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ESG Newsletter

      Comptroller Lander Sends Letter to BlackRock CEO Larry Fink Demanding Stronger Action Toward Net Zero Emissions Reduction Across Portfolio

      2022-09-22

      Comptroller: New York City Comptroller Brad Lander shared a letter to BlackRock, Inc. Chief Executive Officer Larry Fink to express growing concern that BlackRock’s investment actions do not align with its climate commitments, and to request immediate action by BlackRock to address these contradictions. 

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      Republicans Warn Bank CEOs to Steer Clear of Social, Cultural Issues

      2022-09-22

      U.S. News: The heads of the nation's largest banks faced pointed criticism from Republicans complaining the firms are inappropriately taking liberal stances on social and cultural issues.

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      NAIC and UBS Partner to Support Diverse Alternative Asset Managers

      2022-09-22

      Cision: The National Association of Investment Companies ("NAIC"), the largest network of diverse-owned alternative investment firms, and UBS, the leading global wealth manager, announced an agreement whereby UBS will become a Platinum Sponsor of NAIC in support of the firm's Inclusive Investing offering.

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      Norwegian Sovereign Wealth Fund Adds 9 Firms to Exclusion List

      2022-09-22

      Chief Investment Officer: Norges Bank, Norway’s central bank and manager of its $1.2 trillion Government Pension Fund Global, has added nine companies to its exclusion list for reasons including producing tobacco products and cannabis for recreational use and contributing to severe environmental damage, according to a press release.

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      HSBC Fund Arm Toughens Thermal Coal Policy to Curb Climate Change

      2022-09-22

      U.S. News: HSBC Holdings Plc told Reuters it will stop financing the expansion of thermal coal from funds it manages actively with immediate effect, marking an acceleration of a broader commitment it made last year.

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      8 Climate Activists Arrested at Vanguard Headquarters in Malvern

      2022-09-22

      Whyy: Eight climate activists were arrested at the Malvern headquarters of Vanguard, one of the largest mutual fund investment firms. Members of the Earth Quaker Action Team (EQAT) and Extinction Rebellion Philly say Vanguard should be using more of its economic muscle to actively disinvest in companies contributing to global warming, including Big Oil producers like Exxon and Chevron.

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      Brookfield Plans Over $2 Billion Investment in India Renewables

      2022-09-22

      BNN Bloomberg:  Brookfield Asset Management Inc. will infuse more than $2 billion into Indian renewable projects to tap the booming clean energy investment opportunity in the fossil fuel-driven economy.

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      Former SEC Commissioner Argues Against Asset Manager Blacklists

      2022-09-21

      Institutional Investor: Paul Atkins, former SEC Commissioner, is not a fan of the recent moves by Republican-led states to blacklist asset managers because they consider environmental, social, and governance factors when investing.

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      Blackstone Pledges to Hire 2,000 Refugees at Portfolio Companies

      2022-09-20

      Wealth Management: Blackstone Inc. vowed to hire 2,000 refugees across its portfolio companies and real estate properties worldwide, including 1,500 in the US.

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      Pensions Push Back at ‘Ridiculous’ DeSantis-Led Attacks on ESG

      2022-09-16

      BNN Bloomberg: After watching key GOP figures launch an all-out political attack on ESG, senior officials from the $57 trillion global pension industry are speaking out against the risks such an agenda poses to long-term savings.

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      SEC Chair Gensler Defends Climate Disclosure and Crypto Regulation Proposals

      2022-09-15

      Yahoo Finance: Yahoo Finance reporter Jen Schonberger details SEC Chair Gary Gensler's defense of climate disclosure and cryptocurrency regulation proposals.

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      T. Rowe Slams Goal-Linked ESG Bonds Doing Little Good

      2022-09-14

      BNN Bloomberg: On paper, it looks like a perfect deal for green-minded investors. They buy the bonds of companies that agree to slash their environmental footprints -- and pocket higher yields if the businesses are penalized for falling short of the goals.

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      Private Equity Still Investing Billions in Dirty Energy Despite Pledge to Clean Up

      2022-09-13

      The Guardian: Private equity firms pumping billions of dollars into dirty energy projects are exposing investors, including pensioners, to unknown financial risks as the planet burns and governments face escalating pressure to act, new research finds.

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      Fossil-Fuel Assets Creep Higher at $73 Billion Australia Pension

      2022-09-13

      BNN Bloomberg: Australian pensions giant UniSuper Management Pty’s fossil fuel investments have edged higher even as the fund faces heightened pressure to divest from the industry. 

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      Here’s How Managers Are Solving One Diversity Challenge

      2022-09-13

      Institutional Investor: In an asset management industry dominated by white men for decades, it’s no surprise that there aren’t as many women and underrepresented minorities with years of experience. 

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      Former Wholesaler Says Data Platform Will Help Tackle Lack of Diversity in Asset Management

      2022-09-13

      Wealth Management: Devon Drew, founder of DFD Partners, has spent the last 16 years of his career as a wholesaler at various asset management firms, including Vanguard, American Century Investments, Alger and J.P. Morgan Chase. And in those 16 years, he referred some 30 to 40 job candidates and managers from traditionally underrepresented backgrounds—Black and Hispanic among them—to those organizations.

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      FCA Sounds Alarm Over ESG Benchmarks

      2022-09-12

      FT Adviser: In a “Dear CEO” letter released last week (September 8), the FCA’s director of infrastructure and exchanges, Edwin Schooling Latter, said the regulator has concerns over the benchmarks.

