December 2023
07Dec

Danish pension fund to sell its Tesla shares over union dispute

PensionDanmark, one of Denmark's largest pension funds, said on Wednesday it had decided to sell its holdings in Tesla (TSLA.O) over the U.S. auto company's refusal to enter into agreements with labour unions. The decision is part of a growing Nordic movement to force Tesla to sign collective bargaining agreements with Swedish mechanics, who have been on strike since October. Labour unions in Norway and Denmark this week said they would start blocking transit shipments of Tesla cars meant for the Swedish market. Tesla has a policy of not...

December 7, 2023
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September 2023
14Sep

US. Fox Sued by New York City Pension Funds Over Election Falsehoods

New York City’s pension funds sued the Fox Corporation and its board on Tuesday, accusing the company of neglecting its duty to shareholders by opening itself up to defamation lawsuits from the persistent broadcasting of falsehoods about the 2020 presidential election. The lawsuit, filed in the Delaware Court of Chancery, is the most significant shareholder action since Fox settled a blockbuster defamation lawsuit brought by Dominion Voting Systems in April for $787.5 million. The city’s five pension funds represent nearly...

September 14, 2023
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01Sep

Exploring the Impact of Information Environment on ESG Disclosure Behavior: Evidence from National Pensions and Foreign Investors

By Jong Won Choi, Suk Hyun & Ju Hyoung Park  This study examines the impact of institutional investors on the environmental, social, and governance (ESG) disclosures of Korean companies listed on Bloomberg from 2011 to 2020. We find that while institutional investors encourage general ESG disclosure, they do not influence materiality-based ESG disclosure. Interestingly, materiality-based ESG disclosures decrease when institutional investors are major shareholders, suggesting a potential decline in disclosure quality. The study also finds a positive relationship between materiality-based...

September 1, 2023
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August 2023
25Aug

Unbundling Climate Change Risk from ESG

By Jeffrey N. Gordon  The divergence between the United States and the European Union over ESG disclosure and compliance policy for asset managers and companies is a striking feature of the corporate governance landscape. This divergence derives at least in part from differences in core features of the relevant political economy. In particular, retirement security in the US is significantly tied to stock market values; this is not so in Europe. The US is a petro-state, the world’s largest producer...

August 25, 2023
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July 2023
23Jul

Providing security, building sustainable futures

By Pension Protection Fund  Our purpose is to protect the future of millions of people throughout the UK who belong to defined benefit (DB) pension schemes - 9.6 million as at 31 march 2022. When these schemes fail we’re ready to help. We do this by paying our members, charging a levy and investing for the long term. Read book “here”

July 23, 2023
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June 2023
16Jun

Shareholder ire takes shine off stock rally for Toyota chairman

The biggest rally in three years for Toyota has shown how a well-timed campaign to promote the carmaker’s EV strategy can pay off, but a dip in support for Chairman Akio Toyoda at a shareholders meeting serves as a reminder of the perils of drawing investor ire. A 13% rise in Toyota’s stock added ¥4.4 trillion ($31.4 billion) in market value this week, after the company shared details of how it plans to catch up in the global shift to...

June 16, 2023
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14Jun

Akio Toyoda reelected Toyota chairman despite pension funds’ governance concerns

Toyota Motor weathered an unprecedented showdown with investors at its annual general meeting on Wednesday as shareholders approved former President Akio Toyoda's nomination to the board and rejected a proposal demanding better disclosure on climate lobbying activities. Proxy advisers, U.S. pension funds and European asset managers criticized the automaker's insufficient corporate governance and environmental efforts, heaping pressure on a fledgling management team already facing intensifying industry competition in electric vehicles. "The new management is able to get to a start thanks...

June 14, 2023
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April 2023
04Apr

Modern slavery audits in supply chains subpar for investors

Institutional investors have become more aware of the risks of modern slavery in their portfolio companies’ supply chains, but detecting labor issues is an uphill battle as companies chase profits and the industry lacks skills to detect labor issues. In emerging Asia, where the bulk of supply chain companies are located, regulations are not yet at a level where they’re an effective deterrent, sources said. According to the United Nations, modern slavery refers to “situations of exploitation that a person cannot...

April 4, 2023
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March 2023
31Mar

ESG and Climate Change: Pension Fund Dos and Don’ts

By Randy Bauslaugh Pension fund administrators have a fiduciary duty to prudently manage financial risks and opportunities when investing plan assets and when managing plan operations that are paid from the pension fund. This includes the financial risks and opportunities associated with climate change and other environmental, social and governance (ESG) issues. But what are the legal dos and don’ts? Plan fiduciaries will always be on solid legal ground if they take ESG information into account for financial purposes – to...

March 31, 2023
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17Mar

Politicians Make Poor Asset Managers

Not that long ago, state legislators of various stripes told their state pension systems they must immediately divest of any portfolio investments tied to companies doing business in South Africa. The apartheid debate was front and center for nearly every public pension fund in the country. Several funds went along with the political demands, but most did not. Pension officials took the view that bowing to divestment demands would be a complete surrender of their independent, fiduciary responsibilities owed...

March 17, 2023
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