Category : Stock Market

C of E Church Commissioners report strong long-term investment performance

Continued strong long-term investment performance enabled the Church Commissioners to extend financial support to the Church of England during the pandemic

Church Commissioners also give confidence about maintaining distributions through this triennium and the next

Determined action on climate change continues whilst the Church Commissioners deepen its focus as Responsible Investors on twin pillars: Respect for People, Respect for the Planet

Read it all.

Posted in Church of England (CoE), Corporations/Corporate Life, England / UK, Ethics / Moral Theology, Religion & Culture, Stewardship, Stock Market

The Church of England Pensions Board’s response to Shell CEO’s statement

“We continue to engage with Shell on the implications and how accelerating its plans will enable the company to meet the requirements of the CA100+ Net Zero Company Benchmark by 2023. It also underlines the importance that we must all work to decarbonise the real economy to reshape energy demand and ensure all companies – energy companies and all their customers in shipping, aviation, transport, road haulage, power generation and elsewhere are aligning to net zero.”

Read it all.

Posted in Church of England (CoE), Climate Change, Weather, Corporations/Corporate Life, Ecology, Energy, Natural Resources, England / UK, Ethics / Moral Theology, Religion & Culture, Stewardship, Stock Market

Church of England Pensions Board commits to the global ‘Net Zero Investment Framework’

21 asset owners, with $1.2 trillion in assets, have used publication of the Framework to commit to achieve net zero alignment by 2050 or sooner. The funds, including the Church of England Pensions Board, are drawing on the Framework to deliver these commitments, alongside a number of asset managers who are already working with clients on net zero alignment.

The Framework enables investors to decarbonise investment portfolios and increase investment in climate solutions, in a way that is consistent with and contributes to a 1.5°C net zero emissions future. Investors do this by developing a ‘net zero investment strategy’ built around five core components of the Framework. These key components are: objectives and targets, strategic asset allocation and asset class alignment, alongside policy advocacy and, investor engagement activity and governance.

Read it all.

Posted in Church of England (CoE), Climate Change, Weather, Corporations/Corporate Life, Ecology, Ethics / Moral Theology, Stewardship, Stock Market

(C of E) Global investors engage top mining companies on Indigenous community rights & social licence

Australia, London, – a group of 64 investors and their representatives with USD $10.2 trillion in Assets Under Management have today written to the Boards of mining companies operating in Australia and internationally to seek assurances about how the sector obtains and maintains its social license to operate with First Nations and Indigenous communities.

The investor group of long-term institutional investors is considering the implications of what occurred at the Juukan Gorge on the wider mining sector to support alignment between best-practice and company action.

The investor group is seeking information on the action companies are taking to understand and manage the risks. The group is clear that although the example of the destruction of the Juukan Gorge has arisen in Australia, the principles apply to projects across the world.

The letter from global investors states:

“As responsible investors and their representatives, we are committed to working with the mining sector to support verifiable outcome-oriented processes and standards that ensure that such events are not repeated. To do so, we need to better understand your approach to management of the cultural heritage and First Nations and Indigenous community relations.”

Read it all.

Posted in Australia / NZ, Church of England (CoE), Corporations/Corporate Life, England / UK, Ethics / Moral Theology, Stock Market

(Bloomberg) Religion Meets Profit Generation in a Slew of New Faith-Based ETFs

As much as Samim Abedi loved his job as part of the team that managed Google’s corporate investment portfolio, he couldn’t always square the work with his Muslim faith. He worried that some of the companies whose securities he traded had ties to alcohol or tobacco or gambling.

So he quit to join Wahed Invest, which in July 2019 launched the first exchange-traded fund in the U.S. that’s compliant with Sharia, Islam’s religious law. It’s one of eight ETFs introduced in the U.S. last year that incorporate faith-based principles, raising the total to 11. More are coming: In June, money manager Global X filed to launch a bond fund aligned to Catholic values. “We’re all trying to solve the same question,” says Abedi, the global head of portfolio management for Wahed. “How do we invest our wealth in ways that align with our ethics?”

