.png?width=200&height=78&name=CH%20Diligence%20(thicker%20line-white).png "CH Diligence (thicker line-white)")
Reuters: Wells Fargo & Co Chief Executive Charles Scharf exasperated some Black employees in a Zoom meeting this summer when he reiterated that the bank had trouble reaching diversity goals because there was not enough qualified minority talent, two participants told Reuters.
IPE: AXA Investment Managers, BNP Paribas Asset Management, Sycomore Asset Management and Mirova have selected the research provider that will develop a tool to allow them to measure the impact of their investments on biodiversity. [Full article available to subscribers.]
Financial Times: Derivatives linked to the price of water will be vital to help businesses and investors manage the increasingly dramatic risk of climate change, a top US markets regulator has said. [Full article available to Financial Times subscribers.]
Financial Times: The leaders of the Big Four accounting firms have come together in an unusual joint initiative to unveil a reporting framework for environmental, social and governance standards. [Full article available to Financial Times subscribers.]
Funds Europe: More than a third of asset managers are not engaging with the issue of climate change, a report has claimed. Research conducted by the UK-based investment consultancy Redington found that more than a third (39%) of asset managers were, when asked, unable to provide an example of a climate change related engagement effort.
Pensions & Investments: The first U.S. government report on climate change's financial impact is sparking some optimism among sustainability-minded investors and advocates. [Full article available to subscribers.]
Institutional Asset Manager: The world’s three largest asset managers, BlackRock, Vanguard, and State Street, have either voted against or abstained from voting on all efforts to halt deforestation by shareholders of consumer brands and agribusiness companies since 2012, a new report from environmental advocacy group Friends of the Earth finds.
PKA is responsible for managing the pensions of Denmark’s healthcare professionals, nurses and social workers. With more than 325,000 members, the Danish public pension fund had 330 billion Danish kroner (USD49.5 billion) in assets under management as at December 31 2019.
As a responsible investor, PKA has implemented screening criteria around tobacco, weapons and coal, as well as the UN Global Compact’s principles. With regards to Climate Change, PKA allocated 10% of its assets to climate solutions. Additionally, as part of its active ownership strategy, PKA pushes companies from the coal, oil and gas sector to incorporate the Paris Agreement’s objectives into their business strategy. As such, the organization joined Climate Action 100+ to engage with their peers and increase their influence on portfolio companies.
Active Ownership Policy (available in Danish only)
Statement of Active Ownership 2019 (available in Danish only)
Reuters: Canada Pension Plan Investment Board (CPPIB), which manages the pensions of 20 million Canadians, is investing billions of dollars in fossil fuel companies, exposing it to significant climate-related risks, research by two universities said on Thursday.
The Guardian: BlackRock, the world’s largest asset manager, has disclosed that in the past year it has voted 55 times against directors at 49 companies for failing to make progress on tackling the climate crisis. [Full article available to The Guardian subscribers.]
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