Corporate governance – Page 21
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NewsRegulator fines Dutch retail scheme for communication mishaps
Pensioenfonds Detailhandel has accepted the €136,000 fine, but claims the regulator’s conclusions were ‘too firm’ and were based on too little information
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NewsFrance is first country to transpose CSRD into national law
The Directive will replace the Non-Financial Reporting Directive, laying out much stricter expectations for companies reporting on environmental and social impacts
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NewsGerman regulator to check European green bonds issuers obligations
Green bond issuers must publish an information sheet before issuing the bonds, which includes essential information on planned taxonomy-compliant use of proceeds
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Opinion PiecesViewpoint: Unequal voting rights must be phased out
Weakening protections around dual class share structures will not deliver the desired benefits
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NewsFondo Pensione Cometa pushes Microsoft on AI risks at AGM
The pension fund is also in favour of an independent analysis of the reputational and financial risks resulting from Microsoft’s involvement in the military industry
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NewsNBIM to lead class action for first time, joining AP7 against SVB
AP7 reveals it is also leading class action in US against failed Signature Bank
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NewsInvestor coalition calls for phase out of unequal voting rights
It made recommendations to phase out dual-class structures tailored at different financial market participants
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NewsISSB: Scope 3 emissions emerge as key challenge
ISSB’s Transition Implementation Resource Group will aim to understand what challenges constituents are facing and attempt to avoid diversity in practice
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NewsInvestors coalition creates platform to strengthen human rights stewardship
Labour Rights Investor Network demand oversight over labour rights by senior management of investee companies
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NewsIPE Conference: Asset managers urged to implement diversity policies
More diversity on decision-making panels leads to better investment decision and even outperformance of peers
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NewsBpfBouw crowned most sustainable Dutch pension fund
The scheme for the Dutch construction sector has taken the first place from ABP
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NewsMining 2030 Commission gets supports from 82 investors as members named
Among the 82 investors that are backing the initiative are APG in the Netherlands, USS in the UK, US fund CalSTRS and Canadian pension fund CDPQ
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NewsStewardship and engagement hires decline, says Redington
Survey shows that 30% of managers are unable to evidence ESG views driving specific changes in investment portfolios
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NewsNet Zero engagement: asset owners publish rules for managers
The NZAOA asks investors to get engagement programmes assured and to focus on outcomes
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News‘Further work required’ on ESG and sustainable investment funds, says FCA
The regulator expects asset managers to address the good and poor practices outlined in the report to meet the requirements of SDR
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Special ReportAP7 notches up legal success against Kraft Heinz
In May 2023, Sweden’s AP7 fund recorded a significant victory for Swedish and other investors when US food giant Kraft Heinz agreed to settle a class action lawsuit for $450m (€421m).
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Special ReportBuilding a class action toolbox for investors
As class actions have started to play an increasingly important role in good governance for UK and European pensions funds, the need to establish best practice in the field is growing.
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Special ReportClass actions by European investors on the rise in the name of good governance and fiduciary duty
Deepwater Horizon, Volkswagen (Dieselgate), Wirecard, Silcon Valley Bank and Credit Suisse are recent, high-profile examples of corporate wrong doing resulting in losses for investors. As stewards of retirement savings and guardians of beneficiaries’ interests, it is only natural that pension funds should scrutinise the investments they are making – or outsourcing to asset managers to make – on their members’ behalf. This is a central plank of fiduciary duty.
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Special ReportEuropean pension fund class actions take off on a steep learning curve
What positive developments can we report relating to class actions in UK and European pension funds? What regulatory challenges still need to be overcome to facilitate (for instance, simplify) the environment for class action by UK and European institutions? Where are the key gaps in knowledge among pension funds?
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Special ReportClass actions: Is Europe catching up with the US?
Europe’s institutional investors are latching on to the rewards of joining class actions against investee companies. Many of these are securities lawsuits, pursued when a publicly listed company has not properly disclosed or has misrepresented significant information, affecting the share price when the truth emerges. But so far, the vast majority of these have been in the US. In 2022, nearly $4.9bn (€4.6bn) was recovered in the US courts, according to Institutional Shareholder Services. So, what about class actions in Europe? “The US has had a class action system for over a hundred years that can be adopted for almost every cause of action, whereas the UK has only had class actions since 2015 and it is only available for competition cases,” says Harry McGowan, partner in the securities litigation department at law firm Stewarts.
