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ESG: A responsible investment ‘wishlist’ for 2019

first_imgDavid Russell, Universities Superannuation Scheme“There will be increasing pressure on pension funds to address climate change risk in their portfolios, from government, regulators and their members. And this will mean assessing not only what impact it could have on their assets, but also what it could mean for their liabilities. “And here’s the wish… that pension fund consultants more proactively address climate change risk with trustees. Consultants will have a critical role to play in assessing these risks on behalf of their clients as the vast majority of pension funds rely heavily on their advice.”Asset managersClaudia Kruse, managing director, responsible investment and governance at APG What would be your single biggest wish for the responsible investment industry/movement for next year?IPE asked the heads of responsible investment (or equivalent) at various asset owners and asset managers, as well as individuals at some of the most influential advocacy and campaign organisations, for contributions to a sustainable investment ‘wishlist’ for 2019.The instructions were simple: to provide as authentic or personal a comment as possible and, as much as possible, avoid using the ESG/SRI/RI acronyms.Perhaps unsurprisingly, a common thread is climate change. At the same time, the way respondents addressed this captures the different approaches and objectives that are often associated with “ESG” (despite ESG not being “a thing”, as the head of responsible investment at one asset manager has previously – and sternly – said).  Some respondents’ wishes convey a risk management perspective, where information about and analysis of environmental, social or corporate governance factors provide valuable input in the investment decision-making process, with a view to improving the financial characteristics of a portfolio.“We urge for standardised, concrete and relevant sustainability data… Company disclosures are the basis – because what gets measured gets managed”Carine Smith Ihenacho, NBIMAnd as David Russell at the UK’s Universities Superannuation Scheme highlights, it is not just the asset side of the equation that pension funds need to consider, but the climate change-linked impact on liabilities.Other comments demonstrate the increasing preoccupation with non-financial impacts of investments.Claudia Kruse at €485bn Dutch pension investor APG says giving beneficiaries an opportunity to express their “sustainability preferences” will become more and more important, while Catherine Howarth, CEO of ShareAction, wants quality of life considerations to be seen as relevant to investors’ fiduciary duty.  Without further ado, here is IPE’s Responsible Investment Wishlist for 2019…Asset ownersCarine Smith Ihenacho, chief corporate governance officer at NBIM, manager of Europe’s largest sovereign wealth fund  “Our wish for 2019 is that more companies go from words to numbers. We urge for standardised, concrete and relevant sustainability data. We believe sustainability numbers are financial data. Company disclosures are the basis  – because what gets measured gets managed.” Christina Olivecrona, AP2Christina Olivecrona, senior sustainability analyst at Swedish pension buffer fund AP2“My new year wish is the creation of a World Climate Organisation with the authority to create, implement and enforce a global carbon tax. The organisation should also be responsible for redistribution of the collected tax money to [finance] adaptation and mitigation practices to counter climate change.”Nico Aspinall, chief investment officer of The People’s Pension, a £5bn (€5.5bn) UK master trust Claudia Kruse, APG“Rather than just focusing on the environmental aspects of climate change or the technological side of artificial intelligence (AI), we will need to address the social aspects, too. At COP-24 the Just Transition Initiative was launched and the G7 published its statement on AI. These are highly relevant for investors.“With a focus on people, giving those on whose behalf we invest a voice and allowing them to express not only their financial but also their sustainability preferences will be increasingly important for the industry.”Amanda Young, head of global ESG research, Aberdeen Standard Investments Catherine Howarth, ShareAction “In 2018, we made impressive progress on fiduciary duties. In the UK, the Department for Work and Pensions passed regulations requiring trustees to take into account all financially material factors, including those arising from environmental and social factors; at EU level, the Commission committed to similar reforms through its sustainable finance action plan.“But is this enough? I’d say not. Acting in savers’ best interests means actively limiting the harm investments made on their behalf could do to their quality of life. In 2019, my wish is that the impacts of investments will be recognised as relevant to meeting fiduciary duties.”What would be on your list? Add your responsible investment wish in the comments below.center_img Nico Aspinall, The People’s Pension“My wish would be to have mandatory TCFD – Taskforce for Climate-related Financial Disclosures – reporting on every stock exchange in the world. I would want consistent opinions from companies as to the climate change risks they’re facing.“My wish for 2020 would be… Data, we’re just missing data. I dare say you can phone me in a year’s time and I’ll have that same wish.”Greg Haenni, CIO of CPEG, the CHF13bn (€10bn) public pension fund for GenevaHaenni told IPE that CPEG’s wish was for the implementation of international standards for sustainability information:“The biggest challenge is to determine international standards for sustainability information. Without standards, it is difficult for companies to know exactly how to measure and report on some dimension of sustainability performance. Without standards, the institutional community cannot make meaningful comparisons of performance among companies and over time.”Laetitia Tankwe, personal adviser to the president of Ircantec, a French public pension scheme with €10.9bn of reserves Amanda Young, Aberdeen Standard Investments“My one wish would be that people start thinking differently about how they allocate their capital. There are so many opportunities now to find financially rewarding investments that also deliver positive environmental and social benefits or outcomes. A win-win – doing good while making money.”Joshua Kendall, senior ESG analyst at Insight Investment“Looking at fixed income, I would like to see more diversity in green bond issuance. Financials have been responsible for 65% of all corporate green bonds issued in 2018, with utilities 22%. Every business must transition its operations and strategies to be more resilient and sustainable in a resource-constrained and low-carbon world.”Investor organisations/NGOsFiona Reynolds, CEO, Principles for Responsible Investment Fiona Reynolds, PRI“My single biggest wish is for investors to step up on climate action. As the IPCC report has shown us we need to limit warming to 1.5°C and we are nowhere near this figure and are currently on target for 3.4°C. There is a big gap between what is required and the actions being undertaken by business, governments and investors. We need more investment flowing into low carbon opportunities both renewable energy and transformative technology.“The climate agenda is urgent and more action that aligns with a below 2°C world is vital. While there are certainly some leaders on climate in the investment space, there are still far too many laggards.”Stephanie Pfeifer, CEO, Institutional Investors Group on Climate Change“2019 is all about accelerating action. We need policymakers to raise their ambition levels under the Paris Agreement, investors to evolve their investment processes to align with the low-carbon transition, and companies to respond to the asks of the Climate Action 100+ initiative already backed by 310 investors with over $32trn of assets.”Catherine Howarth, CEO, ShareAction Laetitia Tankwe, adviser to the president of Ircantec“Many people ask themselves about the relevance or the need to practice socially responsible investment. Is it desirable? Is it profitable? What additional value do these practices generate?“Our wish for 2019 would be for the justification burden to be turned on its head: it would not be investors embarking on socially responsible investment who would have to justify their decision, but those who don’t. In 2019, responsible investment becomes investment full stop!”   David Russell, head of responsible investment at the Universities Superannuation Schemelast_img read more

