Oil and gas industry heeding (some) investor demands on climate risks

first_imgThe oil and gas industry is responding to demands from investors about their climate change management and disclosure, although investors still have concerns and should step up their engagement, a director of Hermes’ stewardship and engagement arm has said.Tim Goodman, director, Hermes Equity Ownership Services, made the comments in connection with a report on the impact of climate-focused investor engagement with 10 large oil and gas companies in North America and Europe. The report was published by the four investor networks in the Global Investor Coalition on Climate Change along with climate research provider CDP.According to those behind the report, investor engagement has had a discernible impact on board and executive decision-making with respect to disclosure and management of climate change risks – but there are still laggards and shortcomings that investors want addressed.One target for investors this proxy season, as it was last year, is ExxonMobil. A shareholder proposal co-filed by The Church Commissioners for England called on the company to carry out and disclose an analysis of how its portfolio would fare in a world where global warming is kept to a maximum of 2°C. Hermes’ Goodman said investors were using the 2017 proxy season to try to have their concerns addressed, but emphasised that they needed to become more ambitious about the direction of their stewardship strategies.“We need to apply significantly more pressure using all the tools available, from private dialogue about portfolio resilience and 2°C transition planning, through to more public comment on our expectations for the oil and gas industry,” he said.Shareholder resolutions requesting more company reporting in line with recommendations of the Financial Stability Board’s Task Force on Climate-related Disclosures (TCFD) could in selected cases strengthen these efforts, he added.Investors should step up engagement with oil and gas companies beyond the North American and European majors, according to Goodman.“We must also acknowledge that the oil and gas industry is responding to demand and we need to ensure that we have similar dialogue with other sectors as well about how they are responding to the recommendations of the TCFD,” he said.Earlier this month, Hermes and Wespath Investment Management withdrew a climate change-related shareholder resolution for Chevron’s 2017 AGM, which will take place on on 31 May, saying that its filing had prompted the company to publish a report on how it is managing climate change risks. Although the report didn’t fully meet the proposal’s requests, Hermes and Wespath said the company should be given time to improve its disclosure.last_img read more

Milan purchases choral equipment with foundation grant

first_imgMilan, In. — Milan Community School Corporation recently purchased new risers for the choral department through a grant from the Rising Sun Regional Foundation.The purchase is very timely since the group is preparing for an upcoming competition.last_img

Tandoh Hails New Asoju Oba Champions

first_imgKunle AdewaleThe Chairman of Lagos State Sports Commission, Dr Kweku Tandoh has hailed the new champion in the Men’s Singles of Asoju Oba Table Tennis Championship, saying that his victory has further proved that the state is on course in its developmental programmes.The 50th edition of the Asoju Oba Table Tennis Molade Okoya-Thomas Championship ended at the Teslim Balogun Stadium, Surulere on Friday with David Fayele, who can be regarded as a local boy, taking the shine off Europe-based Olajide Omotayo in the final that ended 4-2. Fayele of the Nigerian Army was presented with the star prize of the competition, a brand new car courtesy of the family of the late Sir Molade Okoya-Thomas, the sponsor of the oldest running competition in Nigeria.To Tandoh, Fayele defeating an experienced Omotayo who is based abroad was a testimony that Lagos is a breeding ground for upcoming talents, who would take over from the ageing athletes very soon.He said Fayele will be one of the several youngsters Team Lagos will parade at the 19th National Sports Festival, which holds in Abuja from 6-16 December, adding that the commission would leave nothing to chance to ensure Team Lagos have good outing in Abuja.Reacting to his victory over Omotayo, the new champion said that he was able to overcome the challenge of his opponent with determination and focus.“When I discovered that I would be playing Omotayo who is based abroad, I had to double up my training and as a soldier, I have this strong belief that a civilian cannot defeat a soldier in any contest. I want to assure that I will repeat this feat at the Sports Festival in Abuja,” said Fayele, who won the mixed double event with Nimota Aregebsola.In the women’s singles, Bose Odusanya defeated Aregesola in a game that ended 4-2. Odusanya was also a proud owner of a brand new car.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more