• Bloomberg reports that Activist Bluebell Urges BlackRock to Oust Fink as CEO Over ESG: “BlackRock accused of falling short on sustainability goals; Republicans, meanwhile, slam money manager’s ‘woke’ agenda.”
• Retuers reports that North Carolina treasurer wants BlackRock CEO to go, but keeps assets at firm: “North Carolina's state treasurer on Friday called for BlackRock Inc (BLK.N) Chief Executive Laurence Fink to resign or be removed from the top asset management firm, citing its focus on sustainable investing, but said public assets will stay with the firm.” 
• The Financial Times reports that Apple to end employee gagging clauses after activist campaign: “Company responds to pressure over claims staff were restricted from discussing workplace harassment”.
• The Financial Times reports that US companies face backlash for bypassing investors on top pay: “Growing number have ‘evergreen’ provisions allowing them to award stock despite downturn”.
• The Wall Street Journal reports that Pinterest Adds Elliott Executive to Its Board: “Activist investor has also entered into a long-term agreement to help the social-media company grow”.
• The Financial Times reports that Activist group Follow This launches climate campaign against Big Oil: “Shareholder resolutions filed calling on companies to cut emissions more aggressively”.
• The Financial Times reports that Activist investor demands shake-up at gas producer Capricorn Energy: “Palliser Capital calls for new chair and chief executive and an end to merger plans over ‘loss of confidence’ in board”.

• Fortune argues that Pro-ESG and anti-ESG activist investors have more in common than you might imagine: “What do an environmentally-minded activist investor and an anti-ESG activist investor have in common? More than you would think, if Bluebell and Strive are examples to go by.”
• Pensions & Investments reports MSCI outlines ESG factors, risks that investors should focus on: “An analysis by MSCI ESG Research noted 32 factors and risks that institutional investors and companies should consider for 2023 and beyond when evaluating the space. The risk considerations were split into seven different categories: changing corporate governance, responses to regulation, supply chain innovation, work life changes, turning points for ESG assets, expansions in emissions tracking and new types of investments in ESG.”
• The Financial Times reports that Vanguard quits climate alliance in blow to net zero project: “World’s second-largest asset manager cites investor ‘confusion’ amid increase in criticism from Republicans”.
• The Financial Times reports that Fewer companies gain top score for environmental disclosures in 2022, report shows: “Businesses struggle to meet demands for more information from regulators and investors.”
• The Financial Times reports that Norwegian oil fund to vote against companies without net zero targets: “Nicolai Tangen says $1.3tn sovereign wealth investor will also look at groups that overpay executives.”
• Bloomberg reports Ex-Tabloid Reporter Who Coined ESG Label Says Backlash Is Good: “It may be hard to imagine that ESG, now a hotly debated topic in American politics, traces its roots back to a former UK tabloid reporter and a 45-minute meeting in a fifth-floor office in Geneva. There, he and a small team of United Nations staffers coined in 2004 what’s now become one of the most controversial acronyms in finance. Their aim was to get investors and bankers to weigh key risks such as the earth’s rising temperatures, labor disputes and corporate malfeasance, and determine their impact on profits. ”
• Bloomberg reports Fund Managers Brace for ESG Correction With $4 Trillion at Stake: “Asset managers are trying to digest new regulatory proposals that have the potential to upend Europe’s biggest ESG fund category. A plan by Europe’s markets watchdog, ESMA, to set quantifiable ESG and sustainable investing standards is forcing portfolio managers to rethink how they design and market an ESG fund class known as Article 8. Morningstar Inc. estimates that only 18% of Article 8 funds, which hold about $4 trillion of assets, currently meet the watchdog’s proposed threshold for sustainable investments.”

