While a major backlash is underway against investment strategies based upon environmental, social, and governance (ESG) issues, the International Sustainability Standards Board (ISSB) released in late June a proposal for global sustainability disclosure standards that could bring some clarity to investing based on environmental concerns — the “E” of ESG. If adopted, the standards will… Read More >>
Goldman Sachs Settles Gender Bias Case for $215M
Goldman Sachs and the law firms representing 2,800 women — Lieff Cabraser Heimann & Bernstein, and Outten & Golden — announced that they have resolved a gender discrimination class action lawsuit for $215 million, ending a legal action that began in 2010 and would have gone to trial next month, officials say. A lawyer for… Read More >>
Broadridge’s NYFIX Links to Linedata OMS & Other News
Broadridge Expands Partnership with Linedata The NYFIX Matching solution from Broadridge Financial Solutions will be integrated with the Longview order management system (OMS) from Linedata to provide more automation for NYFIX’s middle- and back-office functions, officials say. To make more automation possible, Broadridge expanded its partnership with Linedata, a provider of asset management and credit… Read More >>
ESG Spurs Wolters Kluwer to Combine Four Divisions
Wolters Kluwer will combine four global enterprise software businesses into a new division, dubbed Corporate Performance & ESG, because environmental, social, and governance solutions are driving growth for the provider of professional information, software solutions, and services, officials say. In March, these four software businesses will be combined: CCH Tagetik (including U.S. Corporate Tax): Corporate… Read More >>
NY Pension Portfolio Companies Will Face DEI Probes
Thomas P. DiNapoli, the comptroller for the state of New York, is challenging the portfolio companies of the New York State Common Retirement Fund on several diversity, equity, and inclusion (DEI) fronts via a series of shareholder proposals and related initiatives. The New York State Common Retirement Fund (the Fund) was valued at $242.3 billion… Read More >>
Should Banks Disclose Climate Targets of Portfolio Companies?
As global climate instability rocks regions and countries, we know what Greta Thunberg would say. Young people may not have any future at all, the famous Swedish teen eco-activist and climate sybil would exclaim, because “that future was sold so that a small number of people could make unimaginable amounts of money.” Presumably, Ms. Thunberg… Read More >>
GSAM Settles ESG Policy Woes Case for $4M
The Securities and Exchange Commission (SEC) has charged Goldman Sachs Asset Management, L.P. for its “policies and procedures failures involving two mutual funds and one separately managed account strategy marketed as Environmental, Social, and Governance (ESG) investments.” GSAM officials neither admit nor deny the SEC charges. However, to settle the case, it will “consent to… Read More >>
DOL Updates ERISA Rules for ESG Investing
The U.S. Department of Labor is hoping that it is providing clarity for Employee Retirement Income Security Act (ERISA) plan fiduciaries that want to make investments based upon environmental, social and governance (ESG) concerns. On November 22, Labor Department officials released a final rule “by clarifying that fiduciaries may consider climate change and other environmental,… Read More >>
Northern Trust & EDS Target ESG Workflows & Other News
Northern Trust & Equity Data Science Create ESG Tool Northern Trust and Equity Data Science have launched what they describe as a workflow solution for environmental, social, and governance (ESG) data intended to “allow investors to more quickly access and share ESG information,” officials say. The solution is described as an “ESG digitized data aggregation… Read More >>
Not All ESG Funds Are Climate-Friendly: Report
Some environmental, social, and governance (ESG) funds and funds with “climate” in the name contain assets that are inconsistent with their environmentally conscious branding, according to a recent study by ESG Book. The report, “Always check the label,” examined asset data on 420 ESG funds and 95 climate-labeled funds, all of which had at least… Read More >>
