US - Demands by the US$164bn California State Teachers Retirement System (CalSTRS) for ONEOK to report on greenhouse gas emissions have been supported by RiskMetrics Group.
Jack Ehnes, chief executive officer, CalSTRS, said: "RiskMetrics adds its significant voice to California's teachers and strengthens our conviction that the time is right
"We urge fellow ONEOK shareholders to vote FOR proposal #8 on the ONEOK proxy and send a message to the board. We need to address now the very real risk greenhouse gases present to the continued growth and profitability of the company."
The proxy shareholder proposal, slated ahead of oil and gas firm ONEOK's AGM on 15 May 2008, calls for a report on the feasibility of setting goals for reducing greenhouse gas emissions by the end of the year.
Over the past two years, the number of climate change shareholder resolutions filed has doubled, with 55 such proposal tabled this year alone.
Zut alors! FRR drops two mandates
FRANCE - The €35bn (US$53.7bn) Fonds de reserve pour les retraites (FRR), France's reserve retirement fund, has announced it has dropped two mandates due to "poor financial performance".
The two mandates, a small and mid-cap Eurozone equities allocation managed by Credit Agricole Asset Management (CAAM) and a large cap Eurozone equities mandate run by Capital International both underperformed benchmarks, returning €183.5m and €1.1bn respectively.
Recently released performance results show the fund to be down 8.4% over the year to date, but has delivered an annualised net performance of 5.7% since its inception in 2004.
A buyout tool which provides schemes with up-to-date pricing and comparisons between insurers has been launched by JLT Employee Benefits.
The DB white paper sets out plans to review the funding regime, with 'prudent' and 'appropriate' possibly redefined. But James Phillips asks if this could this signal a return to an MFR-like approach?
The trustees of GKN's pension schemes have agreed a package of mitigation measures that would improve funding to a "more prudent level" if Melrose's offer is accepted by shareholders next week.
While the new powers are welcome, most respondents doubt it will make a difference to the outcomes for members, Pensions Buzz respondents say.