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BlackRock Flexes its Passive Muscle Forcing Climate Change Reporting on ExxonMobil

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New York State Comptroller Thomas DiNapoli

Shareholders of ExxonMobil voted 62.3% in favor of climate change disclosure. The oil giant will be required to report and disclose potential global laws, regulations and measures that could affect the company in regard to the Paris Agreement on climate change. ExxonMobil’s company management was against the proposal. Interestingly, ExxonMobil has said it supported the Paris Agreement. In 2016, only 38% of shareholders voted in favor of the climate disclosure resolution.

U.S. pension funds in New York had applied pressure on U.S. asset managers to go along with such measures, despite a raft of “noble” public relations quotes from the various investment houses. New York State Comptroller Thomas DiNapoli, a fierce advocate in favor of climate change disclosures, was publicly vocal in his support for the shareholder measure. Asset management giant BlackRock, along with Vanguard and State Street Global Advisors (SSgA) had cast their votes in favor of the climate change reporting disclosure. Will these behemoth asset managers vote in similar fashion to other oil companies?

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

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Goldman Sachs Poised to Name David Solomon as New CEO

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Goldman Sachs is poised to name David M. Solomon, the firm’s president, as its new CEO, replacing Lloyd C. Blankfein. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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