Newsletter

ESG / Sustainability

Socially Responsible ETFs Are Gaining in Popularity
(Source: Seeking Alpha) Niche areas of the marketplace become fads almost overnight in some cases. Recently, socially responsible ETFs appear to have been expanding at a faster pace than other areas.

Independent Non-Executive Directors: a Search for True Independence in Asia
(Source:CFA Institute) CFA Institute has published a report, Independent Non-Executive Directors: a Search for True Independence in Asia, which reviews corporate governance and independent non-executive directors (INEDs) in the Asia-Pacific region. The study reveals that family-owned businesses, with concentrated ownership structures and controlling shareholders, dominate the Asia Pacific market and their ability to control the Board of Directors can lead to abuse of minority shareholders.

Sovereign Wealth Funds

Fund managers holding 'a third' of SWF assets
(Source: Wealth-Bulletin) The asset management industry has succeeded in capturing as much as a third of the $3 trillion (€2.1 trillion) owned by the world's sovereign wealth funds, but they are becoming more selective on the firms they pick to run their money. 

Norway expels 17 tobacco producers from SWF
(Source: Reuters)  Norway's sovereign wealth fund has excluded 17 tobacco producers from its $450 billion portfolio for ethical reasons.

Singing in the Rain
(Source: Foreign Policy) In the coming months, the Chinese government is expected to inject another $200 billion into its sovereign wealth fund, the China Investment Corporation (CIC), bringing the fund's total capital base up to half a trillion dollars.

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CalPERS Sees Strong Investment Gains in 2009
(Source: CalPERS) The California Public Employees’ Retirement System (CalPERS) said today that it earned an 11.80 percent return on investments for the 2009 calendar year.

Pension fund targets 33 US companies on governance
(Source: Reuters)  A pension fund that campaigns against perceived corporate governance failures will target Citigroup Inc (C.N), Goldman Sachs Group Inc (GS.N), International Business Machines Corp (IBM.N) and 30 other companies at their upcoming annual shareholder meetings.

Watching the Watchers

Interfaith Center on Corporate Responsibility (ICCR)
Headquarters:  New York City, USA
Established:  1970-71 – formed by leading church denominations, the National Council of Churches; later became an independent not-for-profit investor coalition.

KEY PARTNERS: Trucost

OVERVIEW / MISSION
As stated by ICCR – the Interfaith Center on Corporate Responsibility is a coalition of almost 300 faith-based investors, including national denominations (Methodist, Presbyterian, etc.), religious communities, pension funds, foundations, hospital / healthcare corporations, colleges, unions, and asset management organizations.  ICCR members are in the vanguard of many corporate annual proxy season campaigns, filing and supporting (each other’s) shareholder-sponsored resolutions.  ICCR itself does not file resolutions; the organization serves as a gathering point for members and affiliated organizations, and conducts extensive research on issues of interest to the ICCR investment and asset management community.

The Coalition states its core values as:

• Faith: We shape our priorities for action through faith. 
• Justice: We challenge ourselves to accountability for right relationships with all creation. 
• Integrity: We are striving to be credible practitioners of the values we set forth.
• Inclusive: We embrace and promote diversity as we covenant to work together." 

Governance & Accountability Institute is a monitoring, intelligence-gathering and knowledge management center operating at the intersections of powerful forces reshaping relationship between stockholders and stakeholders, and the public corporation. For more information, contact us at 516.248.2383 or info@ga-institute.com.