ESG roundup: Fossil fuel divestment, UK Law Commission on fiduciary duties

first_imgThe investor effort, called the Carbon Asset Risk (CAR) initiative, is being coordinated by sustainability platform Ceres and the Carbon Tracker Initiative, with support from the Global Investor Coalition on Climate Change.Recent studies by the Intergovernmental Panel on Climate Change and the International Energy Agency have suggested that, to achieve the international goal of limiting global warming to 2˚C, the world will need to live within a set carbon budget, and a significant portion of proven global fossil fuel reserves will need to be left in the ground.However, the world is currently on a path toward global warming of 4˚C or more, which the World Bank warned must be avoided to prevent catastrophic climate change impacts.According to the Unburnable Carbon Report, in 2012 alone, the 200 largest publicly traded fossil fuel companies collectively spent an estimated $674bn on finding and developing new reserves – some of which may never be utilised. As of 23 October, investors had received preliminary responses from 30 companies. Detailed answers to the investors’ questions will come in follow-up responses. Participating investors are asking their peers to support this effort.The full list of signatories can be found here.In related news, a report on divesting from fossil fuels has been published by campaign group 350.org, Green Century Capital Management (Green Century) and Trillium Asset Management.The paper, entitled ‘Extracting Fossil Fuels from Your Portfolio: A Guide to Personal Divestment and Reinvestment’, aims to help individuals better understand fossil fuel divestment, provides clear steps to move their money out of coal, oil and gas companies, and gives tips on how to proactively invest in sustainable companies and investment vehicles.Co-founder of 350.org Bill McKibben said: “If it’s wrong to wreck the climate, then it’s wrong to profit from that wreckage. Investors have an important and special role to play in the climate change movement.”The guide can be found here.Lastly, the UK Sustainable Investment and Finance Association (UKSIF) has welcomed the launch of the Law Commission’s Consultation Paper on Fiduciary Duties of Investment Intermediaries.The paper sets out to examine issues including whether fund managers and pension fund trustees have a duty to consider environmental and social impacts.UKSIF head of government relations Caroline Escott, said: “Long-term and sustainable investment approaches by fiduciaries across the investment chain – including pension fund trustees, asset managers and consultants – are key to realising good outcomes for savers.” The consultation opened on 22 October and will close on 22 January 2014. A report is planned for June 2014. A coalition of 70 investors worth $3trn (€2.2trn) has called on the world’s 45 largest oil and gas, coal and electric power companies to assess the financial risks that climate change poses to their business plans.The investors sent letters to the fossil fuel companies last month, requesting detailed responses before their annual shareholder meetings in early 2014. Investors signing the letters include the UK’s Local Authority Pension Fund Forum, Merseyside Pension Fund, Railpen Investments, USS Investment Management, Hermes Equity Ownership Services, Aviva Investors, F&C Asset Management, the Scottish Widows Investment Partnership and California’s two largest public pension funds.The investors wrote the following in their letter to oil and gas companies: ”We would like to understand [the company’s] reserve exposure to the risks associated with current and probable future policies for reducing greenhouse gas emissions by 80% by 2050. We would also like to understand what options there are for [the company] to manage these risks by, for example, reducing the carbon intensity of its assets, divesting its most carbon intensive assets, diversifying its business by investing in lower carbon energy sources or returning capital to shareholders.”last_img read more

