ESG News

December 2019

Goldman Sachs’ Commercially Driven Plan for Sustainability
Financial Times

David Solomon. CEO of Goldman Sachs, says the company is targeting $750 billion of financing, investing and advisory activity to areas focused on climate transition and inclusive growth. He also calls for governments to put a price on the cost of carbon.

Mr. Solomon writes, "Looking ahead, the needs of our clients will increasingly be defined by sustainable growth. Our firm's long-term financial success, the stability of the global economy and society's overall wellbeing all depend on it."

Shh! Companies are Fixing Accounting Errors Quietly
Wall Street Journal

Companies are increasingly correcting accounting problems by quietly updating past numbers, rather than alerting investors and reissuing financial statements. A study finds that almost half of these  “quiet” revisions to SEC filings from August 2004 through 2015 met at least one of the guidelines for them to be considered “Big R” restatements that require alerts to investors and restatements of financial results.

November 2019

How an Italian Energy Company Revolutionized Sustainable Investing in Structured Credit
Forbes

Why Enel's SDG-linked issuance is a potential game-changer in the world of sustainable credit.

  • Sustainability KPI linked to interest margin step-up
  • Expands investor base for ESG-linked products
  • Unconstrained use of proceeds broadens the issuer base
Moody’s Sees ‘Emerging Threat’ to Oil & Gas Companies from Climate Regulation
Responsible Investor

Moody's lowered ExxonMobil’s credit outlook to negative from stable – in part due to the “emerging threat” to fossil fuel companies from climate change regulation and tax, with the oil major also exposed to “rising” litigation risk linked to climate
change and related disclosures.

How Boeing Lost Its Bearings
The Atlantic

An interesting and timely reminder of the long-term impact of company culture on performance. The Atlantic tracks the genesis of Boeing’s current troubles to the early 2000s when the financially-driven management culture of acquired McDonnell Douglas started replacing the engineering-driven culture of legacy Boeing.

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