12 Mar CLIMATE RISKS ARE REAL RISKS: BLACKROCK; NEW SEC LEADERSHIP COULD MEAN MORE ESG RESOLUTIONS
Welcome to Cannings’ business and media intelligence update. In a week when the media here and overseas have been concentrating on that interview, we have gathered a handful of other stories you may have missed.
CLIMATE RISKS ARE REAL RISKS: BLACKROCK
- BlackRock has incorporated climate change into its long-term forecasts of risk and return, known as capital markets assumptions. The fund management giant says this will better reflect its view that climate change will become the biggest driver of valuations for assets such as shares. Read more in The Australian.
AUSTRALIAN BUSINESS TOLD “LIFT YOUR GREEN GAME”, OR ELSE
- In other climate news, an analysis by PwC has found more than 40 per cent of Australia’s largest companies have “insufficient” climate change plans. It also found half the ASX 200 companies with ESG arrangements had not “adequately” linked those ESG plans with core business strategies. PwC Australia chief operating officer Liza Maimone says companies must become more transparent in outlining their “performance indicators and targets and regularly report against these”. Read more here.
NEW SEC LEADERSHIP COULD MEAN MORE ESG RESOLUTIONS
- The theme of this week is clearly ESG, with The Wall St Journal reporting on new SEC leadership which could signal a shift in attitude toward ESG related shareholder resolutions. One recent proposal filed by health-products company Johnson & Johnson may be the first of many. Read the full article here.
A LESSON IN EMPLOYEE COMMUNICATIONS
- Annette Kimmitt has reportedly stepped down from her role as CEO of Minter Ellison, after she sent an email to all 2000 staff saying the firm’s decision to represent Attorney General Christian Porter over defamation “triggered hurt”. No matter what you think of the controversy, there is an important lesson in communications: consider all stakeholders in your messaging before sending out a company-wide email. Read more in The SMH here.
Feel free to share these updates with colleagues or friends. They can sign up here to receive our daily newsletter.