BP's Net Zero Pledge, Total, ESG
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BP has won over a Valentine: ValueAct’s Jeff Ubben. This week, the petroleum giant announced a new commitment to become a “net zero company” by 2050, outlining a number of initiatives to curb its carbon emissions. The move caught the eye of Ubben, who began buying BP shares through ValueAct’s Spring Fund while watching an “inspired” presentation by BP’s new CEO, Bernard Looney.
But not everyone is smitten with BP. In an opinion piece, the Financial Times noted that by the time this commitment comes due, Looney will be long gone, and that the pledge excludes oil bought through its trading arm. That said, BP’s pledge stands in stark contrast to comments made by the CEO of French competitor Total, Patrick Pouyanné, who asserted that it is up to the government to restrict carbon emissions.
While ESG has become a hot topic, some wonder whether it’s more of a PR stunt than anything. Ubben – in spite of his Spring Fund, which is focused on social and environmental investing – derided ESG as “total crap” in a Bloomberg interview. And, according to research from ShareAction, some of the largest funds are likely to defy recommendations by proxy advisers by voting with management and against shareholder proposals focused on ESG.
Have a great weekend,
Gabriella
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Financial Times – Opinion: BP’s net-zero pledge is welcome, but detail is required
Move recognises that political risks and investment priorities have changed
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Bloomberg: Ubben’s ValueAct Capital Buys Into BP On Carbon-Cutting Pledge
ValueAct has been building a position in BP after the petroleum giant outlined its plans to eliminate almost all carbon emissions
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Reuters: Total CEO says governments not oil firms must drive carbon curbs
It is up to governments to drive decarbonisation and consumers will have to pay more to achieve carbon neutrality, Total’s chief executive said
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The Wall Street Journal: Where Are All the Women CEOs?
The traditional stepping stones to the chief executive position are jobs responsible for the bottom line—such as head of division—and those roles are still overwhelmingly filled by men
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Financial Times – Lex: Index fund votes: take back control
Services of the kind created by Say and Broadridge could help passive managers by improving their public accountability
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Bloomberg: Icahn Demands Occidental Reveal If It Got Takeover Approach
Activist investor has nominated slate to replace board; billionaire investor argues Anadarko deal too costly
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Reuters: Shareholder activists test JPMorgan's Dimon on climate proposals
Shareholder activists focused on climate issues vowed to press proxy battles with JPMorgan Chase & Co after getting a cold reception from the top Wall Street bank
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Business Insider: Hedge fund giant Elliott is looking more like a buyout shop as it brings in a BlueMountain exec to head up a new group tasked with running portfolio companies
Hedge fund giant Elliott Management is creating a position to oversee operations of its portfolio companies, positioning the activist investor to look more like a buyout shop, as the firm has sprouted a private-equity arm
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Harvard Law School Forum on Corporate Governance: Year in Review: Delaware Corporate Law and litigation
Lawyers from Wilson Sonsini Goodrich & Rosati provide an overview of case law from 2019 that is relevant for both public and private companies—particularly because Delaware law generally does not distinguish between the two—and that will help shape decision-making by boards, members of management, and investors in 2020
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Harvard Law School Forum on Corporate Governance: Accelerating ESG Disclosure—World Economic Forum Task Force
David M. Silk, Sabastian V. Niles and Carmenw X. W. Lu of Wachtell, Lipton, Rosen & Katz on a proposal set forth at the World Economic Forum for a set of common disclosures aligned with the UN Sustainable Development Goals for companies to consider
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Journal of Corporate Finance: Shareholders versus stakeholders in investor activism: Value for whom?
Is reduction in supplier costs a significant channel for value creation by activist investors? Georgia State University’s Hadiye Aslan on the effect of activism on suppliers, a key stakeholder
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The two-day conference will include a panel on the current state of M&A by Blair Effron, Centerview Partners; a panel on Delaware jurisprudence moderated by Chief Justice Leo Strine, ret.; as well as a panel on M&A media issues moderated by our very own Steve Lipin.
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Speakers include Elad Roisman, SEC; James Williams, U.S. Dept. of Labor; Elisse Walter, Occidental Director
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Speakers include Starboard's Jeff Smith, Corvex's Keith Meister, Elliott's Jesse Cohn and Impactive Capital's Lauren Taylor Wolfe.
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This year's 25th annual conference will be dedicated to Rockefeller University scientists working on some of the highest-risk, highest-reward projects primed to advance the treatment of pediatric brain cancer. Speakers include Richard Barton, Co-Founder & CEO, Zillow Group; and Bihua Chen, Founder & Portfolio Manager, Cormorant.
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