Network for Sustainable Financial Markets

2010 Responsible Investment Journalism Award

yemisi — Tue, 20 Jul 2010 17:27:42 +0000

Hugh Wheelan

Congratulations are due to Hugh Wheelan, managing editor of Responsible-Investor.com and an NSFM participant, who has won the inaugural 2010 Responsible Investment Journalism Award presented by PIRC (Pension Investment Research Consultants), the UK voting research company and Robbins Geller Rudman & Dowd, the US law firm. The award, which is to become an annual event, was presented on July 14th at The Globe Theatre in London.
A separate 2010 Corporate Governance Journalism Award was won by Kate Burgess of the Financial Times. The organizers said the awards were intended to recognise the important contribution that journalists make in the areas of responsible investment and corporate governance, and to encourage quality journalism.

To read some of Hugh’s award-winning articles on such topics as addressing systemic risk and challenges for pension investors, see: http://www.responsible-investor.com/home/article/ri_journo/ As readers of Responsible-Investor.Com can attest, this recognition is well-deserved!

Debate about what the REAL fiduciary duty is enters mainstream

yemisi — Wed, 07 Jul 2010 00:01:12 +0000

The debate about fiduciary duty is one which NSFM members and others have been pushing whenever and wherever we can, but generally it’s in specialist circles and publications. This weekend, the (UK) Observer carried an unusually challenging op-ed about what should be the real fiduciary duty of asset owners. It was written by its business editor, Ruth Sunderland, and many of the arguments would resonate with NSFMers:

Companies do not run in isolation in a purely economic universe – they operate in an environmental and social context, and it is part of good ownership to be aware of this.

The view of successive governments is that shareholders, not politicians, should be the overseers of boardroom behaviour, but there are too many weak links in the chain. The interests of the end owner – the pensioners on whose behalf all this activity is supposed to take place – are at best seen as a sideshow, at worst totally ignored.

Her article ends with a head-on challenge: The UK has a banking crisis, an energy crisis and a pensions crisis. The custodians of our retirement funds have, by their laissez-faire behaviour, aided and abetted business in its pollution of society by dirty oil and toxic banking. It is time they started to act like real owners, for the sake of pensioners – and for the sake of their children and grandchildren.

http://www.guardian.co.uk/business/2010/jul/04/pension-funds-corporate-governance-investors

44 Steps towards market reform

yemisi — Tue, 22 Jun 2010 17:32:34 +0000

NSFM mamber Friedrich Mostboeck, Vice-Chairman of the OVFA (Austrian Association for Financial Analysis and Asset Management, http://www.oevfa.at) has been carefully watching the financial and economic crisis over the past three years and is proposing 44 steps to avoid future crisis and facilitate market reform. His report Corporate Responsibility 2.0.: From Corporate Responsibility to “General Responsibility” is available here.

Ed Waitzer on ESG disclosure

yemisi — Thu, 17 Jun 2010 21:28:00 +0000

NSFM supporter (and member of the NSFM coordinating team) Ed Waitzer is co-author of a new report arguing that the Toronto Stock Exchange – home to more mining and hydrocarbon companies than any other exchange in the world – should disclose more information about their environmental, social and governance (ESG) impacts than they currently do. For further details see http://www.responsible-investor.com/home/article/ontario/

This is part of a global drive to improve listing standards – http://www.unpri.org/sustainablestockexchanges/

Press Releases

http://www.hennickcentre.ca/documents/Mediareleaseforsocialreportingpublication_FINAL3.pdf

http://www.hennickcentre.ca/documents/Mediaadvisoryforsocialreportpressconference_2.pdf

NSFM Wealth Management Industry report provides blueprint for reform

franz — Mon, 07 Jun 2010 00:17:56 +0000

The Network for Sustainable Financial Markets (NSFM) has today released “Wealth Management in a Post-GFC World – Promoting best practice, innovation & sustainable outcomes for industry, consumers & society”.

Download the full report here.

The landmark report provides a blueprint for addressing market scandals and structural failings which continue to plague the multi-trillion dollar global wealth management industry.

The report is an initiative of NSFM’s global wealth management group, chaired by Greg Chipman (Managing Director, CJC Global) and Matt Christensen (Executive Director, EuroSIF). It considers 15 key policy, regulatory and industry reforms necessary to promote international best practice and sustainable industry growth in a post-GFC world. The report is being released to key stakeholders including policymakers, regulators and industry participants.

On launch, Mr Chipman and Mr Christensen said:

“This is a period of great upheaval and reflection in the global wealth management industry. The level of scrutiny by consumers, government, regulators and media in Asia Pacific, North America, EMEA and other markets is unprecedented. Whilst challenging, current industry reviews and forums considering the re-design of global financial services architecture provide the perfect opportunity to develop coordinated responses to age-old problems. New best practice approaches must be embraced to support global industry growth, quality outcomes for consumers, more effective regulation and broader sustainability imperatives. The report’s recommendations advance these critical outcomes.”

For further information contact the NSFM Wealth Management Industry working group co-chairs:

Greg Chipman (greg.chipman@cjcglobaladvisors.com) Matt Christensen (mattc@eurosif.org)