Top Mutual Fund Companies In Usa - Appendix: Percentage of votes cast by 44 large mutual fund families on climate-related resolutions in 2011
(3BL Media) Boston, Massachusetts - May 14, 2012 - The three largest U.S. mutual fund companies - American Funds, Fidelity, and Vanguard - managed over $1.6 trillion in U.S. securities in 2011. Dozens were accepted last year. solutions. shareholders voted in search of them. improving the company's environmental and financial performance related to climate change. But none of the three companies voted positively in any case. That's one of the key takeaways from a new analysis of 2011 proxy voting by 44 of the largest U.S. mutual fund companies. Other large mutual funds, such as TIAA-CREF and Wells Fargo, fared much better by voting in favor of most of these decisions (see Appendix 1).
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“Mutual fund companies have an obligation to vote for their clients, but in the event of climate change, many do not,” said Mindy Lubber, president of sustainability advocacy group Ceres, which commissioned the analysis. "The lack of support from industry giants - U.S. mutual funds, Fidelity and Vanguard - is particularly worrisome."
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“Most large companies face significant climate-related risks, including physical and regulatory impacts, but many ignore them,” Lubber added. “Shareholder decisions are a key mechanism for shareholders to encourage companies to disclose these risks and take action to manage them.”
A growing number of institutional investors, many of whom are members of the Climate Risk Investor Network, a group of 100 institutional investors that collectively manage nearly $10 trillion in assets, have publicly stated that they have access to climate change risk information. know as important to their investment decisions.
Many of these investors filed dozens of shareholder resolutions in 2011 and 2012 asking companies to disclose information about climate risks and strategies to manage these risks. Among them are the New York State and New York State Pension Funds and the California Teachers' Retirement System (CalSTRS), which jointly or co-introduced 17 climate-related resolutions in 2011. with 81 US and Canadian companies during the 2011 climate change and sustainability season.
In 2010, the US Securities and Exchange Commission issued official guidance requiring publicly traded companies to disclose information about material climate risks in their financial filings.
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While U.S. Mutual Fund voting guidelines require a customized voting strategy on climate change issues, the firm voted against every climate-related resolution it passed in 2011 with companies in its mutual fund portfolio. Analysis by Jackie Cook of Fund Voices.
Fidelity abstained on 89 percent of the resolutions and voted 11 percent against, although its voting rules state that abstentions are mostly used when there is no information about the economic impact. However, there is a wealth of financial and analytical information on climate change impacts and climate risk management strategies from reputable institutions such as Deutsche Bank, Generation Investment Management and many others.
Vanguard's neutrality level of 88% (12% against) reflects its policy of giving in to corporate governance in such matters, although Vanguard's proxy voting rules call for action when an issue could have a "significant and real impact on a fund's investment value and governance." . does not answer this question.
"Fidelity and Vanguard's move over the last few years from voting against all climate change-related shareholder resolutions to abstaining from most of them is a very small step in the right direction," Lubber said. “But it is also a very passive strategy that only puts the responsibility on management. These mutual funds must use their influence to ensure that the companies they invest in take climate-related risks and opportunities seriously and provide material information related to climate disclosure. its shareholders. As trusted representatives of their clients, they have an obligation to perform better.”
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In some cases, according to Fund Votes analysis, mutual fund voices do not align with companies' public positions on climate change issues. For example, Principles for Responsible Investment (PRI) signatories BlackRock and AllianceBernstein supported less than five percent of the climate-related resolutions voted on during the 2011 proxy season. PRI signatories publicly support six PRI principles, including Principle 2, which states: “We will be active owners and will incorporate environmental, social and governance (ESG) considerations into our property policies and practices, including proxy voting.” The preamble to the principles states: “...we believe that ESG issues may affect the performance of investment portfolios...”
Another example of the discrepancy between Fidelity's voting report and its recent online ad is that water scarcity and "peak water" are major investment themes. Despite these promotions, Fidelity was unable to vote on a resolution regarding water risks that was part of the study.
While there is no record of the Big Three proxy voting, many major fund companies have voting records that show significant concern about the financial impact of climate change. Some have voted to make more than 50 percent of climate-related shareholder decisions in large US corporations (see Appendix 1 below for specific voting records). The companies with the best voting results in 2011, all of which supported more than half of the climate resolutions, are: TIAA-CREF, Wells Fargo, Fifth Third, Credit Suisse, Oppenheimer, GMO and Delaware.
Ceres is a supporter of stable leadership. Ceres is mobilizing a powerful coalition of investors, companies and community groups to accelerate and expand the adoption of sustainable business practices and solutions to build a healthy global economy. Ceres also leads the Climate Risk Investor Network (INCR), a network of 100 institutional investors with over $10 trillion in total assets.
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At COP27, investors, companies and policy makers should accelerate urgent action to tackle the climate and water crisis to halve emissions by 2030.
Ceres has been asked to intervene as the US Treasury prepares to implement the historic investment of the Inflation Reduction Act.
As the election draws near, a formal U.S. withdrawal from the global Paris Agreement by the Trump administration will take effect.
Investors and union leaders are counting on workers to rebuild a more resilient economy.
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Global environmental expert Ma Jun: "Market-based solutions are the best way to balance economic recovery and climate action." The hedge fund world recently gained notoriety during the GameStop/WSB fiasco, when our thinking began to turn against them. be ready for smaller investors.
In the markets, hedge fund managers are considered the big fish in the pond. Not only do they control billions of dollars of capital, but they often make billions. Here's a look at the earnings of the top 10 CEOs with annual earnings ranging from $1.8 million to $835 million.
Although asset management fees have been under downward pressure for many years, the maximum yield in this business has not changed much. A historically common reward structure for hedge funds is the twenty-two model, which is 2% of total assets under management (AUM) and a 20% performance-based return.
That's no small amount when you consider that hedge funds like Ray Dalio's Bridgewater Associates have over $100 billion in assets. Generous commissions charged on exorbitant asset values are part of why these 10 managers made the Forbes 400 list.
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The top 10 hedge fund managers earn about $1.3 billion on average. In comparison, this is comparable to the annual income of well-known companies such as Moderna, Cloudflare, Blue Apron and Upwork.
They often use complex investment strategies, such as selling short, that drive most market participants crazy.
Take, for example, Jim Simons, who recently stepped down from the board of Renaissance Technologies, which he founded in 1982. Before being hailed as the world's greatest investor, he was an NSA programmer and award-winning scientist.
Simons is also called the "quantum king" because the Renaissance uses complex mathematical models and statistical analysis to make its investment decisions. In addition, their flagship Medallion fund has returned 66% per annum since 1998, not counting additional billions in fees.
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