social governance – G Net http://gnet.org/ Sat, 12 Mar 2022 23:35:58 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://gnet.org/wp-content/uploads/2021/05/default-150x150.png social governance – G Net http://gnet.org/ 32 32 Banks’ exposures to Russia are much more transparent than those of non-banks https://gnet.org/banks-exposures-to-russia-are-much-more-transparent-than-those-of-non-banks/ Sat, 12 Mar 2022 20:46:13 +0000 https://gnet.org/banks-exposures-to-russia-are-much-more-transparent-than-those-of-non-banks/ Hundreds of financial institutions are exposed to Russia, but we don’t know to what extent. NurPhoto via Getty Images Remember Long-term capital management and AIG? I am on. LTCM imploded in 1998, largely because of its investments in Russian Treasuries and other emerging market securities. In 2008, AIG Russia almost declared bankruptcy because a unit […]]]>

Remember Long-term capital management and AIG? I am on. LTCM imploded in 1998, largely because of its investments in Russian Treasuries and other emerging market securities. In 2008, AIG Russia almost declared bankruptcy because a unit in London, which almost no one knew about, was selling protection, through credit default swaps, to banks that were protecting themselves against defaults. on securitizations. Why is this walk down memory lane important? Because we are in 2022, and unfortunately, we are still in a situation where there is enormous opacity in the global financial system. If it were just wealthy investors losing money, most of the world’s population would hardly lose any sleep. However, when financial institutions lose money, they invariably impact unsuspecting citizens.

Many international standard setters such as the Financial Stability Board and the Bank for International Settlements have long warned that other financial institutions (OFIs), also known as non-bank institutions and shadow financial institutions, need to be regulated and supervised. Many of them are not. Yes, the biggest ones are often publicly traded so they have financial disclosures, but that doesn’t mean they’re overseen and scrutinized with a risk-based supervisory approach like banks and insurance companies are. .

Financial institutions are interconnected with Russia and with each other

Russia’s invasion of Ukraine has brought to light the interconnections between financial institutions and Russia. Unfortunately, these interconnections remind us of the tremendous opacity that still exists in the financial industry, even after the lessons we should have learned in 2008.

Banks’ credit and market risks are much easier to understand because the way they’re regulated means there’s a lot more information they have to disclose. The problem, however, is that since much of the global financial sector is unregulated as banks are, the total extent of the financial sector’s credit and market exposures to Russia is unknown. A wide range of asset managers, hedge funds, home offices, insurance companies, pension funds, sovereign wealth funds and university endowments invest in Russian financial assets, i.e. i.e. bonds, stocks, commodities, loans and the ruble.

Banks

Goldman Sachs, JP Morgan, Commerzbank and, reluctantly, even Deutsche Bank have announced that they are leaving Russia. Getting out will take time, and no doubt it will be a complicated business. Leaving Russia does not necessarily mean that these banks will automatically stop lending to Russian entities or citizens or stop trading in Russian bonds, foreign currencies or commodities. Additional pressure from different stakeholders, especially those who want these banks to comply with global standards environmental, social and governance standards (ESG), will undoubtedly continue to influence the decisions of bank managers.

Fortunately, foreign banks’ exposure to Russian residents, financial institutions and corporates is relatively small compared to their total banking assets. Basel III capital and liquidity standards, adopted as requirements in more than 30 countries, also mean banks are in much better shape to sustain unexpected losses than they were in the mid-2000s. international regulations Data shows that the countries where banks are most exposed are Italy, France, Austria and the we. The banks most exposed to Russia are Raiffeisen Bank International ($25 billion), Societe Generale ($21 billion), Citibank ($10 billion), Unicredit ($8.1 billion), Agricultural credit ($7.3), Intesa Sao Paulo ($6.1 billion), ING ($4.9), BNP Paribas ($3.3), Deutsche Bank ($1.5 billion) and Swiss credit ($1.1 billion). These banks, in particular the Europeansare most likely to be affected if the Russian invasion intensifies.

US banks’ exposure to Russia represents less than 1% of the nearly $17 trillion in bank assets. Unsurprisingly, US banks the biggest exhibitions are to US residents, financial institutions and corporations. Their largest exposures to foreign advanced economies, as they have long been, are the UK ($642 billion), the Cayman Islands ($572 billion), Japan ($491 billion), Germany ($403 billion) and France ($327 billion). The largest exposures of US banks to emerging economies are in China ($139 billion), Mexico ($105 billion), South Korea ($121 billion), Brazil ($89 billion) and China ($139 billion). India ($78 billion).

Insurance and Reinsurance

The US insurance and reinsurance industry has low credit exposure to Russia. The US insurance and reinsurance sector held about $2 billion in Russian corporate and sovereign bonds. According to AM Best, they have very little exposure to Russian equities. Because US insurers are interconnected with companies, which themselves have revenue dependent on Russia, if the conflict escalates and is prolonged, it could impact US insurance companies.

Other Financial Institutions (AIF)

American asset managers have much larger exposures to Russia than US banks. What’s harder to see is how much pension funds and other investors hold in asset managers’ funds. Capital Group, Blackrock and Vanguard manage the funds most exposed to Russia; the other major asset managers with exposure to Russia are Fidelity, Invesco and Schwab.

The value of Blackrock’s Russian assets has recently dropped 94% from $18 billion. And Pimco Investment Management will take a big hit in its exposure to the Russian government, formerly valued at $1.14 billion; in addition, Pimco is a $942 million protection seller of credit default swaps. With Russia’s impending default, Pimco will have to honor these CDS protection payments. Franklin Resources also suffered significant losses this week in its Western Asset Core Bond Fund.

The exposures of US public pension plans to Russia are beginning to be felt. The pension plans are invested in Russian bonds and stocks either directly or through the asset managers’ investment funds. The CalPERS fund has $900 million exposure in Russia, while CalSTRS has around $800 million. the Pennsylvania Public School Employees Retreat has an exposure of $300 million. the Virginia Retirement Systemsthe New York State Retirement Systemand the Washington State Investment Board each have over $100 million in exposures to Russia. North Carolina is less exposed, at $80 million. Every US state typically has at least two major pension funds, and countless municipalities have pension funds at the local level. Los Angeles County Employees, San Jose Police and Fire Department Fund, and New York City Police Pension Fund recently announced efforts to divest of their Russian investments valued at approximately $226 million.

