Pension funds urge companies to set ambitious emission targets

first_imgEric Uijen, PME“Although we do appreciate Shell’s announced course to emission reduction, in our opinion the company’s scenario to achieving the goal of the Paris [agreement] is too risky,” said Eric Uijen, chairman of PME’s executive board.“The climate issue is that important and urgent that we expect Shell and other companies we are invested in to provide clarity about how they really will bring their emissions in line with the international agreements.”PME highlighted the potential large financial impact of climate change, and said it needed to keep looking ahead for the sake of its participants.“We want companies to comply with the Paris agreement, as they can’t deliver reasonable returns in a stagnating world economy as a consequence of negative effects of climate change,” the scheme said.The mission of Follow This is to make Shell cease exploring for oil and gas and to start large-scale investing in sustainable energy.Last year, PME said it wanted to reduce carbon emissions from its equity holdings by 25% by 2020 relative to 2015. It said that it would try to achieve this goal through engagement with the 10 companies responsible for the bulk of emissions in its portfolio. LGIM steps up opposition votesLegal & General Investment Management (LGIM) voted in favour of 95% of climate change resolutions at US companies last year.Announcing its 2017 corporate governance report, the £983bn (€1.1trn) investor said it had called on companies “to outline the potential impact on their business of a rise in temperatures above two degrees Celsius, the target set in the Paris climate accord”.This is not necessarily the same as calling on companies to curb their emissions to help achieve the Paris agreement.LGIM increased its vote against the management of listed companies last year, voting against at least one resolution at 59% of companies, up from 56% in 2016.In the UK, its top three votes against management were on remuneration, board effectiveness and shareholder rights. It opposed 40% more remuneration resolutions in the UK compared with 2016, and 52% more in the US. “The Investor Decarbonisation Initiative is part of a second phase of investor engagement moving from the broad agreement for disclosure, to the sharper demand for action and targets that form a Paris-compatible business plan,” he said.“Collaboration among pension funds and other shareholders can be highly effective and powerful in driving change.”Vincent Kaufmann, Ethos FoundationEuropean pension funds that have joined the initiative include BPL Pensioen, the Environment Agency Pension Fund, ERAFP, Ethos Foundation and 24 of its Swiss pension fund members, and Strathclyde Pension Fund.Vincent Kaufmann, CEO at Ethos Foundation – an advisory body representing Swiss pension funds – said: “Pension funds, as the guardians of their members’ savings, have an important role to play in the low-carbon transition. One way they can do this is to engage businesses, who are the world’s largest users of energy, to drive a faster transition to cleaner alternatives.“Collaboration among pension funds and other shareholders can be highly effective and powerful in driving change – investors should continue to engage companies to deliver the ambitions of the Paris agreement.” Asset manager signatories included Aegon Asset Management, Candriam Investors Group, Impax Asset Management and KBI Global Investors.In their letters, the investors asked companies to set “science-based” targets, a concept developed by a collaboration of organisations to denote greenhouse gas emission reduction targets that are “in line with the level of decarbonisation required to keep the global temperature increase below 2 degrees Celsius compared to pre-industrial temperatures, as described in the Fifth Assessment Report of the Intergovernmental Panel on Climate Change”.More than 100 major global corporations have set science-based targets, according to an update today from the Science Based Targets initiative.PME to support climate resolution at Shell AGMPME, the €47bn Dutch pension fund for the metal and electro-technical engineering industry, plans to support a resolution from climate pressure group Follow This at Shell’s annual general meeting.The resolution – which Shell opposes – calls on the energy giant to raise its climate target and to align its goals with international climate agreements. European pension funds are among a $1trn-strong group of institutional investors calling on companies to set greenhouse gas emission targets that will help achieve the goals of the Paris agreement on climate change.In letters to the companies, investors also asked them for commitments related to renewable electricity, energy efficiency and electric vehicles. The targeted companies ranged from brand names such as Netflix and The Walt Disney Company to utilities and real estate groups.The letters were the first engagement campaign of The Investor Decarbonisation Initiative, a new effort co-ordinated by ShareAction, a pressure group.A spokesman for ShareAction said it was designed to complement existing investor initiatives on climate change.last_img read more

Mary Louise Moody

first_imgNeal’s Funeral Home306 S Walnut St.Osgood, In 47037812-689-4262After a long time illness, Mary Louise Moody, age 71 of Greensburg, In quietly passed away at her home on Sunday evening, January 8, 2017 with her family at her side. She was the daughter of the late George Stewart and Loretta Spaulding Stewart Butler. Mary was united in marriage to Dale Andrew Moody on January 11, 1964. They were blessed with three children.Mary’s family stated she was a very loving mother, always there for them even through her last years of being ill. Before her illness, she had enjoyed her flowers and just watching the birds. She used to go to St. Louis in Batesville and play bingo but later had to be content playing on her laptop. She will be sadly missed by her family.Survivors include her husband, Dale Andrew Moody, son; Phillip Moody and daughter Paula Moody all of home. One daughter, Tracy (Jason) Moody of Laurel, In also survives along with eight grandchildren and one great grandchild.Two brothers, Guiles Stewart of Greensburg and Harvey Butler of Batesville; four sisters; Bonnie Jenkins of Morris, In , Phyllis McKeown of Milan, Tina Clift of Osgood and Diana Reed of Colorado. She was preceded in death by one brother, George Stewart Jr and one sister, Jean Carel.Services will be private. Any memorials may go to the family c/o the funeral home.Arrangements by: Neal’s Funeral Homewww.nealsfuneralhome.netlast_img read more

