DIRS.INFO The most relevant business & tech news

"Climate change is an existential risk and a risk to investor returns," said John Galloway, who oversees the Pennsylvania firm's engagement and proxy voting at portfolio companies, in an interview by teleconference. Galloway said in practice the proposal, which won 42% support, would have required a wholesale change to Valero's business, a decision best left to the board. "A proposal that’s asking a company to make a change that’s changing its strategy is not a proposal we're likely to support," Galloway said. U.S. Republican politicians applauded the move as responsive to their efforts to counter many companies' treatment of environmental, social and governance (ESG) matters. Galloway said the decision was driven with an eye on the varied views of its largely retail client base.

Companies BlackRock Inc FollowBOSTON, April 5 (Reuters) - New York City pension leaders will press external fund managers, including private market fund managers, on Wednesday for details on their plans to cut greenhouse gas emissions, officials said. Public, and private market managers that have faced less pressure on climate issues to date, run most of the roughly $240 billion in New York City pension fund assets. Boards overseeing the majority of that money have approved new expectations for those managers, New York City Comptroller Brad Lander said, which will be announced on Wednesday. Lander urged BlackRock Inc last fall to take stronger environmental steps such as phasing-out high emitting assets. Lander said the plans recently approved by New York City pension boards extend similar calls to other external managers, including those that manage the 25% of pension assets held in fixed income and the 25% in private markets.

Meanwhile, Republicans, many from energy-producing states, have raised a growing chorus of challenges on ESG. This can be a problem for fund participants who do not share ESG goals, the Republicans wrote. Asset managers have argued that such memberships align with their fiduciary obligations, and some are giving clients more control over proxy votes. "Asset managers voting for the exclusion of one of their competitors has clear antitrust implications," the letter states. The resolutions were filed by activist shareholder group As You Sow, which the Republicans suggested had targeted Vanguard over its withdrawal.

Meanwhile, Republicans, many from energy-producing states, have raised a growing chorus of challenges on ESG. The latest letter built on concerns many of the same attorneys general brought to BlackRock last August. This can be a problem for fund participants who do not share ESG goals, the Republicans wrote. Another section of the Republicans' letter cites several pending shareholder resolutions that ask corporations to dial back the use of Vanguard Group retirement plan funds because of Vanguard's fossil fuel holdings. "Asset managers voting for the exclusion of one of their competitors has clear antitrust implications," the letter states.

March 23 (Reuters) - Large companies, including asset manager Franklin Templeton (BEN.N) and web-services provider Akamai Technologies Inc (AKAM.O), joined an effort on Thursday to defend sustainable investment practices from a backlash by U.S. Republican politicians. Republicans, often from energy-producing states, have sought to block the growing use of environmental, social and governance (ESG) considerations by shareholders and corporate executives. BlackRock Inc (BLK.N) for instance on Thursday said it would continue to press companies for information about climate risks. Mindy Lubber, CEO of sustainability nonprofit Ceres, which organized Thursday's statement, told a call with reporters that companies showed "some hesitancy" to speak up. But Anne Simpson, head of sustainability for Franklin Templeton, part of California-based Franklin Resources Inc (BEN.N), said on the same call that ESG efforts are "fiduciary duty at work".

"There are no material changes in our approach to these themes, and our engagement with companies will continue the dialogue on material risks and opportunities relevant to their business models and sectors that we had in 2022," it said. It said that environmental issues it would consider include "water use, land use, waste management and climate risk." The statements were in line with recent comments by BlackRock Chief Executive Laurence Fink in his recent annual letter. Fink said BlackRock has been vocal in seeking company disclosures about their plans to navigate the energy transition, but that "it’s not our place to be telling companies what to do." Reporting by Simon Jessop in London and by Ross Kerber in BostonOur Standards: The Thomson Reuters Trust Principles.

☆ BlackRock's Hildebrand reportedly taking part in UBS, Credit Suisse talks
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

March 18 (Reuters) - BlackRock Inc (BLK.N) Vice Chairman Philipp Hildebrand is taking part in talks as Swiss officials try to put together a deal for UBS Group (UBSG.S) to take over Credit Suisse Group AG (CSGN.S), Bloomberg News reported on Saturday, citing unidentified sources. Asked about the report, BlackRock spokesman Ryan O'Keeffe said in a telephone interview that "Philipp has no formal involvement in these discussions at all." Hildebrand, who joined New York-based asset manager BlackRock in 2012, previously chaired the governing board of the Swiss National Bank. Sources have told Reuters that UBS was mulling a takeover of embattled peer Credit Suisse, which could allay fears that an unfolding crisis at the latter bank could destabilize the global financial system. Earlier on Saturday, BlackRock said it has no plans or interest in acquiring Credit Suisse, after a report it was working on a bid to counter UBS.