Religion-based funds can differ on what they consider ethical. A stock fund that caters to Catholics shuns companies that sell weapons or exploit child labor. Several ETFs for Muslims steer clear of anything related to interest-based finance, which the religion frowns upon. Those funds invest in a Sharia-compliant alternative to bonds called sukuk, which provide regular payments that are considered profit-sharing rather than interest.

Read it all.

Posted in Corporations/Corporate Life, Ethics / Moral Theology, Islam, Other Churches, Personal Finance, Religion & Culture, Stock Market

(FT) Half of UK universities commit to divesting from fossil fuels

Half the UK’s universities have pledged to sell their shares in fossil fuel companies after a years-long campaign involving protests, hunger strikes and petitions by students worried about climate change.

Some 78 of the UK’s 154 public universities have committed to at least partially divest from fossil fuels, including University College London, York, Liverpool and Exeter, which all said they would ditch oil and gas stocks last year.

According to People & Planet, the group that co-ordinated the students, £12.4bn of endowments across the higher education sector have dumped at least some fossil fuel stocks.

The divestment by universities is the latest sign of the growing influence of young climate activists. Last year, youth-led climate strikes took place across the world, inspired by teenager Greta Thunberg.

Read it all.

Posted in Church of England (CoE), Corporations/Corporate Life, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Stewardship, Stock Market

(FT) Tough new global standards on mining waste storage under consideration

Some of the mining majors have already publicly released their own stringent standards but say implementation and assurance of stakeholders needs improving. There is also a wider challenge of getting smaller miners that do not belong to the ICMM to sign up to the standards.

The disaster in Brazil was the second major accident involving tailings dams within almost four years and has made some investors wary of owning mining shares and raised uncertainty among insurance companies. It is estimated there are about 3,500 active tailings dams globally and a recent review estimated one in ten have stability issues.

The draft noted investors have a role to play in limiting their financial support only to projects that fulfil the standards proposed and insurance companies should insist mining companies minimise the risk from tailings dams.

Adam Matthews from the Church of England Pensions Board representing PRI said “we are mindful that zero harm to people and environment has to be the objective and the standard has an important role to play to achieving a mining sector whose tailings facilities are operating to such a standard.”

Read it all.

Posted in Church of England (CoE), Corporations/Corporate Life, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Stock Market

(BBC) The shareholders fighting to make oil firms greener

They can also convince firms to stop lobbying that is “inconsistent” with the goals of the 2015 Paris Agreement, which aims to reduce the risks and impacts of climate change globally.

One of the most successful activist groups has been Climate Action 100+, a global network of institutional investors that targets the world’s 100 largest corporate greenhouse gas emitters.

Its 370 members, which have $35tn (£27tn) of assets under management, include well-known names such as Aberdeen Standard, the Church of England Pensions Board and HSBC Global Asset Management.

In March, the group, working with others, forced the oil giant Shell to make a legally binding commitment to use a broader definition of greenhouse gas emissions in its carbon-reduction targets.

Read it all.

Posted in Climate Change, Weather, Corporations/Corporate Life, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Stewardship, Stock Market

(BBC) Edinburgh hosts world summit on ethical finance

Scotland’s role as a global leader in ethical finance is being highlighted at a world summit in Edinburgh.

Senior representatives from more than 200 companies and organisations are attending Ethical Finance 2019.

Speakers include Scotland’s First Minister Nicola Sturgeon and the Archbishop of Canterbury.

The summit aims to “help define and shape the transition to a sustainable financial system where finance delivers positive change”.

The event is being hosted by the Scotland-based Global Ethical Finance Initiative (GEFI).

Read it all.

Posted in --Justin Welby, --Scotland, Archbishop of Canterbury, Corporations/Corporate Life, Ethics / Moral Theology, Personal Finance, Scotland, Stock Market, The Banking System/Sector

(Church Times) Good Money Week: Using money for good

“In the present state of mankind,” John Wesley declared in his celebrated 18th-century sermon on the use of money, “it is an excellent gift of God, answering the noblest ends.”

Rightly used, he said, money could feed the hungry, provide drink for the thirsty, clothe the naked, and provide shelter for the stranger. “It may be as eyes to the blind, as feet to the lame; yea, a lifter up from the gates of death!”

He warned against excessive spending, however, and condemned the exploitation of workers. He called on Christians to be generous in their financial giving, and recognised that money could be misused.

