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Harvard Business Review: Over the last decade, U.S. venture capital investments quadrupled, the number of businesses started by women grew to 40%, and we’ve seen growth in the number of entrepreneurs of color. However, the percentage of venture capital dollars going to women-founded companies has barely budged since 2012, and the numbers are even worse for Black and Latinx founders — only 1% of VC-backed founders are Black, and less than 2% are Latinx.
Bloomberg: The European Union is planning to sell green and social bonds to finance some of its 750 billion-euro ($887 billion) recovery fund, according to a person familiar with the matter.
Financial Times: Property investors may think they have enough to worry about right now, with the pandemic driving some commercial tenants to suspend rent payments while others consider whether they will need big office or retail space at all in future. [Full article available to Financial Times subscribers.]
Bloomberg: As ESG investing grows, a key question for asset managers and owners will be whether the strategy can be as good at solving the world’s most pressing problems as it can be at avoiding risk.
Institutional Investor: A proposal from the DOL seeks to block 401(k) plans from offering ESG funds. US SIF’s Lisa Woll and former Department of Labor deputy assistant secretary Judy Mares say such a move would harm the very investors the department is meant to protect.
Financial Times: The UN-backed Green Climate Fund, the world’s largest climate finance institution, is facing a wave of internal misconduct complaints including allegations of sexism and harassment in the workplace, and criticism over the death of an employee from coronavirus. [Full article available to Financial Times subscribers.]
Bloomberg: Norwegian life insurer Storebrand ASA has beefed up its climate policy, leading it to exit oil giants Exxon Mobil Corp. and Chevron Corp. and accelerate a full divestment from coal.
AustralianSuper is the largest Superannuation and Pension Fund in Australia. As at December 31 2019, AustralianSuper managed the retirement assets of 1 in 10 Australians and had AUD186.5 billion of assets under management (US$ 126 billion).
As part of its engagement to the UN PRI, AustralianSuper has implemented a framework resting on these three pillars: ESG Integration, Active Ownership and Member Values. With regards to Climate Change, AustralianSuper is a member of Climate Action 100+ and supports the Taskforce for Climate-related Financial Disclosures. As such, the organization has released a report aligned with the TCFD reporting framework addressing its Governance Structure and its risk management procedures with regards to Transition and Physical climate-related risks.
Reuters: One of the world’s leading investor groups pushing for more corporate action on climate change said it has added Mexican state-owned oil company Petroleos Mexicanos (Pemex) to its list of targets.
Institutional Investor: In the aftermath of March’s coronavirus crash, numerous fund managers and data providers determined that companies with high ESG scores outperformed during the rapid sell-off — and a surge of money followed into funds focused on environmental, social, and governance issues.
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