If anyone can provide me with data on the total Russian exposures of hedge funds, home offices, pension funds, private equity and sovereign wealth funds, I would certainly be grateful. The reason we should all care is that these financial institutions are very interconnected with banks, insurance companies and asset managers. For the sake of ordinary Americans, we really should avoid LTCM and AIG surprises.

Recent articles by this author are below, and his the other Forbes publications are here:

Banks investing in Russia cannot cover themselves with the ESG mantle

Russia’s impending defaults will lead to an economic crisis worse than 1998

The Bank of Russia is desperately trying to prevent a run on the banks

From ruble to ruble

Rodríguez Valladares testified on the climate as a systemic risk for the financial system

Sea Level Rise Poses Growing Credit Risks for Many US Coastal States

Credit quality of oil and gas loans has improved significantly

Emerging market borrowing hits record highs

The Financial Stability Board says the resilience of non-banks needs to be strengthened

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CIM Group provides $343.8 million loan for the acquisition of a 55-story Class A office tower in Atlanta | Nation/World https://gnet.org/cim-group-provides-343-8-million-loan-for-the-acquisition-of-a-55-story-class-a-office-tower-in-atlanta-nation-world/ Wed, 09 Mar 2022 14:02:15 +0000 https://gnet.org/cim-group-provides-343-8-million-loan-for-the-acquisition-of-a-55-story-class-a-office-tower-in-atlanta-nation-world/ ATLANTA–(BUSINESS WIRE)–March 9, 2022– CIM Group, a community-driven real estate and infrastructure owner, operator, lender and developer, today announced that a fund managed by CIM has closed a $343.8 million loan to finance the acquisition of Bank of America Plaza, a 55-story Class A office tower in Atlanta, by CP Group and investment funds managed […]]]>

ATLANTA–(BUSINESS WIRE)–March 9, 2022–

CIM Group, a community-driven real estate and infrastructure owner, operator, lender and developer, today announced that a fund managed by CIM has closed a $343.8 million loan to finance the acquisition of Bank of America Plaza, a 55-story Class A office tower in Atlanta, by CP Group and investment funds managed by HPS Investment Partners, LLC.

Bank of America Plaza is the tallest building in Georgia and includes 1,351,586 square feet of office space. Tenants have access to a variety of amenities including a 10,000 square foot conference center, 17,000 square foot fitness center, food court, on-site Starbucks, and 1.2-acre park along West Peachtree Street plus an abundance of nearby retail, dining and entertainment venues.

Proceeds from the loan will facilitate the acquisition and rental of the property, including a capital improvement plan with lobby renovations, restrooms, elevators and other property improvements.

Located at 600 Peachtree St. NE in Midtown Atlanta, Bank of America Plaza is located directly across from the North Avenue MARTA station, providing convenient access to public transportation for office tenants.

CIM Group is an active lender that, through its CIM Real Estate Debt Solutions business, recently closed a $175 million loan secured by a 42-story office tower in Tampa. CIM Group seeks to provide senior and subordinated bridge bridge loans for commercial real estate projects with strong sponsors.

CIM Group applies its extensive experience as an owner, operator and developer of all types of commercial real estate to its lending strategy and believes this helps differentiate the company from many other lending providers. Through mortgage and mezzanine lending, CIM affiliates provide bridge and construction financing to commercial real estate owners and developers in major U.S. markets and work with borrowers to offer a range of lending solutions. .

To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/crecs.

About CIM Group

CIM is a community-driven real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by completing more than $60 billion in critical real estate and infrastructure projects. CIM’s diverse team of experts apply their extensive knowledge and disciplined approach to the hands-on management of real estate assets, from due diligence to operations to disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and improving every community in which it invests. For more information, visit www.cimgroup.com.

Show source version on businesswire.com:https://www.businesswire.com/news/home/20220309005342/en/

CONTACT: Media Contact

Karen Diehl

Diehl Communications

310-741-9097

karen@diehlcommunications.com

KEYWORD: GEORGIA UNITED STATES NORTH AMERICA

SECTOR KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE

SOURCE: CIM Group

Copyright BusinessWire 2022.

PUBLISHED: 09/03/2022 09:00/DISC: 09/03/2022 09:02

http://www.businesswire.com/news/home/20220309005342/en

Copyright BusinessWire 2022.

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Sustainable finance drives climate, equity, prosperity and governance goals https://gnet.org/sustainable-finance-drives-climate-equity-prosperity-and-governance-goals/ Thu, 03 Mar 2022 15:04:21 +0000 https://gnet.org/sustainable-finance-drives-climate-equity-prosperity-and-governance-goals/ Kazi Awal / Initiate This article is part of the “Financing a Sustainable Future” series exploring how companies are taking action to set and fund sustainable goals. Insider, in partnership with Bank of America, is launching the Financing a sustainable future editorial series to help business leaders and their stakeholders – including employees, customers, shareholders […]]]>

Financing a sustainable future, in partnership with Bank of America


Kazi Awal / Initiate


This article is part of the “Financing a Sustainable Future” series exploring how companies are taking action to set and fund sustainable goals.

Insider, in partnership with Bank of America, is launching the Financing a sustainable future editorial series to help business leaders and their stakeholders – including employees, customers, shareholders and board members – understand the opportunities and uncertainties that accompany this centuries-old shift in capital markets.

Over the next five months, Insider’s reporting will bring to life the people, organizations and coalitions that are making things happen.

While much of the conversation around sustainable finance focuses on the climate crisis, Insider takes a holistic approach, with content dedicated to each of the four pillars of stakeholder capitalism like defined by the World Economic Forum.

  • People: Reflects a company’s equity and its treatment of employees. Metrics include reporting on diversity, pay gaps, and health and safety.
  • Planet: Reflects the dependencies and effects of a business on the natural environment. Measures include greenhouse gas emissions, land protection and water use.
  • Prosperity: Reflects how a company affects the financial well-being of its community. Measures include job and wealth creation, taxes paid, and research and development spending.
  • Governance principles: Reflects the purpose, strategy and responsibility of a company. Metrics include criteria measuring risk and ethical behavior.

A pivotal phase in sustainable finance

The series is incredibly timely. A key moment in the world of sustainable finance happened at the United Nations Climate Change Conference (otherwise known as COP26), in Glasgow, Scotland, in the first two weeks of November 2021 .