Despite SVB's demise knocking the value of banks globally, particularly European lender Credit Suisse, U.N. climate envoy Mark Carney said he, too, did not expect a "material" impact on climate tech funding. "At a minimum, this will likely drive continued tightening of investments and a push to have their portfolio companies cut (cash) burn," it said in a note. Mona Dajani, partner at law firm Shearman and Sterling, said most of her clean energy clients either banked with SVB or faced some other impact from its troubles. SVB "cultivated a reputation as being very friendly to clean energy... they were willing to underwrite more risk," she said. "Not all the companies are going to make it and now that’s happening to climate companies."

☆ BlackRock CEO Fink warns of financial risks, persistent inflation
▼ + stars: | 2023-03-15 | by ( Ross Kerber | ) www.reuters.com time to read: +4 min

[1/2] Larry Fink, Chief Executive Officer of BlackRock, stands at the Bloomberg Global Business forum in New York, U.S., September 26, 2018. Fink wrote that after the regional banking crisis, the financial industry could see what he termed "liquidity mismatches." “It’s too early to know how widespread the damage is,” Fink wrote. BlackRock has previously said its diversified products "have limited exposure to Silicon Valley Bank." "The monetary and fiscal tools available to policymakers and regulators to address the current crisis are limited, especially with a divided government in the United States," Fink wrote.

☆ US Senators Menendez, Warren urge regulators to support new gun sale code
▼ + stars: | 2023-03-15 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

Senators Bob Menendez and Elizabeth Warren on Wednesday called on federal regulators to issue guidance to speed the adoption of a new merchant category code (MCC) by payment networks to identify firearms sellers. The Republicans say the codes could be used to improperly track gun purchases. The letter noted reports that mass shooters had used credit or debit cards to buy the guns and ammunition they used. There are more than 40,000 U.S. gun deaths per year, and regulations around guns are again emerging as a major political issue. On Tuesday, U.S. President Joe Biden issued an executive order that reinforced background checks for gun buyers.

☆ MSCI says it has deleted SVB parent from global standard indexes
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

March 13 (Reuters) - Index provider MSCI Inc (MSCI.N) said on Monday it has deleted SVB Financial Group (SIVB.O) from global standard indexes. The index deletions of the parent of failed Silicon Valley Bank will be effective on March 14, according to an email sent by a company representative. Reporting by Ross Kerber Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Visa, Mastercard pause work on new payments code for firearms sellers
▼ + stars: | 2023-03-09 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

The Geneva-based International Organization for Standardization (ISO) approved the new merchant category code (MCC) in September to help detect suspicious firearms and ammunition sales to combat gun violence. A Mastercard representative said on Thursday via email that such bills would cause "inconsistency" in how the code could be applied by merchants, banks and payment networks. "It's for that reason that we have decided to pause work on the implementation of the firearms-specific MCC," said the Mastercard representative, Seth Eisen. Accordingly, Visa is pausing implementation of the MCC," Visa said in a statement sent by a spokesperson. The moves mark a setback for gun-control activists, though the payment networks stopped short of saying they would reject the code outright.

NEW YORK , March 7 (Reuters) - Bank of America Corp's (BAC.N) Chief Executive Officer Brian Moynihan had a clear message for shareholders on Tuesday: "We are capitalists." The proclamation from the head of the second-largest U.S. lender might seem obvious, but comes at a time when Wall Street titans face more criticism for embracing environmental, social and governance (ESG) considerations. The word "capitalism" is mentioned 22 times in BofA's latest annual report spanning 222 pages, rising from 16 times a year earlier. Still, the CEO acknowledged there are concerns about whether companies share profits or pay people fairly and equitably. The lender outlined its ESG goals in the report, including a pledge to achieve net zero greenhouse gas emissions by 2050 and deploy $1.5 trillion in sustainable finance by 2030.