CWI vice-president gives administration passing grade

first_imgBRIDGETOWN, Barbados (CMC) – Cricket West Indies (CWI) vice-president Dr Kishore Shallow has given the organisation’s administration a passing grade for its first year in office, pointing to improvements in just about all areas of the 10-point plan which the Ricky Skerritt-led team had used as a platform for election.Among the biggest achievements, Dr Shallow said, have been an improvement in team selection which has boosted players’ confidence in getting a fair chance to represent West Indies, and a better relationship with CWI stakeholders.Last March, the Skerritt-Shallow team defeated incumbent Dave Cameron and his running mate Emmanuel Nathan to take over the CWI leadership. They had presented a ‘Cricket First Plan’ to revitalise West Indies cricket, that promised: the creation of a cricket-centric organisational culture; optimum use of technology for greater effectiveness; increased investment in grassroots cricket; enhancement of the franchise system; modernisation of coaching education; increased exposure for Under-23 and Under-19 players; re-evaluation of system of team selection; repair of stakeholder relations; decentralisation of High Performance system; and utilisation of regional technical expertise.Speaking on the Mason & Guest radio show here on Tuesday night, Dr Shallow said the administration had made some progress in those areas.“We have touched on just about all of these points,” he said. “In West Indies cricket, over the years, we have had quite a few hurdles that we have to jump over and bearing all that in mind, I think we have done a fairly good job for the last 12 months.”Among the areas he gave his team kudos for was revamping the selection process.“This is one of the successes,” he said. “We have seen players have increased confidence in our system again and players believe that they are now selected more on merit and are putting up their hands, as Jermaine Blackwood, as Hayden Walsh, and other players have done.”Dr Shallow also saw the CWI’s utilisation of regional experts as an accomplishment.Seven months after the new administration took office, Phil Simmons, who had been sacked by the Cameron-led CWI, was brought back as West Indies head coach.That, said Dr Shallow, plus the inclusion of other former cricketers Floyd Reifer, Kenny Benjamin, Gus Logie and Courtney Walsh in the coaching staff, and the involvement of Joel Garner, Brian Lara and Ramnaresh Sarwan in West Indies camps last year demonstrated the CWI’s commitment to improving the game.Addressing the modernisation of the coaching system, he pointed out that CWI had hired a specialist in development coaching, Australian Chris Brabazon, as its first-ever coach education manager. The former Western Australian Cricket Association coach development manager signed a three-year deal and began work last December.“He has been making some progress so far,” Dr Shallow said.The CWC vice-president also pointed to improved relationships with players, regional governments and the media, saying, “all of our stakeholders are equally important to us”.Speaking specifically about the promise to create a cricket-centric organisational culture, he said CWI has been able to fulfil its promise to move players “to the top of the priority ladder”.He said while the four-year cricket calendar would be affected by the coronavirus (COVID-19) pandemic that has forced cancellations and postponements in the sport, CWI now “has a guide to work with”.Dr Shallow also pointed to CWI’s increased use of technology: “We have been using Zoom and the Internet generally, to facilitate meetings and reduce our expenses, being more cost effective. We have a selection analyst being more analytical,” he reported.As for increased investment in grassroots, he said that was a work in progress.“We have started the dialogue with the governments across the region and what we are saying is ‘let us hold hands in improving cricket, in developing grassroots cricket’ and we expect them to invest as Cricket West Indies intend to do, but we have to do this together.And, quite frankly, they’ve been quite receptive to the idea. We have had a few discussions with Prime Ministers across the region and we intend to have a meeting with the other Prime Ministers at some point over the next two months,” he said.Addressing the enhancement of the franchise system, the vice-president said one of the achievements has been getting players at that level to realise that they are professionals as well as to understand what is expected of them as far as fitness was concerned.“We have seen an improved fitness. They have been responding positively to the call of fitness,” Dr Shallow said.The number two at CWI said the organisation was fully committed to doing what it was voted in to do.“We continue to address all the items on our 10-point plan and we are using this as a guide to ensure that we keep performing,” he said.last_img read more

Why Crystal Palace fans shouldn’t get too excited about Zaha’s new deal…

first_img 1 It comes after a summer transfer window rife with speculation over the 25-year-old’s future at Selhurst Park, with Zaha linked with moves to London rivals Chelsea and Tottenham.It appears, by signing a new deal, the Ivory Coast international has committed his future to the club he has played for since he was 12.However, former owner and chairman Jordan believes Palace had another reason to tie their key asset to fresh terms – so they can demand a premium price if any clubs come in for Zaha again in future transfer windows.READ: The stats that show just how important Wilfried Zaha is to Crystal PalaceSpeaking to talkSPORT host Jim White, the ex-Eagles chief said: “I don’t want to be too cynical, but I feel while this is good news for Palace fans, what this is also about is price protection.“Getting him back on a five-year contract will enhance the value Palace can demand for him.“So while I think it’s good news on one hand, it could also be the basis of commanding the right value for Zaha, with is in the £70-80million bracket.“And while some people snigger behind their hands, educated people in football understand how good Wilfried Zaha is, will be and will continue to be.“So it’s good news, but balance it with the fact there’s probably some economics behind it.“Palace are establishing and holding the value of the player in the event that a Chelsea, Tottenham or Arsenal come knocking on their door next year.” Simon Jordan has warned Crystal Palace supporters not to get too excited about Wilfried Zaha signing a new deal with the club.The Eagles confirmed on Wednesday that their star man had penned a bumper five-year contract – understood to be worth around £130,000-a-week. Wilfried Zaha has signed a new five-year contract at Selhurst Park 💷 “This is about price protection.” Former #CPFC owner @SJOpinion10 says Palace fans shouldn’t get too excited about Wilfried Zaha extending his contract at Selhurst Park.. 🦅[📻 @JimWhite on talkSPORT] pic.twitter.com/WcqOjTyUkF— talkSPORT (@talkSPORT) August 15, 2018last_img read more