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☆ Op-ed: Salesforce appoints ValueAct’s Morfit to its board and a proxy fight may loom ahead
▼ + stars: | 2023-01-27 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

The firm's principals are generally on the boards of half of ValueAct's core portfolio positions and have had 55 public company board seats over 22 years. Adding Morfit to the board of Salesforce makes a ton of sense regardless of the activist environment. Morfit has experience helping management increase both growth and margins from a board level, and both can be improved at Salesforce. The looming question is whether he will initially be doing this with an activist cloud hanging over the company's head in the form of a proxy fight by one of the other activists involved. It likely had been engaging with Salesforce management for several months, and this appointment may have happened just as a threatened proxy fight was reported.

☆ Climate and social impact startup OnHand just raised $4 million for its gamified employee app. Check out the 20-slide pitch deck used to secure the cash.
▼ + stars: | 2023-01-26 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

OnHand, a B2B environmental and social impact platform, has just landed $4 million. Check out the 20-slide pitch deck OnHand used to convince investors to back it. A platform that encourages employees cut their environmental footprint and volunteer in the community has just raised $4 million from London venture capital firm 24Haymarket. The Newcastle, UK, company started in the charity space as a location-based, on-demand and consumer-focused volunteering app before pivoting to employee sustainability. As well as calculating emissions reductions for employees, OnHand still offers on-demand charity work.

☆ Rockefeller Capital's Greg Fleming on the $98 billion firm's plans to double assets
▼ + stars: | 2023-01-26 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Wall Street veteran Greg Fleming founded Rockefeller Capital Management almost five years ago. Wall Street veteran Gregory Fleming launched wealth fim Rockefeller Capital Management in 2018 with the goal of hitting $100 billion in assets by 2023. If anything, the market turbulence has led to more inbound interest from clients, Fleming told Insider. He added that there is still potential to convert more wealth management clients into advisory clients and vice versa. For us, a lot of it is about the fit with the Rockefeller global family office," he said.

☆ Morgan Stanley reveals its 8 favorite stocks ahead of Europe's earnings season
▼ + stars: | 2023-01-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Morgan Stanley has named eight stocks to buy ahead of a hotly anticipated earnings season in Europe. Morgan Stanley says: "We expect the stock to rally into earnings, due in early March. Morgan Stanley says: "Teleperformance shares have been under scrutiny since November following the outbreak of negative news flow around its Content Moderation in Colombia. More importantly none of this news flow alters the fundamental growth and earnings profile of the company." Morgan Stanley says: "Elis offers resilient GDP+ growth through the cycle, which is expected to be structurally higher post COVID (driven by increased demand for hygiene, reliability, accountability and ESG)."

☆ India's first green bond issue pulls local bidders, foreigners aloof - traders
▼ + stars: | 2023-01-25 | by ( Dharamraj Lalit Dhutia | ) www.reuters.com time to read: +2 min

MUMBAI, Jan 25 (Reuters) - India's first sovereign green bond issue was mostly subscribed by local banks and insurance companies, with limited interest from foreign investors, market participants said. New Delhi raised 80 billion rupees ($981.31 million) via green bonds on Wednesday. The five-year 7.38% 2027 bond yield was at 7.15%, while the benchmark 7.26% 2032 bond yield was at 7.35% during the time of bidding. Local banks and mutual funds do not have a specific mandate to invest in green bonds and treat these at par with other sovereign bonds. Ahead of Wednesday's auction, the government had met foreign investors to gauge the demand, Reuters had reported.

Some hedge funds, wealth managers, and asset managers are still hiring. Layoffs across industries have been dominating headlines in January, and Wall Street has been no exception. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. Emily Landon, the CEO of the Chicago-based headhunting firm The Crypto Recruiter, pointed to the job board Crypto Careers, which has over 2,400 openings.

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.