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      1,500 Funds Risk Losing Article 9 Status Over Green Investment Level

      2022-09-12

      Funds Europe: Of the 6,000 funds analysed by FE fundinfo, 663 set the minimum level of investment in sustainable opportunities at 0%, while an overwhelming majority left the value blank.

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      Wall Street Hits Back at GOP in ESG war

      2022-09-09

      The Hill: Wall Street giants are defending a widespread initiative to invest in companies with environmentally friendly policies, moving away from investment in the fossil fuel industry following attacks on the practice from GOP leaders.  

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      HIG Capital Appoints Global Head of ESG

      2022-09-08

      Private Equity Wire: HIG Capital has appointed Kim Leinwand Erle as managing director and global head of ESG, a newly created role that reflects the global alternative asset manager's ongoing commitment to the integration of environmental, social and governance best practices across the firm.

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      These Institutional Investors Are Already Paying for Climate Change.They’re Investing to Fix That.

      2022-09-07

      Institutional Investor: Insurance companies have a front row seat to the destruction caused by an increase in the number and intensity of hurricanes, wildfires, and tornadoes. So it stands to reason that they would be ahead on environmental, social, and governance investing — at least when it comes to climate issues. 

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      New Fed Banking Chief Targeting Crypto and Climate Change as Top Priorities

      2022-09-07

      CNBC: The Federal Reserve’s new banking regulator outlined a broad agenda in a speech Wednesday that pushed for action on stablecoins, climate change preparations and both the safety and fairness of the finance industry.

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      What Happens When a Company Is a Climate Hero and a Governance Disaster?

      2022-09-07

      Institutional Investor: In a paper titled “The Hidden ESG Risks of Feel-Good Companies,” Adam Fleck, Morningstar’s director of equity research in ESG, argued that investing in stocks with high impact in areas like clean energy or gender equality doesn’t preclude exposure to ESG risks.

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      JPMorgan Product Reveals Wall Street’s Shifting Views on ‘ESG’

      2022-09-07

      BNN Bloomberg: A new ESG product that JPMorgan Chase & Co. is about to start offering clients shows how rapidly perceptions are changing about the investment strategy.

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      Markets Test Top Pensions’Commitment to ESG

      2022-09-06

      Institutional Investor: Even as the largest pension funds in the world grapple with macroeconomic challenges, they are still stepping up their commitments to environmental, social, and governance mandates. 

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      Strive Asset Management Sends Open Letter to Chevron to Deliver a Post-ESG Mandate

      2022-09-06

      Business Wire: Strive calls on Chevron to liberate itself from constraints imposed by its ESG-promoting "shareholders" and to focus exclusively on maximizing long run value for the company's ultimate owners.

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      More Than Half of FTSE 100 Companies Now Have ESG Committees

      2022-09-04

      BNN Bloomberg: A dedicated ESG committee can help a company speed up the push toward net-zero goals, lower emissions faster and boost investments in carbon offsets. Better ESG credentials, in turn, can improve a company’s eligibility for ESG-focused funds, raise the liquidity of its shares, and support the stock price.

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      India’s New ESG Rules to Address Corporate Green Washing

      2022-09-02

      BNN Bloomberg: India’s new environmental rules will help eliminate green washing by requiring companies to submit detailed emissions data starting next fiscal year, according to KPMG India’s ESG head.

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      Feeling Sad? You’re More Likely to Put Money Into ESG Funds

      2022-09-01

      BNN Bloomberg: A paper from researchers at Audencia, the Auckland University of Technology and the University of Adelaide found that when investors were feeling pessimistic or depressed, they made greater investments into sustainable assets.

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      Can CalSTRS Keep Politics Out of the Pension’s Net Zero Plan?

      2022-09-01

      Institutional Investor: The California State Teachers’ Retirement System wants to keep investments and politics separate, but its plans to cut its portfolio’s greenhouse gas emissions in half by 2030 could make that difficult. 

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      Super Funds Query Investment Manager’s Links to Anti-ESG Foundation in US

      2022-09-01

      The Sydney Morning Herald: Some of Australia’s largest superannuation funds are being urged to review their partnerships with an investment manager facing a backlash for sponsoring a Republican-aligned, climate-change sceptic foundation in the US.

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      Article 9 ESG Fund Manager Outperforms All Counterparts

      2022-09-01

      Funds Europe: A portfolio manager at Triodos Energy Transition Europe Fund grew by 50%, outperforming its Article 9 competitors in the first seven months of 2022 based on Europe's most stringent sustainable fund category.

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      CIP Reaches Close on €3bn Clean Hydrogen Fund

      2022-08-31

      Energy Voice: The CI Energy Transition Fund I (CI ETF I) was oversubscribed and closed at the hard cap of €3 billion (£2.58bn), making it “the largest dedicated clean hydrogen fund globally” according to the Danish fund manager.

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      Public Pension Plans Crossed Party Lines to Support ESG

      2022-08-30

      Institutional Investor: U.S. public pension plans are some of the environmental, social, and governance movement’s biggest supporters. Divisions along political party lines might change that. 

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      Asian-American Private Equity Professional Hits Portfolio Advisors with Federal Discrimination Suit

      2022-08-30

      Morning Star: Michelle Lee worked as senior counsel, investment for Portfolio Advisors and graduated from Yale Law School, but says she was passed over for promotions because she's Asian-American.

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      RBC Climate Action Mild Enough to Pass Texas Fossil Fuel Test

      2022-08-29

      Advisor's Edge: RBC’s climate policies have been deemed mild enough to pass a Texas test on whether banks are boycotting oil and gas companies.

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