☆ Analysis: US Republicans aim to stymie gun sale codes at state level
▼ + stars: | 2023-03-03 | by ( Ross Kerber | ) www.reuters.com time to read: +6 min

"I don't want card companies to raise interest rates or fees on merchants as a way to dissuade them" from selling guns and ammunition, Owen told Reuters. Visa Inc (V.N) declined to comment on the state bills. Other payment card companies Discover, Mastercard Inc and (MA.N) American Express Co (AXP.N) did not respond to requests for comment. Owen, the Mississippi state legislator, said he expects that payment companies could address any technical issues the bills could create. "I think the credit card companies are going to have to adapt on a state-by-state basis," Owen said.

March 3 (Reuters) - Republican-backed bills introduced in legislatures in several U.S. states target the use of a planned merchant code for credit card transactions at gun retailers that is intended to detect suspicious firearms and ammunition sales. read moreMajor credit and debit card companies have committed to using the "merchant category code" for gun sellers, a development welcomed by gun control advocates who call it an important new tool for investigating suspicious purchases. FLORIDAA bill introduced in Florida is meant to prohibit banks and other companies in the payment-settlement process from assigning the code "separately from general merchandise or sporting goods retailers." The bill passed the state House of Representatives on Feb. 9 and is under consideration in the state Senate. West Virginia's bill was passed by the state House of Delegates on Feb. 3 and awaits further action in the state Senate.

☆ Gerber ends Tesla board run, says carmarker creating 'own voice'
▼ + stars: | 2023-02-24 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

[1/2] A driver recharges the battery of his Tesla car, at a Tesla Super Charging station, in a petrol station on the highway in Chateauvillain, France, February 20, 2023. REUTERS/Pascal Rossignol/File PhotoCompanies Tesla Inc FollowBOSTON, Feb 24 (Reuters) - Tesla Inc (TSLA.O) investor Ross Gerber said on Friday he will end his run for the electric carmaker's board of directors, citing changes investors can expect to see next week. Tesla also will create more Twitter and promotional content, which could move the brand away from its close identification with Musk. Gerber, a Los Angeles investment manager, is a longtime Tesla bull who initially cast his run as that of a "friendly activist." While his wealth-management firm had only about 440,000 shares of Tesla he has received backing from larger shareholders online.

☆ Minority directors reach milestone 20% of Russell 3000 board seats
▼ + stars: | 2023-02-21 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

Still, most minority groups hold a smaller share of board seats than their share of the total U.S. population. Often the investors have found receptive audiences, but slow turnover on corporate boards has limited the pace of change, recruiters say. The biggest gain over the four-year period was for Black or African-American directors, who nearly doubled their share of board seats to 8.3% from 4.4% in 2019. They were most represented in the utility sector, with 12% of board seats, and least represented among information technology, energy and healthcare companies, each at 6%. Compared to Hispanics' total share of the U.S. population, their 3.6% share of board seats "isn't anywhere near where it's supposed to be," she said.

☆ Exclusive: Discover to enable tracking of purchases at gun retailers from April
▼ + stars: | 2023-02-17 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

Proponents of the move, including gun control activists and Democratic politicians, say it will allow financial institutions to better assist authorities in investigating crimes involving gun violence in the United States. Discover said it will include the new code in its next policy and product update to merchants and payment partners, in April. A Visa representative declined to comment on its schedule for the new code. "The decision to use the new merchant category code is eventually left up to the users in the industry," the ISO representative said. Industry leader Visa had a 61% share, Mastercard 26% and American Express 11%.

☆ Shareholder votes offer check on unjustified CEO pay at S&P 500 companies, study finds
▼ + stars: | 2023-02-16 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

Feb 16 (Reuters) - Compensation for S&P 500 (.SPX) chief executives has soared in recent years even as investors cast more of their advisory "Say on Pay" votes against management, leading to doubts about the ballots' usefulness. Discovery's total shareholder return for 2021 was minus 22%, versus a gain of 29% for the S&P 500. Warner Brothers Discovery, created last year when Discovery Inc bought AT&T's (T.N) media assets, has not set the frequency of its pay votes. To rank CEOs as "overpaid," As You Sow used criteria including shareholder returns, critical shareholder pay votes and the ratio of CEO to worker pay. It noted the average share of votes cast "against" executive pay at S&P 500 companies climbed to 12.6% last year, from 11.7% in 2021 and 10.4% in 2020.