Apax acquires Genius Sports targeting global sports data domination

first_img Scott Longley – Confusion reigns over FDC’s second betting rights deal July 14, 2020 StumbleUpon Share 888 calls for Betgenius sportsbook makeover June 25, 2020 Betgenius expands virtual sports range with Kiron August 20, 2020 Submit US multi-national private equity firm Apax Partners has reached a ‘definitive agreement’ to acquire leading sports data and media distribution firm Genius Sports Group.A proven PE investor in technology and telecom enterprises (King.com, Orange, Aptos), Apax confirms that it has agreed to acquire Genius Sports outright from ‘founders, management, funds advised by Three Hills Capital Partners (“THCP”) plus other minority shareholders.’Founded in 2000, Genius Sports is a leading global player in sports data, insights, and media distribution.   Through its BetGenius subsidiary, the technology group currently services +150 licensed sportsbooks with betting data, market insights and trading provisions.‘The acquisition by the Apax Funds will help the company further strengthen its existing operations and provide significant capital to pursue its international expansion, both organically and through strategic acquisitions to better position the company in the rapidly changing sports rights market’ details a joint-statement released by Apax and Genius Sports.Further to the update, Genius Sports has confirmed that it is currently identifying potential M&A opportunities to support its ongoing corporate expansion.Apax’s transaction will see Genius Sports continue to operate as an ‘independent entity’, with both parties confirming that the firm’s ‘management team will remain in place, retaining a minority stake in the company.’Gabriele Cipparrone – Apax PartnersConfirming the acquisition Gabriele Cipparrone, Partner at Apax Partners, said: “We have been attracted to the sports data market for some time, having seen live data and technology as key drivers of growth.Within this sector, Genius Sports Group stood out due to the breadth of its offering, its industry-leading technology, and its excellent reputation as a ‘high integrity’ data provider. The company has grown strongly in recent years and we look forward to working with Mark and his team to continue this growth as the company leverages new technologies to enhance its services.”Backing Apax as new owners, Mark Locke, Chief Executive Officer of Genius Sports Group, states that his firm has entered a new chapter, targeting accelerated growth within new and established markets, seeking to become the outright leader in global sports data services.Mark Locke, Genius Sports“We are excited to have Apax on board as we look to capitalise on the significant expected growth in the sports data and regulated betting markets, including substantial opportunities in North America.”  Locke details“Our company’s values are founded on integrity, intelligence and innovation so it was critical for us to choose a long-term investment partner that embodies these principles and understands our vision. As we enter the next phase of dynamic growth, Apax is one of the few partners with the expertise, global presence and access to capital to enable us to achieve our goal of becoming the most trusted and most respected sports data technology company in the world.”Deal stakeholders expect to close the transaction by Q3 2018. Share Related Articleslast_img read more

To help spread messages about Ebola, Community Radios Receive 1,448 Fuel Coupons

first_imgThe Grand Coalition of Liberian Organizations (GRANDCOALIO), a group comprises over 200 organizations in Liberia has presented 1,448 gallons of fuel coupons to community across Liberia to help with propagation of messages against the spread of the deadly Ebola virus.The organization in addition to the coupons also turned over 25 bags of rice with cans and boxes of juice to meet the needs of health workers in isolation camps due to the Ebola outbreak.Making the presentation on August 12, 2014 at the headquarters of the Liberian Business Association (LIBA), the head of the organization, Dee Maxwell Saah Kemayah, Sr. stressed that the fight against Ebola is not to be left with the Government alone, but collaborative efforts of all Liberians.He said the media being a major partner in the fight must be capacitated to give the message out as it has been doing, and on the basis of this role media institutions play, the Grand Coalition of Liberian Organizations (GRANDCOALIO) saw it expedient to give the fuel coupons to empower functional community radios to help propagate the information.Mr. Kemayah went further to state that the outbreak of the Ebola virus is the first deadest in history, and that fighting it does not require Government alone but participations of all.He lauded the media for the work done over time since the outbreak, noting that media is an indispensable partner that must be empowered to reach the message to the people.In response to the gesture, Press Union of Liberia’s president, Kamara A. Kamara said the gesture was timely as many people call on them every day to asking for help to community radios build their capacity.Mr. Kamara noted that gesture by the Grand Coalition of Liberian organizations serves as sign that Liberia will be victorious in the fight against Ebola and that every person should follow warning messages provided the public.He urged reporters to report on the Ebola crisis in a balance way that areas and individuals affected will not be stigmatized.For National Health Workers leader, Joseph Tamba, he commended GRANDCOALIO for the assistance provided those in isolation camps and promised that they will work to ensure that in the next one month Ebola will be eradicated or suspected cases will be no more.He recalled that about eight health workers have died from the disease over the time.  He added that about 50 persons have survived from it, urging the public not to be afraid but to go along with the precautionary measures being publicized.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more