A consortium of some 450 banks, insurance companies and asset managers from 45 countries called Glasgow Financial Alliance for Net Zero (GFANZ), which had launched the previous April, announced that it had committed $130 trillion in assets to transform “net zero economy.”

“The architecture of the global financial system has been transformed to deliver net zero,” Mark Carney, leader of the coalition and former head of the Bank of England, said in a statement. “We now have the essential plumbing in place to bring climate change from the margins to the forefront of finance so that every financial decision takes climate change into account.”

GFANZ has its detractors, one criticism being that the coalition has made no mention of the fossil fuel divestment. Either way, the sustainable finance juggernaut is already on the move and becoming an increasingly important consideration for companies looking to raise capital.

To extend Carney’s plumbing analogy, imagine a $130 trillion pool of financial capital ready to flow in the form of lower-cost borrowing to companies that meet sustainability goals.

In order to exploit the advantages of this solution at a lower cost


liquidity

, companies must demonstrate their sustainability credentials. This is where another abbreviation comes in: ESG, which stands for Environmental, Social and Governance. Companies are adapting ESG standards to signal to investors and financial institutions that they are attaching goals to sustainability statements and adopting a recognized function for investors to monitor their performance.

Sustainable finance goes beyond ESG, although the terms are often confused. It is the new ecosystem emerging from the legacy investment and finance structures that have capitalized on businesses for generations.

Much of the finance conversation focuses on the capitalization of large industries in transition. It’s also about driving innovation from the ground up. The opportunities to finance renewable energy and power industries, and to invest in emerging technologies and climate solutions, are on a scale never seen before.

A community of experts to help us tell these stories

To help us with this ambitious endeavour, we have convened the following advisory board to provide thought leadership and insights into how their organizations are setting goals and moving towards measurable results. We will also be showcasing our council in a series of virtual events, with the first taking place on March 8 themed on how investing in people transforms economies.

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Redlining, expanded CFPB oversight, and fair loan enforcement https://gnet.org/redlining-expanded-cfpb-oversight-and-fair-loan-enforcement/ Thu, 24 Feb 2022 22:42:58 +0000 https://gnet.org/redlining-expanded-cfpb-oversight-and-fair-loan-enforcement/ Thursday, February 24, 2022 Fair Lending laws have been around for decades, but have come under greater scrutiny in recent months, in keeping with society’s sensitivity to issues of racial justice, national origin/immigration, sexual orientation and gender identity, among others. There has also been increased scrutiny in the world of corporate governance, with companies setting […]]]>

Fair Lending laws have been around for decades, but have come under greater scrutiny in recent months, in keeping with society’s sensitivity to issues of racial justice, national origin/immigration, sexual orientation and gender identity, among others. There has also been increased scrutiny in the world of corporate governance, with companies setting up diversity, equity and inclusion departments and employing environmental, social and governance programs. In fact, to list on the Nasdaq stock exchange, U.S. issuers must disclose that they have at least one director who is racially minority and female or a member of the LGBTQ community, or explain why they don’t. (NASDAQ Rule 5605(f)).

The degree to which regulators enforce fair lending laws can vary depending on the administration in place, and the Biden administration is no exception. The Biden administration is only a year old, so there hasn’t been much time for new litigation, but policymakers appointed by President Biden have issued statements signaling what the banking industry may be up against. expect, including changes in the Trump administration.

This two-part series of articles will explore some of the most high-profile initiatives of the Biden administration. This first article will examine the renewed emphasis on combating the practice of redlining and the expanded watchdog role of the Consumer Financial Protection Bureau (CFPB). The second article will examine efforts to re-codify the Fair Housing Act (FHA) Discriminatory Effects Standards and enforce the Office of the Comptroller of the Currency (OCC) Final Rule of December 14, 2021 regarding home data. Community Reinvestment Act (CRA). – collection requirements.

Justice Department announces ‘anti-redlining initiative’

On October 22, 2021, United States Attorney General Merrick Garland announced that the Department of Justice (DOJ) would partner with the CFPB, OCC, local U.S. attorneys, and state attorneys general to prosecute violations of fair lending by banks, with a particular focus on redlining (i.e. the inability to lend to minority communities, based on race and national origin). He plans to use the offices of US attorneys, who, as boots on the ground, would be well placed to conduct investigations locally. More precisely, Mr. Garland said at a press conference:

“Discrimination in lending goes against the fundamental promises of our economic system. When people are denied credit simply because of their race or national origin, their ability to participate in the prosperity of our nation is virtually eliminated. Today, we are committed to addressing modern redlining by making much more robust use of our fair lending authorizations. We will spare no resources to ensure that federal equity lending laws are strictly enforced and that financial institutions provide equal opportunity for every American to obtain credit.

Underscoring the importance of this issue to the Biden administration, the press release announcing the program added, “The new initiative represents the department’s most aggressive and coordinated enforcement effort to combat redlining, which which is prohibited by the Fair Housing Act and the Equal Credit Opportunity Act. .” To make sure the DOJ’s message was absolutely clear, Civil Rights Division Assistant Attorney General Kristen Clarke noted that the initiative “should send a strong message to banks and lenders that we will hold them accountable while that we are working to combat racial discrimination and national origin”. – loan-based lending practices.

Along with the announcement, Mr. Garland added that on October 22, 2021, the DOJ sued Trustmark Bank for redlining in the U.S. District Court for the Western District of Tennessee under the Equal Credit Opportunity Act (ECOA) and the FHA. The lawsuit alleged that Trustmark pledged to draw a red line on discrimination in the predominantly black and Hispanic neighborhoods of Memphis, Tennessee, from 2014 to 2018.

The Trustmark lawsuit is similar to the one filed by the DOJ against Cadence Bank in the U.S. District Court for the Northern District of Georgia on August 30, 2021, also alleging FHA and ECOA violations. In that earlier action, the government claimed Cadence engaged in redlining from 2013 to 2017 by failing to lend in neighborhoods inhabited primarily by minorities.

Historically, redlining actions have been brought against banks. However, the CFPB has indicated that it will also pursue redlining litigation against non-bank mortgage lenders, such as that brought by the CFPB (under the Trump administration) against mortgage lender Townstone Financial, Inc., on July 15, 2020, in the United States District Court for the Northern District of Illinois – the first lawsuit ever brought against a mortgage lender for redlining.

