Large asset managers fail think tank’s climate engagement test

September 29, 2020 0 Comments

first_imgThe think tank said its study was the first study to analyse the nature of asset managers’ engagement with companies with regard to climate change, “highlighting the fact that the global leaders’ shareholdings and relationships give them huge leverage to drive corporate action to support the Paris Agreement”.O’Neill said previous research had either looked at asset managers’ portfolios or their voting behaviour.“I’ve never seen anyone take an eclectic look at the sum of the engagement activities of the asset managers,” he told IPE.2020 Stewardship Code as benchmarkThe organisation used the UK’s new Stewardship Code – which takes effect from January next year – to benchmark the quality of asset managers’ engagement.The engagement score that InfluenceMap assigned to asset managers has many components. The think tank defines engagement as referring to all investor actions undertaken to influence the management strategy of investee companies, including: questions at AGMs and other company meetings, comments in the media or public fora, and filing of shareholder resolutions and voting.A spokeswoman for BlackRock said the firm “put a priority on engaging with a company on addressing climate-related issues” and engaged with 370 companies globally on the topic of climate risk in the past two years. She also noted that BlackRock had the largest stewardship team in the world.O’Neill said leadership was shown by organisations such as Legal & General because they had “sophisticated frameworks and enforcement mechanisms to transition the behaviour of companies towards Paris alignment”.“BlackRock appears to engage with a large number of companies, pushing them on disclosure and climate risk management,” he said. “This is reflected in our online scoring of BlackRock, which was shared with them.”The BlackRock spokeswoman also pointed to the firm’s activities away from company engagement, saying it offered product choices to investors that wanted to avoid specific sectors, and invested heavily in research demonstrating the relationship between sustainability issues, risk and long-term value creation.Asset owners nextInfluenceMap said the methodology applied by its ‘FinanceMap’ team was developed in consultation with leading global asset managers, with O’Neill naming Hermes Investment Management, LGIM and Sarasin as having provided input.He also said the think tank “iterated” its approach with the wider market, having approached all of the asset managers it ended up identifying in its report and obtaining “a high level of feedback”. “We would have adapted the methodology if we thought we got something wrong,” said O’Neill.O’Neill also told IPE that InfluenceMap had input from individuals at asset owners such as the Church of England Pensions Board (CEPB) and Sweden’s AP7.AP7 brought the perspective of a universal owner, which was at the heart of InfluenceMap’s work, said O’Neill.In its report, the think tank said it recognised asset owners’ important and growing role in shaping portfolios and driving the corporate engagement process and would probably expand its finance project to cover asset owners.The Principles for Responsible Investment recently said institutional investors were not making the most of the powerful tool of stewardship, and has launched a programme to promote more positive investor action.InfluenceMap’s report can be found here. Large asset managers are “collectively failing” to do enough to drive corporate action in support of international climate goals, according to a think tank.According to UK-based InfluenceMap, of the world’s 15 largest asset managers only Allianz, Legal & General Investment Management (LGIM) and UBS Asset Management “strongly and consistently” engage with investee companies about aligning their business models to meet the Paris Agreement goals.Some other European managers, like AXA, were not far behind in performance on climate engagement, the think tank wrote, while US firms such as BlackRock and Vanguard “call on companies to consider climate risks but do not drive behaviour change around climate models or policy lobbying”.Thomas O’Neill, research director of InfluenceMap, said: “If global asset managers wish to support the Paris Agreement and remain invested in the automotive, power and fossil fuel industries then they must engage robustly with companies in these sectors to accelerate their switch to low carbon technologies and ensure their policy lobbying supports climate targets.”last_img read more

EPL: VAR denies Wolves as Leicester’s Choudhury sees red

September 26, 2020 0 Comments

first_img Nuno Espirito Santo’s side thought they had taken the lead when Willy Boly headed home in the first half, but VAR stepped in to chalk off the goal for the tightest of offside calls against Diogo Jota. Wolves were furious, but the officiating turned in their favour after half-time as Leicester had a penalty appeal turned down before midfielder Choudhury was sent off for a second booking.Leicester remain third in the Premier League, one point behind second placed Manchester City as they bid to qualify for the Champions League.Leicester boss Brendan Rodgers will be encouraged by his team’s second clean-sheet in their last 11 league games, especially as they had to withstand a late Wolves barrage.But the sight of Jamie Vardy failing to score for a sixth successive league match meant it was not all good news for Rodgers.Wolves had returned from a winter break in Spain for the 42nd game of a gruelling season that started with Europa League action back in July.But they never looked fatigued in a bruising encounter and climb to seventh in the table.Pedro Neto cut into the Leicester penalty area and found Jota early on, but Wolves winger’s low shot was blocked by the outstretched leg of Leicester keeper Kasper Schmeichel.– Wolves fury –Neto was the provider again when Leander Dendoncker glanced just wide from his corner.Caglar Soyuncu should have put Leicester ahead but he nodded straight at Rui Patricio from James Maddison’s free-kick.Wolves defender Matt Doherty needed lengthy treatment to close a gaping wound that left blood pouring from his head after a clash with Maddison.Doherty was eventually able to continue and played a role in the move that nearly brought Wolves the opening goal in the 44th minute.Neto’s cross was flicked on by Doherty to Boly and he headed home, only for VAR to disallow the goal for an extremely tight offside against Jota, who had passed to Neto in the build-up.Wolves captain Conor Coady was furious with referee Mike Dean as the players walked off at half-time, reportedly shouting “You’re the referee and even you don’t know” at the official.VAR went in Wolves’ favour after the break when Maddison appeared to be shoved over by Romain Saiss in the penalty area, with Dean giving a goal-kick and the review system backing his assessment.And it was Leicester’s turn to suffer at the hands of Dean again in the 76th minute.The scoreboard displays the decision disallowing a goal for Wolves against LeicesterRead Also: Guardiola’s future in doubt after Man City hit with UEFA banAlready on a booking, Choudhury slipped over and lost control of the ball, reacting with a lunging tackle that sent Dendoncker sprawling.Wolves nearly took advantage of their numerical superiority when substitute Adama Traore picked out Raul Jimenez for a header that flashed over.Jimenez was guilty of a worse miss in the closing moments when he again failed to hit the target with a header from Joao Moutinho’s delivery.FacebookTwitterWhatsAppEmail分享 Loading… Promoted Content10 Risky Jobs Some Women Do5 Of The World’s Most Unique Theme ParksInsane 3D Spraying Skills Turn In Incredible Street ArtWhat Happens When You Eat Eggs Every Single Day?Best & Worst Celebrity Endorsed Games Ever MadeMind-Bending Technology That Was Predicted Before It AppearedWhat Is A Black Hole In Simple Terms?These Hilariously Creative Shower Curtains Will Make Your Day9 Facts You Should Know Before Getting A Tattoo7 Universities Where Getting An Education Costs A Hefty PennyA Hurricane Can Be As Powerful As 10 Atomic Bombs6 Extreme Facts About Hurricanes Wolves were controversially denied by VAR and Leicester’s Hamza Choudhury was sent off in a stormy 0-0 draw at Molineux on Friday night.Advertisementlast_img read more