The right use of money has been a Christian concern since the early days of the Church, and, between then and now, both the institution and individuals, in their earning, hoarding, or spending of money, have fallen short of the ideals taught. Today, no doubt, Wesley would be a leading campaigner against the consumer society, drawing attention to how irresponsible and excessive consumption has led to environmental degradation.

Churches and faith investors have, for many years, done their best to align their investments with acceptable beliefs and ethics, and, despite good returns promised, have avoided buying shares in, for example, arms companies, and the tobacco and gambling industries. They have monitored businesses in which they invest closely to ensure they are not exploiting the vulnerable or despoiling the planet.

Read it all.

Posted in Corporations/Corporate Life, Ethics / Moral Theology, Religion & Culture, Stewardship, Stock Market

(IPE) Church of England eyes private equity after 2.6% loss in 2018

Poor performance across all markets during 2018, particularly the last quarter, meant the £2.4bn (€2.6bn) Church of England Pensions Board (CEPB) slumped to a 2.6% investment loss for the year.

The loss was published in the board’s annual report this morning, and compared with a 9.4% gain in 2017.

CEPB’s public equities allocation lost 6.9%, and the board – which runs assets on behalf of four church pension schemes – cut its exposure to 65% of its £2bn return-seeking portfolio. The long-term target allocation is 35%.

Within its public equity allocation, the CEPB has also continued to reduce its allocation to UK equities, now 6% of the return-seeking pool.

Read it all.

Posted in Church of England (CoE), Economy, Stewardship, Stock Market

(FT) Emma Howard Boyd–Climate change: is your equities portfolio too hot to touch?

Understanding green finance can be challenging, add in the prolix greenwash that pours on to the internet every day and no wonder many people decide it is all too difficult.

But it isn’t. The Committee on Climate Change’s recent reports showed that the world urgently needs to reduce emissions and take action to prepare for physical impacts that will get worse in just 11 years.

To prosper in this new reality, investors have to focus on whether their investments address these two basic points. That is green finance in a nutshell.

Helping investors obtain good information to do that is why the Environment Agency Pension Fund and the Church of England National Investing Bodies set up the Transition Pathway Initiative in January 2017.

Read it all.

Posted in Church of England (CoE), Climate Change, Weather, Corporations/Corporate Life, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Stock Market

[Oxford] Bishop Stephen Croft–The Time is Now: The past, present and future of climate change

A [recent] report…by the European Academies Science Advisory Council concludes that almost 30,000 early deaths a year in the UK could be prevented by ending the burning of fossil fuels.

The substance of every single chapter of Wells’ book was worse than I expected it to be. The science is irrefutable. We are on a path to three or four or more degrees of global warming. Radical change is needed now to limit that warming to 1.5 or 2 degrees. We are currently failing. Even if we are “successful”, we are still talking about damage limitation.

Half of all British Co2 emissions come from 4 sources; inefficient construction, food waste, electronics and clothing. In the US, the same 4 categories account for 66 per cent of wasted energy.

Eliminating Co2 increase now is much easier than (theoretically) trying to remove it later. Wallace Wells makes this point forcefully and highlights the gap between theoretical, technological promise and current reality.

At the present rate of change, a MIT 2018 study shows that we will take 400 to years to get to fully clean energy. And while the cost of solar energy has fallen 80% since 2009, current technology proof-of-concept plants show we would need a billion Carbon Capture and Storage plants to reduce the carbon count by just 20ppm.

Read it all.

Posted in Church of England (CoE), CoE Bishops, Corporations/Corporate Life, Ecology, Energy, Natural Resources, England / UK, Ethics / Moral Theology, Religion & Culture, Stock Market

Ethical Corporation profiles Edward Mason–‘Climate change is the biggest ethical issue the Church of England faces‘

[dward] Mason, who is nearly five years into his current job, is unabashed about how theological injunctions, such as promoting the intrinsic dignity and equality of every human being and the Christian concept of loving one’s neighbour, have played a central role in his employers’ investment policy.

From the get-go, the institution instructed those managing its investments to ensure that tobacco, pornography, armaments and other so-called “sin stocks” be excluded from its portfolios.

