SRI News in Europe & Elsewhere
May/June 2007
Grant & Eisenhofer (G&E) represent European investors in $450 million class action settlement with Royal Dutch Shell
G&E represents ABP, PGGM, Morleys, F&C, AXA, Railpen, USS, Deka and several other European institutional investors in the recently announced Pan-European class action settlement with Royal Dutch Shell. The settlement relates to Shell's misrepresentations concerning its "proved" oil and gas reserves between 1999 and early 2004. The settlement was reached after several months of negotiations. It includes $352.6 million in cash paid from Shell and an expected payment to non-U.S. shareholders of an additional $96 million out of a $120 million fine Shell paid to the U.S. Securities and Exchange Commission.
www.gelaw.com/shell/background.cfm or contact Roy Jones for more information.
Mistra invests in a new ethical fund for growth markets
As the first investor in a new ethical fund, Mistra (the Swedish Foundation for Strategic Environmental Research) is once more taking the initiative. BankInvest, the Danish company, has started a new ethical fund for Global Emerging Markets Debt SRI. This fund will invest in corporate and government bonds on the world's growth markets.
Socially responsible investment in France: Up 88% in one year
Assets owned by French institutional and private investors invested in accordance with SRI principles increased from €8.8 billion to €16.6 billion. Novethic presents the results of its exclusive annual survey on the French SRI market. 63% of the SRI assets held by French residents at the end of 2006 were in the hands of institutional investors. This data confirms the growing interest on the part of these investors for vehicles that integrate environmental, social and governance (ESG) criteria.
Fonds de réserves pour les retraites (FRR) awards three more mandates
The French Retirement Fund has awarded mandates to Pantheon Ventures, Access Capital Partners and Lehman Brothers International Europe allowing them to commit on its behalf to a portfolio of private equity funds. The objectives of this first private equity programme are to increase, from a financial standpoint, FRR’s long term return on, and the diversification of its portfolio, while contributing positively to the development and innovation of companies, primarily small and mid-size enterprises, in the non quoted sector.
Watson Wyatt Extends SRI Reach
Watson Wyatt is committed to helping its clients make the right choices in the ethical/SRI investment field. This commitment has been strengthened by the recent appointment of Jane Goodland to the global manager research team in the Investment Consulting business.
Jane, who has over ten years’ professional experience in consulting and investment management, joins Watson Wyatt from the HSBC Group Investment Businesses. Prior to joining HSBC, she worked as a senior member of the sustainable and responsible investment team at Henderson Global Investors for five years.
SustainAbility asks “Can We Sustain Globalisation?”
Raising Our Game: Can We Sustain Globalization? is a new report that looks out to 2027 to examine future scenarios for the world’s sustainable development, and to propose a new set of rules for business to rise to the unprecedented challenges ahead.
European Clean Energy Investment Tops €1.9bn over 2003 to 2006
Clean energy investment accounts for 10% of all European venture capital investments according to new research released by the Carbon Trust. The report shows that investment in clean energy reached a total of just under €2 billion in 2003 – 2006, putting clean energy on a par with European IT, biotech and semiconductor venture capital investment levels. UK clean energy companies are proving the most attractive investment to date, accounting for more than 40% of all European clean energy deals.
Citigroup Targets $50 Billion Over 10 Years to Address Global Climate Change
Citi announced that it will direct $50 billion over the next 10 years to address global climate change through investments, financings and related activities to support the commercialisation and growth of alternative energy and clean technology among the clients and markets it serves, as well as within its own businesses and operations.
Principles for Responsible Investment hit $8 trillion mark on first year anniversary
The Principles for Responsible Investment (PRI) initiative, convened by the United Nations Environment Program Finance Initiative and the UN Global Compact, announces that it has achieved over 180 leading institutional signatories from all round the globe, representing in excess of US$ 8 trillion in assets under management.
