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A comprehensive review of all shareholder proposals related to Environmental, Social, and Governance topics since 2022. Plus, the “Anti-ESG” movement.

Italy is one step closer to approving the new Capital Markets Bill (or DDL Capitali) which introduces a number of significant changes to the regulatory framework to improve the “competitiveness” of its capital markets. SquareWell reviews the three amendments that may be of most interest to the international governance community.

Post-Pandemic Activism: Restrictions Lifted

AQTION, a SquareWell brand, published its inaugural review of how the world's largest 65 investors are evaluating environmental, social, and governance issues and stewarding their porfolios. Together, these investors manage nearly $81 trillion in assets.

In last year’s Client Memo, titled “Reframing ESG”, SquareWell Partners (“SquareWell”) looked to reframe the term Environmental, Social, and Governance (“ESG”) by putting the role of governance back in the spotlight and dissociating it from the two megatrend “Environmental” and “Social” issues. We argued that “Governance” should be viewed as the means of facing environmental and social risks and opportunities, not as an isolated element from this effort. This push was widely welcomed by the various market players ranging from academia to institutional investor

Despite the politicization of the topic in certain jurisdictions, investors have played a key role in ensuring that portfolio companies focus on tackling challenges presented by climate change. To this end, investors have been using different tools to enact change at portfolio companies, including engaging with investee companies, divesting from certain companies or sectors; submitting climate-related shareholder proposals; and incorporating climate change considerations in voting decisions at shareholder meetings.

A look at how the world's largest asset managers (collectively managing close to $60 trillion) approach ESG, engagement with companies and activist campaigns from hedge funds.

Institutional investment strategies in global markets are categorized increasingly in a binary fashion: active and passive. These terms reveal the underlying attributes of an investment to the market and to portfolio companies, including how a shareholder will manage its stake, and therefore how it is likely to engage with companies on important strategic matters.