While this position remains as strong as ever, Mason has championed a more progressive, more positive approach to how the Church of England’s investment muscle might be flexed.

One important development under his tenure is the precedence now given to climate change, which he describes as “the biggest ethical issue that the Church of England faces as an investor”. Immediately on taking up his post, he helped spearhead a new climate change policy for the Church Commissioners, which was launched in 2015.

Climate change “really matters to Christians” for two reasons, Mason states: “One is that we are stewards of creation. And clearly climate change is damaging creation – it’s damaging our ecosystems, our biodiversity, all kinds of critical aspects of the natural world.”

Read it all.

Posted in Church of England (CoE), Climate Change, Weather, Corporations/Corporate Life, Economy, Energy, Natural Resources, Ethics / Moral Theology, Stock Market

([London] Times) Church of England blesses medicinal use of marijuana

The Church of England has given its backing to the use of cannabis for medicinal purposes and said it is happy to invest in the sector.

The Church Commissioners for England, who handle £8.2 billion of church assets, ban investment in companies that profit from recreational drugs but said for the first time that they would consider investing in companies that work with medicinal marijuana now that it is legal in the UK.

Edward Mason, head of responsible investment for the Church Commissioners, told the Financial Times: “We make a distinction between recreational cannabis and medicinal cannabis. We are content with it being used for proper medicinal purposes.

Read it all (subscription).

Posted in Church of England (CoE), Corporations/Corporate Life, Drugs/Drug Addiction, Ethics / Moral Theology, Health & Medicine, Stock Market, Theology

(FT) Financial groups in the front of fight against climate change–‘Policymakers essentially leverage the sector to help push for action’

The international Financial Stability Board was established by the G20 after its London summit in 2009. In 2015 it tasked Mark Carney and Michael Bloomberg, the Bank of England governor and former New York mayor respectively, to lead the Task Force on Climate-related Financial Disclosures.

The cross-sector TCFD has since developed a standard for voluntary disclosures to help businesses align their climate change statements relating to governance, strategy (including scenario analysis), risk management and metrics. As the move towards a lower carbon economy gains pace, policymakers and investors are using the TCFD as the basis for making changes to disclosure requirements

We can see more climate-related litigation globally, particularly in the US. Shareholder activism is also growing: institutional investors led by the Church of England are encouraging energy and energy-intensive companies to increase their ambition over tackling climate change. In Australia, lawyers are debating the ambit of fiduciary duty after the publication of a lawyer’s opinion which argues that climate has to be considered in relevant business decisions, a debate likely to spread to other countries.

Regulatory changes in the EU and UK, which come into force in the next 18 months, will nudge large corporates, asset owners, institutional investors and asset managers to explain publicly how the financial risk of climate change is treated in their business strategy.

Read it all (subscription).

Posted in Church of England (CoE), Climate Change, Weather, Corporations/Corporate Life, Energy, Natural Resources, Ethics / Moral Theology, Stock Market

(1st Things) Josh Hawley–The Big Tech Threat

My thesis is that the evidence strongly suggests there is something deeply troubling, maybe even deeply wrong, with the entire social media economy. My thesis is that it does not represent a source of strength for America’s tomorrow, but is rather a source of peril. Consider for a moment the basic business model of the dominant social media platforms. You are familiar with them. You might think of it as akin to financial arbitrage. Maybe we’ll call it attention arbitrage. Users’ attention is bought by tech giants and then immediately sold to advertisers for the highest price.

Now arbitrage opportunities, as those of you familiar with markets know, are supposed to close. The market eventually determines that something is off. So how is it that this attention arbitrage in the social media market is preserved and renewed over and over again? That’s where things get really scary, because it’s preserved by hijacking users’ neural circuitry to prevent rational decision-making about what to click and how to spend time. Or, to simplify that a little bit, it’s preserved through addiction.

Social media only works as a business model if it consumes users’ time and attention day after day after day. It needs to replace the various activities we did perfectly well without social media, for the entire known history of the human race, with itself. It needs to replace those activities with time spent on social media. Addiction is actually the point. That’s what social media shareholders are investing in: the addiction of users.

Read it all (emphasis mine).

