.png?width=200&height=78&name=CH%20Diligence%20(thicker%20line-white).png "CH Diligence (thicker line-white)")
Bloomberg: Harris Associates, a multibillion-dollar asset manager that has touted responsible investing, agreed to enact a series of investor-driven measures after it was disclosed that one of its top managers helped fund groups that question the consensus on climate change.
IPE: Danish pension funds PKA, Lærernes Pension and Velliv have all taken action recently on their holdings in US companies involved in the running of for-profit prisons, with the first two divesting and the third engaging with firms to improve practices.
IPE: Born of a reverse enquiry from Swedish pension plans more than 10 years ago, green bonds are now a well-established asset class, accounting for a growing share of global fixed-income issuance and increasingly diverse in terms of issuers.
IPE: Sustainability is reshaping the ecosystem of capital markets and the behaviours of their participants. But that journey will be evolutionary. It requires mindset shifts as much as physical changes from the way investing has been done historically. Early progress, however, augers well for the future in spite of formidable obstacles.
European Pensions: The Parliamentary Contributory Pension Fund (PCPF) has announced that it is reducing its investment in fossil fuels and increasing its exposure to renewable energy.
The Asset: The European Union Technical Expert Group (TEG) on Sustainable Finance recently published its report on a Usability Guide for the EU Green Bond Standard (EU GBS), taking another step forward towards establishing a Green Bond label.
IPE: Swedish national pension fund AP1 has become the first pension fund in Sweden to announce it is divesting all fossil fuel companies, citing the financial risks involved in such investments given the ongoing international transition to a low-carbon economy.
IPE: A consultation has been launched on draft non-statutory guidance for occupational pension scheme trustees on assessing, managing and reporting climate-related risks.
PensionDanmark was established by labour unions in Denmark to provide pension benefits to all blue collar workers. Today, it is one of the largest pension funds in Europe with €32 billion of assets under management as at December 31, 2018.
The pension fund employs strict screening criteria on human rights, the environment, climate factors, corruption and corporate governance, in addition to international norms by the ILO and the UN. In its public equity portfolio, PensionDanmark leverages corporate engagements and proxy voting at portfolio companies to improve their ESG performance. Furthermore, the pension fund is directly invested in renewable energy infrastructure, producing 3,665 GWh of green energy per year. Finally, the pension fund reported its own ESG performance using a methodology developed by the CFA Society Denmark (Finansforeningen), the trade organization of Danish Auditors (FSR) and Nasdaq Copenhagen – a first in Denmark for a pension fund.
Top 1000 Funds: Being passively invested shouldn’t mean being passive with regard to responsibilities says the Church of England Pension Board which has developed a new climate transition index with FTSE Russell, LSE and TPI that is the first to incorporate forward-looking climate data.
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