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Bloomberg: The heads of eight large Canadian pensions funds are pleading with companies to improve their environmental, social and governance disclosure by giving investors “consistent and complete” data.
IPE: The International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) are planning to merge, the organisations have announced.
Financial Times: UK listed companies are failing to live up to their diversity promises and treat reporting on their culture and strategy as a “box-ticking exercise”, according to a highly critical regulatory report. [Full article available to Financial Times subscribers.]
BNN Bloomberg: The European Commission failed to fully consider conflicts of interest when it appointed BlackRock Inc. to advise on new sustainable-finance rules for banks, according to a ruling by the European Union’s watchdog.
Yahoo! Finance: A new type of bond that penalizes issuers for failing to meet social and environmental goals is raising concern among some investors that buying the debt may not be all that ethical.
Institutional Investor: Institutional investors should examine the vulnerability of their holdings to climate change as scientific evidence points to natural catastrophes being more likely and severe as a result of increased carbon emissions, according to a study by the Financial Stability Board.
BNN Bloomberg: The Swedish bank that brought the first green bond to the world over a decade ago is now forcing corporate clients to prove they’re clean enough to stay on its books.
Established in 1990, the State Pension Fund of Finland (VER) is responsible for balancing the country’s pension expenditure. As at December 31, 2019, they had € 20.5 billion ($US 22.7 billion) of assets under management.
As part of its responsible investment approach, VER considers environmental, social and governance (ESG) factors in its investment decisions (including monitoring). Additionally, it applies norms-based and negative screening based on the UN Global Compact and companies with significant portions of revenues derived from weapons, alcohol, tobacco, gambling or adult entertainment. Moreover, as part of its commitment with the UN PRI, VER engages with external asset managers to promote the implementation of the UN's Principles for Responsible Investment.
IPE: The European Commission has launched a public consultation on the first two sets of detailed screening criteria under the EU sustainability taxonomy regulation, triggering warnings that they are at risk of deviating from scientific evidence.
Bloomberg Wealth: The world’s biggest companies seem to have decided that leadership in a global pandemic is men's work. [Full article available to Bloomberg subscribers.]
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