.
Hewitt Associates settles in valuation lawsuit brought by Philips UK pension fund
Case illustrative of trend for funds to sue advisors over valuations.
Mercer European RI head, Emma Hunt, leaves the company
Consultant in active search for new Europe RI head.
Norges Bank details first RFPs for raft of enviro equity mandates in euro2.5bn programme
Mandate sizes for each manager in the $50m-$250m range.
Danish pension funds team up for 100m euro renewables allocation
Investors also revealed in Fortis clean energy infrastructure fund.
France’s FRR fires Dexia from 100m euro+ SRI mandate
Assets divided between four other European SRI managers.
TIAA-CREF sells PetroChina and Sudan-linked companies in Darfur protest
US pension fund furthers dialogue with Malaysia’s Petronas.
Pension funds plan UK High Court ‘class-action’ style test suit against RBS
North Yorkshire and Merseyside wait for legal advice on lawsuit.
Shell pension fund manager takes 20% of hybrid power firm
Dutch pension fund also details engagement processes for Q3, 2009
Almost €1bn wiped off European SRI funds, green fund sales rebound pre Copenhagen
SRI funds volatile after September inflows, green funds show reverse.
RI round up: Dec 22
RI’s regular round-up of the most important responsible and clean investment news.
PRI board bemoans institutional climate role in letter to Copenhagen heads of state
Investor interests have had a ‘minimal foothold’ in discussions, says initiative.
Fund manager to €280bn Norway scheme in major governance hires
Norges Bank Investment Management recruits head of core corporate governance and related analysts.
CalPERS joins Norway and APG in climate change asset allocation research project
Mercer led study to look at climate change issues in investment strategy models.
France’s €29bn FRR goes ‘carbon neutral’ with hydropower offsets - tenders €5bn bond mandates
French giants seeks to compensate for 700 tonnes of CO2 emitted per annum.
Dutch corporate funds progress on ESG but fall short of parents’ CSR policies: report
Benchmark compares company funds with industry-wide and public schemes.
US investors welcome Goldman Sachs’ ‘tipping point’ on say-on-pay
Top 30 Goldman directors to take bonuses in shares and be subject to claw-back.
UK mulls low-carbon infrastructure investment institution, names Hermes for clean tech allocations
Infrastructure announcement made as part of pre-budget report.
Dutch pension funds facing total cluster bomb ban after MPs vote
Lower chamber passes vote to outlaw investments in related companies.
IFC and S&P launch low carbon index for emerging markets
Initiative supported by DFID and Global Environment Facility.
Denmark’s ATP in €1bn emerging markets climate investment Copenhagen boost
New fund opened to other institutional investors in climate change fight.
Investors and accountants target corporate climate change disclosure as Copenhagen opens
UK fund, Railpen, to target fund managers on climate change responses; global accountants join reporting call.
CalSTRS endorses new UK investor governance code
US pension fund backs UK code following Walker review.
Big pension funds invest in new World Bank green bond issue
UN pension fund makes second investment.
Investment consultants starting to get ESG message
89% of consultants anticipate an increase of clients’ interest in ESG matters in the next three years.
London borough pension fund reviews SRI and ESG position
Scheme reviews fund manager voting and class action lawsuits process.
PKA, the €15bn Danish pensions giant, plots microfinance move
Fund also battles Danish press allegations about investment holdings.
UK watchdog assumes investor stewardship role, proposes annual board elections
Set of 24 Stewardship principles outlined in Combined Code review.
Thomson Reuters buys ASSET4
Continued push of major data providers into ESG research market.
See also, Thomson Reuters to look at UN PRI
Banks forced to disclose number of £1m employees: Walker report final
Report also lays out recommended bonus vesting periods.
Fund managers in UK must sign up to stewardship principles or say why not: Walker report final
Share voting and reporting to become obligatory.
Investors failing to see incremental climate change costs because of ‘extreme’ event focus
Findings based on four new sector reports on climate change implications.
Norway fund kicks out Norilsk Nickel over Siberian pollution controversy
Blacklisting follows 21-page report from Council of Ethics.
Carbon Disclosure Project to pressure 300 major corporates on water reporting issues
CDP Water Disclosure programme to kick off in 2010.
UK govt says pension funds and SWFs have committed to new £1bn life science/cleantech fund
Government puts down £150m cornerstone investment.
RI round-up Nov 17
RI’s round-up of the most important responsible investment news.
