Dear Reader: Summer 2013
Matt Patsky, CFA, CEO, Trillium Asset Management In the past year or so, following Bill McKibben’s compelling Rolling Stone article, Global Warming’s Terrifying New Math, there has been a renewed focus on this issue of climate change in the Sustainable and Responsible Investing (SRI) industry. There is broad consensus that our planet is warming and that humans, through the burning of fossil fuels, are significant contributors. In 2009, 167 countries signed the Copenhagen Accord, agreeing that, in order to prevent catastrophic environmental damage, actions must be taken to prevent the temperature from rising more than 2 degrees Celsius. It is …
Matt Patsky Appears on CNBC, Bloomberg TV, and Fox Business to Discuss Citigroup Proposal
Trillium Asset Management LLC, on behalf of the Benedictine Sisters of Mount St. Scholastica, along with the AFSCME Employees Pension Plan recently filed a shareholder proposal with Citigroup Inc. (NYSE: C) asking the company’s board of directors to explore a possible separation of one or more of its business units. Citigroup’s shares have consistently traded below book value since late 2008, it failed the Federal Reserve’s CCAR stress tests in March 2012, and regulators continue to forbid it from returning significant capital to stockholders due to concerns over its financial stability. “Despite some positive steps taken since the start of …
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