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Law Commission: No barriers to pension funds making social investments

Law Commission pension social investments

There are no legal or regulatory barriers to pension funds, whether defined contribution or defined benefit, making investments that support the wider social good, according to a new report by the UK’s Law Commission. Current barriers identified by the Commission were, in most cases, structural and behavioural rather than legal or regulatory, the report concluded.… Read the rest

Task Force on Climate-related Financial Disclosures: Final report out Monday

Task Force on Climate-related Financial Disclosures

The Task Force on Climate-related Financial Disclosures (TCFD) set up by the Financial Stability Board will be publishing its final recommendations on Monday (29th June).

This follows a consultation on its initial report which was published in December which the TCFD said had generated 320 responses from respondents in 30 countries.… Read the rest

Pension funds should work to encourage better human capital reporting

human capital reporting

Diandra Soobiah, Senior Research Analyst at NEST, the UK government’s auto-enrolment pensions provider has argued for pension funds to work together to encourage companies to improve their disclosure of human capital information.

In an article written for Professional Pensions and available on the trade union Unite’s pensions activist website Soobiah said that the adoption of automatic enrolment in the UK meant the number of workers enrolled in defined contribution (DC) workplace schemes is expected to rise to 17 million by 2030.… Read the rest

ShareAction expands to take over the Asset Owners Disclosure Project

Shareaction Asset Owners Disclosure Project

Responsible investment pressure group ShareAction has taken over the Asset Owners Disclosure Project (AODP), which has worked to improve the management of climate risk investors have in their portfolios and to improve the level of disclosure about those risks.

For the past 10 years, the AODP has ranked the climate-related financial disclosures of the world’s largest pension funds, insurers, sovereign wealth funds and endowments,  and this work will be continued by ShareAction.… Read the rest

Indian financial regulator sets up corporate governance committee

India corporate governance committee

The Indian financial regulator, the Securities and Exchange Board of India (SEBI) has set up a committee to advise on issues relating to the corporate governance of listed companies. SEBI wants the committee to recommend improvements within the next four months.… Read the rest

Trump confirms US withdrawal from Paris climate change agreement

American companies, responsible investment campaigners and city mayors have voiced their support for the Paris climate change agreement after President Donald Trump confirmed he would withdraw the US from the accord. During his election campaign last year Trump had suggested scepticism about climate change and efforts made by the Obama administration to move the US to generating more of its energy from renewables.… Read the rest

RLAM’s Glencore governance worries flagged in AGM results

Glencore Royal London Asset Management

Royal London Asset Management (RLAM), voiced concerns about the unusual remuneration and board structure of Glencore ahead of its May 24 AGM.

The voting results show RLAM’s concerns may have been shared by other shareholders. While all Glencore’s resolutions were carried,  the figures showed dissatisfaction with the board with the nomination committee chairman Peter Grauer polling 13.92% vote against.… Read the rest

Shell climate change resolution defeated

Shell

Shareholders back management on climate change

Shareholders in oil giant Shell overwhelmingly gave their backing to management and its approach to planning for a transition to a low carbon economy at its AGM this week (23rd May). The voting results show that only 6.3% of investors supported the shareholder resolution calling for it to set and publish targets for reduction of its greenhouse gas emissions (GHG) aligned with the Paris Agreement targets.… Read the rest

Tesco renewable electricity target by 2030

Tesco renewable electricity

Tesco, the UK’s largest retailer by sales, to commit the company to use 100% renewable electricity by 2030, which the responsible investment pressure group, ShareAction, said was partly due to the influence of investors.
Tesco has become one of the latest major companies to join the global RE100 initiative and  ShareAction has been among those engaging with Tesco to encourage it to take this step.… Read the rest

Shell faces shareholder resolution for greenhouse gas targets

Shell

Oil giant Shell is facing a shareholder resolution at its AGM next week (23rd May) calling for it to set and publish targets for reduction of its greenhouse gas emissions (GHG) that are aligned with the Paris Climate Agreement goal of reducing global warming to two degrees celsius.… Read the rest