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Page 2 - RI round-up Jan 19
The Co-operative Insurance Society, the insurance arm of the UK’s largest consumer co-operative, has taken a 12% stake in Ludgate Environmental, the green funds company launched in 2007 with money from pension fund investors. The move gives it exposure to sectors such as wind turbines, waste recycling and renewable energy. Ludgate, a Jersey-domiciled AIM-listed company, said in a filing before the Christmas break that Co-operative now holds 5.5m shares – 11.99% – of the company. Ludgate was recently part of an additional fund raising for Dutch wind turbine firm Emergya Wind Technologies alongside Emerald Technology Ventures, Rabo Ventures and Impax Asset Management. It led an €8.1m investment in electronic waste recycler Terra Nova along with France’s Aurinvest, BNP Private Equity and Finorpa. It also made a £5m investment in renewable energy company New Earth Solutions. Ludgate reported that its net asset value per share rose 5.9% in the six months to the end of September.
France’s Demeter Partners said it has closed its new cleantech Demeter 2 fund at €203m with sponsors including Caisse des Dépôts’ CDC Entreprises and IFP Investissements, part of the Institut Français du Pétrole. New investors included the European Investment Fund, Spanish fund of funds Neotec, Pictor, Total, Dalhia, GDF Suez, Actys 2, Crédit Coopératif and AXA. Investors from the original Demeter fund also signed on for Demeter 2. They are: Cardif, Robeco, CM-CIC, CNP Assurances and Predica. Demeter 2 will invest in French and European cleantech ventures. Demeter Partners has €308m in assets under management. Demeter 2, which follows the original €105m Demeter fund, was launched in November 2008.
The voting record of New York’s five pension funds on corporate governance and social and environmental responsibility during the 2009 proxy season has been hailed by William Thompson, the New York City Comptroller. He said the funds filed resolutions to 124
companies. Corporate governance proposals were filed with 32 companies – with 14 firms adopting and majority votes won at eight. Proposals on corporate social and environmental responsibility issues were submitted to 92 companies.
CalPERS is seeking congressional support for efforts by shareholders to improve governance at firms bailed out under the government’s Troubled Assets Relief Program (TARP). The fund has $7bn (€4.9bn) invested in assets in TARP companies and has a strong financial interest in how they are governed, the scheme told a panel at the House Committee on Oversight and Government Reform.
The Securities and Exchange Commission has re-opened the consultation process on its plan to allow shareholders to nominate directors to corporate boards. The proposal – first tabled in June 2009 – would require companies to
include shareholders’ nominations for directors in their proxy statements. The SEC is seeking views on new data and analysis it has received since the original public comment period ended in August. Final recommendations are expected in early 2010.
Insight Investments says it devolving the responsibility for its analysis of environmental, social and governance (ESG) issues to its portfolio managers after disbanding its specialist responsible investment unit. The manager has reinstated its respected RI research to its website.
Link to site
Goldman Sachs is being sued by the Illinois Central Laborers’ Pension Fund, which is seeking to recover billions of dollars of bonuses and other compensation being awarded for 2009, saying the payouts harm shareholders. Goldman says the lawsuit is without merit.
SNS Asset Management has launched the third fund in its line of responsible index products: the SNS Responsible Index Fund – Equity Pacific, following its equivalent funds in Europe and the US.
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