US -Sysco has agreed to adopt new environmental strategies following pressure from the California State Teachers' Retirement System (CalSTRS).
CalSTRS withdrew its shareholder proposal after the food industry supplier agreed to include water risk management and sustainable agriculture and in its environmental initiative. The company will also respond to the Carbon Disclosure Project water survey in 2013, which measures water usage.
The agreement also requires Sysco to provide CalSTRS with regular updates on the progress of their sustainability initiative and to develop transparent environmental strategies.
CalSTRS submitted five proposals on sustainability issues this year. Three other proposals were withdrawn as companies agreed to improve their climate risk management. A ConocoPhillips proposal, asking for a report on the financial risks of its oil sand operation did not pass, despite 30% backing.
Jack Ehnes, CalSTRS chief executive officer, said:
"Companies that report on environmental, social and governmental practices are more responsive to the global business environment, allowing them to realize value from these efforts.
"Transparency about water risk and other sustainability issues is important as it is a significant risk facing investors" he added.
The Next Generation Pensions Committee is on a mission to promote and encourage younger voices in the industry. Kim Kaveh looks at its key objectives
This week's top stories included an analysis finding the cost of equalising guaranteed minimum pensions in schemes could hit FTSE 100 profits by up to £15bn.
Employers whose dividend to deficit recovery contribution (DRCs) ratios fall outside the "normal range" should expect to see higher regulatory scrutiny, although no fixed ratio will be set.
Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.