Dive Brief:
New York City Comptroller Scott M. Stringer is calling for the U.S. Securities and Exchange Commission to investigate Tyson Foods for making misleading disclosures to investors by flagrantly misrepresenting its poor pandemic response. Stringer asked for the probe in a letter sent to the SEC Tuesday.
As comptroller, Stringer is investment advisor and a trustee of the five New York City Retirement Systems, which are substantial long-term Tyson shareholders. He said the company s 10-K form was misleading and inaccurate because it didn t assure investors that issues reported earlier this year are a thing of the past.
Early on in the pandemic, Tyson and other major meat companies were criticized for waiting too long to implement safety precautions and to close processing plants as thousands tested positive for coronavirus. A Tyson spokesperson said in an email that the company has not yet reviewed Stringer s documentation, but referred to a release that outli
It’s Time to Replace the Public Corporation
We need a model that truly focuses on the long term. by Andrea Stone Summary.
Critics charge that in today’s heavily traded capital markets, executives are increasingly incentivized to manage in tiny, short-term windows, with an eager eye on their stock-based compensation and a fearful one on activist hedge funds. In any case, something isn’t working: The number of public companies in the United States declined by half from 1997 to 2015, while the number of companies with a dominant shareholder or a dominant group of shareholders in the S&P 1500 increased by 31% from 2002 to 2012.
Investors drop nice-guy role on climate change laggards
Photo: Mark L. Emerson
New York state Sen. Liz Krueger thinks calls to divest oil company stock will ‘sweep the country.’
Institutional investors and others are using new tactics to push oil and gas companies to get serious about climate change.
Traditional shareholder methods of getting energy companies attention, like shareholder resolutions or corporate engagement, will not be enough to meet the Paris Agreement goal of bringing greenhouse gas emissions to zero within the second half of the 21st century, investors say.
One of the most dramatic steps came Dec. 9, with New York State Comptroller Thomas P. DiNapoli s announcement that the $226 billion New York State Common Retirement Fund, Albany, will divest from the riskiest oil and gas companies by 2025 and decarbonize the entire portfolio by 2040.
Friday, December 11th, 2020
Brent hit $50 per barrel on Thursday for the first time since March, edging higher on optimism surrounding vaccinations, the OPEC+ deal, plus strong demand in Asia. However, prices eased a bit on Friday as demand in Europe and the U.S. remains subdued and Covid-19 cases continue to spread. The EIA also reported a surge in crude inventories for last week, up 15.2 million barrels.
Signs of demand rebound in Europe. Many European countries went back into lockdown in November, but are loosening restrictions again. Bloomberg says that road usage is on the rise, hitting a two-month high.