ESG roundup: AP Pension cuts tobacco from €15bn portfolio

first_imgDenmark’s AP Pension has decided to cut tobacco producers from its investment portfolio on health and environmental grounds, in a move that will trigger the sale of hundreds of millions of kroner of investments this year.The DKK115bn (€15.4bn) commercial pension fund said the resolution was a natural consequence of its work with the UN Global Goals for Sustainable Development. It was also a logical decision for a company also providing health insurance services, AP Pension said.Ralf Magnussen, CIO of the Copenhagen-based fund, said: “We have opted to put all tobacco producers on our negative list. This means we will sell our holding of tobacco-producing companies in all funds where we have a controlling influence, which is almost 100% of our equities portfolio.”He said the decision will mean the sale of “a three-digit million amount” of equity investments before the end of the year. Source: FE AnalyticsTobacco company performance versus MSCI World index, over five years (total return, priced in euros)MSCI buys climate analytics firmMSCI is set to acquire Carbon Delta, a Zurich-based environmental fintech and data analytics firm, in a bid to bolster its climate risk analysis offering for institutional investors.MSCI announced today that the two companies would together create “an extensive climate risk assessment and reporting offering for the institutional market, providing global investors with solutions to help them better understand the impact of climate change on their investment portfolios and comply with mandatory and voluntary climate risk disclosure initiatives and requirements”.MSCI indicated the integration of Carbon Delta would help it offer a climate risk metric that calculated the impact of climate change on a company’s market value and helped investors understand and quantify these risks within their portfolios. Some asset managers have developed their own such analysis metrics or tools.The Zurich office would act as MSCI’s ‘Climate Risk Centre’, with the aim to further develop strong partnerships with leading academic and research institutions around the world to advance the use of climate science for financial risk analysis. Listing the three main reasons for the sector blacklisting, AP Pension said tobacco was clearly harmful to health – not only for smokers, but also for the people who worked in its production.At the same time, the cultivation of tobacco had a number of negative environmental consequences, including forest clearance, soil degradation and water pollution, as well as non-recyclable and chemical waste, and cigarette smoke itself.In addition, despite being historically associated with low-risk, reasonable returns relative to the world index, tobacco stocks had shown signs of price decline, AP Pension said, partly because of pension companies’ exclusions.At the same time, it said, the implementation of the UN’s Global Goals was expected to lead to increased tobacco regulation and fewer smokers worldwide.#*#*Show Fullscreen*#*#center_img Some investors are reducing their exposure to industries that produce carbon as a byproductRemy Briand, head of ESG at MSCI, said: “We are pleased to come together with Carbon Delta to provide our clients with state-of-the-art climate risk analysis capabilities that can help shape investment management practices of the future.” Oliver Marchand, CEO of Carbon Delta, said combining Carbon Delta’s scenario analysis and MSCI’s products was “what institutional investors have been asking for”.MSCI said the acquisition, which is between its Swiss subsidiary and Carbon Delta, was expected to close within the next month, subject to customary closing conditions.According to the Principles for Responsible Investment (PRI), 449 investors voluntarily reporting to it about their approach to climate change were undertaking scenario analysis, more than double the number of investor signatories reporting and describing their work on scenarios in 2018.The number represented 27% of the 1,707 signatories who were eligible to report to the PRI or 75% of signatories who opted to report against the PRI climate indicators in 2019. The indicators are based on the Task Force on Climate-related Financial Disclosures framework.last_img read more

Sentencing set in case of elderly couple’s murder

first_imgVAN NUYS – A man convicted last month in the stabbing deaths of a West Hills couple in their 70s is scheduled to be sentenced today. Gregory Douglas Miner, 32, is facing life in prison without the possibility of parole when he appears before Van Nuys Superior Court Judge Barry A. Taylor. Miner was convicted Nov. 29 of first-degree murder for the February 2001 slayings of 76-year-old World War II veteran William Lasky and his 74-year- old wife, Bertha. He also was found guilty of robbery and burglary, along with the special circumstance allegations of murder during the course of a robbery and burglary. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWhicker: Clemson demonstrates that it’s tough to knock out the champMiner was arrested in August 2001 on an unrelated offense and made statements implicating himself in the deaths, authorities said. He was charged with murdering the two in January 2004, about a week before he was due to be released from Avenal State Prison in central California. The Laskys, who had been married nearly 53 years, had just returned from a vacation cruise when they were killed. Investigators said Miner, and possibly two other people, entered the couple’s home in the 7200 block of Pomelo Drive after they saw Bertha Lasky leave to go shopping. William Lasky was confronted at knifepoint as the intruders ransacked the home, and his wife was attacked when she returned home some time later. Lasky was stabbed three times in the chest and his wife’s throat was slit, authorities said. Firefighters discovered the victims dead in their master bedroom when they responded to what they believed was a residential fire. For more news and observations about crime in Los Angeles and the San Fernando Valley, check out the Daily News’ crime blog by clicking here.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more