Although the majority of this type of fair lending litigation is brought by federal authorities, the ECOA and FHA provide a private right of action against creditors who discriminate against plaintiffs. (To see Cleveland v. Hunter, 2016 US Dist. LEXIS 175262, at *6 (ED Cal. Dec. 16, 2016) and Brown-Younger v. Mosen, 2011 US Dist. LEXIS 126852, at *4 (D. Nev. Oct. 28, 2011) (citing 42 USC § 3613(a)(1)(A)).)

Class action lawsuits may also be brought under these Fair Lending Acts (to see Fair house. CT. of Cent. Ind. vs. Rainbow Realty Group., 2020 US Dist. LEXIS 53084, at *18-19 (SD Ind. Mar. 27, 2020)). However, these collective disputes are faced with significant costs, in particular obtaining a class certification (to see Wal-Mart Stores, Inc. vs. Dukes564 US 338, 356 (2011); In re Countrywide Fin. Corp. Dead. Lending Practices Dispute., 708 F.3d 704, 709 (6th Cir. 2013); and ID. at 710; OK. Adkins vs. Morgan Stanley307 FRD 119, 146 (SDNY 2015)), as well as the inclusion of arbitration agreements in many loan documents that prevent the filing of a class action or the continuation of a class action (to see Pitchford v AmSouth Bank, 285 F. Supp. 2d 1286, 1292 (MD Ala. 2003)).

The oversight role of the CFPB

The Dodd-Frank Wall Street Reform and Consumer Protection (DFA) Act directed the CFPB to implement regulations governing the collection of small business loan data. Specifically, Section 1071 of the DFA amended the ECOA to require financial institutions to compile, maintain, and submit to the CFPB certain credit application data for women, minorities, and small businesses. According to the CFPB, Congress enacted Section 1071 to:

  1. Facilitate enforcement of fair lending laws; and

  2. Enable communities, government entities and creditors to identify business and community development needs and opportunities for women-owned, minority-owned and small businesses.

On September 1, 2021, the CFPB published a proposed rule amending Regulation B to implement the changes made to the ECOA by Section 1071 of the DFA, including the requirement for financial institutions to collect and report CFPB data on credit applications for small businesses, including those owned by women or minorities. Information collected will include information on the type of credit small businesses are seeking and obtaining, demographic information about small business owners, how applications are received, and application results.

The CFPB proposes to use the definitions of “small business” set forth in the regulations of the Small Business Act and the Small Business Administration (SBA). However, the CFPB’s proposed definition will also take into account whether the business had $5 million or less in gross annual revenue for the prior fiscal year. The CFPB is seeking approval from the SBA to implement the Alternative Small Business Size Standard pursuant to the Small Business Act.

For banks that have more than $10 billion in assets, the CFPB is also authorized to enforce the Unfair, Deceptive, or Abusive Acts or Practices Act (UDAAP), which is part of the DFA. Given the ambiguity of the term “abusive,” the Trump administration issued a policy statement limiting its meaning and explaining that acts or practices labeled as “unfair” or “deceptive” also could not be considered. as abusive. Conversely, current CFPB director Rohit Chopra and his predecessor, acting director Dave Uejio, both support a broader interpretation — which could lead to increased penalties and penalties.

Finally, it is possible, if not foreseeable, that prudential regulators such as the OCC, the Federal Reserve and the Federal Deposit Insurance Corporation may monitor the safety and soundness of smaller banks based in part on the fact that they engage in unfair, deceptive, and/or abusive acts and practices. Although enforcement actions cannot be formally taken under the UDAAP for these small banks, a monitoring mandate can be imposed in the interests of safety and soundness; these prudential regulators have a virtual plenary authority to supervise their banks.

Coming in March: the second in this series of articles will take a closer look at efforts to re-codify the FHA Discriminatory Effects Standards and enforce the OCC’s final rule of December 14, 2021 regarding collection requirements CRA data.

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Sands Recognized in S&P Global Sustainability Yearbook, Funds Responsible Gaming Research https://gnet.org/sands-recognized-in-sp-global-sustainability-yearbook-funds-responsible-gaming-research/ Mon, 21 Feb 2022 15:27:25 +0000 https://gnet.org/sands-recognized-in-sp-global-sustainability-yearbook-funds-responsible-gaming-research/ Operator Las Vegas Sands and its subsidiary Sands China, Ltd. won awards in the S&P Global Sustainability Yearbook 2022, the group announced last Thursday. Sands was the only US-based casino and gaming company included in the directory. Las Vegas Sands received a silver class award, while Sands China received a bronze class award. The S&P […]]]>

Operator Las Vegas Sands and its subsidiary Sands China, Ltd. won awards in the S&P Global Sustainability Yearbook 2022, the group announced last Thursday. Sands was the only US-based casino and gaming company included in the directory.

Las Vegas Sands received a silver class award, while Sands China received a bronze class award. The S&P Global Sustainability Yearbook is a comprehensive annual publication on the state of corporate sustainability around the world.

The Yearbook compiles the top performers in the S&P Global Corporate Sustainability Assessment (CSA), an annual assessment of corporate sustainability practices. The CSA assesses more than 10,000 companies worldwide, says a press release.

Companies must be in the top 15% of their industry and achieve an S&P Global Environmental, Social and Governance (ESG) score within 30% of the top performer in their industry in order to be listed in the directory.

Sands’ accolade in the 2022 S&P Global Sustainability Yearbook is the latest in a series of accolades from reputational benchmarks measure environmental, social and governance performance, according to the casino and resort company.

In addition to being recognized in the S&P Global Sustainability Yearbook, the company recently earned its ninth designation on Fortune’s list of “World’s Most Admired Companies”for the sixth consecutive year.

Additionally, Sands earned a spot on Newsweek America’s Most Responsible Companies 2022 list while in November 2021, it was named to the Dow Jones Sustainability Indexes (DJSI) for World and North America. It was the only US-based hospitality and gaming company recognized by both DJSI World and DJSI North America last year.

Our inclusion in these prestigious credentials signifies the commitment and dedication we have for responsible business performance and supporting our people, our communities and the planet,” said Katarina Tesarova, senior vice president and chief sustainability officer at Sands.

According to the executive, Sands is driven “by continuous improvement,” and this continued recognition demonstrates that the company is “evolving and progressing” in addressing the ESG topics most important to its business and its stakeholders.

