More ESG news – Page 265
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US pensions file legal actions against Goldman Sachs
GLOBAL – Two US pension funds are among a number of plaintiffs filing class action lawsuits against Goldman Sachs in the wake of the US Securities and Exchange Commission's (SEC) decision to sue the company for fraud.
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PGGM to increase direct engagement projects
NETHERLANDS – PGGM, the €90.8bn pension asset manager for the care and welfare sector, intends to increase its direct engagement with companies despite initiating more than 80 direct engagement projects on environmental, social and governance (ESG) factors in 2009.
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Pension funds call for improved anti-corruption measures
GLOBAL – The four Swedish pension buffer funds from AP1 to AP4 and APG Asset Management are among a coalition of 20 institutional investors calling for firms to improve anti-corruption measures and disclosure.
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Avon steps up SRI programme
UK – The £1.8bn (€2.1bn) Avon Pension Fund is stepping up its responsible investor credentials by endeavouring to meet the UN’s strict principles of responsible investment (UNPRI) through a new mandate.
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NewsZurich prosecutor confirms investigation into UBS
SWITZERLAND – The department for financial crime of the Zurich public prosecution office has started preliminary research into the Swiss bank UBS, a spokesman for the prosecutor confirmed to IPE.
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NewsStewardship Code continues to receive mixed views on governance
UK – The Institute of Directors (IoD) believes the proposed Stewardship Code needs to do yet more to encourage institutional investors to engage with companies.
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Ethos demands legal action over former UBS board
SWITZERLAND – Shareholders of UBS have declined to discharge the Swiss bank’s former board members in a close vote, so Ethos has renewed calls for legal action.
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Pension funds lose oil sands campaign against BP
GLOBAL – Pension fund campaigners have just lost the latest battle with BP, the oil giant, to gain more financial, environmental and social information on the impact of extracting oil sands.
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Oil sands resolution continues to gain pensions support
GLOBAL – Several major US pension funds and Australian superannuation investors are the latest players to back a call for BP to report further information on the implications of extracting oil from tar sands.
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PGGM proposes equity cutback for engagement reasons
NETHERLANDS - PGGM, the pension asset manager for healthcare and related industries, will suggest to clients including the PFZW health and welfare pension fund that they invest in fewer companies or adopt an exclusion policy.
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Hermes GPE private equity arm eyes mid-size pensions
UK – Hermes Fund Managers Limited and Gartmore Investment Management Limited have combined their private equity fund of fund businesses into a new company Hermes GPE LLP, which will have strong focus on responsible investing.
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NewsLAPFF opposes oils sands campaign and backs BP (updated)
UK – The Local Authority Pension Fund Forum (LAPFF) has advised its members to oppose a shareholder resolution at BP's annual general meeting (AGM) in April calling for more disclosure on the oils sands project.
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Swedish AP funds' ethical council maintains focus on oil sands
SWEDEN – Oil sand extraction is one of the key areas of focus in 2010 for the Ethical Council of the Swedish AP funds through both dialogue work and joint initiatives.
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NPRF already aware and engaged on tar sands issues
IRELAND – The National Pension Reserve Fund (NPRF) has been actively engaging with companies on the issues around oil sands for several years, the fund claims. It highlighted its work after politicians and lobby groups called for the pension fund to back shareholder resolutions on the issue at the next ...
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UK should look to Sweden on investor engagement
UK/SWEDEN – Adapting the idea of shareholder-led nomination committees, as used in Sweden, could encourage UK institutional investors to become more engaged in corporate governance issues, a UK think tank has claimed.
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ICGN sets out guidelines for non-executive directors
GLOBAL - A global pressure group has called for non-executive directors to be denied access to retirement benefits usually granted to members of the board.
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Pension funds must step up engagement - Eumedion
NETHERLANDS - Institutional investors must increase their involvement as long-term shareholders by exercising their voting rights, according to the corporate governance platform for institutional investors Eumedion. They must also engage with companies.
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Imminent EC corporate governance code raises pension hackles
EUROPE – The European Commission is understood to be preparing a green paper on corporate governance in the wake of the financial crisis, but pension fund bodies are concerned that investors will be subject to onerous legislation.
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Audits and financial reporting key issues for investors
UK – Financial reporting by companies should meet the needs of owners, which means that the role of company audits and related disclosure to shareholders are key governance issues, the Local Authority Pension Fund Forum (LAPFF) has claimed.
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USS to push for Dutch takeover changes in light of Océ concerns
UK/NETHERLANDS - Hermes Focus Asset Management and the £28bn (€31.3bn) Universities Superannuation Scheme (USS) have agreed to tender their shares in Océ as part of a takeover bid of the company by rival printing firm Canon.
