By Marcela Pinilla
From the Winter 2011 Edition of Values
While the theme of corporations’ role in shaping politics and public policy dominates public discourse from the street to the executive suite, Walden continues to lead engagements and participate in investor collaborations urging sound legislation and regulation on ESG matters, as well as greater corporate accountability and transparency.
Since our last newsletter, Walden has:
- Supported a rulemaking petition to the SEC requiring corporate political transparency. The submission captures concerns of a large number of investors who lack uniform means to monitor and assess the risks of corporate political spending.
- Written President Obama urging a stand against efforts to weaken, defund, or delay the nascent Consumer Financial Protection Bureau, the agency born out of the Dodd-Frank law to protect consumers from abusive financial practices.
- Participated in an Investor Network on Climate Change-led signatory letter supporting a regional Clean Fuel Standard (CFS) in the New England and Mid-Atlantic states. A CFS would require fuel providers to gradually transition to a cleaner mix of energy sources for fuel.
- With Calvert Investments, written to dozens of companies with seats on the board of the U.S. Chamber of Commerce or the National Association of Manufacturers, asking them to tell their trade organizations to end their campaigns to stifle the EPA’s ability to mitigate climate risk.
- Joined an Investor Network on Climate Risk letter to NYSE Euronext, parent of the New York Stock Exchange, to encourage increased ESG transparency among companies listed on the exchange.
- Encouraged, through industry collaboration, the Canadian federal and Alberta governments to work together for rapid and effective implementation of an enhanced environmental monitoring system in the oil sands region, to which the governments committed earlier in 2011. A total of 43 investors representing US $1.7 trillion in assets participated in this sign-on letter.
Finally, Walden once again signed on to the 2011 Global Investor Statement on Climate Change, a joint statement representing 285 investors with more than $20 trillion in aggregate assets. The Statement urges policy action that stimulates private sector investment in climate change solutions, creates jobs, and promotes the long-term stability of the global economy.