Responsible Gaming

Inclusion in the ESG framework is based on a donation earlier this month to continue responsible gaming research and education. Sands provided $300,000 in funding to the International Center for Responsible Gambling (ICRG) to this end, the company announced last Tuesday.

Donation supports non-profit organization’s ongoing research and education on gambling disorders and responsible gambling. For more than 25 years, the center has aimed to help individuals and families affected by gambling disorders “through top-notch research and evidence-based education programs,” according to a press release.

Sands is a longtime supporter of the ICRG, with past donations helping fund a range of projectsincluding the first research effort focused on training credit counselors to identify customers with gambling problems and offer support, as well as the first website designed to reduce problem gambling among students.

“Sands has been a major donor to the ICRG for nearly a decade,” ICRG President Arthur Paikowsky said last week.. “Their support has enabled the ICRG to build the field of research that will lead to effective treatment, prevention and responsible gambling.”

Sands’ ICRG support complements the company’s Sands Project Protect program, “a comprehensive global initiative” that provides guarantees for guests and team members by promoting responsible gaming practices, preventing financial crimes and providing measures to combat human trafficking.

“Sands Project Protect offers a world-leading responsible gambling program that aims to reduce gambling risks and improve social protections to help our customers make informed choices,” said Maria-Christina Annaloro, Director of Government Relations and responsible gaming at Sands. .

ESG Sands program

Sands’ global commitment to corporate responsibility encompasses a broad body of work based on three pillars, says the company. These fundamental columns are People, communities and the planet.

The People pillar motivates the company to be the employer and partner of choice in the regions where it operates creating a culture dedicated to supporting team members, guests, vendors and partners.

Meanwhile, the Sands Cares global community engagement program leads the Community pillar and guides the company’s efforts “to address pressing social issues,” says a press release. It also aims to build resilience and maximize the strengths of its regions as valuable tourist destinations.

Ultimately, the Planet pillar finds that Sands works “to ensure the long-term environmental health” of its regions. It is led by the Sands ECO360 global sustainability program, which drives initiatives addressing low-carbon transition, water management, waste, plastics and packaging, and responsible sourcing.

The company reports on its goals, progress and achievements in these three pillar areas, as well as ethics and governance practices, in its annual Sands Environmental, Social and Governance Report ( ESG).

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Are ESG funds really popular? https://gnet.org/are-esg-funds-really-popular/ Sat, 19 Feb 2022 22:00:00 +0000 https://gnet.org/are-esg-funds-really-popular/ ESG investing is the talk of the town. Suddenly, many people who have money to invest want to be not only richer but also kinder to the planet. Unsurprisingly, investment options in so-called green businesses and projects are springing up like mushrooms after the rain. The question is, are people actually investing in it? The […]]]>

ESG investing is the talk of the town. Suddenly, many people who have money to invest want to be not only richer but also kinder to the planet. Unsurprisingly, investment options in so-called green businesses and projects are springing up like mushrooms after the rain. The question is, are people actually investing in it?

The abbreviation ESG refers to environmental, social and governance: three aspects of any company to which the new class of concerned investors has given priority. In fact, many so-called ESG investment options focus on the E part of the abbreviation, with investments focused on renewable energy companies, for example, or companies that have committed to decarbonizing.

Fidelity Investments, one of the world’s largest investment fund managers, launched not one but three ESG mutual funds and an exchange-traded fund this month. With them, Fidelity’s total range of ESG funds reached 15.

And Fidelity is far from alone. Investment giant Amundi recently added a new ESG fund to its range for the United States, called Pioneer Global Sustainable Equity Fund. Blackrock, the world’s largest asset manager, owns half a dozen ESG funds. Vanguard has more. ESG funds – mutual or exchange-traded, passive, active or a combination of the two – are the way of the future, it seems.

Where are they?

The Financial Times reported this week that an ESG exchange-traded fund backed by none other than the United Nations itself was set to fold. The reason: lack of investment. The fund, MSCI Global Climate Select, had attracted less than $2 million in investment.

The fund excluded fossil fuel companies, as all ESG funds do, and focused on low-emission companies. The top 10 stocks in his portfolio included Tesla, Apple, Microsoft and Alphabet, Google’s parent company. And yet the fund manager plans to shut it down by next month because no one wants to invest in it, including major Wall Street banks that had pledged seed capital for the ETF.

Perhaps the fund is failing because there is already a fairly large selection of ETFs focused on low-emission, non-fossil fuel companies. The reasons for the fund’s failure are perhaps more complex. The fact remains that the banks that had promised to inject money into it have not done so.

According to the banks themselves, as cited by the FT in its report, their seed capital pledges were also dependent on other investors joining the fund. Some of them, including Citi and Bank of America, said their investment commitments include a provision that their holdings in the fund not exceed 25% of its total size, which was impossible when its total size was of $2 million and their pledges were, respectively, up to $50 million and $12.5 million.

Another interesting fact is that the banks that pledged the money were all members of the Global Alliance of Investors for Sustainable Development, a group of 30 companies aiming to financially support the United Nations climate goals. Worth around $16 trillion in combined assets, members of the alliance include, besides BofA and Citi, Calpers, Pimco, UBS, Standard Chartered and insurance giant Allianz.

The most interesting part of the mystery is, in fact, the portfolios of these funds. Their creators claim to be made up of responsible companies on the environmental, social and governance levels. A quick check shows that at least some of these funds are simply ETFs like all the others, except they don’t include traditional energy stocks.

Take, for example, Vanguard’s ESG US Stock ETF. Its top ten holdings include, in descending order, Apple, Microsoft, Alphabet, Amazon and Tesla as its top five holdings.

Fidelity’s Sustainable Multi Asset Income Fund includes LVMH, Moet Hennesy, Procter & Gamble, Johnson & Johnson, a wind energy investment firm – Greencoat UK Wind – and, interestingly, Chinese government bonds.

Now, since ESG funds prioritize emissions reduction efforts and, to a lesser extent, work on improving social and governance track records, one can assume that all of these companies have made commitments to that effect or are working already on these issues.

Tech giants, for example, are a safe bet for ESG fund managers because they have made huge and very vocal commitments to emissions reductions and renewable energy purchases. The same goes for other big companies just because they are in the spotlight. But does this mean that they will actually honor these commitments? This is where things get really interesting and quite confusing.