Posted in --Social Networking, Anthropology, Blogging & the Internet, Corporations/Corporate Life, Ethics / Moral Theology, Religion & Culture, Science & Technology, Stock Market

(FT) Companies asked to come clean on climate lobbying

Susana Penarrubia, head of environmental, social and governance (ESG) integration at German fund manager DWS, says it too has questioned companies on their lobbying activities and plans to step this up for fossil fuel companies. “I am concerned,” she explains.

The 2015 Paris climate agreement, which aims to limit global temperature rises to below 2C from pre-industrial levels, along with other initiatives that push for more disclosure on climate risks, have placed the topic firmly on the agenda for investors.

Union Investment, the €323bn German asset manager, was among a group of European investors that last month wrote to 56 companies, asking them how they work with trade associations on ESG issues.

This followed a move by a group of investors with total assets of $2tn, led by the Church of England Pensions Board and Swedish pension fund AP7, which in October wrote to 55 European companies challenging them on their seemingly inconsistent approach to climate lobbying.

Read it all.

Posted in Church of England (CoE), Climate Change, Weather, Corporations/Corporate Life, Energy, Natural Resources, Ethics / Moral Theology, Politics in General, Stock Market

(Reuters) Shell to leave leading U.S. refining lobby over climate disagreement

Royal Dutch Shell Plc on Tuesday became the first major oil and gas company to announce plans to leave a leading U.S. refining lobby due to disagreement on climate policies.

In its first review of its association with 19 key industry groups, the company said it had found “material misalignment” over climate policy with the American Fuel & Petrochemical Manufacturers (AFPM) and would quit the body in 2020.

The review is part of Shell’s drive to increase transparency and show investors it is in line with the 2015 Paris climate agreement’s goals to limit global warming by reducing carbon emissions to a net zero by the end of the century….

Shell’s review was welcomed by Adam Matthews, director of ethics and engagement for the Church of England Pensions Board, which invests in Shell and led discussions with the company over its climate policy.

“This is an industry first,” Matthews said.

“With this review Shell have set the benchmark for best practice on corporate climate lobbying not just within oil and gas but across all industries. The challenge now is for others to follow suit.”

Read it all.

Posted in Church of England (CoE), Climate Change, Weather, Corporations/Corporate Life, Energy, Natural Resources, Ethics / Moral Theology, Stewardship, Stock Market

(C of E) Church Commissioners welcome BP backing of shareholder resolution on Climate Chnage

The Church Commissioners and other investors have welcomed BP’s backing of their shareholder resolution on climate change.

The resolution, to be voted on at this year’s AGM this Spring, requires BP to set out:

  • Its business strategy which it considers, in good faith, to be consistent with the goals of the Paris Agreement on climate change
  • How the company evaluates the consistency of each new material capital investment with the goals of the Paris Agreement
  • Related metrics and targets, consistent with the goals of the Paris Agreement, together with the anticipated levels of investment in oil and gas and other energy technologies; targets to promote operational greenhouse gas reductions; the estimated carbon intensity of energy products; and the linkage of its targets with executive remuneration.

Read it all.

Posted in Climate Change, Weather, Corporations/Corporate Life, Energy, Natural Resources, Ethics / Moral Theology, Stock Market

(NYT) As Markets Tumble, Tech Stocks Hit a Rare and Ominous Milestone

When it comes to the stock market, America’s technology giants have become a harbinger of more pain to come.

If Facebook, Apple or Google looked shaky this year — as investors worried about growth, regulation or mismanagement — the rest of the market felt it. In recent weeks, as these companies have succumbed to concerns about the global economy, slowing profits or privacy concerns, they have led the decline in stocks.

Now, technology companies are dragging stocks into an ominous territory that investors have not seen in nearly a decade: a severe decline known as a bear market.

The tech-heavy Nasdaq closed on Friday at 6332.99, down almost 22 percent from its August peak, meaning it has officially entered a bear market. The S&P 500 and Dow Jones industrial average, both of which also include the biggest tech companies, are not far behind after falling 17.5 percent and 16.3 percent from their respective highs. After a month of heavy losses, stocks are on track for their worst year since 2008.

Read it all.

Posted in America/U.S.A., Economy, Stock Market

(BBC) Royal Dutch Shell ties executive pay to carbon reduction

Energy giant Royal Dutch Shell is to set carbon emission targets and link them to its executive pay.

