.png?width=200&height=78&name=CH%20Diligence%20(thicker%20line-white).png "CH Diligence (thicker line-white)")
Financial Times: Protesters dressed as bankers and coal miners gathered in London this summer brandishing a banner that read: “Barclays ♡ Coal: UK’s #1 Coal Bank.” [Full article available to Financial Times subscribers.]
Bloomberg: Just like in traditional investing, there are dozens of strategies you can use to be an ESG investor. There are funds that pick the best-rated low-carbon companies, funds that focus on companies with more women on boards, and funds that use a series of ratings and checklists to ensure the stocks they are betting on are “better” than the rest of the market.
Financial Times: M&G, the FTSE 100 asset manager, has taken a tougher stand against companies that cut dividend payments while forking out big executive bonuses, in a sign of the pressure on businesses to share the pain of the coronavirus pandemic. [Full article available to Financial Times Subscribers.]
Bloomberg: Embedding social responsibility into a company’s organizing documents has sometimes been seen as risky, but private equity pioneer and hedge fund founder Jeff Tannenbaum is betting it is the future.
All About Alpha: Economists in general, and scholars of finance in particular, have long been concerned with the “agency problem,” the conflict of interest inherent in any relationship where X is expected, and perhaps required by law or contract, to act in the best interest of Y. The problem exists because, for example, stockholders expect a corporate management to act on their behalf, and limited partners expect a fund management to act on theirs. But it ain’t necessarily so.
Financial Times: Even before Covid-19 hit, there was a growing clamour around the need to integrate environmental, social and governance (ESG) factors into corporate and investment decisions, taking a wider range of stakeholder interests into account. This was intensified by the pandemic and the death of George Floyd, which put social issues and equality under the spotlight. [Full article available to Financial Times subscribers.]
Financial Times: When BP and Royal Dutch Shell announced plans to slash billions of dollars off the value of their assets this summer in response to the coronavirus pandemic and climate change, many of their biggest shareholders were sanguine about the hit. [Full article available to Financial Times subscribers.]
Established in 1987, the National Pension Service ("NPS") is a public pension fund seeking to enhance social stability and welfare in South Korea. As at June 30 2020, NPS was the third largest pension fund in the world with KRW 752 trillion (USD 633 billion) of assets under management.
As part of its Investment Principles, NPS seeks to fulfill the fiduciary duty of managing the Fund while considering ESG factors, among others to improve investment sustainability. As such, NPS integrates ESG issues in its listed equity strategies and when selecting, appointing and monitoring external managers.
Bloomberg: Calls for racial diversity at every level of the corporate world have inspired socially conscious investors. It’s a powerful group, with more than $30 trillion in global assets backing companies that prioritize environmental stewardship, social impact, and good governance, known by the shorthand ESG. But when it comes to how integrated companies are— or aren’t—the data are painfully limited.
Financial Times: Germany is expected to sell its first ever green government bond next week, in a deal investors predict will boost the market for debt linked to spending on environmental projects. [Full article available to Financial Times subscribers.]
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