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All About Alpha: Economists in general, and scholars of finance in particular, have long been concerned with the “agency problem,” the conflict of interest inherent in any relationship where X is expected, and perhaps required by law or contract, to act in the best interest of Y. The problem exists because, for example, stockholders expect a corporate management to act on their behalf, and limited partners expect a fund management to act on theirs. But it ain’t necessarily so.
Financial Times: Even before Covid-19 hit, there was a growing clamour around the need to integrate environmental, social and governance (ESG) factors into corporate and investment decisions, taking a wider range of stakeholder interests into account. This was intensified by the pandemic and the death of George Floyd, which put social issues and equality under the spotlight. [Full article available to Financial Times subscribers.]
Financial Times: When BP and Royal Dutch Shell announced plans to slash billions of dollars off the value of their assets this summer in response to the coronavirus pandemic and climate change, many of their biggest shareholders were sanguine about the hit. [Full article available to Financial Times subscribers.]
Bloomberg: Calls for racial diversity at every level of the corporate world have inspired socially conscious investors. It’s a powerful group, with more than $30 trillion in global assets backing companies that prioritize environmental stewardship, social impact, and good governance, known by the shorthand ESG. But when it comes to how integrated companies are— or aren’t—the data are painfully limited.
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.
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.
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.
Bloomberg: Citigroup Inc. Chief Executive Officer Michael Corbat said banks should start walking away from clients who don’t acknowledge the need to reduce their carbon emissions -- even as he pledged support for the fossil-fuel industry.
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