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iPolitics By iPolitics. Published on Apr 13, 2021 12:36pm
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The New York State Common Retirement Fund, which is the third-largest public pension plan in the U.S., announced on Monday it will sell over US$7 million in securities connected to Canada’s oilpatch companies, according to the National Observer. The reason for the divestment stems from the fund’s perspective that the companies are not ready for the green transition.
“As nations around the world become increasingly serious about addressing the threat of climate change and as market forces drive a low-carbon economic transition, we need to make sure our investments line up with this reality,” Thomas DiNapoli, the fund’s trustee, said in a statement.
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CALGARY, Alberta (Reuters) -New York’s state pension fund is restricting investment in six Canadian oil sands companies because they have not shown they are prepared for a transition to a low-carbon future, the fund’s Comptroller Thomas DiNapoli said on Monday.
FILE PHOTO: Pipelines at Canadian Natural Resources Limited s (CNRL) Primrose Lake oil sands project are seen near Cold Lake, Alberta August 8, 2013. REUTERS/Dan Riedlhuber/File Photo
The New York State Common Retirement Fund will divest more than $7 million in securities already held in the companies, and not make any further investments in them, DiNapoli said in a statement.
New York's state pension fund is restricting investment in six Canadian oil sands companies because they have not shown they are prepared for a transition to a low-carbon future, the fund's Comptroller Thomas DiNapoli said on Monday.
Oil sands firms ousted by NY state fund for not planning end of production yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.