☆ EU lawmakers to vote on tighter crypto, ESG rules for banks
▼ + stars: | 2023-01-23 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

One amendment states that banks would have to apply a risk-weighting of 1,250% of capital to cryptoassets exposures, meaning enough to cover a complete loss in their value. This is in line with recommendations from the global Basel Committee of banking regulators in December. The amendment requires the EU's executive European Commission to publish a report by June 2023 analysing the possibility of introducing prudential limits on banks' exposures to shadow banks. The draft law introduces a new "fit and proper" regime for appointing bankers, with amendments saying there should be targets for a bank's management body. After Tuesday's vote the lawmakers and EU states will thrash out a final deal which would come into effect in 2025.

☆ Premarket stocks: ESG funds had a terrible year but traders kept investing anyway
▼ + stars: | 2023-01-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —ESG funds — investments that evaluate companies using environmental, social and governance factors — just survived a tumultuous 2022. That increased scrutiny also played into political differences around ESG investing and opened the door to vocal critics. Responsible investing funds also came up against mighty economic headwinds. These funds’ outsized investments in tech stocks and lack of energy stocks (which was the only positive sector this past year), led to a noticeable losses for ESG funds in general last year. On a global scale, ESG funds also attracted positive investment flows even as money was pulled from broader funds, according to Refinitiv Lipper data provided exclusively to Before the Bell.

☆ Digital twins are set for rapid adoption in 2023
▼ + stars: | 2023-01-21 | by ( Bob Violino | ) www.cnbc.com time to read: +7 min

This avatar is a personalised, hyper-realistic, 3D, #seriezero digital twin that they can use to interact on digital platforms and in the metaverse. In life sciences, digital twins are being used to create twins of human organs, enabling new approaches to medical research and care, Diana said. "We are going to see digital twins adopted rapidly in 2023, in many different industries," Diana said. Digital twins are gaining momentum in adoption and sophistication as more organizations see positive outcomes from the early adopters, Barrington said. "As more twins of critical assets and processes come online, leaders will leverage digital twins to not only model and simulate their supply chain, but to optimize and automate a dynamic and intelligent supply chain model — all orchestrated by digital twins," Barrington said.

☆ Inclusive Capital takes a stake in Bayer — 3 ways it may build value with a sustainable focus
▼ + stars: | 2023-01-21 | by ( Kenneth Squire | ) www.cnbc.com time to read: +7 min

Activist Commentary: Inclusive Capital Partners is a San Francisco-based investment firm focused on increasing shareholder value and promoting sound environmental, social and governance practices. As a pioneering active ESG ("AESG") investor, Inclusive seeks long-term shareholder value through active partnership with companies whose core businesses contribute solutions to this pursuit. Bayer's crop science division accounts for approximately 25% of global crop farming. There are several ways to create this shareholder value. Bayer currently trades at approximately 7x earnings while its pure-play crop science peer, Corteva, trades at closer to 20x earnings.

☆ Texas AG to halt most of Citi's municipal offerings on gun law row
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] Attorney General of Texas Ken Paxton speaks during former U.S. President Donald Trump's rally, in Conroe, Texas, U.S., January 29, 2022. Texas enacted a law in 2021 that prohibited government contracts with entities that discriminated against the firearms industry. "Citi's designation as an SB-19 discriminator has the effect of halting its ability to underwrite most municipal bond offerings in Texas," Paxton's office told Reuters, referring to the law. Bloomberg News first reported the news, citing a letter that Leslie Brock, assistant attorney general chief of the public finance division, distributed to lawyers on Wednesday. "Therefore, until further notice, we will not approve any public security issued on or after today's date in which Citigroup purchases or underwrites the public security, or in which Citigroup is otherwise a party to a covered contract relating to the public security," according to the letter.

☆ Jacinda Ardern gives supply shortage new meaning
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 19 (Reuters Breakingviews) - Jacinda Ardern has risen to the top of headhunters’ must-call list. Her contacts, international profile, and social-justice nous are skills corporates, charities and supranational organisations treasure in board members and advisers. Her administration’s push to legalise abortion and to enact climate change legislation gives her serious ESG clout. (By Antony Currie)Follow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ ESG targets have to be science-based, says UN Global Compact's Ojiambo
▼ + stars: | 2023-01-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's not enough to make ESG targets — they have to be science-based: UN Global Compact's OjiamboSanda Ojiambo, assistant secretary-general of the United Nations Global Compact, discusses the private sector's sustainability efforts with CNBC at the World Economic Forum in Davos.