Tipp appeal Forde’s remaining one-match ban

first_imgMeanwhile, Cork won’t fear coming to Semple Stadium for their Munster Senior Hurling quarter-final according to Tipp’s Michael Cahill.The sides meet on May 21st with the two-time All Ireland winner expecting a close battle.However the Thurles Sarsfields man says Tipp will be glad of having home advantage. Photo © Tipperary GAA Tipp are going to challenge Jason Forde’s one match ban.Michael Ryan wants to try and get the midfielder back for the opening game of the Munster Hurling Championship against Cork.They’re going to take the case now to the Central Appeals Committee to get the one-match ban decision by the central hearings committee overturned.last_img

Hall of Famer Kiner a fixture in Mets’ booth

first_img“I miss the guys, the old guys,” said Kiner, a graduate of Alhambra High School. The Hall of Fame slugger-turned-broadcaster, now 84, keeps busy at the park. Dressed neatly in a suit jacket and sunglasses, he was at Tradition Field on Monday to work a few innings of the exhibition between the Cleveland Indians and New York Mets. Kiner has recovered nicely from a stroke several years ago that impaired his speech, and recently had dinner with Yogi Berra. He remains good friends with Stan Musial and occasionally sees Bob Feller. He only wishes a few more faces still were around. Dizzy Dean, Ted Williams and Casey Stengel were his pals. Kiner did pretty well off the field; his Hollywood cronies included Bing Crosby and Frank Sinatra and he once squired Liz Taylor. “We were like a club back then. We all knew each other,” he said. “I think we had more fun. Now, everything is so ferocious because the money is so tremendous. “Those stories about Ted Williams and Tom Yawkey shooting pigeons at Fenway Park, you think they could do that now?” he said. Kiner, sitting on the Mets bench, laughed at the thought. As if on cue, Mets sensation Jose Reyes happened to walk into the dugout, singing loudly in Spanish and shaking his hips. For showmanship, though, no one could beat Ruth. Kiner was in his late teens when the Hollywood Stars of the Pacific Coast League wanted to sign him. He went down to their park – Wrigley Field, modeled after the one in Chicago – where they were filming “Pride of the Yankees.” A few minutes later, Ruth ambled over. “I idolized him,” Kiner said. “I didn’t know what to say.” Kiner enjoyed another highlight at that Wrigley Field, where episodes of “Home Run Derby” and “The Twilight Zone” were filmed: In high school, he homered off Paige during a barnstorming tour. Cobb also spent a lot of time around the park. The player with the best career batting average “wasn’t irascible around me, but I heard the stories,” Kiner said. Kiner also did fine with the bat. After serving as a Navy pilot in the South Pacific during World War II, he broke into the majors with Pittsburgh. Kiner either led or tied for the National League home run lead in each of his first seven seasons. A bad back forced him to retire after 10 years; he hit 369 homers, many pulled over the short left-field wall at Forbes Field known as “Kiner’s Korner.” He was elected to the Hall in 1975 on his 15th and final try on the writers’ ballot. He got exactly one more vote than required for induction. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Kiner started calling Mets’ games during their expansion season in 1962 and has stayed ever since; the home TV booth at Shea Stadium is named in his honor. The Mets will hold an on-field tribute to him July 14 before they play Cincinnati. “You couldn’t be any luckier than I’ve been, to keep working in baseball,” he said. To spend any time around Kiner is to open a Who’s Who of Cooperstown. Other announcers can rattle off the Sabermetrics, but who else can tell stories involving 20th-century luminary Cap Anson, Rogers Hornsby and Rube Marquard? Don’t hear much about them these days. Funny thing, there was a trivia question posted on the scoreboard Monday, and Tris Speaker was one of the potential answers. Speaker, a star way back in the dead-ball era, was one of Kiner’s coaches. “Taught me a lot about playing the outfield,” Kiner said. center_img PORT ST. LUCIE, Fla. – Ralph Kiner shook hands with Babe Ruth, talked ball with Ty Cobb and hit a home run off Satchel Paige. Great names of the game, all gone. last_img read more