BlackRock’s Transparency Pledge,
Oz Climate Activism
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While Larry Fink’s
annual entreaty warned CEOs
on climate risk, BlackRock’s boss also revealed key changes in his Stewardship team’s engagement policy via his accompanying
client letter
. Going forward, BlackRock’s Stewardship team will do the following:
- Move to quarterly voting disclosure. BlackRock currently publishes its proxy voting data on an annual basis in both its annual Stewardship report and the required N-PX data from the U.S. SEC. The Stewardship team will publish this data every quarter instead.
- Include topics discussed in its engagement disclosures. In that same annual Stewardship report, BlackRock includes data on company engagements, meetings and proposals voted on. Now, the investor will be more transparent with its clients in disclosing the topics it has discussed with companies, such as climate change.
- Disclose high-profile vote decisions along with an explanation. In other words, expect more bulletins from BlackRock, like this one on Exxon from 2017.
The world’s largest asset manager, however, remains heavily invested in thermal coal and fossil fuels, and, despite its effort to promote sustainability, continues to face scrutiny on its investment practices.
In other news, and in keeping with one of our predictions last week, Siemens has found itself under the microscope in Australia. The German engineering giant was forced to respond to its support of a massive coal mine in Queensland – at a time when the country is ravaged by bush fires exacerbated by global warming. Siemens’ investors have so far stayed out of the row but the headlines and media headache continue for the company.
Have a great weekend,
Mike
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Larry Fink’s Letter to CEOs: A Fundamental Reshaping of Finance
The CEO and Chairman of the world’s largest asset manager releases his annual letter to CEOs
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Larry Fink's Letter to Clients: Sustainability as BlackRock’s New Standard for Investing
In addition to his CEO letter, Fink sent to a letter to clients on sustainable investing
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Financial Times: BlackRock seeks to regain lost ground in climate fight
World’s largest asset manager has failed to live up to own rhetoric, argue critics
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Financial Times – Editorial: BlackRock needs to deliver on climate pledges
The world’s largest asset manager promises to reshape finance
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Bloomberg – Money Stuff: BlackRock Has Green Plans
Also fake loan deals and happy hedge funds
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Reuters: ValueAct's Ubben cheers BlackRock's new stance on climate change
Jeffrey Ubben, already betting there is money to be made from coaxing corporations into being better citizens, gained an ally when BlackRock Inc chief told companies to tackle climate change or face his wrath
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Reuters – Breakingviews Predictions (Video): ValueAct Capital CEO Jeff Ubben discusses the Spring Fund
ValueAct Capital founder and CEO Jeff Ubben explains why it’s important to consider ESG in investments, what happens if companies don’t adapt and why the electric utility industry should be a priority. Some highlights from his talk with Breakingviews Global Editor Rob Cox
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Judd Legum – Popular Info: Greenwashing BlackRock
The ThinkProgress founder expounds on Larry Fink’s letter
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Financial Times: SEC’s top Democrat issues warning ahead of departure next month
Robert Jackson fears new US rules could ‘make it harder for investors to speak their mind’
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Financial Times: Lille’s player-trading business model attracts hedge fund Elliott
Club’s record of selling players at a large profit showcases the appeal of French football to investors
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Financial Times: Siemens offers climate activist seat on energy arm’s board
Move comes as protests mount over company’s links to Australian coal mine
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Financial Times: Activist investors enjoy biggest year on record for campaigns
More asset managers and hedge funds than ever — and many for the first time — oppose company decisions or policies
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The New York Times: ‘I Honestly Don’t Trust Many People at Boeing’: A Broken Culture Exposed
A trove of internal communications shows that the aviation giant’s troubles go beyond one poorly designed plane
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Bloomberg: Tegna Investor to Seek Four Board Seats in Proxy Fight
Standard General wants broadcaster to explore alternatives; Tegna said it would review three of Standard’s candidates
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Siemens press release: CEO Kaeser on Adani Carmichael project
Under fire for his decision to continue to engage with a mining project in Australia, the Siemens CEO defends his choice in an unusual CEO communication
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BBC: Siemens resists climate protests over Australia coal project
German engineering giant says that despite protests by climate activists it will fulfil a deal to help develop a huge coal mine in Australia
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Harvard Law School Forum on Corporate Governance: Into the Mainstream: ESG at the Tipping Point
State Street executives published results of a survey of 300 institutional investors and institutions on what is driving organizations to adopt ESG, how this is influencing adoption, and the barriers that must be overcome to deliver the best outcomes
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Harvard Law School Forum on Corporate Governance: Corporate Culture: Evidence from the Field
Professors from Duke University’s Fuqua School of Business have created what they say is the first large scale database of corporate culture
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Lazard’s 2019 Annual Review of Shareholder Activism
Lazard's annual review of shareholder activism compiles and analyzes data on key activism trends globally
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Wachtell, Lipton, Rosen & Katz: Embracing The New Paradigm
Wachtell expounds on its longheld views on stakeholder value – The New Paradigm – that it first developed for the World Economic Forum in 2016
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A first-ever event for Bloomberg. Speakers include Cristiano Guerra, Managing Director, Special Situations Research at ISS; and Don Bilson, Head of Event-Driven Research at Gordon Haskett.
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Speakers include the Wall Street Journal duo that covers WeWork; The Honorable Kathaleen McCormick, Vice Chancellor, Delaware Court of Chancery; Alex Stamos, former Chief Security Officer at Facebook.
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Speakers include Elad Roisman, SEC; James Williams, U.S. Dept. of Labor; Elisse Walter, Occidental Director
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