SEC committee to policymakers: Revise ESG rules

SEC committee to policymakers: Revise ESG rules or be left behind The US risks falling further behind the UK and Europe unless rules governing reporting requirements for issuers around environmental, social and governance factors are updated. That was the conclusion from the Securities and Exchange Commission’s investor advisory committee, which issued a recommendation that issuer […]

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BlackRock ups the pressure on Exxon Mobil

BlackRock ups the pressure on Exxon Mobil BlackRock has shown it can get serious with portfolio companies, this week cranking up the pressure on Exxon Mobil by voting against the re-election of several of the company’s leadership team. Citing insufficient progress on sustainable reporting, an inadequate mix of skillsets and an inability to assess material […]

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Sec lending management key to better ESG

Sec lending management key to better ESG Managing securities lending policies in line with ESG goals, rather than halting them completely, should result in better outcomes for shareholders, research suggests. In recent months, asset owners had been quizzing fund firms over whether the practice of securities lending erodes long-term sustainability efforts. This followed a decision […]

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“Exploitative” Chinese companies face new battle to list in US

“Exploitative” Chinese companies face new battle to list in US Chinese companies looking to list on US exchanges are set to face tougher scrutiny, thanks to moves to protect investors by Senators and a homegrown accounting scandal. On Wednesday (May 20), the US Senate passed the Holding Foreign Companies Accountable Act by unanimous consent. The […]

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T Rowe Price: Engagement or voting? Asset manager advocates alternatives

Direct engagement with companies produces better results than shareholder resolutions at AGMs, an asset manager has argued. US investment house T Rowe Price, which runs approximately $1trn, stated in its annual ESG report that it preferred to engage one-to-one with companies to encourage positive changes rather than focus on shareholder campaigns at annual meetings. The […]

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Authorities lift shorting bans as markets recover

European regulators have removed temporary bans on short selling that have been in place since the height of the pandemic-induced selloff in March. Authorities in Austria, Belgium, France, Greece, Italy and Spain allowed their bans to expire at midnight on 18 May. Several of the regulators claimed the measures had been a success. The AMF, […]

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Norwegian SWF blacklists firms on environmental grounds

Norway’s Government Pension Fund Global (GPFG), the world’s largest sovereign wealth fund, has announced the exclusion of 11 companies from its NOK10.1trn (£818.5bn) portfolio on environmental grounds. Following advice from its ethics council, Norges Bank Investment Management (NBIM), which manages the investment portfolio, has sold stakes in Canadian Natural Resources, Cenovus Energy, Suncor Energy and […]

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Investors strike emissions agreement with Total

Energy giant Total has committed to achieving net zero carbon emissions by 2050 or sooner, following engagement with leading investors through Climate Action 100+. The agreement means all Europe-based oil and gas majors are now working towards the net zero emissions goal, according to a statement from the investor advocacy group. Total has set several […]

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The Supreme Court of London

The UK government has lost a Supreme Court case over its right to ban local authority pension funds from divesting or boycotting companies. The UK Supreme Court ruled 3-2 in favour of the Palestine Solidarity Campaign (PSC) and Jacqueline Lewis, a member of the Local Government Pension Scheme (LGPS). The PSC first brought the case […]

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Consumer groups slam attempt to delay SRD II

Investor organisations have hit out at lobbying from custodians, securities lenders and other financial services groups to delay the implementation of the second Shareholder Rights Directive (SRD II). In a letter to the European Commission, EU consumer group Better Finance called for the directive to be implemented as planned as any delay would “deteriorate the […]

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