The Anglo-Dutch company has made the move after pressure from investors, led by asset manager Robeco and the Church of England Pensions Board.

The groups said they believed “climate change to be one of the greatest systemic risks facing society today”.

Shell will link energy transition and long-term pay, subject to a shareholder vote in 2020.

The firm is still in talks with investors over the precise figures over carbon targets and what percentage of pay might be affected, but it is estimated that as many as 1,300 high-level employees could be…[involved].

Read it all.

Posted in Church of England (CoE), Climate Change, Weather, Corporations/Corporate Life, Energy, Natural Resources, Ethics / Moral Theology, Stock Market

(Church Times) Church investors challenge anti-climate change lobbying

The Church of England Pensions Board is leading a powerful coalition of investors which is challenging multinational companies to stop supporting trade associations and lobbying groups opposed to the Paris climate agreement.

The $2-trillion worth of investors, led by the Church and the Swedish national pension fund AP7, have targeted 55 companies with high greenhouse-gas emissions who were found to be inconsistent in their climate policy by a charity that monitors lobbying activity.

Companies targeted include some of the world’s best-known car producers, including Volvo and BMW, the energy firms E.ON and Centrica, and the food producer Nestlé.

The coalition of investors has asked the companies to review the “insidious” lobbying practices that are being adopted by their trade associations and lobbying companies, to ensure that they are consistent with the company’s own stated support for the Paris climate agreement.

The letter to the chair of each company said: “We would ask you to review the lobbying positions being adopted by the organisations of which you are a member. If these lobbying positions are inconsistent with the goals of the Paris agreement, we would encourage you to ensure they adopt positions which are in line with these goals.”

Read it all.

Posted in Church of England (CoE), Climate Change, Weather, Corporations/Corporate Life, Energy, Natural Resources, Ethics / Moral Theology, Stock Market

(FT) Shell faces push from shareholders, among whom is the Church of England, on climate change goals

…climate activists are disputing Shell’s claim that its goal is in line with the Paris agreement — the 2015 international pact aimed at limiting global temperature rises to well below 2C above pre-industrial levels.

“The ambitions announced by Shell are inconsistent with the Paris agreement, in particular when taking into account expected global energy demand growth,” said Mark van Baal of Follow This, the shareholder group that has submitted a resolution calling for more aggressive targets.

Activists point to forecasts from the Intergovernmental Panel on Climate Change and the International Energy Agency, which advise governments on climate change and energy policy, that an absolute reduction in carbon emissions of 60-65 per cent would be required by 2050 to fulfil the Paris agreement.

Moreover, they say that Shell’s goal for a 50 per cent reduction would be only 25 per cent in absolute terms if the group maintains its share of a global energy market that is forecast to grow by 50 per cent by 2050.

Read it all (subscription).

Posted in Church of England (CoE), Climate Change, Weather, Corporations/Corporate Life, Energy, Natural Resources, Ethics / Moral Theology, Religion & Culture, Stock Market

FT talks with the steward of the Church of England’s investment portfolio, Loretta Minghella, on god, guns, gender and her brother’s death

In the months since her arrival at Church House next door to Westminster Abbey, Ms Minghella has added to Sir Andreas’s legacy. Observers say she is hard-nosed when it comes to numbers, has a low tolerance for bad corporate behaviour and is uncompromising on issues such as gender diversity.

“We are looking for companies to have 30 per cent gender diversity on their boards. If they haven’t, we will be looking at chairs of nominations committees and actually not approving one or two of them,” she says.

“It’s the right thing to do, but it’s also the smart thing to do when it comes to investments.”

Our meeting takes place as the debate rages about investments in gun companies after the Florida school shooting.

Unsurprisingly, the fund already screens out “sin” stocks — arms, gambling, pornography, alcohol, tobacco — and it is taking a much tougher line on mining and energy companies.

Read it all (requires subscription).

Posted in Church of England (CoE), Corporations/Corporate Life, Economy, Ethics / Moral Theology, Religion & Culture, Stewardship, Stock Market

(Belfast Telegraph) Church of England investment arm steeled for weaker returns in 2017

The head of the Church of England’s investment arm has flagged that its £7.9 billion fund will fail to match the stellar returns logged in 2016, but said ethical policies were not to blame.