☆ Texas AG to halt most of Citi's municipal offerings on gun law dispute
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

☆ Global shareholder activism sees record number of European campaigns
▼ + stars: | 2023-01-18 | by ( Amy-Jo Crowley | ) www.reuters.com time to read: +3 min

REUTERS/Benoit TessierLONDON, Jan 18 (Reuters) - Activist shareholders stepped up pressure on corporate boardrooms last year by starting 235 campaigns to shake up companies, including a record number in Europe. Activists buy up stakes in companies to lobby for change that they hope will improve a target’s share price. Large-cap companies with a value $25 billion or more accounted for the biggest share of overall campaigns, while technology and industrial companies accounted for roughly four in ten campaigns. Lazard's report said that while the number of activist campaigns rose sharply last year, activist investors’ returns were hit by tumbling public market performance especially in the United States. Mergers and acquisitions-related campaigns, including "sell the company" demands, also made a come-back and represented 41% of all campaigns, despite global dealmaking suffering a fall last year.

Rather surprisingly, research firm Corporate Knights says the answer is Schnitzer Steel Industries (SCHN.O), a U.S. scrap steel recycler, which has knocked wind turbine maker Vestas Wind off the top spot. "Schnitzer Steel is the first steel company to top the Global 100," said Corporate Knights CEO Toby Heaps. "If one of the world's dirtiest sectors can produce the most sustainable company in the world, then there is no excuse for any company in any sector not to step up." In 2022, the Global 100 beat the ACWI on an annual returns basis by 2.8% though both were significantly down on 2021 at -15.6% and -18.4% respectively. Between 2013 and 2022, the Global 100 returned 145.1% compared to 115.4% for the MSCI ACWI.

☆ The bloodletting at Goldman Sachs might not be done yet as the bank looks for more ways to cut costs
▼ + stars: | 2023-01-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

If you're a Goldman Sachs' employee who made it through the company's recent layoffs, be warned: There could be more to come. Anyone hoping Goldman's fourth-quarter earnings report would represent a fresh start for the bank was sorely disappointed. Today should provide some hints at to how the bank will navigate things, as Goldman is set to inform employees on their year-end bonuses. Steve Pagliuca, the PE firm's co-chairman, is retiring, The Wall Street Journal reports. Read more on how Wall Street analysts got it so wrong.

☆ Insider's One Planet destination zeroes in on the innovations and actions taking on the climate crisis
▼ + stars: | 2023-01-18 | by ( ) www.businessinsider.com time to read: +4 min

The section will focus on how people can take action to address the climate crisis in their homes, businesses, and communities. Today, Insider is launching a new destination — One Planet — that draws inspiration from the messages of Climate Action 30. The project will also convene in-person and virtual events adjacent to the world's biggest global climate activations, such as COP28 and Climate Week NYC. Underpinning One Planet will be the spirit of entrepreneurship and the innovations and technologies that will unlock climate progress. Journalists from across Insider's global newsroom will contribute to One PlanetOne Planet will be led by editor Lily Katzman, who also edited the Climate Action 30 project.

☆ Bank of America CEO says capitalism needs cleaning up with new global ESG rules
▼ + stars: | 2023-01-18 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Bank of America Chief Executive Brian Moynihan said Wednesday that current efforts to produce a set of official global standards on ESG issues were vital to "align capitalism with what society wants from it." He said it was now important to "go to the official side" and was supporting the new International Sustainability Standards Board set up by non-profit the IFRS. This is due to comprise a set of general non-financial sustainability disclosure requirements for companies, and a set specifically on climate. Moynihan also said it was crucial that sustainability and ethical standards became official and global. "Which, at the end of the day, will align capitalism with what society wants from it and get us going faster."

