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Financial Times: Asset managers are gearing up for a battle with the Trump administration over a new proposal that threatens investors’ ability to incorporate environmental, social and governance principles into pension portfolios. [Full article available to Financial Times subscribers.]
Bloomberg: Climate activist group Extinction Rebellion called on the Bank of England to stop providing emergency funding to companies that contribute to climate change.
Financial Times: In recent years, some investors have felt so irritated by the pious tone of the environment, social and governance sector they have joked that the ESG acronym should stand for “eye-roll, sneer and groan”. [Full article available to Financial Times subscribers.]
World Bank Blog: The COVID-19 pandemic has changed the way we live and work, throwing so much about the future into doubt. Amid the crisis, governments, financial institutions and investors are focused on the immediate challenges of saving lives and businesses and minimizing long-term market disruption.
Reuters: The European Commission’s decision to hire BlackRock, the world’s largest asset manager, to advise it on new environmental rules for banks, has triggered an investigation by the European Ombudsman following complaints by several lawmakers and a civil group.
Institutional Investor: Before asset managers can successfully invest in companies according to environmental, social and governance principles, they need to get their own houses in order. But such a cultural reset takes a big investment in time and money.
The Sydney Morning Herald: In the “About Us” section of the AMP Capital website, there is a subheading about “Culture and Diversity” which assures the reader that “fostering diversity and inclusion empowers our global workforce”.
Citywire Selector: The future may well be green for passives. With ETF giant BlackRock nailing its colours to the ESG mast, the sheer volume of assets allocated to ESG via passive strategies is likely to skyrocket in the not-too-distant future.
The Los Angeles County Employees Retirement Association (LACERA) was introduced to administer a pension trust fund providing defined retirement and death benefits to eligible Los Angeles County employees. As at June 30, 2019, LACER had US$ 58.2 billion of assets under management.
As an UN PRI signatory, LACERA integrates ESG factors into the investment analysis that might impact the risk/return profile of their investments. Additionally, ESG is integrated in the selection and monitoring of external assets managers as one of 5 core components. Finally, LACERA collaborates with its peers to push for better practice regarding board diversity in Californian companies, climate resilience and sustainability reporting.
Wall Street Journal: When Charles Scharf took over at Wells Fargo & Co. last year, tasked with moving the bank past a fake-accounts scandal, he brought in a cleanup crew of former colleagues from his long career on Wall Street.
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