Reuters: The European Commission on Wednesday published its long-awaited system to classify "green" investments in sectors from industry to transport, but delayed vexed decisions on whether to label nuclear energy and power plants fuelled by natural gas as green.
Reuters: Britain’s pensions regulator will consider enforcement action against pension schemes that do not make mandatory climate risk disclosures, it said on Wednesday.
Institutional Asset Manager: Legal & General Investment Management (LGIM), one of the world’s largest asset managers, has released its tenth annual ‘Active Ownership’ report, which reveals that over the course of 2020, it increased company engagements by 21 per cent and continued to vote globally, opposing the election of more than 4,700 company directors, as it sought to effect positive change at companies in which it invests.
ESG Today: Several sustainability-focused investors and investment organizations have signed on to an open letter, along with scientists and NGOs, calling for new fossil gas projects to be excluded from the EU Taxonomy classifying sustainable investments.
IPE: FIR and France Invest publish report about conclusions reached by working group of investment professionals. [Full article available to IPE subscribers.]
BNN Bloomberg: The biggest Nordic bank plans to reduce its holdings of oil and gas stocks. The largest French insurer dropped RWE AG as a client because of the German energy giant’s reliance on coal. HSBC Holdings Plc announced plans to scale back its lending to fossil-fuel companies following criticism from shareholders. And the European Union has introduced new rules intended to crack down on greenwashing by managers of investment funds.
Funds Europe: Asset managers are keeping UK pension trustees in the dark on how they oversee their investments, research has suggested.
Top1000Funds: The world’s largest sovereign wealth fund says that voting is one of the most important tools to safeguard its assets. Ahead of the AGM season getting underway, NBIM – which owns the equivalent of 1.5 per cent of every listed company – plans to publish its voting decisions five days ahead of corporate meetings in a bid to increase transparency.
Institutional Asset Manager: The average pay for female directors at FTSE-350 financial services firms stands at GBP247,100 compared to GBP722,300 for their male counterparts, suggesting slow progress has been made in promoting women to senior, higher-paid executive positions, according to new research by Fox and Partners, the employment and partnership law specialists.
Financial Post: For the second consecutive year, Barclays Plc shareholders will vote on whether the bank should wind down its lending to the fossil-fuel sector.