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Welcome to Manifest-I the blog of Manifest Information Services Ltd. Here we take a wide ranging view of topical governance and stewardship issues. Please feel free to add your comments and join the debate. Sign up to receive free weekly updates.

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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

Thames Water fined over missed leakage reduction target

Thames Water fined

The water sector regulator, Ofwat, has fined Thames Water the maximum automatic penalty it can of £8.55m for admitting in this year’s report and accounts that it will miss its leakage reduction targets for the first time 11 years. Ofwat said the penalty is borne by the company alone and cannot be passed on to customers.… 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

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

ShareAction: Investors to oppose BP and Shell’s pay policies

BP remuneration policy

Responsible investment pressure group, ShareAction is calling on investors to oppose the executive pay policies of oil companies, Shell and BP, arguing that they are not aligned with the long-term interests of shareholders.
ShareAction said that the remuneration for executives at both oil companies is rewarding the achievement of corporate strategies which could put shareholder value at risk as the economy shifts towards low carbon energy production.… Read the rest

Fortune 500: clean energy target increase

Donald Trump Paris climate change agreement

Nearly half of Fortune 500 companies—48%—have at least one climate or clean energy target, according to a report from WWF, Calvert Investments, CDP and Ceres. This is up 5% from an earlier 2014 report.

Power Forward 3.0 also found that the top companies the Fortune 100 continue to take the lead in tackling climate change with 63% of Fortune 100 companies have set one or more clean energy targets.… Read the rest

Guidance on stewardship code in Japan published

Japan corporate governance code

Guidance on Stewardship Code for institutional investors in Japan to perform their duties effectively has been published by the Principles for Responsible Investment (PRI), the United Nations Environment Programme Finance Initiative (UNEP FI) and the Generation Foundation as part of its series on Fiduciary Duty in the 21st century.… Read the rest

UN Environment and World Bank launches Sustainable Finance plan

United Nations Environment World Bank sustainable finance

The United Nations Environment Programme (UN Environment) and the World Bank have launched a summary of their Roadmap For A Sustainable Financial System. The aim is to have a final roadmap agreed by October this year.

This latest publication forms part of the UN Environment inquiry into the design of a sustainable finance system that has been running since 2014 and has a mandate to continue until the end of 2017.… Read the rest

LGIM to use vote to put pressure on firms to take climate change action

LGIM climate change

Legal & General Investment Management (LGIM) will be using its shareholder vote at company AGMs to put pressure on companies to take action to respond to climate change and demonstrate they are taking measures to move to a low carbon economy.… Read the rest

UK businesses and government should do more on human rights

UK human rights business

The UK government should impose a duty on all companies to prevent human rights abuses with the failure to do so becoming an offence, the parliamentary joint committee on human rights has recommended in its report on human rights and business.… Read the rest