Biden returns US to Paris Agreement and appoints proxy voting advocate

Allison Herren Lee takes the top regulatory job Joe Biden has already shown his commitment to acting on climate change, bringing the US back into the Paris accord and appointing Allison Herren Lee as acting chair of the Securities and Exchange Commission (SEC). Just hours into his presidency on January 20, Biden wrote to the […]

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UK pensions sector gets closer to adopting stronger ESG rules

Pension Schemes Bill will soon receive Royal Assent Powers to impose climate change regulations on pension schemes, including requirements to have net-zero carbon emissions by 2050, have taken a step closer to reality as the long-debated UK Pension Schemes Bill is about to be given Royal Assent. The final parliamentary stage of the Pension Schemes […]

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M&S takes action on China over human rights

The company will no longer use cotton from China’s Xinjiang region Marks & Spencer has become the first top-tier UK clothing company to formally announce it will cut all ties with suppliers that are connected to the forced labour of the Uyghur people. The announcement came as China faces growing pressure from the international community […]

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Investor Forum embraces ‘stakeholder capitalism’

An investment industry initiative set up to help escalate material issues with UK-listed companies has reported its strongest year to date for collective engagement activity. The Investor Forum said 2020 had proved to be a watershed year for the development of its investor stewardship agenda and that it had engaged with more companies than ever […]

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UK cracks down on Chinese imports linked to forced labour

Government takes up the plight of Uyghur Muslims The UK government is introducing new rules to prevent the import of goods suspected of using forced labour in China’s Xinjiang province. Foreign secretary Dominic Raab told the House of Commons on Tuesday that companies would have to make sure their supply chains are free from forced […]

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Government urged to prioritise audit industry reform

Reform is an “urgent priority”, says accountancy body chief The accounting industry is urging the government to prioritise reform of the sector following the appointment of Kwasi Kwarteng as business secretary. Michael Izza, chief executive of the Institute of Chartered Accountants in England and Wales (ICAEW), said Kwarteng needed to make reform of corporate governance […]

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HSBC shareholders urge bank to cut exposure to fossil fuels

Investors file resolution calling on bank to publish strategy and targets Some of Europe’s biggest pension funds and asset managers have filed a shareholder vote urging HSBC to cut its lending linked to fossil fuels. Fifteen institutional investors with a combined $2.4trn in assets under management, along with 117 individual shareholders, have filed a climate […]

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RPMI Railpen urges government to protect shareholder rights

The UK pension investor among those demanding government protects minority shareholders in its listings review RPMI Railpen, the investment manager for the railways pension schemes, is urging the government to protect minority shareholder rights in its response to HM Treasury’s Call for Evidence – UK Listings Review. HM Treasury launched the UK Listings Review in […]

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Institutional investors back IFRS’s proposal for ESG reporting standard

More than 450 asset managers and pension funds responded to a consultation on standardised reporting Some of the world’s biggest pension funds and institutional investors are backing the International Financial Reporting Standards Foundation’s (IFRS) proposal for standardised sustainability reporting. Last September, the IFRS, which oversees the International Accounting Standards Board (IASB), published a consultation paper […]

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NYSE backtracks (again) on Chinese delistings

The exchange will drop three Chinese telecoms companies after criticism from the US Treasury The New York Stock Exchange has decided to delist China’s three largest telecoms giants after reversing the decision just a few days earlier. NYSE said it would drop shares in China Telecom, China Mobile and China Unicom on 11 January to […]

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