More ESG news – Page 302
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Polish treasury stays tough in Eureko dispute
POLAND – The Polish treasury has told IPE that the state-held stake in the country’s largest insurer, PZU, will not be reduced until the ongoing conflict with Dutch shareholder Eureko is resolved.
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Environment Agency to lose investment manager
UK – Nick Greenwood, investment manager at the £1.5bn (€2.2bn) Environment Agency pension fund, is leaving to run the Berkshire Fund.
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Swiss government mulls new governance standards
SWITZERLAND – The government is planning a host of measures aimed at improving corporate governance at local pension funds in the aftermath of the Swissfirst affair.
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Pension sector should speak up on governance - PIRC
EUROPE – European pension funds need more voices that can speak for their sector as shareholders, according to Alan MacDougall, managing director of corporate governance specialist PIRC.
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DNB supports ABN Amro against hedge fund
NETHERLANDS - The president of the Dutch Central Bank (DNB) Nout Wellink has voiced support for ABN Amro, after demands in a letter from the hedge fund TCI for it to break up.
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European venture capital targets sustainability (amended)
EUROPE – European investors committed €1.25bn to sustainable venture capital products as of 2006, while total private equity hit record levels of financing, according to the European Social Investment Forum (Eurosif).
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Ethos plans Novartis revolt
SWITZERLAND – Socially-responsible manager Ethos says it will oppose the re-election of a senior official at the Swiss pharmaceuticals giant Novartis during the firm’s annual shareholder meeting on March 6.
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F&C reports increasing shareholder clashes
UK – F&C Investments opposed or abstained on management recommendations in 18% of cases in 2006 – an increase against the 14% it reported for 2005.
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Four Winds says "ethical business is good business"
EUROPE – New boutique Four Winds Capital says they are not looking at superficial SRI box-ticking but direct involvement in investment regions.
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French civil servants to put up to €1.2bn in SRI
FRANCE – BNP Paribas AM, Integral Development AM (IDEAM) and Robeco Institutional AM have been awarded SRI mandates by the funded scheme for French civil servants (ERAFP).
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Kiwi Greens demand Norwegian ethics
NEW ZEALAND – A leader of the Green Party in New Zealand has criticised his country’s state pension fund for investing in 12 companies the Norwegian State Pension Fund has rejected on ethical grounds.
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Legal challenge to BP chief’s remuneration begins
UK - The London Pension Fund Authority has today started a legal battle for a reduction in the severance and pension package for Lord Browne, outgoing chief executive of oil major, BP.
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FTSE launches climate change criteria for index series
UK – Global index provider FTSE have launched a new set of criteria to combat climate change for its FTSE4Good index series.
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Sweden’s AP funds launch joint SRI council to vet foreign equities
SWEDEN – Sweden’s national pension buffer funds, AP1, AP2, AP3 and AP4, have introduced a joint ethical council to review their socially responsible investment (SRI) holdings in foreign companies.
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Call for more certainty for biofuels investors
UK - Investors need more certainty in order to invest in biofuels, according to Anthony White, founder of investment banking group Climate Change Capital.
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Pension funds to pressure companies with ‘laggard’ audit arrangements
UK - The UK’s Local Authority Pension Fund Forum (LAPFF) has launched a campaign to pressure “laggard” companies to improve their audit practices.
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Microfinance investment funds obtain Luxflag label of approval
GLOBAL - Luxembourg fund labelling agency Luxflag has awarded its first labels to three microfinance investment fund – the Dexia Micro-Credit Fund, the European Fund for Southeast Europe (EFSE) and the responsAbility (cor) Global Microfinance Fund.
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Environment Agency in €75m ‘responsible’ fixed income search
UK – The Environment Agency is looking for a manager to invest £50m (€75.5m) in a diverse UK non-gilt fixed interest portfolio for its £1.5bn pension scheme.
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Steelmaker “takes a step backwards” in governance
NETHERLANDS - ABP, PGGM and asset manager Robeco have criticised German steelmaker, ThyssenKrupp for granting its main shareholder, the Krupp family foundation, the right to nominate three members on the 20-seat supervisory board.
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Oxfam starts Novartis campaign
UK – Responsible investment campaigners FairPensions and international development agency Oxfam, have asked institutional investors to use their shareholder rights to put pressure on pharmaceutical firms.
