Institutional Investor: “That lady in Central Park is a PM at an asset manager,” one chief investment officer tweeted Monday night, followed by a facepalm emoji.
Forbes: The Securities and Exchange Commission should take the global lead in mandating material ESG (Environmental, Social and Governance) disclosures, the SEC’s Investor Advisory Committee (IAC) urged today.
Pensions & Investments: Eight state treasurers have joined other institutional shareholders in pushing J.P. Morgan for governance reforms to address climate change.
Financial Times: JPMorgan Chase has promised to announce a new lead independent director by the end of September, bringing an end to the 19-year tenure of former ExxonMobil chief Lee Raymond and satisfying demands for change led by New York City’s comptroller and climate groups. [Full article available to Financial Times' subscribers.]
Bloomberg: The officials who oversee New York’s city and state pensions are joining a push to remove Lee Raymond, JPMorgan Chase & Co.’s longest-serving director, from the bank’s board due to his track record on climate change.
Pensions & Investments: U.S. senators have sent competing letters to Federal Reserve Chairman Jerome Powell regarding climate risk in BlackRock's management of the Fed's three new programs aimed at supporting the U.S. economy amid the coronavirus pandemic.
Bloomberg: When Billy Bailey first pitched betting against shale stocks to oil tycoon T. Boone Pickens, crude prices were above $70 a barrel and the fracking boom was in the first few years of its life.
Bloomberg: Citigroup Inc. will stop providing financial services to thermal coal-mining companies over the next 10 years to help accelerate the economy’s shift away from fossil fuels.
The Wall Street Journal: Last year, 11 mutual funds in the U.S. rebranded themselves or changed their strategy to emphasize interest in environmental, social and governance, or ESG, on the part of the companies that they held.
Institutional Investor: The hedge fund that’s vacuumed up almost 100 local newspapers hit its Southern California papers with another round of layoffs Thursday, cutting jobs that the state deems “essential” in fighting the pandemic.
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