The issue of measuring ESG performance is gaining more and more attention because there is no standard way to measure how companies that have made climate commitments are actually working towards these goals. “Green bleaching” is increasingly in the headlines, with activists accusing companies of making empty promises and continuing to do business as usual at the expense of the planet.

So ESG investing is in troubled waters right now. Appetite is growing, and so is supply, but you can never be sure that the ETF you’re investing your hard-earned money in to make the world a better place is, in fact, made up of companies that are serious about reducing emissions. . or just go through the steps to please investors and keep them on board. This may be why the UN-backed ETF failed. It might not be the only one.

By Irina Slav for Oilprice.com

More reading on Oilprice.com:

Read this article on OilPrice.com

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ESG funds assets under management grew 2.5x in FY21: Nasscom https://gnet.org/esg-funds-assets-under-management-grew-2-5x-in-fy21-nasscom/ Fri, 28 Jan 2022 20:33:00 +0000 https://gnet.org/esg-funds-assets-under-management-grew-2-5x-in-fy21-nasscom/ Assets under management of environmental, social and governance (ESG) funds grew 2.5 times to $650 million in India in fiscal 2021 on an annual basis, a senior government official said on Friday. IT industry body Nasscom. Nasscom President Debjani Ghosh at the launch of the Enterprise Innovation Challenge said there has been a surge in […]]]>

Assets under management of environmental, social and governance (ESG) funds grew 2.5 times to $650 million in India in fiscal 2021 on an annual basis, a senior government official said on Friday. IT industry body Nasscom.

Nasscom President Debjani Ghosh at the launch of the Enterprise Innovation Challenge said there has been a surge in conversations around ESG.

“Companies are not only becoming attentive to the ESG performance of suppliers or partners they are willing to work with, but investors are also using ESG as a metric to drive investment.

“In India alone, the assets under management of ESG funds have multiplied by 2.5 in just one year. From $275 million in FY20, assets under management for ESG funds grew to $650 million in FY21,” Ghosh said. said during the virtual event.

Digital India CEO Abhishek Singh said ESG will be one of the industry’s top priorities.

He said at COP26, Prime Minister Narendra Modi has made the net zero pledge which requires everyone to contribute including government and industry.

“Even when it comes to corporate governance, what we really need is that if our unicorns are to become true value-added companies and if our startups are to scale up and become the best in the world, adoption of ethical standards of corporate governance becomes a very important part of it.

“I’m sure the solutions from the Enterprise Innovation Challenge will not only help businesses, but government as well,” Singh said.

He said the increasing adoption of green technologies ensures a conservative use of water and natural resources, and provides a sustainable program that not only supports current needs but also those of the future.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Asharami Energy Exceeds Industry Goal of 2 Million LTI-Free Work Hours https://gnet.org/asharami-energy-exceeds-industry-goal-of-2-million-lti-free-work-hours/ Sun, 23 Jan 2022 13:29:00 +0000 https://gnet.org/asharami-energy-exceeds-industry-goal-of-2-million-lti-free-work-hours/ Henry Menkiti, COO, Asharami Energy, new Asharami Energy, an upstream company of the Sahara Group, achieved 2,000,000 working hours without loss of time (LTI) over 1085 days, surpassing the industry record “We have consistently exceeded the industry standard of 1,000,000 LTI-free working hours, which reinforces the proactive and sustained pursuit of our commitment to do […]]]>

Henry Menkiti, COO, Asharami Energy, new

Asharami Energy, an upstream company of the Sahara Group, achieved 2,000,000 working hours without loss of time (LTI) over 1085 days, surpassing the industry record

“We have consistently exceeded the industry standard of 1,000,000 LTI-free working hours, which reinforces the proactive and sustained pursuit of our commitment to do no harm to people and the environment”

— Henry Menkiti, Chief Operating Officer, Asharami Energy

LAGOS, NIGERIA, January 23, 2022 /EINPresswire.com/ — A commitment without harm to employees, stakeholders and the environment produced 2,000,000 lost time injury (LTI) free working hours over 1085 days at Asharami Energy, an upstream company of the group Sahara.

Henry Menkiti, Chief Operating Officer of Asharami Energy, made the revelation during Company Safety Week – an annual event aimed at reinforcing Asharami’s commitment to global safety and health standards. at work (OHS).

Lost time injury, a key O&S benchmark in the oil and gas industry, is a measure of injury or illness resulting from a work-related event that involves days away from work or results in downtime of operations.

Menkiti said Asharami Energy’s OHS standards guide the company’s operations, community relations, procurement, environmental, social and governance impact as it continues to spearhead the sustainability in the oil and gas sector in Africa.

According to him, achieving 2 million LTI-free makes Asharami Energy a leading African upstream brand in managing health, safety, security and environment (HSSE) issues in the sector. “We have consistently exceeded the industry standard of 1,000,000 LTI-free working hours in a deliberate, proactive and sustained pursuit of our commitment to do no harm to people and the environment. Our employees are relentless when it comes to safety and we have managed to convey this passion to our host communities and other stakeholders to make our operations seamless and productive across the value chain,” he said. he declares.

Menkiti said Safety Week provides a platform for Asharami Energy employees to review its safety process and protocols, optimize the previous year’s gains and recommit to ensuring that every stakeholder remains vigilant and involved in the prevention and eradication of threats.

“Operational safety and health issues receive daily attention at Asharami Energy, as we all share a passion for safety above any other pursuit in our operations. Our employees have been phenomenal in this regard and our host communities and other stakeholders are also to be commended for their support. Through continued investment in technology and leading responsible engineering across our operations, we are confident to maintain impressive safety records as the business continues to grow,” he said. -he adds.

Asharami Energy is one of Africa’s leading independent exploration and production (E&P) companies with a diversified portfolio of eight oil and gas assets in prolific basins across Africa. Asharami Energy Limited and Sahara Energy Fields Holdings UK Limited are the leading entities in Sahara’s upstream operations.

These assets are in various stages of development ranging from exploration fields to mature production fields with enormous potential for positive returns.