• Pensions & Investments reports BlackRock's proxy votes reveal a nuanced stance: “BlackRock Inc. is being publicly eviscerated by some pension funds, other investors and politicians for its stance on environmental, social and governance factors. But a closer inspection of the world's largest manager's ESG investments, votes and internal practices show that they are not all that revolutionary.”
• Bloomberg reports that Funds Bet Asia ESG Stocks Will Bounce Back on Policy Tailwinds: “Investors are becoming more bullish on shares linked to sustainability in Asia, betting on a comeback next year due to attractive valuations and trends such as China’s reopening and policy support. Nikko Asset Management, M&G Investments and BNP Paribas Asset Management are among those investing in environmental, social and governance themes, predicting that the build-out of renewable energy supply chains in economic powerhouses such as China and India, and the transition of “dirty” businesses regionally will feed through to stock performance.”
• The Wall Street Journal reports that FTX Founder Sam Bankman-Fried Led Yearslong Fraud at Company, SEC Says: “Founder diverted customer funds from start of crypto exchange to support his hedge fund, regulator’s lawsuit says”.
• The Financial Times reports that Nervous auditors re-examine crypto clients after FTX collapse: “Collapse of Sam Bankman-Fried’s company highlights risks in industry where accounting rules are only half-formed”.
• The Financial Times reports on Hubris and the risks of over-mighty tech bosses: “How can investors tell when a lack of accountability becomes a problem?”
• Reuters reports that EY sees other Big Four firms mirroring its proposed split: “Andy Baldwin, global managing partner, said EY was holding roadshows to explain a "compelling case" for the company's third attempt to split into two - if partners across the world give their backing in votes during in the first quarter of next year.”
• The Financial Times reports on The tech ‘nepo babies’ are coming: “Dual-class shares are ensuring founder families can control companies indefinitely”.
• The Financial Times asks Doesn’t anyone do due diligence anymore?: “Theranos and FTX show a broad failure by investors to ask enough questions before handing over cash”.

• The Financial Times reports that the EU looks to exclude banks and funds from sustainability rules: “MEPs and campaigners say ‘incomprehensible’ carve-out for financial sector weakens Brussels’ ESG goals”.
• Reuters reports that the EU strikes deal on world-first carbon border tariff: “After all-night negotiations, the European Union struck a political deal on Tuesday to impose a carbon dioxide emissions tariff on imports of polluting goods such as steel and cement, a world-first scheme aiming to support European industries as they decarbonise.”

• The Financial Times reports that UK companies prepare for battle with investors over executive pay: “Boards under pressure to show restraint for executives as cost of living crisis hits workers”.
• The Financial Times reports that FTSE 100 CFOs tell Big Four to cut costs after audit price jump: “Finance chiefs say in letter that it is difficult ‘to sit quietly’ as firms announce ‘very significant pay rises’.”
• The Financial Times reports that Audit reform should not dance to the Big Four’s tune: “Accountants’ arguments about risks of auditor rotation look wide of the mark”.
• The Financial Times reports that Investment trust Chrysalis revamps fee structure after scrutiny over bosses’ payouts: “Managers were paid £117mn just before stock market turned”.
• The Wall Street Journal reports that Carillion Liquidators Say KPMG Missed Red Flags in Audits of Defunct Construction Firm: “The U.K. government sued the professional services firm earlier this year for more than $1.5 billion in damages”.

• Responsible Investor reports that Glass Lewis acquires French proxy firm Proxinvest: “Influential proxy adviser also publishes 2023 guidance, including provision on shareholder proposal proponent disclosure, which could help address anti-ESG resolution confusion.” Read more about the Glass Lewis’s acquisition from their press release.

• Reuters reports on Wirecard in the dock as Germany's biggest fraud trial starts: “Former Wirecard executives go on trial on Thursday, two years after the collapse of the payments company that produced Germany's biggest post-war fraud scandal and sent shockwaves through the country's political and financial establishment.”
• The Financial Times reports on A bombproof courtroom and a CEO in the dock: what to expect from the Wirecard trial: “A panel of Munich judges will from Thursday begin dissecting one of the biggest frauds in German history”.
• The Financial Times reports that Oliver Blume criticised by investors for dual VW and Porsche CEO role: “Volkswagen’s new chief says at public meeting with investors that he intends to keep both jobs ‘long-term’”.
• The Financial Times reports on Herbert Diess to make comeback to corporate Germany as Infineon chair: “Chipmaker picks former Volkswagen boss as chair of supervisory board”.

