Responsible Investor

change mitigation solutions and successful companies will multiply investment volume during the coming years. In December, 2006 Dutch fund manager Robeco bought a 64% stake in SAM.
Eumedion, the Dutch institutional corporate governance association, has rejected proposals in the first draft of Dutch legislation on shareholders’ rights as unnecessary and incompatible with other EU states’ activity, reports ipe.com. The Dutch government issued a consultation document in January with the aim of reviewing shareholder activism and concerns over investors acting in concert. A similar review has been taking place in Germany. Eumedion said it questioned proposals that would lower to 3% from 5% the level at which shareholders must publicly declare company shareholdings. It also challenged a proposal that could force shareholders with a 10% stake to report their intentions towards the company they invest in. It said: “Some proposals, and reporting of intentions in particular, are ill thought-through, and difficult to carry out. They will damage the attractiveness of investing in the Netherlands because of unnecessary administrative costs.” Eumedion has advised the government to investigate thoroughly which rules are needed to improve efficiency.
HSH Nordbank, the state-controlled German regional bank, says it plans to sue UBS over alleged mis-selling and poor management of a $500m portfolio of collateralized debt obligations linked to the US mortgage market, which it bought from UBS in 2002. HSH said it wanted to recover “significant losses” and would file the claim by the end of February unless it could enter into serious discussions with UBS.
French and German politicians have warned the European Commission not to risk the competitiveness of European industry by adopting tougher pollution measures than other parts of the world.
Herve Novelli, France’s junior minister for industry, said Europe should lead by example but not “change the

competitiveness of our economy and our companies”. France wants the EC to introduce a carbon tax against imports from countries that do not agree to cut greenhouse gas emissions.
Climate Change Capital, the clean energy investment banking group, has appointed two senior property investment managers as it seeks to grows its sustainable property business. The firm has hired Esme Lowe, a former director of Capital Trust, the property investment firm, and Tim Mockett, former property director at Stow Securities. Mark Woodall, Chief executive of Climate Change Capital, said: “The value of commercial property will increasingly be driven by sustainability and climate change issues. The move to create low carbon buildings will accelerate and both occupiers and investors will drive this shift, motivated by the desire to reduce energy costs, corporate social responsibility, brand value, and the need to future-proof their properties.”
The UK government has commissioned a study into the environmental and economic effects of increased demand for biofuels made from organic matter. Ruth Kelly, transport minister, said that the newly established Renewable Fuels Agency would lead the study. The report will particularly focus on the indirect impacts of biofuels such as loss of agricultural land, deforestation and increased food prices.
The EU is to allocate €9bn to investment in sustainable energy projects in Europe’s most remote and economically deprived regions. The investment is part of its cohesion policy for 2007-2013.
The Canadian Pension Plan Investment Board (CPPIB) has encouraged local firms to respond to the Carbon Disclosure Project’s (CDP) questionnaire sent out to 3,000 companies worldwide, reports Global Pensions magazine.
The fund said: “Improved disclosure on climate change related risks and opportunities through mechanisms such as the CDP is necessary as it enables long term investors like us to incorporate the potential investment impact into our investment decisions.”


Not a member? Register here »