Bethel Obioma
Sahara Group
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Daily Update: January 21, 2022 https://gnet.org/daily-update-january-21-2022/ Fri, 21 Jan 2022 21:30:03 +0000 https://gnet.org/daily-update-january-21-2022/ Start each business day with our analyzes of the most pressing developments affecting the markets today, along with a curated selection of our latest and most important news on the global economy. The coronavirus pandemic has created a COVID-19 economy, defined by changing consumer behavior, accelerated digitalization, renewed urgency to address climate change, and heightened […]]]>

Start each business day with our analyzes of the most pressing developments affecting the markets today, along with a curated selection of our latest and most important news on the global economy.

The coronavirus pandemic has created a COVID-19 economy, defined by changing consumer behavior, accelerated digitalization, renewed urgency to address climate change, and heightened awareness of future market risks. This has transformed the global insurance industry by reinforcing the importance of technology and the need to prepare for unprecedented events.

“As greater visibility emerges in a post-pandemic world, insurers will be challenged to reassess how they interact with customers, distributors, investors and other key stakeholders. industry leadership in driving transformational change from an environmental, social and governance perspective will continue to grow across all geographies,” S&P Global Market Intelligence said in its 2022 outlook for the insurance sector. “These changes are occurring against a backdrop of new and evolving financial, geopolitical, legal, technological and climate-related risks, many of which will require the development and implementation of different pricing, underwriting, booking and distribution. It’s an environment that will reward the nimble, penalize the ill-prepared, and threaten the continued relevance of those unwilling to break their status quo.

2022 is likely to produce strong capital market and trading activity, slowing growth corn stable credit quality, and a stronger emphasis on underwriting for the insurance industry as it continues meeting the challenges of the pandemic and get ready for new operating conditions and future risks, according to S&P Global Ratings. More insurance companies could turn to technological transformation to increase their market share, whether offering coverage of new decentralized finance assets or use data to severity and frequency price in the coverage of operating losses.

Last year, insurers picked up the slack market cap growth, raise billions from capital markets, and enjoy a jump in bonus earnings and increased revenue, but struggle with historic losses as a result of extreme weather events. In 2020, global insurance markets largely endured asset risk, capital market volatility and lower premium growth prospects.

After the insurance industry has adjusted to the plethora of unprecedented events that have rocked markets over the past three years, market participants are warning against complacency. Building insurance solutions for tail risks “gives you the illusion of certainty that you can’t have, that the world just doesn’t offer,” said Peter Giger, chief risk officer of Zurich Insurance Group. , to S&P Global Market Intelligence in an interview.

Today is Friday, January 21, 2022, and here’s today’s essential intelligence.

Economy


Economic Research: Macroeconomic Update

The omicron variant of COVID-19 has spread rapidly but its economic impact appears to be limited. The link between the virus and economic activity has weakened throughout the pandemic as policymakers and economic agents adapt. Additionally, the omicron variant is less lethal than earlier variants and appears to have a shorter lifespan. Cases are already declining in some areas.

—Read the full article from S&P Global Ratings

Access more information on the global economy >

Capital markets


Watch: Financial Markets Outlook – January 2022

In the first Capital Markets View of 2022, Taron and Chris recap a banner year and make some predictions for the year ahead. Loan issuance broke many records in 2007 globally, and the issuance mix was strong, with a high percentage of deals focused on M&As. The pipeline continues to look solid in the near term, including some large deals. They also talk about the continued rise in direct lending, high yields in the secondary lending market, a record year for CLO issuance with a good pipeline again, and finally how investments in non- CLO could increase in 2022.

—Read the full article from S&P Global Ratings

Access more information on capital markets >

International trade


South Korea, GCC agree to discuss FTA to reduce crude trade costs

South Korea has agreed with the six-member Gulf Cooperation Council to resume talks on their free trade deal, which could help the world’s fifth-largest crude importer increase its purchases of sour crude in the Middle East in a cost-effective manner, the Department of Energy said on Jan. 20. Commerce Minister Yeo Han-koo and GCC Secretary General Nayef Falah M. Al-Hajraf signed the joint statement in Riyadh, under which the two sides will start negotiations in the first quarter of this year with the aim of to reach a formal FTA agreement “as soon as possible”, according to the Ministry of Trade, Industry and Energy.

—Read the full article from S&P Global Dishes

Access more information on global trade >

ESG


Moscow preview: Russia aims to play a major role in global hydrogen markets

Russia plans to leverage its large natural gas reserves, existing infrastructure and cooperation with foreign partners to take a significant share in the global hydrogen market. Targeting 20% ​​market share by 2030, Russia is expected to ramp up production over the next five years. S&P Global Platts Analytics projects Russian hydrogen production of 3.4 million tonnes of ammonia and 2.7 million tonnes of refining in 2021. It expects these volumes to increase to 3.8 million. tonnes and 3.1 million tonnes, respectively, by 2025.

—Read the full article from S&P Global Dishes

Access more information on ESG >

Energy and raw materials


Biden White House under pressure again as oil prices climb towards $90/B

The White House again faces few options to respond to high oil prices as they surge toward $90/b just two months after the Biden administration tapped emergency crude stockpiles. Analysts expect the administration to look at the usual bag of policy and rhetoric that erupts when domestic fuel prices rise, including urging U.S. and OPEC drillers to pump more, tapping again the Strategic Petroleum Reserve, pushing anti-OPEC legislation in Congress, pushing the Federal Trade Commission to continue investigating price gouging and potentially bringing back talk of U.S. crude export restrictions.

—Read the full article from S&P Global Dishes

Access more information on energy and raw materials >

Technology and media


Billion-Dollar Movies Are Returning, Signaling A Shift In Studios’ Streaming Strategy

The return this winter of a billion-dollar-plus title to theaters proved that the box office is still just as relevant for big-budget franchises, even as distribution strategies for smaller films remain in flux. . “Spider-Man: No Way Home” by Sony Group Corp. was the first film in two years to break the 10-figure mark. While an encouraging sign of recovery, this unique success comes after several pre-pandemic years when studios and theaters spread ticket sales across several billion-dollar movies a year.

—Read the full article from S&P Global Market Intelligence

Access more information on technology and media >

Written by Molly Mintz.