• The Financial Times reports that UniCredit seeks pay increase for Andrea Orcel to keep CEO happy: “Italian bank head previously sued Santander over remuneration dispute”.
• The Financial Times reports that Juventus shares fall after board resigns: “Italian football club to nominate Gianluca Ferrero as chair after accounting issue prompts management to quit”.
• IlSole24Ore reports on Atlantia off the stock exchange: now back to regulated assets (“Atlantia fuori dalla Borsa: ora riparte dagli asset regolati”): “The farewell to Piazza Affari after more than 20 years. Meetings in January to define the holding company's new top management structure. On Friday, December 9, Atlantia's long journey on Piazza Affari comes to an end. In fact, the delisting of the company from the Italian Stock Exchange officially becomes operational, thanks to the positive conclusion of the takeover bid launched by the vehicle Schema Alfa, which includes the holding Edizione (Benetton), the Blackstone fund and the CRT Foundation.”
• Milano Finanza reports on Italgas, Enel and Erg join the Carbon Disclosure Project A-list for the fight against climate change (“Italgas, Enel ed Erg entrano nella A-list di Carbon Disclosure Project per la lotta al cambiamento climatico”): “The result comes from the 2022 Climate Chenge questionnaire conducted by CDP on some hot topics in the field of sustainability, such as climate change, forest protection and water security. Intesa Sanpaolo the only bank on the list.”

• elEconomista reports on Iberdrola, Acciona Energía and Indra, leaders of the Ibex in ESG (“Iberdrola, Acciona Energía e Indra, líderes del Ibex en ESG”): “S&P Global unveiled the new composition of its family of sustainable indices, including the very popular Dow Jones Sustainability World Index, which once again includes 15 Spanish companies. Among the 35 members of the Ibex, the best ratings were Acciona Energía, Endesa, Iberdrola and Indra with 89 out of 100 points.”
• elEconomista reports Vientos de cambio en el 'private equity': el liderazgo femenino desafía el ESG (“Vientos de cambio en el 'private equity': el liderazgo femenino desafía el ESG”): “The figure of the ESG manager is gaining weight in private equity in Spain and will continue to do so exponentially in the future. Despite the still scarce representation of women in the sector, there are already a number of female role models and references to look up to. They are probably the "less visible" but more critical heads of an industry that is moving towards diversity and generational change. The growing competition for funds, investment and talent positions ESG as a clear differentiating factor.”
• Consenso del Mercado reports Awarded the I Iberian Equity Awards for Spanish IRs (“Concedidos los I Iberian Equity Awards para los IR españoles”): “The Spanish Association for Investor Relations (AERI) has awarded its first Iberian Equity Awards to distinguish the best professionals, departments and policies in this function in Spain. In the Large Cap category, Santander won the awards for Global Corporate Winner and Best IR Team; Iberdrola's Diego Morón won Best IR Professional; Acciona won Best IR Programme; and Cellnex won Best ESG Programme. Among others, the event was sponsored by Georgeson and Computershare.”
• Inese reports that For 70% of Spanish managers, ESG criteria will be more important than digitization in the future (“Para un 70% de los directivos españoles los criterios ESG serán en el futuro más importantes que la digitalización”): “The main conclusions highlight that 100% of managers believe that in the next five years sustainability will be at least as important as digitization; In addition, 70% believe that it will be even more important than this, since it will mean a more relevant structural change for companies and for society in general.”
• Merca2 reports that Spain will be left out of the 'wave' of activist investment that will reach Europe in 2023 (“España se quedará fuera de la ‘ola’ de inversión activista que llegará a Europa en 2023”): “Only three Spanish companies would be at risk of an attack by activist investors in the next 18 months, according to the report 'A&M Activist Alert' that has been released today and that has been prepared by Alvarez & Marsal.”

