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Legislation & Regulation
Growing investor support for coalition on shale gas link to methane emissions
Growing backing for Scottish Widows’ initiative
Renewable energy covered bonds proposed to tap €2.5trn market
Potential new channel for private sector low-carbon investment
$2trn investor coalition calls for mandatory corporate sustainability reporting
Group steps up call ahead of next month’s Rio+20 summit
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
Energy giant becomes first listed company to back new German Sustainability Code
Blue chip backing is a major boost for new code
Campaign group As You Sow rebuts Exxon Mobil over fracking risks
Group issues detailed response to energy giant
40% back union pension fund’s proposal for independent chair at J.P. Morgan
Dutch pension giant PGGM votes against Dimon as director
Luxembourg seeks leading role in responsible investment funds
Plan to make RI the “third pillar” of Grand Duchy’s funds industry
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
RI ESG Briefing, May 3: Aviva loses non-binding remuneration vote
The round-up of environmental, social and governance news
RI ESG Briefing, May 1: New York City funds to vote against Wal-Mart directors
The round-up of environmental, social and governance news
The missing shareholder links in France’s AGM reforms
French SIF responds to the recent corporate governance consultation.
CalPERS says investors must put ‘F’ for financial reform into ESG
Fund lays out five principles for its own market health agenda.
German insurers debate voluntary cluster bomb exclusion
Lack of agreement by industry players
Pension-backed water fund in breach of London exchange listing rules
Possible change to “premium” London listing
RI ESG Briefing, April 27: Strathclyde fund hires GES for “two-way” engagement
The round-up of environmental, social and governance news
Rabobank looking at “strategic options” for fund arm Robeco
Bank mulling future of responsible investment subsidiary
RI ESG Briefing, April 26: UK eyes renewable energy trading
The round-up of environmental, social and governance news
German institutional shareholder advisor VIP critical of Deutsche Bank CEO plan
Further pressure on banking giant in run-up to AGM
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 24: New intergovernmental biodiversity body established
The round-up of ESG news
New German corporate sustainability code gaining momentum
Energy giant RWE says it is considering signing up
RI ESG Briefing, April 19: New Canadian board diversity database launched
The round-up of ESG news
UK pension fund group says banks could be breaching law by overstating assets
Risks identified over IFRS accounting standard.
French investor calls for CEO/Chair split and oversight committee at SocGen
Corporate governance rising on French investor agenda.
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
Norwegian pension fund drums up support for US governance campaign
Investor presentations on ‘proxy access’ proposals
RI interview: Teresa Fogelberg, GRI Deputy CEO: Rio+20 report or explain on corporate sustainability
GRI believes its proposal could be adopted in Brazil.
RI People & Appointments, April 10: responsible investors on new SEC panel
ESG movers and shakers
Investors’ “fracking” proposal at ExxonMobil gets SEC go-ahead
Shareholder motions on “fracking” and sexual orientation
Asset owners call for global debate on materiality in financial reporting (Update)
Response to European regulatory consultation
$1.6trn investor group engages with authorities on Canadian oil sands monitoring
Letter sent to federal and provincial ministers
RI ESG Briefing: Investors write to energy firms on shale flaring
The daily round-up of environmental, social and governance news
ESG Asia conference: Singapore Exchange to survey 100 largest companies on ESG reporting
Study to be carried out by KPMG.
UK government puts off decision on corporate emissions reporting
Carbon Disclosure Project: “surprised and disappointed”
RI ESG Briefing: ISS fires employee for supplying confidential client data
The daily round-up of environmental, social and governance news
Call for investors to support sustainable stock exchanges
Exchanges see “investor ambivalence” – report
RI ESG Briefing: UK pension fund tenders proxy voting
The daily round-up of environmental, social and governance news
Institutional investor-backed Royal Bank of Scotland legal action goes forward
Action group delivers claim against bank and directors
RI Governance, March 15: New York City funds in director nomination push at two firms
RI’s regular round-up of governance and engagement news
Leading investment consultant calls for better ESG mandates
Owners need to show leadership, says respected industry figure
UK starts six-week consultation on final binding shareholder pay vote laws
Final review to examine impact, costs and benefits.
NAPF Conference Report: reconciling short-termism and stewardship
The tension between long-term aspirations and short-term pressures
Ruggie’s legal legacy: could human rights become the biggest investor ESG risk?
Ruggie’s UN framework could slowly become legally binding and more financially material.
EU starts 3-month consultation before possible regulation to put more women on boards
Commissioner says current rates will take 40 years for gender parity.
RI Governance, March 1: Danish pension fund divests mining firm over pollution
RI’s regular review of governance news
Investors get high-level support for Draghi letter on climate ‘stranded’ assets
Appeal to ECB Chief goes out today.
Corporate political spending the big issue for proxy season – As You Sow
Proliferation of shareholder resolutions since Citizens United
Investors await Kay Review into long-term decisions making and markets
Fiduciary duty a possible area of focus
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
We must end quarterly capitalism: Mindy Lubber
Short-sighted, short-termism is the financial markets’ Achilles heel
Global investors push SEC on “unfinished business” of proxy access and credit ratings agencies
Letter calls for regulator to “complete” investor protection work.
California may force companies to disclose political contributions
Proposed legislation before California State Senate
Investors to write to ECB chief Mario Draghi on carbon risk of indexed assets
European Systemic Risk Board urged to carry out an assessment on regulatory bind.
Institutional Shareholder Services employee suspended in kickback probe
ISS says it is taking the matter “extremely seriously”
New York City funds in positive engagement over clawbacks at banks
Withdrawal of shareholder proposal follows “informative and productive” discussions
US investors target US oil and gas giants AGMs on ‘fracking’ risks
Resolutions part of broader campaign over sector financial risks.
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.
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.
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
UK investors meet with government and warn that binding pay vote could backfire
Proposal to vote on ‘forward-looking’ pay policy floated.
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
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 People & Appointments, January 9: New operations chief at APG
RI’s regular round-up of people news
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
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
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.
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
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
Norwegian government fund seeks to nominate directors at big US firms
Norges makes its first ever ‘proxy access’ move
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
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
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
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.
EU considers requiring all financial institutions to disclose responsible investment criteria
Sweeping “Responsible Business” proposals from European Commission
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
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.
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
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
$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”
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
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
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
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
Swiss pension investor Ethos excludes commodities giant Glencore from its portfolios
Allegations include so-called ‘transfer pricing’ of tax receipts out of Africa.
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
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.
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
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
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
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
UK share voting advisor avoids wind-up order over tax debt
Proxy firm reaches voluntary arrangement with creditors for repayment.