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Reuters: The U.S. Federal Reserve said on Tuesday it has joined an international group of central banks focused on climate change risk, a signal that the Fed could move to incorporate the impacts of global warming into its regulatory writ.
Pensions & Investments: Institutional investors and others are using new tactics to push oil and gas companies to get serious about climate change. [Full article available to Pensions & Investments subscribers.]
Yahoo! Finance: BlackRock Inc., the world’s largest asset manager, plans to next year push companies for greater ethnic and gender diversity for their boards and workforces, and says it will vote against directors who fail to act.
Investment News: The fund also said it may divest from the riskiest oil and gas companies by 2025.
Reuters: With money pouring in to assets linked to sustainable investing, exchange operators have increased their focus on Environmental, Social and Governance (ESG) business opportunities, which could get a boost from the policies of President-elect Joe Biden.
Financial Times: One of the US’s most senior financial regulators has admitted the asset management industry is “not doing a good job” at making improvements in diversity and inclusion. [Full article available to Financial Times subscribers.]
Bloomberg: The heads of eight large Canadian pensions funds are pleading with companies to improve their environmental, social and governance disclosure by giving investors “consistent and complete” data.
BNN Bloomberg: A group of financial institutions including Morgan Stanley, Bank of America Corp. and Citigroup Inc. are introducing a global accounting standard to gauge the climate impact of financial transactions.
BNN Bloomberg: Allianz SE’s Pacific Investment Management Co. was sued by a pair of female workers who allege the money manager operates as a fraternity that favors white males.
Pensions & Investments: In likely his final appearance before the Senate Banking Committee, SEC Chairman Jay Clayton received warm wishes Tuesday on his future endeavors and some pointed criticisms from Democrats on issues like climate change risk disclosures. [Full article available to Pensions & Investments subscribers.]
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