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Financial Times: The Arab Bankers Association of North America last week honoured Farouk Bastaki, the head of the Kuwait Investment Authority, at a glittering dinner in New York. The crowd included recipients — and no doubt some would-be recipients — of riches from his sovereign wealth fund, one of the largest in the world. [Full article available to Financial Times subscribers.]
FT Adviser: The Association of Member-Nominated Trustees (AMNT) had complained to the FCA in May about fund managers failing to allow pension scheme trustees to operate a stewardship policy for the environmental, social and governance (ESG) aspects of the companies in which they invest via fund managers.
IPE: Half of the large Dutch pension funds have not defined specific action points on climate change. Of the 50 pension funds examined by the VBDO, 12% lacked an explicit policy against climate change, while 38% had only addressed the issue in general terms, the organisation found.
Institutional Asset Manager: Like Switzerland, Germany is home to several banks that cater to the investment needs of wealthier clients. These wealth managers are referred to as ‘private banks’ in Germany, and one of the oldest is Bankhaus Metzler in Frankfurt. Founded in 1674 by textile dealer Benjamin Metzler, the private bank has remained family-owned ever since.
IPE: A public sector pension fund association has hosted an event to allow investors to hear from representatives of communities affected by mining company BHP’s operations in South America as it tries out a new approach to engagement.
Funds Europe: Environmental, social and governance (ESG) criteria are of increasing importance to the decision-making process when looking to invest in real assets. As demand for real assets continues to grow against a backdrop of ongoing macro and political concerns, 90% of institutional investors said ESG was an important factor.
The Wall Street Journal: A U.K. regulator launched a new code for asset owners and managers, asking them to consider environmental, social and governance factors at companies they are investing in. The Financial Reporting Council’s new stewardship code forces participating pension funds, insurance firms, fund managers and other service providers to show how they protect and enhance the value of their investments for the long term. It replaces an existing code from 2012.
IPE: A shareholder resolution asking mining company BHP to suspend its membership of trade associations not lobbying in line with the Paris Climate Agreement won just over 22% of the votes at the company’s London AGM yesterday.
FinTech Futures: Outlining the actions it will be taking on climate change and green finance with financial institutions (FIs) and other regulators, the FCA says it will engage with and consider the EU’s sustainable finance action plan (SFAP) proposals “particularly around common standards and product disclosures”.
IPE: The Church of England Pensions Board (CEPB) has criticised influential proxy voting advisers’ stance on climate change-related resolutions ahead of an annual general meeting of mining company BHP in London next week.
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