• The Monitoring Committee announced a Sustainable vision for long-term value creation key in updated Corporate Governance Code: “Companies should focus on sustainable vision for long-term value creation with regard to strategy and decision-making. They must also consider the interests of stakeholders. In addition, companies should draft diversity and inclusion policies for the entire company. The updated Corporate Governance Code further e.g. requires companies to report annually on the effects of their actions on people and the environment, the involvement of stakeholders and the extent to which they have achieved the formulated objectives. The updated Code takes effect on 1 January 2023. This means reporting about FY 2023 will need to account for compliance with the updated code for the first time.”
• The Monitoring Committee published the report on compliance with the Code in 2021 on the 20th of December 2022: “The 2022 Report builds on the previous report that focused on meaningful reporting on compliance with the Dutch Corporate Governance Code. This year research was focused on the quality of reporting by companies on three themes: long-term value creation, culture and diversity. At first sight, research showed high compliance rates on the monitored best practice provisions. However, in terms of meaningful reporting, improvements can be made with regard to the insights into the actions taken, the dilemmas that arise in the process of that actions, the trade-offs that are made, and the outcomes and impact it has on the company. Furthermore, the research states that only 46% of the companies (112 in total) thoroughly address ESG aspects in their account of the vision for long-term value creation and the strategy to achieve this. Besides, this year the Committee sent a letter to 16 companies with areas of focus to improve their reporting for FY2022.”

• Ethos publishes the 22nd edition of its voting guidelines: “Each year, the Ethos Foundation updates its voting guidelines based on recent developments in corporate governance and sustainability, as well as changes in the legal framework. This document, published in three languages, is essential as all analyses and voting recommendations made by Ethos to its clients are based.”
• The Financial Times reports on A close Suisse shave: “Credit Suisse’s rollercoaster rights issue shows risks even for a Justice League of underwriters”.

• Pensions & Investments reports SEC Commissioner Peirce criticizes climate disclosure proposal: “SEC Commissioner Hester M. Peirce said the agency's climate disclosure rule proposal would overstep and interfere with companies' decision-making processes.”
• Teneo reports on the Four Potential Consequences of “Pass-Through” Voting for Companies: “Earlier this year, Republican Senators introduced the “INDEX” Act that would require passively managed funds to vote proxies in accordance with the instructions from their clients.”
• The Financial Times reports on Corporate concentration: boardroom rosters plagued by same old faces: “Biden administration wants to prevent rivals colluding to push up prices or stifle competition”.
• The National Association of Corporate Directors (NACD) issued a press release announcing the release of their 2023 Governance Outlook report: “The 2023 Governance Outlook report captures insights and guidance on environmental, social, and governance (ESG) oversight, new and proposed US Securities and Exchange Commission (SEC) regulations, trends in D&O insurance, human capital oversight, third-party risk, and more. It includes partner contributions from Broadridge Financial Solutions, Deloitte, FGS Global, Woodruff Sawyer, and WTW, along with data snapshots from the latest NACD Board Trends and Priorities Survey of more than 300 directors nationwide. The 2023 Board Trends and Priorities Survey revealed economic headwinds, supply chain disruptions, and increased competition for talent among the top concerns for directors.”
• Harvard Business Review asks Does Your Board Need an Executive Chair?: “On February 2, 2021, Jeff Bezos announced that he would “transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO.” While this change marked a major corporate governance shift for Amazon, executive board chairs have become increasingly common.”

• Biztech news reports that FTSE Russell, Ping An jointly launch China ESG indexes: “The fissure could widen as Beijing promotes corporate governance with Chinese characteristics, with President Xi Jinping strengthening Party control among state-owned enterprises (SOEs). The Chinese government has in recently months been promoting its ESG disclosure framework for listed SOEs. More harmony with the West is seen around environmental issues. In August, China raised the bar for issuances in the country’s green bond market, taking a major step towards adopting global standards. ‘The environment has been a great consideration and concern in China, which is not at all at odds with an international perspective,’ FTSE Russell’s Fung said. Rival index publisher MSCI said in its 2023 ESG trend report that, following reopenings globally from COVID, focus ‘quickly shifted back to tackling climate change and attention there grew substantially, especially in China.’”
• Global Times reports that Quality of Chinese listings steadily improves as nation shifts toward higher-quality devt: officials at key forum: “China has made substantial headway in improving the quality of listed firms, a microcosm of the economy's shift toward higher-quality development and its restructuring toward tech- and innoation-oriented growth, securities regulatory officials, bourse heads and business executives told an influential financial forum in Beijing on Tuesday. Citing robust statistics that point to a surge in listings and a structural transition to weigh toward emerging high-tech firms, they are betting on an improvement in regulatory supervision and revised listing rules to accommodate more innovative and growth businesses amid the national push for self-sufficiency in technology. The securities regulator has over recent years gone all out to push for reforms and trials of a registration-based IPO system, with continued optimization of IPO standards, tremendously boosting the appeal of the capital markets for premium firms, Li Ming, director of the Department of Listed Company Supervision of the China Securities Regulatory Commission (CSRC), said on Tuesday at a panel discussion of the Financial Street Forum 2022.”

