US - The SEC has approved a request by the New York City Pension Funds to hold a shareholder vote asking Bank of America and Citigroup to review their foreclosure and mortgage practices.
New York City asked for reviews of these practices as far back as July and in November filed proposals with the banks to review their procedures. (Global Pensions; 17 November 2010) However, the banks said they had already conducted an independent review of their practices.
"Despite banks' claims that foreclosure problems are merely technical glitches, regulators have found that robo-signing of foreclosures, missing mortgage documents, and other problems have caused widespread economic damage," read a release from Comptroller John Liu.
The SEC's ruling puts the request on the ballot at the firms' meetings this spring, said Liu. The SEC allowed JPMorgan Chase to remove the proposal from its ballot because another group of investors had already filed a similar proposal.
In January, the NYC funds teamed up with seven others and wrote an open letter to the directors of Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, the coalition called for the banks' audit committees to launch independent examinations of their loan modification, foreclosure, and securitisation policies and procedures.(Global Pensions; 10 January 2011)
The Environment Agency Pension Fund (EAPF) has joined a coalition of 88 investors to demand companies disclose more information on environmental impact.
The cross industry guaranteed minimum pension (GMP) equalisation working group has formed five sub-committees to each work on a key component of the guidance.
KAS Bank has launched an end-to-end cost transparency solution for defined contribution (DC) schemes to assist in the delivery of chair's statements.