While the fund managed to rake in a bumper 17.1% return on the back of a strong performance in equities in 2016, it sold down its stock holdings by around 17% or £500 million to help re-balance the portfolio during the same year, meaning a smaller boost from a further rise in stock prices is expected from 2017.

Andrew Brown, secretary and chief executive of the Church Commissioners, said: “Like all investors we were faced in 2017 with a number of headwinds and we’ve seen it with sterling, we’ve seen it with inflation and global markets have slowed.

Read it all.

Posted in Church of England (CoE), Corporations/Corporate Life, Economy, Ethics / Moral Theology, Religion & Culture, Stewardship, Stock Market

(BBC) Church of England’s Sports Direct criticism praised

The Church of England still holds a minority stake in tycoon Mike Ashley’s chain, the BBC understands, but continues to engage over key areas of concern.

A spokesman confirmed it sent letters to Sports Direct attacking executive pay and working conditions.

The letters were sent over the last two years, when Sports Direct was dealing with union claims of not treating workers as humans at the Shirebrook headquarters, according to the Press Association.

Read it all.

Posted in * Economics, Politics, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Labor/Labor Unions/Labor Market, Religion & Culture, Stock Market

(C of E) Church Investors group announces a harder line on Annual General Meeting voting policy

The CIG has tightened its voting policy in three main areas:

Executive pay

The CIG will review fairness in the workplace and will withdraw support for remuneration reports where pay ratios are not disclosed, Chief Executive pensions are excessive, or where financial services or pharmaceutical companies do not pay the living wage.

Gender diversity

CIG members will now vote against the re-election of nomination committee chairs where the board has less than 33% women and it will vote against all directors on the nomination committee where less than 25% of board directors are women.

Climate change

CIG members now vote against the re-election of the company chair when a company is making little progress to transition to a low carbon world….

Read it all.

Posted in * Economics, Politics, Anthropology, Church of England (CoE), Corporations/Corporate Life, Economy, Ethics / Moral Theology, Methodist, Stewardship, Stock Market, Theology

(FT) ExxonMobil bows to shareholder pressure, vows to improve disclosure of impact assessment from policies to tackle warming

ExxonMobil, the world’s largest listed oil and gas group, will start publishing reports on the possible impact of climate policies on its business, bowing to investor demands for improved disclosure of the risks it faces.

The decision is the biggest success so far for investors who have been pushing companies to do more to acknowledge the threat they face from climate change and from policies that curb greenhouse gas emissions.

In a regulatory filing on Monday evening, Exxon said it would introduce “enhancements” to its reporting, including analysis of the impact of policies designed to limit the increase in global temperatures to 2C, an internationally agreed objective.

At Exxon’s annual meeting in May, investors controlling about 62 per cent of the shares backed a proposal filed by a group of shareholders led by the New York state employees’ retirement fund calling for an annual assessment of the impact of technological change and climate policy on the company’s operations.

Read it all.

Posted in Corporations/Corporate Life, Energy, Natural Resources, Ethics / Moral Theology, Stock Market

(Guardian) Some Anglican Leaders call on Church of England to lead on climate change by divesting from ExxonMobil

As Church of England clergy, we have a strong interest in the ethics of investments made by the Church Commissioners and the Church of England Pensions Board on our behalf.

This week, governments from around the world will meet in Bonn for the next round of UN climate talks. The Paris climate change agreement, which was signed by 195 countries in December 2015, included a commitment to hold the increase in the global average temperature to “well below 2C … and to pursue efforts to limit the temperature increase to 1.5C above pre-industrial levels”.

A lot has happened since then. We have witnessed the shameful decision of the president of the United States to withdraw from the Paris agreement. Average global temperatures have risen to more than 1C above pre-industrial levels. Extreme weather events, which are becoming more frequent as a result of climate change, have had devastating impacts, leading to loss of life and severe destruction in the US and the Caribbean, Africa, South Asia and as close to home as Ireland.

Read it all and note the signatories.

Posted in Church of England (CoE), CoE Bishops, Corporations/Corporate Life, Energy, Natural Resources, Ethics / Moral Theology, Stock Market