The skirmish between the New York City Comptroller and BlackRock over climate alignment of the city’s public pension funds – a fight worth a $42 billion mandate to BlackRock – highlights the complexity and impracticality of aligning climate expectations, reporting requirements and business imperatives.
SEC chair Gary Gensler is in favour of the regulator stepping in to bring greater clarity and consistency to corporate climate disclosure. Speaking at a PRI webinar he said the current level of disclosure doesn’t allow investors to compare corporate climate preparedness, and that much of the data is inconsistent.
Global investors have overwhelmingly urged the SEC to provide corporate disclosure rules on climate. In submissions to the SEC many investors including CalPERS and CalSTRS said the rules should be mandatory.
ESG factors impact company financial performance and drive long-term value – but inadequate data is no longer an excuse for incorporating ESG into investment decisions.
The Securities and Exchange Commission should reinstate the investor advisory committee it abandoned in 2010 as part of a wider commitment to address near-term financial market reform, a group of institutional investors from across the globe have stated. The investors, who represent combined assets of $1.6 trillion, wrote to SEC chairman Mary Schaprio calling for
The Council of Institutional Investors has called for the Securities and Exchange Commission to pursue a re-hearing of a controversial proxy access rule that would have bolstered shareholder rights but was recently defeated in a legal challenge.
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