Mahony Partners

13
Dec
2023

The End of ESG Investing

Categories: Climate Change
As we look back on 2023, one of the most significant events of the past year was the demise of ESG investing. Or, to be more precise, the end of the term itself. That’s a good thing, because it will open the way to greater clarity and accountability about investment risks. The term ESG has been a catch-all for a range of issues, from climate change to diversity practices, and has given rise to a confusing collection of standards, frameworks and rating systems. And the governance dimension (the “G” in ESG), which traditionally focused on director independence, board quality and executive pay discipline – has almost disappeared from the discussion entirely. Thanks mainly to Larry Fink, CE... Read More
17
Jul
2023

Climate Regulations Are Closer Than You Think

Categories: Climate Change
When it comes to climate regulations, if you’re only watching the SEC you could be caught by surprise. Because while the SEC recently delayed its final rules on climate disclosure until later this year, the European Union (EU) is moving ahead with new rules on climate, sustainability, corporate responsibility and business transparency.   The new rules start as early as next year, and they will affect many US companies. As these regulations come into force, US companies should take steps now to understand their scope and prepare appropriate communications and compliance materials. For exam... Read More
10
Jul
2023

Free Evan Gershkovich

Categories: Uncategorized
Last week marked the 100th day of unjust and unlawful imprisonment for Evan Gershkovich, the Russia-based based correspondent for the Wall Street Journal. He sits in a Moscow jail for reporting truthfully about Vladimir Putin’s Russia. Journalism is a risky enterprise. Reporters whose aim is to tell the truth inevitably anger people, whether covering fashion or food, finance or foreign policy. They might lose a source, perhaps a few readers, even their job, as a consequence. Evan Gershkovich is a reminder that journalists can lose their freedom, too. Admirably, the editors, staff and ownership at the Wall Street Jou... Read More
25
Oct
2022

Goldman Answers the Questions on Marcus

Categories: Financial Services, Marketing Strategy, Taking & Managing Risk
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 back, the answer to all three is yes. Marcus was Goldman’s bold bid to build a new revenue stream that was less volatile than the firm’s trading and advisory businesses. Unlike Goldman’s old partnership structure, where weathering business cycles was the norm, public shareholders wanted steady revenue and profits. Credit cards, mortgages and other consumer produ... Read More
22
Nov
2021

Shareholder Meetings May Never be the Same

Categories: Financial Services
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 ballot in contested director elections. Long sought by the largest institutional investors, the universal proxy puts all board candidates on a single slate and clearly identifies the individu... Read More
15
Nov
2021

The Underreported Success of COP26

Categories: Climate Change, Financial Services
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. The successes noted by most media accounts included agreements to reduce methane emissions, a potent greenhouse gas, and begin the phase-out (ok, "phase down") of coal. The most significant to us, however, was setting a strong fra... Read More
16
Sep
2021

Trashing the CEO Succession Plan

Categories: Financial Services
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 the CEO’s exit. So it must have come as an unwelcome surprise to those executives at J.P. Morgan when the board awarded CEO Jamie Dimon a special retention bonus and signaled they’d like him to stay for “a further significant number of years.” The move suggests the board believes none of ... Read More
27
May
2021

Lessons from the Exxon Shareholder Vote

Categories: Climate Change
Is a new day dawning at Exxon? Exxon shareholders elected two directors backed by an activist shareholder who called for changes in the oil giant’s response to climate change. It’s the first proxy campaign at a major US company where directors were the target and climate change was the issue. Anne Simpson of the California Public Employees Retirement System (CalPERS), which backed the rival directors, said the vote was a “day of reckoning” for Exxon and a warning to other oil companies. But what are the effects of the vote? Is it a turning point in the fight against climate change? We see a few lessons here, but while the vote will bring substantive changes, its impact may be more limit... Read More
10
Mar
2021

Enlisting Blockchain in the Fight Against Climate Change

Categories: Climate Change, Financial Services
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 important? First, it has the potential to solve the two biggest problems that have haunted the carbon-offsets market for decades – verification and additionality. Or, in other words, ensuring that offset projects ... Read More
08
Mar
2021

Looking Ahead to Proxy Season

Categories: Financial Services
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 play a central role in winning support from shareholders and the public. Here’s what we are watching: COVID-19 disclosures. Companies have been addressing the impact of the pandemic in their quarterly earnings announcements, and investors have been watching them closely. Indeed, several companies have faced shareholder Read More
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