☆ Investor Gerber to run for Tesla board, cites PR and service issues
▼ + stars: | 2023-02-10 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

Companies Tesla Inc FollowFeb 10 (Reuters) - Well-known Tesla Inc (TSLA.O) investor Ross Gerber said on Friday he plans to notify the electric carmaker that he will run for its board of directors, citing problems with its public relations, customer service and succession planning. "Tesla has let Elon be the voice of Tesla forever. Gerber is CEO of a California wealth-management firm with only about 440,000 shares of Tesla. And if I'm going to do that, I should be a representative of the company," Gerber said. Gerber said he plans to notify Tesla next week of his intent to run for its eight-member board at its annual meeting in May, and said he expects Tesla will accept him as a candidate.

☆ Anti-abortion protesters break into Walgreens AGM meeting room
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

Jan 26 (Reuters) - Anti-abortion protesters broke into the room where Walgreens Boots Alliance Inc (WBA.O) held its annual shareholders meeting in Newport Coast, California on Thursday for its decision to start selling abortion pills, the pharmacy chain said. "Today, directly after the close of official business of our annual shareholders meeting, a small group of protesters entered the meeting room without authorization," Walgreens Senior Director for External Relations Fraser Engerman told Reuters. "It was a wild annual shareholders meeting," said Walgreens shareholder and AGM attendee John Chevedden. "The protesters knew what they were doing because they found a way to enter the room from behind the podium. "Upon leaving the meeting there were about 50 noisy protesters with signs just outside of the resort grounds," he said via email.

Musk's comments add to a long-running debate over whether such advisers have too much sway over corporate decision-making. Academic reviews have found mixed evidence about the proxy advisers’ impact. U.S. Republican state officials have also weighed in, writing to the two advisory firms asking if their recommendations met their obligations to investors. Contrary to Musk, however, Republicans at the state and national level have also charged top passive fund managers themselves have grown too aggressive with their proxy votes, a claim fund managers deny. Tesla has faced its own disagreements with the proxy advisers.

Jan 24 (Reuters) - Shareholder resolutions filed by New York City's top pension official will ask top Wall Street banks including JPMorgan Chase & Co (JPM.N) and Bank of America (BAC.N) to set stricter 2030 greenhouse gas emissions reduction targets for portfolio companies. The new resolutions ask banks including Bank of America, Goldman Sachs Group (GS.N) and JPMorgan to commit to reducing emissions in their energy lending and underwriting. Lander cited plans outlined last year by Citigroup (C.N) for emissions across its energy loan portfolio to drop 29% by 2030 from 2020. Currently the other three banks have goals to reduce the "emissions intensity" of their financing, a measure of emissions relative to output that climate activists say does not go far enough. Representatives for JPMorgan, Bank of America and Goldman Sachs declined to comment on the resolutions.

☆ BlackRock, Vanguard stand apart as U.S. funds suffer first annual outflows
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

Jan 17 (Reuters) - Passive products from BlackRock Inc, (BLK.N) Vanguard Group and others were rare cash recipients last year as U.S. mutual and exchange-traded funds suffered $370 billion in net withdrawals, their first annual outflows on record, researcher Morningstar Inc (MORN.O) said. Passive funds took in $556 billion last year, Morningstar said. Although the amount was about 42% lower than their net deposits in 2021, "investors appear to be buying passive funds in both good times and bad," Morningstar said. Among fund families, the largest net withdrawals were recorded at T. Rowe Price at $59.2 billion, followed by American Funds, $55.5 billion. The biggest net deposits went into BlackRock's iShares ETF product line at $166.7 billion, and $82.7 billion to Vanguard, in line with their global flow pattern.

The study, commissioned by non-profit The Sunrise Project, attributed the higher costs primarily to reduced competition to underwrite government bonds in six states furthest along in restricting financial firms or considering doing so. The restrictions would mean fewer banks seeking to underwrite municipal bond issuance, a common way for cities to raise money. According to the new study, taxpayers in six states - Kentucky, Florida, Louisiana, Oklahoma, West Virginia and Missouri - could have faced up to $708 million in additional interest charges on municipal bonds over the past 12 months. The study based its analysis on a recent Wharton School of Business paper that found Texas taxpayers could have faced up to $532 million in additional interest payments because of restrictions introduced in that state. Reporting by Tommy Reggiori Wilkes and Ross Kerber; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Ross Kerber"

25 mentions found