UK - Isis Asset Management has targeted petrol companies as part of its engagement on corporate governance and socially responsible investment during the fourth quarter of 2002.
The activist fund manager engaged with BP, Exxonmobil, Shell and TotalFinaElf on corporate social responsibility and governance, climate change, human rights, bribery and corruption and labour standards.
Isis head of governance and SRI Karina Litvack said: “There are certain sectors that are exposed to a wider range of social, ethical and environmental risk that are more acute than others, by virtue of the locations where they are operating.”
Litvack explained that any company that relies on a natural resource does not have a broad choice of where they can operate.
“Because sometimes they operate in places where there are problems, they will be more exposed and attract greater attention and, therefore, present greater risk for shareholders.”
GlaxoSmithKline was another company contacted by Isis, on the issues of CSRG, human rights, labour standards and bribery and corruption.
In the fourth quarter Isis cast votes in 21 countries, and out of a total 1638 resolutions it voted against management 81 times and abstained 64times.
The cause of greatest concern, warranting the highest number of “against” votes was executive share options, followed by mergers and reorganisations.
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