SWEDEN - The e17.3bn Forsta AP-fonden (AP1) will vote in favour of two shareholder resolutions on environmental responsibility at the AGMs of General Electric and ChevronTexaco.
The GE resolution urges the company to disclose the amount they have spent on public relations, attorneys fees and lobbying in order to avoid paying for the health and environmental consequences of discharges of large quantities of PCBs.
The US Environmental Protection Agency has ruled that GE pay for discharges in places such as New York’s Hudson River. GE is fighting that ruling.
The second resolution requests that ChevronTexaco report on how the company will address the health and environmental consequences of activities in Ecuador. ChevronTexaco is currently on trial in Ecuador, facing allegations of dumping toxic waste. This resolution was written by the New York State Common Retirement Fund.
Both AGMs take place in the US. AP1 will vote electronically on both measures.
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.