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Proxy voting: what fund investors need to know about it and how it’s going https://gnet.org/proxy-voting-what-fund-investors-need-to-know-about-it-and-how-its-going/ Mon, 10 Jan 2022 00:11:00 +0000 https://gnet.org/proxy-voting-what-fund-investors-need-to-know-about-it-and-how-its-going/ [ad_1] For U.S. public companies, Election Day is held annually when common shareholders can vote on directors, executive compensation, and other business-related matters. But if you are an investor whose primary exposure to equities is through mutual funds and retirement accounts, your role in this “shareholder democracy” will likely be limited. This is because the […]]]>


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For U.S. public companies, Election Day is held annually when common shareholders can vote on directors, executive compensation, and other business-related matters.

But if you are an investor whose primary exposure to equities is through mutual funds and retirement accounts, your role in this “shareholder democracy” will likely be limited. This is because the votes are generally not awarded to small investors in mutual funds or exchange traded funds. Instead, the asset management company that manages the fund votes, by proxy, on behalf of investors.

The result is that asset managers wield great power, although investors, large and small, seek more voice. With that in mind, we’re answering some frequently asked questions about how your money is spent in proxy voting.


Drawing:

iStock

Who controls public enterprises?

For the most part, public companies are controlled by the votes of common shareholders and the directors of companies they elect. But asset managers have tremendous influence. John C. Coates of Harvard Law School extrapolates this concentration of ownership to the “twelve problem.” In a discussion paper, he argued that “in the near future, around twelve people will have practical power over the majority of US state-owned companies.” He meant that asset managers like BlackRock Inc.,

NOIR -0.36%

Vanguard Group and Fidelity Investments, investing primarily on behalf of retirement investors and savers, would essentially serve as a 12-headed board of directors, dominating all public companies.

Who holds the keys

Percentage of listed shares held in the United States, by investor category

How do asset managers tend to vote?

For years, asset managers have been criticized for too often supporting the status quo in public companies, which has meant that they have consistently voted their stocks in accordance with management. (Shareholders can vote “for,” “against,” or “abstain” on their ballots.) But in recent years, asset managers have taken their fiduciary duty to the next level by backing the proposals. dissenting shareholders and directors and opposing mergers. Their positions on burning issues such as climate change, diversity and board composition have also become more specific, culminating in the election of Exxon Mobil XOM directors last summer. 0.82%

board of directors who were appointed by upstart hedge fund Engine No. 1. With a relatively small stake, but in-depth analysis on Exxon‘s

XOM 0.82%

position in the market, Engine No. 1 succeeded in convincing the major shareholders of the company to support three of its four candidates for director position

Could asset managers ever give up control of their votes?

Perhaps slowly, as asset managers resist criticism of their voting power. Starting this year, BlackRock is giving more of its institutional clients, such as pensions and endowments, the ability to vote themselves. BlackRock called the change “the first in a series of steps to expand the ability of clients to participate in proxy voting decisions when they are legally and operationally viable.”

Haven’t the big investors always had their say?

For years, some big clients of index managers like BlackRock, State Street Body

State Street Global Advisors and Vanguard have retained their proxy voting rights and, of course, individual shareholders and institutional investors who manage their own money retain their voting rights. BlackRock’s change this year extends that right to around 40% of its $ 4.8 trillion index-linked equity assets in the United States and the United Kingdom, including $ 750 billion in institutional mutual funds such as those that could be held in pension plans. This shift has come amid the rise of ETFs (including those offered by BlackRock) that focus more on environmental, social and governance (ESG) factors in investing. Additionally, after winning the Exxon Mobil proxy contest, hedge fund Engine No. 1 launched an ETF with the ticker VOTE, aimed at giving small investors a voice in what S&P 500 companies are doing by promising adopt a more critical view on management and shareholder proposals related to ESG issues. “For years, the typical S&P 500 fund voted against 80% or 90% of social and environmental shareholder proposals,” said Yasmin Dahya Bilger, Managing Director and Head of ETFs at Engine No. 1. “For de many investors, this is not enough. . “

How do I know how my fund voted?

While some asset managers have started communicating their proxy race votes ahead of time, the bigger ones are still playing their cards close to the waistcoat.

More in ‘Need to know’

Since 2003, fund managers have filed an N-PX form with the Securities and Exchange Commission each year, detailing how the shares were voted on and whether they voted for or against management’s recommendations. This means that investors often have to wait for those deposits to find out how their funds voted. In September, the SEC proposed additional rules on the disclosure of proxy votes by fund managers and other large holders, including standardization of voting categories (board of directors, extraordinary transactions, e.g. compensation, etc. .) and a requirement that reports be machine readable. , allowing better comparability between funds. The SEC followed that up in November by passing a universal proxy rule for contested elections that, among other things, would reduce costs and simplify the vote count, making it easier to come up with dissenting directors.

Who else could influence voting decisions?

If a new voice were to emerge in proxy voting, it could be pension plan participants, especially those whose company plans access shares through separate accounts or mixed trusts. “Even pension funds are facing increasing calls from their own members – teachers, firefighters, police, construction workers – to exercise their shareholder voice more,” says David Webber, professor of law at Boston University and author of “The Rise of the Working Class Shareholder.” He adds, “It’s not just a top-down story. There is also an upward pressure.

Could ordinary investors eventually have a say?

While they don’t probe opinions on every hot topic or contested vote, mutual fund companies have recognized the shift in consciousness and become more transparent about their voting policies and expectations of companies. “I think we’re going to see an expansion of what it means to be a trustee as a forward-thinking asset manager,” says Alex Lebow, co-founder and CEO of Say Technologies, an investor engagement company recently acquired by Robinhood Markets Inc.

While Say initially focused on individual investor questions during corporate earnings phone calls, Mr. Lebow said the company could also help asset management firms and individual mutual funds contact their clients. own shareholders with regard to the orientation of proxy voting.

Glossary

Trustee: Portfolio managers, who invest in stocks on behalf of mutual fund and ETF shareholders and others, are expected to act in the best interests of their clients, including with respect to how they vote on business matters.

Proxy contest: When a shareholder or group of shareholders votes on certain shares of the company (director nominees, mergers) directly to all shareholders without the support of the company or its board of directors.

ESG: Shareholder proposals in the areas of the environment, society and governance (disclosure on climate change, racial equity, human rights) are on the increase and obtain the support of a greater number of shareholders of listed companies in the USA.

Stewardship: When asset managers take responsibility for engaging companies and voting by proxy on behalf of fund shareholders, pooled investment vehicles and separately managed accounts.

Mr. Weinberg is a writer from Connecticut. He can be contacted at reports@wsj.com.

Copyright © 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

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