• Bloomberg reports that Hong Kong and Singapore Spar for Green Finance Supremacy in Asia: “Hong Kong and Singapore have long squared off to be the preeminent finance hub for Asia. That battleground is now shifting to the ESG space, with potentially trillions of dollars at stake. From green bonds to carbon trading and asset management, both cities are angling to be the regional base for sustainable finance as governments and companies ramp up investments to fight climate change. Combined ESG assets could soar to $53 trillion by 2025, with Asia sparking the next leg of growth, according to Bloomberg Intelligence.”

• Pension and Investment reports that Japan to ramp up scrutiny of ESG data providers with new guidelines: “Japan will soon be the first country to issue guidelines for ESG data and ratings providers as global regulators step up scrutiny of firms that measure companies on their environmental, social and governance practices. The Financial Services Agency is finalizing its draft code of conduct this month after receiving industry feedback, the regulator said. The draft guidelines, first published in July, outline voluntary principles to ensure the quality of the data and processes backing these ratings. "We hope that the code of conduct will improve the transparency and fairness of ESG data and assessment services, as well as the development of the ESG market," Hideki Takada, director for strategy development at the FSA, said in an interview.”
• The Financial Times reports on Lessons from one woman’s ascent to a CEO job in Japan: “Makiko Ono’s rise at Suntory shows how much more is needed to correct gender imbalance”.

• Researchers at Climateworks Centre, a non-profit independent climate research body, report: Half of Australia's biggest companies have Net Zero plans, but climate action may come too late: Half of Australia's biggest companies have Net Zero plans, but climate action may come too late (theconversation.com/au). “‘The net-zero plans we identified typically don’t include all emissions associated with a business’ operations, such as fossil fuel burned by customers. And much of the action promised will come too late to avert catastrophic global warming.’”
• The Sydney Morning Herald reports that Forrest lands $4bn deal in rush for green power: ‘We have to crack on’: Forrest lands $4bn deal in rush for green power (smh.com.au). “‘Billionaire Andrew Forrest has sealed the biggest acquisition in the history of Australia’s clean energy industry, expanding his reach into wind, solar and battery farms across the eastern seaboard by buying CWP Renewables for more than $4 billion.’”
• The Sydney Morning Herald reports on Value over volume: Glencore’s clever profit-boosting coal mine closures: “‘But Glencore probably understands the relationship between volume and price better than any of its peers, and is driven by the ambition of maximising its returns by prioritising value over volume.’”
• The SMH reports that Company directors can look beyond shareholder interests, says Gonski: “‘Corporations have more scope to support community initiatives linked to the company’s purpose, instead of only serving shareholders (citing a high-powered legal opinion on directors’ duties).’”
• The Guardian reports on the Government looking at laws to force big business to disclose climate efforts: “‘Banks and other big businesses will be forced to come clean with the public about what they are doing to cut emissions under plans put forward by the Australian government.’”
• The Guardian reports on research by the Australian Conservation Foundation (ACF): ‘Abysmal’ number of Australian banks and super funds have policies to mitigate environmental risks: “‘The research finds that Australia’s major banks and super funds are largely unprepared to mitigate risks or seize new opportunities associated with their dependence on nature.’”
• The Sydney Morning Herald reports ASIC calls for heavy penalties for Star executives: “‘The Australian Securities and Investments Commission on Monday launched civil proceedings against the executives and directors, claiming they failed to properly oversee anti-money laundering protocols at the company’s casinos.’”