Internationale rapporter og tendenser

Forskelle i udøvelse af aktivt ejerskab mellem europæiske og USA-baserede investorer: Analysefirmaer har undersøgt udøvelsen af aktivt ejerskab hos de 65 største globale investorer. Et uddrag af deres konklusion lyder sådan: “Decision-Makers: European investors involve more the portfolio/fund manager in the final voting decisions at general meetings when compared to their US-peers which demonstrate a slightly higher reliance on the recommendations of their selected proxy advisors. Principles vs Pragmatism: Divergences on select governance topics have also emerged; for example, while US investors evaluate the combination of Chair/CEO roles on a case-by-case basis, European investors suggest a more dogmatic approach by communicating a strict preference for an independent Chair. Sustainability Agenda: European investors have, proportionally, supported/endorsed more environmental and social initiatives than their US-peers. While climate initiatives appear to be more broadly supported, European investors appear to be taking the lead in supporting initiatives relating to biodiversity and social topics. Activism: US investors are more transparent in disclosing their approach to evaluating proposals made by activists than their European peers. European investors, on the other hand, have been more vocal than their US peers in publicly communicating their concerns with specific portfolio companies and exhibiting a more “active” stewardship approach.”

Forskere: Godt eller dårligt med flere bestyrelsesmedlemmer med specialistbaggrund: I et forskningspapir hedder det, at ”Investors, regulators, and courts are now pressuring companies to appoint directors with specific types of expertise. In response, more and more companies are adding what we term as “specialist directors”: a DEI director, a climate director, a cyber director, and so on. In a new Article (forthcoming in Yale Journal on Regulation) we examine this ongoing shift in board composition and evaluate how it is likely to reshape corporate governance (…) Beyond having difficulties in adding quality individual directors, the push toward new board expertise may also disrupt the functioning of the board as a group. The relevant question is not whether a candidate is a good director in isolation, but rather how her attributes interact with the attributes of existing directors, and how she would affect board dynamics (..) Adding a director with cyber expertise could help some corporate boards but hurt others. It could help a given company in some scenarios but hurt the company in other scenarios (…) that it will hurt the overall quality of directors and group dynamics, that it will lead to overreliance on subject-specific experts, that it will increase boards beyond their optimal size, that it will slow down efforts to boost gender and racial diversity, and that it will mask problematic corporate behavior.”

EU: Cirkulær økonomi afgørende for at nå klimamål:
Netzeroinvestor.net skriver i en artikel , at “Transitioning to a circular economy is the only way to meet climate and biodiversity goals, though more work needs to be done to create an enabling policy environment and mainstream investment, according to the European Commission. Given that around 90% of biodiversity loss, and 50% of greenhouse gas emissions come from resource extraction and processing, the European Union has already started work on reducing its material footprint, introducing innovative policies and regulations. Launched in 2020, the Circular Economy Action Plan is one of the “main building blocks of the European Green Deal”, Europe’s new agenda for sustainable growth. Its objectives include making sustainable products the norm in the EU and focusing on the sectors that use most resources and where the potential for circularity is high. These include electronics and ICT, batteries and vehicles, packaging, plastics, textiles , construction and buildings, food, water and nutrients. The Ecodesign Directive requires specific product groups to significantly improve their circularity, energy performance and other environmental sustainability aspects. In 2021, the directive saved €120 billion in energy expenditure for EU consumers and led to a 10% lower annual energy consumption by the products in scope, according to EU figures. “The current model of extracting virgin resources to produce something new, which is then thrown away, is not sustainable,” said Florika Fink-Hooijer, director general for the environment at the European Commission, during a recent EU event.”

Morten W. Langer