More ESG news – Page 322
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Investec wins mandate as asset profits rise
UK – Financial services firm Investec’s asset management profits rose slightly in the first half – coinciding with news that it has won a 20 million pound (31.4 million euro) balanced mandate in the UK.
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UK to tweak investment rules
UK - The UK Financial Services Authority is to introduce a series of changes to rules governing the interests of investors in investment companies, including investment trusts. An FSA spokesman says the move is in “reaction to pressure resulting from the split-capital trust issues” and will be “fast-tracked through”.
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Former Dresdner chief joins UK's Isis
UK - Isis Asset Management says it has hired a former senior executive at Dresdner Kleinwort Wasserstein as its new head of institutional funds.
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CREF chiefs vote to reject transparency
Board members at CREF, the 106 billion dollar (105 billion euro) investment component of US teachers’ retirement fund TIAA-CREF, have voted against disclosing how their own votes are cast on social and environmental issues - a move which could be seen to compromise TIAA-CREF’s reputation as an advocate of good corporate governance.
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Innovest opens Paris office in European push
FRANCE- Innovest, the US provider of research and ratings of companies’ environmental and social practices, has opened an office in Paris in response to growing demand for socially responsible investment products in France and southern Europe.
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ABP subsidiary launches global SRI fund
NETHERLANDS- Dutch fund manager Loyalis, a subsidiary of ABP, is launching a global SRI fund which will be open to pension funds worldwide. ABP is the first pension fund to participate.
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ISC launches new shareholder activism principles
UK- The Institutional Shareholders’ Committee, the association that represents the bulk of UK institutional investors, has launched a series of new principles aimed at encouraging shareholder activism. It maintains the principles are the first comprehensive statement of best practice on the responsibilities of institutional shareholders and investment managers towards the ...
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Hermes unveils corporate governance charter
UK- Hermes Pensions Management, the investment firm owned by the BT pension scheme, has unveiled a revolutionary new corporate governance charter – ‘The Hermes Principles’, which it believes will revitalise the interests of institutional investors in investee companies.
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Shareholder voting rises smartly in UK
UK – There has been a sharp increase in voting among UK shareholders this year, along with a growing trend of dissention, Pensions Investment Research Consultants (PIRC) reports.
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Hermes says Fimalac launch is positive
UK – With increasing concerns among investors about company corporate governance policies, Fimalac’s entrance to the corporate responsibility sector is a step in the right direction for shareholders, says Colin Melvin, director of corporate governance of UK fund manager Hermes
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TIAA-CREF and CalPERS to challenge executive pay
US- Two of the world's largest pension funds, TIAA-CREF and CalPERS, are planning to target companies that offer over-generous pay schemes, and to request changes from their boards.
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Hermes beefs up its corporate governance team
UK- UK fund manager Hermes has stepped up its commitment to corporate governance and shareholder engagement by adding to the two teams, and by creating a corporate governance board.
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Managers would pay premium for better governance
UK- 80% of UK asset managers would rather pay more for shares of well-governed companies than take risks, in the light of corporate scandals from Enron, Tyco and WorldCom, reveals a survey by KPMG.
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CalPERS invests $200m in Japanese governance fund
US- CalPERS, the $135bn pension fund for Californian public employees, has approved a $200m investment in a fund that will employ corporate governance activism to turn around underperforming publicly traded companies in Japan.
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Deheuvels joins AGF as head of equities
FRANCE- AGF Asset Management, part of German insurer Allianz, has appointed Thierry Deheuvels as its head of equity fund management team. He will also undertake responsibility for developing and promoting AGF’s socially responsible investments.
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SWIP launches global SRI equity fund
UK/NORDICS- Scottish Widows Investment Partnership (SWIP) is launching a new global SRI equity fund in direct response to demand from the institutional investment community in Sweden.
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One in four Irish DB schemes set to close
IRELAND- Around a quarter of Ireland’s occupational defined benefit pension schemes are likely to close to new members in the next year according to research by the Pension Fund Partnership.
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Nordea shakes up asset management arrangement
DENMARK- Nordea Asset Management has announced it is centralising its European, US and global equity management in Copenhagen. At the same time it is centralising the management of Norwegian equities in Oslo while bringing its European fixed income operation to Copenhagen.
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CalPERS gets tough on manager conflict of interest
US- Following the decision last week by a group of large US pension funds to clamp down on companies not abiding by good company practice, the California Public Employees’ Retirement System has announced that investment banks and money managers wishing to do business with it will now be required to ...
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Morley launches new SRI overlay programme
UK- Morley Fund Management’s socially responsible investment has launched a new SRI engagement overlay programme, Sustainable Futures, that enables institutional investors to ‘engage’ on social and environmental issues with companies they invest in.