Sales of SRI funds plummet, green funds hold steady
After two positive months, sentiment on European screened funds drops off.
Dispelling the myths about Asian corporate governance
By focusing on popularized myths and preconceptions, real underlying issues in Asia will not be addressed.
Why I think the long-term investment debate could finally be moving forward: Raj Thamotheram
Hard-headed empirical research such as Mercer’s latest report is pushing the discussion.
Corporate governance agencies: the need for transparent voting decisions
Shouldn’t proxy voting groups be held to the same accountability as the corporates they challenge?
The real Copenhagen outcome hangs on this month’s voluntary country emissions targets
Economy wide targets must be submitted to UN by Jan 31.
ATP CEO speaks: making a one billion euro Copenhagen statement
Danish pension fund chief Rohde says pension funds need to be first movers on climate change investments.
Could the wisdom of crowds help investor and regulator madness on governance and ownership?
An anonymous survey of investor concerns might be the basis for neutral dialogue to prevent future systemic crises.
What hope for better investor ‘stewardship’ in Asia?
Why the ability of management to articulate their approach to governance and the environment is very revealing.
ESG practices in Africa are improving
Uptake is essential for development and building value, says new PRI signatory, CDC.
Copenhagen climate summit frames investment choices
Survey of 64 developing-country financial institutions (FIs)
An investor’s look ahead to Copenhagen
Investors need a common playing field with clear long-term rules of the game in terms of greenhouse gases.
A Quant’s Take on ESG
Jon Quigley believes the “men and women in lab coats, thick glasses and hats with propellers” can deliver successful ESG strategies
Exchanges Push the Sustainability Agenda
The world’s stock exchanges are working toward more sustainable business models according to a report to be published by the World Federation of Exchanges (WFE), a trade association with 51 member exchanges globally.
Sustainable and responsible investment in real estate: a fiduciary duty?
As a prime target for government intervention, investors should look at the environmental impact on property assets.
ERAFP chief talks about the growth of France’s €6.5bn 100% SRI pension fund
Asset diversification and more corporate activism top the to-do list of ERAFP managing director, Philippe Desfossés
Monitoring and reporting on corporate governance is essential for responsible investment
Why meaningful reform will depend on clear and appropriate benchmarking.
Towards the effective integration of ESG issues into investment decision-making
Insight Investment’s four principles on how ESG factors may be applied to portfolio construction.
Sustainable corporate bonds withstand the financial storm
ESG factors can be a valuable addition to credit risk analysis.
After the crisis, bonus business as usual?
Why pension funds and NGOs should work together to thwart corporate greed.
We must incentivise long-term investment to help prevent systemic risk
Stronger investor engagement will help but not fix the problem of ownership.
Canadian investors rise to RI challenge despite legal limbo
Support for ESG considerations high, but caution on fiduciary responsibilities.
The semantics of RI: what are we talking about?
Why the nomenclature of responsible investing is important.
Standard Life Investments chief and ISC chair Skeoch counters ‘absent landlord’ investor accusations
RI interview: UK funds CEO heads out to broaden international engagement network of UK institutions.
A quantum leap from politicians’ to directors’ pay
Where is the research on ‘how much’ not just how we reward our directors?
Hiring for sustainable growth: APG adds 3 to its expanding ESG investment team
Staff additions to cover engagement, board sustainability, real estate and Asian ESG research.
SAM’s new CEO talks strategy and product launches
Product launches likely in fixed income and themed sustainability funds.
Bringing human rights into pension finance. Interview with Gro Nystuen, Norway Govt Pension Fund
The chair of the Council of Ethics talks about exclusions, international norms and why Norway’s fund giant has become an ethical pensions leader.
Green New Deals for new green investment
What could the various green global economic stimuli mean for institutional investors?
What can responsible investors expect from this week’s G20?
Furthering the dialogue on ESG with governments and regulators after the London Summit is key.
Hong Kong versus China in the new Asia Pacific sustainability index
As the mainland introduces better environmental reporting, can Hong Kong companies stay ahead?
Hedge Funds in the SRI context – steps taken and the potential leaps ahead
Increasing numbers of hedge funds are seeing opportunity in the responsible investment space.
ATP chief outlines appetite for future climate change investments
Giant Danish fund expects to commit more after initial clean tech/renewables and sustainable forestry investments.
Governments want more activism while the public shareholder base crumbles
Changing financial markets for the better will require protecting the DB base of active investors.
