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Investors who ignore ESG at risk of breaching fiduciary duty – Al Gore

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first_imgInvestors should consider the impact of a “meaningful” carbon price on investments to better identify risks and opportunities, a paper by Al Gore’s Generation Foundation has urged.The white paper praised companies assessing investments using a shadow carbon price, as there is currently no single framework for the cost of carbon – despite recent moves by China and the US that will see around half of emissions priced by the end of 2016.“The reality, however, is that carbon largely remains an un-priced externality in financial markets today,” the report says.“Although it is impossible to know the exact timing of the prospective tipping point when financial markets will fully internalise carbon risk, it is critical for investors to prepare for its inevitable impact over the next five years.” In ‘Allocating capital for long-term returns’, the foundation, funded by Generation Investment Management, also warns that investors risk breaching their fiduciary duties if they fail to consider environmental, social and governance (ESG) matters during the investment process.The view will be one shared by the Asset Owners Disclosure Project, which recently launched an initiative that could see members sue pension funds where they perceive them to be ignoring environmental risks. Gore, who co-founded Generation IM three years after his unsuccessful US presidential campaign, was adamant sustainability should be taken into account.“The importance of sustainability to business and investing has intensified as financial markets are forced to address challenges posed by the realities of natural resource scarcity, the effects of unabated carbon emissions, rapid urbanisation and widening wealth inequality, to name just a few,” he said. The paper further pointed to the importance of considering sustainability factors, such as human capital management, supply chain concerns and resource management, when assessing the value and success of a company.“Analysing a company’s attitude to these factors can often provide insights into a company’s long-term vision, its strategy for implementing that vision and the probability of its success,” it says.Carbon prices, or a greater number of emissions trading schemes, have long been a demand of various investor groups calling for regulation to mitigate climate change, including the Institutional Investor Group on Climate Change.last_img read more

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ABP to increase contribution rate to 24.9% [updated]

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first_imgABP’s headquartersNote: This article originally incorrectly stated that contributions would increase to 25.1%. ABP’s current coverage ratio has also been updated in the final paragraph. In 2017, ABP’s premium funding ratio stood at 69%, but the pension fund could not say what this coverage was in 2018 or what level it was expected to be for 2019.The civil service scheme was the first large pension fund in the Netherlands to set its contribution level for 2019.Consultancy Willis Towers Watson has said that ABP’s increase probably would not be indicative for other pension funds, as the observed slowdown in the rise of longevity was more likely to lead to a modest contribution reduction.In 2014 and 2015, ABP’s premium level dropped as a result of a reduction in tax-facilitated pensions accrual, forced upon the pensions sector by the government.With the latest contribution rise, premiums are approximately back at the 2013 level, albeit with a lower accrual rate.ABP’s current coverage ratio is approximately 102%, short of the minimum required level of 104.3%. It needs to raise its funding above this level by the end of 2020 to prevent benefit cuts. The €409bn Dutch civil service scheme ABP is to raise contributions to 24.9% of salary from next year.The increase is the third consecutive one since 2016, when the premium level stood at 18.8%.ABP said the contribution increase was part of a plan agreed by unions and employers in 2016 to bring the pension fund’s contributions to a structurally higher level, to facilitate more prudent expectations for returns.The three consecutive annual increases were meant to improve ABP’s “premium funding ratio”, which indicates to what extent the amount of pension contributions paid in can be used to finance new pension claims in a given year.last_img read more

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More Gains for the NPFL as La Liga Partnership Yields Early…

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first_imgThe recently-signed partnership between the Nigerian Professional Football League and the Spanish La Liga is beginning to yield gains just a couple of months after both parties sealed the landmark deal in Abuja. The Spanish League Association Foundation has already voted 54,000 euros, as well as sporting materials, including training shirts, official balls and other equipment, to El Kanemi Warriors in a bid to help assuage the problems faced by the Borno State club as a result of the Boko Haram insurgency. Also an All-Star team of the NPFL will head to the European nation in August where they will played friendly games with top-flight outfits Malaga and Valencia. The matches, which will be beamed live, will help to further promote the Nigerian league and open new opportunities abroad for our players.One fully expects that more encouraging yields will be coming through from this partnership and this would no doubt enhance the marketability our players, clubs and league. In the ultracompetitive world we live in today a country like Nigeria with a population size of 180m, lots of oil and an abundance of mineral resources, should be an irresistibly beautiful bride, if we know how to apply our make-up properly. I have often maintained that if we get our act together, the money to run football and other sports would come in from overseas. This La Liga deal shows that if we keep our standards, the big players in the global sports industry will be keen to get a piece of the action, which then translate to foreign direct investments, jobs for Nigerians, and more wealth, peace and unity in society.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

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Aussies heading to Tahiti

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first_imgSource = e-Travel Blackboard: N.J The number of Australian travellers preferring to visit Tahiti has almost doubled this year, with the region experiencing a 43.5 percent jump in Aussie arrivals in February this year.Compared to the same month last year, the French Polynesian island’s figures saw February to be the busiest month for Australian arrivals, a figure increased by Tahiti’s natural appeal, according to Tahiti Tourisme Australia representative Robert Thompson.Mr Thompson noted that the escalation in arrivals occurred outside of Aussie peak travel months from September to November. “We haven’t seen February numbers like this since 2002 – it’s really quite remarkable,” the Australian representative said. “The summer spike is most likely due to a combination of factors including the ongoing strength of the Australian dollar, but also a run of holiday packages with enticing value adds like upgrades to overwater villas and half board.”last_img read more

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