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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.
Los Angeles Times: Just as 2020 seemed like it might be a breakthrough year for corporations looking to combat climate change, the novel coronavirus emerged.
Pensions & Investments: Combining environmental, social and governance assessments for companies into an aggregated score can present a trade-off in performance.
Institutional Asset Manager: The coronavirus crisis has triggered some ESG rebalancing in the sustainable fixed income space in favour of social bonds, according to NN Investment Partners. In the past, green bonds have dominated, but the firm says that a heightened focus on the social implications of the pandemic has shifted the emphasis from E to S in the last couple of months, and led to an increase in bonds that raise funds for social projects.
Financial Times: Coronavirus and its economic consequences threaten to wipe out progress on gender equality at work as women are at greater risk of losing their job, more likely to be exposed to infection and take on more of the burden of unpaid care, the International Labour Organization has warned. [Full article available to Financial Times subscribers.]
Institutional Asset Manager: Banks, investors and insurers need to understand their impact and dependency on nature, and start setting targets such as ‘net positive impact' to achieve international policy goals on biodiversity, finds new research by the United Nations Environment Programme (UNEP) and the Natural Capital Finance Alliance (NCFA).
Institutional Investor: Alongside Bono, Richard Branson, and eBay founder Pierre Omidyar, private equity firm TPG launched the Rise Impact fund in 2016. The offering committed “to deliver positive and sustainable impact” while creating a “top-performing fund.” At the time, Bono remarked that “capitalism is going up on trial, and I think that it’s clear that putting profit before people is a nonsustainable business model.”
Bloomberg: Matt Patsky confronts corporations on everything from their carbon footprints to the diversity of their workforces. But now, in the wake of racial unrest sweeping America, Patsky is having a reckoning of his own.
Institutional Asset Manager: An informal stakeholder group of investors, finance industry groups, and NGOs has set out ways to improve the reporting by businesses of environmental, social and governance (ESG) information, saying the world is “at a crossroads” for building a sustainable recovery from the coronavirus pandemic.
Financial Times: What can asset managers do to help during a pandemic? The answer is quite a lot.
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