Sustainable investment in India is a marathon, not a sprint
A senior portfolio manager’s reflection on investing and governance in the world’s biggest democracy.
Drilling down into Asian corporate governance
Why local culture, legal and business knowledge could be key.
Could the crisis become a vintage era for clean tech private equity deals?
Attractively priced deals and long-term ‘green’ stimulus make market look attractive despite the doldrums.
Rachel Kyte, IFC: P8, Who cares wins and green investing in developing countries
IFC leads call for investor action to spur on Copenhagen agreement this year.
Why the fund management ownership model has failed
If pension funds want good governance they will have to invest in it.
RI interview: Amy Domini on Obama, SRI returns and clipping hedge funds
After a decade ‘out-of-kilter’, Domini believes SRI strategies are in tune with the new US regime.
From Poznan to Copenhagen: policy makers look to investors on climate change policy
Chance now for investors to feed into the negotiating process.
Systemic reform is the only course for ‘decimated’ investors
Debating relative performance in this crisis is like re-arranging the deck chairs on the Titanic.
Crisis to opportunity: policy suggestions for the inauguration of the Obama administration
Stronger governance, investor rights and a green-based economic revival.
Three simple steps to improve sell-side broker research
Questions must be asked about the depth, transparency and efficacy of today’s broker research.
Why should investors get involved in the ‘Better returns in a better world’ project?
How alleviating poverty can foster better market conditions in developing countries.
Sustainability should be regulated into fiduciary duty
SRI by itself will not drive companies to become greener or more ethical.
What’s the future for ESG broker research?
SRI team cuts and the merger of EAI and PRI demand clear future research incentives.
Time for investors to get tough on oil sands risks
The financial crisis has put a damper on development in Canada’s oil sands, but investors can’t rely on oil price fluctuations to deliver ESG risk mitigation.
Could institutional investors have prevented the credit crisis?
Did a failure of active ownership contribute and if so, how can it be remedied?
Ethos’ six-month campaign: a new tactic in European say-on-pay
Swiss investors adopt US-style publicity strategy to shame companies into action.
Impax: the UK fund manager blazing a green trail
Annual AUM growth of 25% in the last five years as environmental specialism pays off.
Pity the socially responsible investor says FT’s Lex: I think not!
It’s time to shake off the ethical ‘kick-me’ badge.
Climate change investing for pension funds – commercial decision or altruism?
By acting on climate change, schemes can help to protect returns from existing and future investments.
How to help institutional investors support the UN Green New Deal
Tax breaks and co-investment could really swing investors behind the climate change fight.
From crisis to catalyst
How ESG implementation could be the beginning of a solution to the market meltdown.
How the UK government finally settled the RI fiduciary duty debate
A statement in the House of Lords last week laid out the government’s view on responsible investment and the law.
France’s FRR: blue skies thinking on engagement and ESG manager selection
Reserve fund breaks the mould with planned corporate engagements and forthcoming ESG advisory hire.
Going direct: Norway’s €326bn investor ESG data project
Government supported investor initiative goes direct for company SRI key performance indicators.
How can investors assess labour and human rights risks?
A guide to one of the most difficult challenges in the ESG field.
The need to transform markets: an open letter from the Network for Sustainable Financial Markets
Investor think-tank: the views of savers “have not been aired” in the credit-crunch debate.
The US should say no to the bailout and become an activist investor instead
Why the proposed bailout is bad business for the US.
ESG integration: From why to how?
“Investment-as-usual” is changing toward ESG integration, but says Graham Sinclair, execution remains a huge challenge.
Now is the time to rebuild markets responsibly
Investors must ensure the credit crunch doesn’t happen again by thinking and acting responsibly.
SNS Asset Management: the growing pains and gains of microfinance
Fund manager raising cash for second microfinance fund as institutional commitments grow and industry debates sharpen.
Mn Services: The former Dutch politician now engaging with Wal-Mart
RI talks to Kris Douma, who leads the governance of 2000 companies worldwide for Mn Services, the Dutch pension fund manager.
Sovereign wealth funds: the future of ESG investing?
Attacked for political investing, could sovereign wealth funds actually be the most important future trend in ESG finance?
RI interview: Global Compact chief points the way for UNPRI
Georg Kell, executive director of the corporate forerunner of the UNPRI talks about the issues the $14 trillion investor initiative may have to face.
