The Church of England Pensions Board led change in the mining industry by engaging with the issue rather than individual companies. The process led to the introduction of new standards on tailings dams.
Investor engagement and stewardship programmes seek to change corporate behaviour, reduce risk and shape positive real world impacts. But experts notice that to be most effective investors need to ensure they are seeking to change the most material and important issues.
PMT, the Dutch fund for metal and technical workers, has just increased the screens guarding its equity and bond allocations from ESG laggards. It is also increasing its engagement with companies to try and build climate awareness.
Railpen, well known for its belief in the cost and control benefits of inhouse management visible in its large in-house team has also built up an internal engagement team to better align stewardship with its ESG objectives, particularly ambitious net zero targets.
The New York State Common Retirement Fund has ratcheted up pressure on companies in its listed equity portfolio to disclose their political spending in what it calls a “priority issue,” up there with climate, DEI and capital management. Liz Gordon, executive director of corporate governance, explains.
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