Nestlé’s ESG M&A, Juneteenth Recognition, AT&T CEO Letter
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Nestlé’s plan to sell most of its bottled water business in the U.S. and Canada represents a convergence of the very issues that power this newsletter: shareholder activism, corporate governance, ESG and finance. Despite the company’s commitment to sustainability, Nestlé cites environmental pressure (plastic pollution, water depletion) among the reasons to divest the business. Nestle’s bottled water unit is also underperforming, and with Third Point’s activist campaign still in the rearview mirror, the move allows the Swiss company to focus on other parts of its business.
This week’s corporate governance news continued to be dominated by leaders announcing support for Black Americans – including the recognition of Juneteenth (June 19) as an official work holiday – and outlining plans to diversify their workforce and leadership ranks. AT&T CEO and Chairman Randall Stephenson, who is also leading a Business Roundtable committee on racial equity and justice, published a letter, “The Mandate for Equitable Justice.” He calls on cities, states and the federal government to take action and commit to changing the way the police operate, and highlights decisive steps taken by Dallas Police Chief Renee Hall, San Francisco Mayor London Breed and Chicago Mayor Lori Lightfoot in the aftermath of the killing of George Floyd.
Stay safe and have a great weekend,
Mike and Gabriella
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The New York Times: Nestlé Weighs Sale of Water Unit in Push Toward Sustainability
Facing tepid sales and criticism from environmental groups, the Swiss food giant is looking to exit brands like Poland Spring and Deer Park
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The New York Times: What Should Companies Do on Juneteenth?
The newspaper looks at what CEOs and companies are doing to recognize the holiday that commemorates the end of slavery in the U.S.
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AT&T CEO Randall Stephenson’s Letter: The Mandate for Equitable Justice
'To better understand the issues specific to equitable justice, I’ve spent a lot of time over the past week listening to civil rights leaders and activists, current and former elected officials, religious leaders, and law enforcement professionals to gain insight and direction'
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Wall Street Journal: Google Sets Hiring Goal to Advance Black Executives
Sundar Pichai promises to increase proportion of leadership representation of underrepresented groups by 30 percent by 2025
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Financial Times – The FT View: It is too soon to restore CEOs to pre-Covid pay
Boards should think hard before reversing executive salary cuts, says the FT’s Editorial Board
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Bloomberg – Opinion: Fighting Climate Change Means Fighting Racial Injustice
Inequality permeates the very air we breathe
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Bloomberg: Unilever’s New Climate Plan Puts Carbon Labels on 70,000 Products
The consumer giant is committing to reduce a large portion of its emissions to zero by 2039
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Barron’s: Activist Investors May Be Using Market Volatility to Hide Trades
This year has been slow for activist campaigns, but companies remain nervous that they’re vulnerable to future activism
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Business Green: Investor coalition unveils plans for new climate change lobbying framework
BNP Paribas Asset Management, the Church of England Pensions Board and Swedish pension fund AP7 launch research project that will identify hallmarks of responsible corporate climate change lobbying
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Harvard Law School Forum on Corporate Governance: ESG and the Earnings Call
A new report from researchers at NYU Stern School of Business outlines recommendations for how issuers can embed disclosures on ESG and long-term strategy into the content of their quarterly earnings call
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Harvard Law School Forum on Corporate Governance: Using ESG Tools to Help Combat Systemic Racism and Injustice
Partners from Wachtell, Lipton, Rosen & Katz elaborate how ESG metrics can be used to facilitate constructive engagement with internal and external stakeholders on how companies can further foster and integrate inclusion and diversity into day-to-day business
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Speakers include Leo Strine of WLRK, Maureen Farrell of the Wall Street Journal and BlackRock's Ray Cameron.
Speakers include Starboard's Jeff Smith, Corvex's Keith Meister, Elliott's Jesse Cohn and Impactive Capital's Lauren Taylor Wolfe.
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