Goldman Sachs confirmed media reports that it would exit the Banking Alliance for Net Zero, a coalition formed to promote cuts to greenhouse gas emissions. Most news reports linked Goldman’s decision to the political environment in the U.S., where companies are facing pressure to end initiatives on climate, diversity and other ESG matters. The reality […]
It seems like every few years there’s an initiative by New York or London to “reclaim” its standing as a top financial center. So we greeted today’s news of such a campaign by the UK government as, well, something quite familiar. There’s more than national pride at stake in these efforts. Financial services accounts […]
When Goldman Sachs launched Marcus in 2016 and jumped into consumer finance, it generated high hopes and a few questions. Could a storied brand that catered to the elite reach the lowly consumer? Would losses doom the project? Would the bankers strangle the hungry fledgling? Six years later, as it announces Marcus is being scaled […]
Corporate annual meetings – normally staid affairs – could be more dramatic next year thanks to two developments: the universal proxy ballot and the growing clout of retail shareholders. Both factors will put a premium on effective communication by companies and boards. Last week, the SEC approved a new rule requiring companies to use a universal proxy […]
The headlines marking the end of the COP26 global climate summit were mostly gloomy, much like the weather in Glasgow. Reports focused on unenforceable pledges by countries to cut carbon levels and tepid increases in funding for poor countries most affected by climate change. But there were significant accomplishments last week in Glasgow and beyond. […]
Company boards spend a good deal of time, as they should, planning for who’ll take over for the CEO. Most have a relatively short list of senior executives who are being groomed and evaluated for the job. You know if you’re on that list and where you rank, and there’s generally a set timeline for […]
Sometimes the most important news gets the least attention. Yesterday, to little fanfare, IHSMarkit, a financial data company, announced it would introduce a global registry for carbon credits using distributed ledger technology. It would link various registries around the world and provide a single data set for all projects and credits. Why is this so […]
Like spring blossoms, corporate proxy statements will start to arrive in the coming weeks. They are likely to reflect both the extraordinary events of 2020 and the continuation of trends that have been gathering momentum in recent years. Boards face a big challenge to address these issues effectively, and the quality of their communication will […]
We’ve written about the carbon market over the years. We’ve asked, for example, whether blockchain technology could boost its growth. We’ve highlighted the success of California’s cap-and-trade system, and we’ve suggested that the carbon market shares a lot of similarities with another asset class that grew from humble beginnings – emerging-market debt. Today, the carbon […]
When the investment story of 2020 is written, it will be a thick volume – a global pandemic, an uncanny rebound in stocks and aggressive interventions by the Fed. But there will also be a chapter on the return of the Special Purpose Acquisition Company (SPAC), a deal structure last seen about a decade ago […]