☆ Exclusive: Mexico's Pemex destroyed resources worth $342 million from two top fields
▼ + stars: | 2023-01-18 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +5 min

The three documents, produced by the regulator and dated August 2022, detail how Pemex (PEMX.UL) destroyed resources worth $275 million from the Ixachi field in three years and $67 million from the Quesqui field in two years. There, the documents show Pemex burnt off some 62.9 billion cubic feet of gas and 310,000 barrels of condensate. MISSING INFRASTRUCTUREPemex produced 201.2 billion cubic feet of gas and 24.3 million barrels of condensate from Ixachi. The documents also show that 77.6% of the investment into the field Pemex had pledged in its development plan - totaling $2.9 billion - were not made. The fields were meant to receive more resources so Pemex can start exploration and production earlier and faster and make up for declining production from ageing fields elsewhere.

☆ Mexico’s state oil company illegally flared more than $342 million worth of hydrocarbons
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: +5 min

A view shows part of the state oil firm Petroleos Mexicanos (Pemex) refinery in Salamanca. Mexican state oil company Pemex illegally burnt off hydrocarbon resources worth more than $342 million in the three years up to August 2022 at two of its most important new fields, internal documents from the country's oil regulator showed. Burning off gas and condensate - a mixture of liquid hydrocarbons similar to a very light crude oil - has also resulted in extensive environmental damage. There, the documents show Pemex burnt off some 62.9 billion cubic feet of gas and 310,000 barrels of condensate. Missing InfrastructurePemex produced 201.2 billion cubic feet of gas and 24.3 million barrels of condensate from Ixachi.

☆ Why Davos conspiracy theories have gone mainstream
▼ + stars: | 2023-01-18 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

New York CNN —The World Economic Forum’s annual meeting at Davos has long been a lightning rod for conspiracy theories. In the past, however, these farcical conspiracy theories have largely been confined to the fringe corners of the internet — places like Infowars. The radical ideas promoted by the likes of Jones have gone mainstream, having been popularized by some of the most influential personalities in right-wing media. The Associated Press’ Sophia Tulp reported this week that use of “The Great Reset” has been on a steady rise at Fox News. The danger of conspiracy theories has not been lost on attendees at Davos.

☆ A Solution Is in Sight for the ESG Controversy
▼ + stars: | 2023-01-17 | by ( Vivek Ramaswamy | ) www.wsj.com time to read: +1 min

Last year’s ESG backlash spawned a vigorous debate about the use of environmental, social and governance factors in capital allocation. I met with numerous state financial officers, pension-fund boards, policy makers and corporate leaders who solicited my perspectives and those of competing asset managers as they grappled with fiduciary questions relating to ESG. These discussions appear to have prompted the Big Three asset managers—BlackRock, State Street and Vanguard—to undertake small reforms, likely aimed at mitigating legal liability risk. Vanguard withdrew from the Net Zero Asset Managers initiative (though it remains affiliated with at least four similar associations); BlackRock and State Street announced new proxy voter choice programs (albeit only for a fraction of client assets and thus far limiting third-party alternatives to proxy advisory firms that also promote ESG); all three began to offer greater transparency to states about their proxy voting policies (although they are still opaque about the content of most shareholder engagements, which Vanguard defines as “direct contact with companies to discourage undesirable corporate behavior”).

[1/2] Participants of the World Economic Forum (WEF) 2023 are seen in a hall at Davos Congress Centre, in the Alpine resort of Davos, Switzerland, January 16, 2023. However, Larry Fink, speaking at a Bloomberg News event in Davos, Switzerland on Tuesday, said the asset management group took in $230 billion over the course of 2022 from U.S. clients. "It's hard, because it's not business... they're doing it in a personal way. Fink, though, said BlackRock was one of the biggest investors in the sector in the world. Moves by the U.S. government to finance a faster shift in the world's biggest economy, through the Inflation Reduction Act (IRA), was also a "game changer", he said.

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