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Engagement
New York City funds increase pressure on Wal-Mart over Mexican bribery allegations
Letter to fellow shareholders as proxy firms weigh in
RI ESG Briefing, May 22: Pfizer, Potash removed from sustainability index
The round-up of environmental, social and governance news
Campaign group As You Sow rebuts Exxon Mobil over fracking risks
Group issues detailed response to energy giant
RI ESG Briefing, May 17: CalPERS seeks support at Nabors AGM
The round-up of environmental. social and governance news
40% back union pension fund’s proposal for independent chair at J.P. Morgan
Dutch pension giant PGGM votes against Dimon as director
Support grows for Investors Against Genocide proposal at J.P. Morgan
Ongoing campaign gets backing from major institutions
RI interview: Anne Simpson, CalPERS: building a global coalition of asset owners on governance
How an informal group of the world’s largest asset owners is seeking to change the corporate governance landscape.
Big US pension funds take on Wal-Mart over Mexican bribery allegations
CalSTRS sues while New York funds rally fellow investors
Nearly half of German investors plan to engage on ESG - survey
Union Investment survey also shows UN PRI gaining traction
RI ESG Briefing, May 1: New York City funds to vote against Wal-Mart directors
The round-up of environmental, social and governance news
German insurers debate voluntary cluster bomb exclusion
Lack of agreement by industry players
$650bn US asset management giant signs up to UN Principles for Responsible Investment
Venerable fund firm backs UN PRI
Six major US funds take “extraordinary action” over real estate firm’s governance
$685bn asset owner group writes to fellow shareholders
RI ESG Briefing, April 27: Strathclyde fund hires GES for “two-way” engagement
The round-up of environmental, social and governance news
Faith investors respond to Walmart Mexico bribery reports
Statement from Interfaith Center on Corporate Responsibility
RI ESG Briefing, April 25: Ex-BP CEO Browne calls for extractives transparency
The round-up of environmental, social and governance news
RI ESG Briefing, April 19: New Canadian board diversity database launched
The round-up of ESG news
RI ESG Briefing, April 18: Shell invites SRI investors to visit Nigeria operations
The round-up of ESG news
New York City funds make diversity disclosure agreements at Goldman Sachs, MetLife
Focus shifts to advertising industry
Goldman sets out opposition to shareholder proposal on political lobbying
Points to new policy developed after shareholder engagement
BP AGM: almost 12% of votes go against remuneration report
Oil major facing investors almost two years after Deepwater Horizon
Swiss private bank Sarasin excludes controversial weapons
Swiss move comes as UK investors reportedly impose “blanket ban”
RI ESG Briefing: UK pension fund tenders proxy voting
The daily round-up of environmental, social and governance news
ERAFP takes major French step with shareholder voting and engagement policy
Move comes as AMF regulator consults on AGM process.
Institutional investor-backed Royal Bank of Scotland legal action goes forward
Action group delivers claim against bank and directors
Norwegian fund giant’s environmental investments slip
Environmental mandates return -22.8% in 2011
UK starts six-week consultation on final binding shareholder pay vote laws
Final review to examine impact, costs and benefits.
Shareholders and campaigners call for legal clarity on fiduciary responsibility
Mis-interpretation leads to erroneous focus on short-term returns
RI Governance, March 1: Danish pension fund divests mining firm over pollution
RI’s regular review of governance news
SEC should back corporate political spending disclosure to investors – Commissioner
SEC Commissioner backs shareholders’ right to information
Investors step up annual board vote threat on 30% female exec representation
World’s largest fund manager among new 30% Club signatories
California may force companies to disclose political contributions
Proposed legislation before California State Senate
New York City funds in positive engagement over clawbacks at banks
Withdrawal of shareholder proposal follows “informative and productive” discussions
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.
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!
RI Governance & Engagement, Jan. 5: Funds take legal action over failed brokerage MF Global
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
RI Governance & Engagement, Dec. 15: US pension funds take on drilling firm Nabors over pay
RI’s regular look at governance and engagement news
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
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
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.
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
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
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
£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
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
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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 emphasis 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?
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
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.
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
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
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
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.