Daily ESG Briefing: CalPERS launches tender for legal advice on fiduciary duty

US pension giant CalPERS is seeking legal advice on its fiduciary duties, according to a tender document. The scheme said it is “seeking to contract with several law firms to advise the CalPERS Board of Administration and staff on questions of fiduciary duty”, but did not provide any further information. 

Meanwhile, California State Treasurer Fiona Ma is calling on CalPERS and CalSTRS to support a proposal from Nasdaq that would require companies listed on the exchange to have (or explain why they do not have) at least two ‘diverse’ directors, and disclose more information on diversity annually. The proposal from Nasdaq is awaiting approval from the US Securities and Exchange Commission.

French compensation fund Fonds de Garantie is on the hunt for two asset managers to run €280m of active, high-yield bond mandates with ESG integrated. The fund, which offers financial support to the victims of terrorism, other crimes and traffic accidents, among others, is offering two €140m, four-year mandates using the Bloomberg Barclays Liquidity Screen Euro Hy Total Return Index as a benchmark.

Invesco has become a supporter of the Transition Pathway Initiative, bringing support for the asset-owner initiative – which assesses companies' preparedness for the transition to a low-carbon economy – to more than 90 investors, with $23.3trn under management and advice.

Global Infrastructure Partners has acquired the renewables business of private energy investment firm MAP Energy. The firm will take on 100% of the team and assets for an undisclosed sum. 

China has criticised the US Government for politicising trade issues after the New York Stock Exchange began delisting China Mobile, China Unicom and China Telecom following a decision by outgoing President Trump to bar US investment in firms owned or controlled by the Chinese military, according to Reuters. Foreign Ministry spokeswoman, Hua Chunying, told a regular news briefing that Beijing will adopt the necessary measures to safeguard the legal rights of Chinese companies.