ShareAction

The results are in - the The Labour Party have been elected as the next UK government. We’ll be working with newly elected MPs across Parliament to campaign for a higher standard of responsible investment. The new government has made several commitments, including delivering economic stability and creating a green energy system fit for the future. In a challenging fiscal climate, these will depend on a responsible financial system aligned with long-term, sustainable prosperity. The UK’s financial sector has a lot of power but the rules that underpin the system and guide investors are not fit to deal with the crises we face today. Policymakers can change that and transform the financial system so that it works for both people and the planet. Labour has come into power at a crucial point for our futures. We need the government to be ambitious and build a more sustainable financial system that better protects our long-term interests. Hear from our Public Affairs Manager on how the government can change the system for the better.

Our Head of EU Policy Maria van der Heide summarises Commissioner-designate Maria Luís Albuquerque's public hearing for her confirmation as Financial Services Commissioner. While Albuquerque supports EU efforts on sustainable finance, her lack of urgency on the climate crisis is concerning. 🤔 Our full reaction 👇 https://lnkd.in/drqDuhQB

📣In today’s hearing Commissioner-Designate for Democracy, Justice and the Rule of Law, Michael McGrath, sent a clear message that the swift and proper implementation of the #CSDDD is a priority for the European Commission. 👉To ensure effective transposition, the European Commission aims to assist businesses through support measures such as guidelines, model contract clauses, and a dedicated Helpdesk. 🌱 The prompt and swift transposition of the law will not only help identify and mitigate harms to people and the planet, but also bring clarity and legal certainty to businesses. 👀 But that's not enough! It is equally important that during his mandate the new Commissioner delivers on the review process for downstream due diligence rules for financial institutions, as also raised by MEP Lara Wolters during the Q&A. We are eagerly awaiting the next steps❗ #csddd

🚨 NEW REPORT: Banks’ low-ambition and incoherent climate targets are putting net zero at risk. Banks have a huge role to play in averting climate disaster by financing green solutions like wind turbines, solar panels, and energy efficient homes. However, our new research has found that the climate targets of Europe’s 20 largest banks are not fit for purpose. Banks must finance 10 TIMES the amount of clean energy than fossil fuels by 2030 to ensure a livable future, according to the International Energy Agency (IEA) ... but our report reveals that just two out of Europe’s 20 largest banks are on track to achieve this. Our findings include: ❌ Sustainable finance targets set by banks are not rooted in clear, robust methodology; ❌ Sustainable finance and decarbonisation targets are not sufficiently aligned with one another; ❌ And their decarbonisation targets (targets to reduce the level of emissions created by the activities they fund) are too narrow. The current targets will not shift enough bank financing away from fossil fuels toward renewable power, green infrastructure and technologies at the speed and scale we need to prevent a dangerously heated world. We're writing to the CEOs of each bank included in this report, outlining how they can set better targets that will help them to reach their net zero goal and meet commitments to protect people and the planet. Read the full report 🔽 https://lnkd.in/eE7V7zTk

This #LivingWageWeek, Ruan Opie-Meres from our Good Work team sat down with Brett Mendell, the Managing Director of Thomas Kneale & Co Limited, to discuss the importance of paying staff the real Living Wage. Brett was presented with the Advocate of the Year Award by the Living Wage Foundation in July this year and has been a prominent champion of the real Living Wage for years. We were interested in chatting to Brett about the UK retail sector and its reliance on low-paid workers. Brett had a long career in retail and we were keen to hear his reflections about why companies in the sector would benefit from paying their staff fairer wages. We’re continuing to challenge the retail sector to improve, but we need your help. Sign our petition calling on UK retailers to pay the real Living Wage. https://lnkd.in/e7brpAcV

🚀 We’re Hiring: Senior Media Manager🚀 Are you interested in enhancing ShareAction’s position as a thought leader on responsible investment? In this role you'll support organisational goals to influence decision makers, engage target audiences, and help manage ShareAction’s reputation by advising on risk and mitigation.  You'll play a key role in the development of campaigns to hold global companies to account for their impact on people and planet and promote research and recommendations to support our vision of a world where responsible investment is the norm 🌎 With excellent interpersonal skills, you’ll be able to work collaboratively, supporting colleagues to engage effectively with the media🎥 Join us in shaping a future where the financial system serves both people and planet! 🌱 📍 Location: Flexible within the UK (with regular travel into London) 🔗 Learn more about the role and apply⬇ https://lnkd.in/e7A53Kf2

Rt Hon Rachel Reeves has delivered the first budget of the new government.    It was encouraging to see the Chancellor taking steps to increase public and private funding for the UK's clean energy and green infrastructure. Boosting private investment in British industries and innovation will support the UK's transition to net zero – and it’s crucial in growing a strong and sustainable economy. The government, however, should now introduce ambitious measures to ensure that private capital is invested responsibly and in the best long-term interests of the public.   This includes maintaining a robust Stewardship Code, setting requirements for transparent financial reporting, and reforming fiduciary duty so that our pensions work better for people and the planet. Hear more about your pensions from Rosie and Bramwell from our UK policy team⬇ 

Today, BHP shareholders voted to support the company's climate transition plans at their AGM. This is despite expert analysis from PIRC Limited, commissioned by ShareAction, which indicates the plans of one of the world's largest mining companies are not credible. Our Director of Corporate Engagement and Deputy CEO, Simon Rawson, said: "It's disappointing to see BHP's shareholders miss this opportunity to send a clear message to the mining giant that its climate transition plan is not credible if we’re going to meet the goals of the Paris Agreement. Responsible Investment requires robust stewardship, including the use of votes such as this, to support companies and hold them to account for transitioning at the pace and scale needed to meet global goals. Shareholders should continue to engage with the company to seek more information, including financials disclosures, about how it will navigate the transition underway in the steel industry."

Our Head of Biodiversity Alexandra Pinzon begins her second week in Coloumbia for #COP16 by chairing a discussion today on how investors can help protect our most precious places. 🐒🌴 This event follows on from our joint paper with UNEP-WCMC : "Risk Management in Protected Areas” where we called for investors to recognise the vital role of protected areas as a tool for biodiversity conservation and provided recommendations to strengthen their investment policies in and around these rich areas. We are losing biodiversity at an unprecedented rate, with the current rate of species extinction estimated at 100 times that in pre-human times. COP16 comes at a crucial time; we must act now to reverse this rapid biodiversity loss. Investors – if you want to learn more about how you can start changing your behaviors to help strengthen biodiversity, read the full paper: https://lnkd.in/giQSvMWX

A big thank you to the signatories of our Long-Term Investors in People’s Health (LIPH) programme who attended our event on Tuesday. 🙌 We delved into plans for the upcoming year and were fortunate to have some of our signatories share brilliant examples of how they are approaching health as a responsible investment topic. The session gave our signatories the opportunity to hear from other organisations from both inside and outside the network and develop these relationships that inspire more creative solutions to health-related issues.   We were thrilled by the energy, enthusiasm and insightful contributions the signatories brought to the experience. We hope everyone left feeling inspired by our speakers and excited to implement new approaches to health🎉 If you’re an investor looking for more information on health, sign up to the LIPH programme⬇ https://lnkd.in/e5vh6_9x Cardano, PIRC Limited, Nest pensions, Man Group, Legal & General Investment Management (LGIM), Barrow Cadbury Trust, LifeArc, Guy's & St Thomas' Foundation, Jupiter Asset Management, Schroders, The Health Foundation, Sycomore Asset Management, EQ Investors I B Corp, Nuffield Trust, Achmea, Greenbank Investments, Impax Asset Management, American Century Investments.