Ceres: the US investor coalition advising the UN, lobbying the SEC and investing $10bn in renewables
Ceres President, Mindy Lubber, explains how US policy is coming around to its way of thinking on the environment.
UN PRI Seoul special: interview with Donald Macdonald, PRI chair
PRI signatories gather in Seoul for the annual progress meeting of the huge investor initiative.
Investor appeal for ‘packaged’ sustainability products: TBLI Asia report
Investors, entrepreneurs and NGOs converge on Bangkok for TBLI Asia 2008.
Asia’s state pension funds: en route to better governance
Funds in China, Korea and Thailand break ground on voting and corporate accountability, but there are still areas to develop.
Exxon and HSBC: hollow victories on pay and governance
Why important AGMs this week at ExxonMobil and HSBC will end up asking more questions than answers.
DC pension saving: the next ethical consumer boom?
Defined contribution pension savings part of first UK National Ethical Investment Week.
The importance of responsible investment: Views from the New Zealand Superannuation Fund
How New Zealand runs its NZ$13.5 bn (€6.8bn) national pension fund to protect the country’s reputation.
Mainstreaming RI: The Enhanced Analytics Initiative needs you!
Why the biggest challenge now is to get relevant extra-financial analysis direct to mainstream analysts.
Changing the system: why sell side research must improve
The sub-prime crisis has re-opened questions about the quality and independence of sell side research.
EIRIS: Peter Webster looks back at 25 years of responsible research
UK research company celebrates 25th year of corporate and SRI scrutiny.
Why sovereign wealth funds have provoked schizophrenia in western markets
Market saviours or dangerous political investors? Sovereign wealth funds have got governments in a funk.
Australian super funds get rated on climate change
SuperRatings launches ‘Infinity Award’ to rate funds taking climate change seriously.
Foundations: $600bn of assets that need to get active
Why foundations should use the markets to support their philanthropic work.
Sub-prime and carbon: an eerie similarity
Supporting renewable energy is a first step, but banks must also come clean about fossil fuel financing.
Canada needs a “say on pay”
Canadian shareholders are weary of the “huge disconnect” between what many executives earn and how the companies they run perform.
RI Interview: Paul McNamara, co-chair, UNEP FI Property Working Group
Why sustainability has an impact on real estate value and should play a central role in investment decisions.
Why investors must examine the $1.75 trillion climate change action plan
$10bn clean tech investment plus real estate goals shows where enlightened investors are heading.
US Special: Investors rally on say-on-pay and sub-prime votes
Compensation concerns in focus as US meeting season looms.
US Special: TIAA-CREF, head of the SRI class
Company plans new SRI strategy to add to microfinance, sustainable real estate and community banking.
Do falling markets spell doom for responsible investment?
No, says Australia’s Louise O’Halloran, because correlations between returns and ESG issues are becoming obvious and quantifiable.
Davos review: investor sustainability anyone?
Why was the potential role of investors virtually absent from Davos when it has been leading the way on many of the issues?
UN PRI cuts its teeth with first public investor campaign
Supporters say boost to Global Compact points the way to more sophisticated collaborations.
Metallrente shows the way on RI in Germany
Country’s fastest growing fund explains why RI is a gradual but growing process amongst German peers.
How a TV documentary on cluster bombs became an ESG benchmark
New ranking compares Dutch pension funds on pollution and human rights issues.
How to solve the paradox of active ownership
Successful equity managers tend to be poor active owners, while active owners tend not to win equity mandates. Could unbundling the activities be the solution?
What does Bali mean for institutional investors?
Agreement on a ‘roadmap’ for a post-Kyoto climate agreement gives carbon trading a longer perspective. How should institutional investors react?
Nest - Swiss RI pension performance in action
After 25 years of solid returns, fund plans to increase risk and looks to private equity and hedge funds.
Darfur: The economic lifeline to genocide
How can institutional investors ensure they are not supporting death in Sudan?
Measuring asset managers for responsible investment
How can investors gauge whether their fund managers practice what they preach on RI?
Carbon: a new asset class?
Investors are already testing the potential of markets in greenhouse gas emissions, but what are the risks and how can they be avoided?
Should pension funds be investing in companies with links to brutal governments?
Isn’t it time pension funds asked their members about their morals?
Australia takes a lead on responsible investment
Support for the UNPRI is growing rapidly in Australia as investors use it as their framework for SRI.