Biden’s expected regulatory changes will push environmental, social and governance (ESG) investing “to become the ultimate megatrend,” states the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The bold comment from Nigel Green, chief executive and founder of deVere Group, which has $12bn under advisement, comes as President Joe Biden picks Gary Gensler to head the Securities and Exchange Commission (SEC), the U.S. financial regulator.
Mr Green says: “Joe Biden’s administration is going to usher in an era of serious momentum for responsible and sustainable investing.
“This is not just because of the likely tougher approach to the use of fossil fuels and his campaign’s vow to take swift action to tackle the climate emergency.
“It is also because of the expected appointment of Gary Gensler to lead the SEC, who is likely to heavily reform and broaden ESG investing and corporate disclosure rules in the U.S.
“In doing such, we can assume that Gensler would have the major support on the Commission.”
For instance, upon her appointment as acting SEC chair, Allison Herren Lee said that during her time as a Commissioner, “I have focused on climate and sustainability, and those issues will continue to be a priority for me.”
In The New York Times she wrote that: “Both investors and the broader public need clear information about how businesses are contributing to greenhouse gas emissions, and how they are managing — or not managing — climate risks internally. Realistically, that can happen only through mandatory public disclosure.”
Nigel Green continues: “Should the SEC push ahead with beefing-up green investment rules, as is expected, it will close the transatlantic gap that has emerged in recent years as the European watchdogs pushed ahead with increased stricter ESG investing and disclosure regulations.”
He goes on to add: “At the beginning of 2020, I described ESG investing as a ‘megatrend’ of the decade. And throughout the year inflow doubled and ESG funds outperformed the market.
“But the tag ‘megatrend’ would now seem somewhat underplayed if the U.S. moves towards ESG-related regulatory reforms and comes into line with Europe.
“Responsible investing will become the ultimate investment megatrend should this happen.”
In a move to encourage clients to consider the ESG opportunities, last month deVere Group announced it is planning to offer free, independent advice on socially responsible investing, with the aim of positioning $1bn in environmental, social and governance (ESG) investments within five years.
The deVere concludes: “The likely rule changes in the U.S. on ESG investing and corporate disclosures are not as yet heavily priced-in to markets.
“Investors should keep a keen eye on this area and move to take advantage of the opportunities.”
Stanbic IBTC Holdings to Release Audited 2021 Half Results in August 2021
Stanbic IBTC Holdings Plc, one of the leading banks in Nigeria, on Wednesday announced its Board of Directors has decided to audit the Half Year Financial Results of the bank.
The bank announced in a statement signed by Chidi Okezie, Company Secretary.
According to the bank, the Audited Results for the Half Year Ended 30 June 2021 will be released not later than 29, August 2021 after the Central Bank of Nigeria has approved it.
The statement reads, “Having duly notified NGX RegCo of this development, the Management of Stanbic IBTC wishes to notify the investing public that the Company will aim to publish its 2021 Audited Half Year Results on or before 29 August 2021 in accordance with the extant Rules of NGX Regulation Limited as cited above.
“Thank you for your understanding. For any enquiry, please contact Chidi Okezie, Group Company Secretary – Email: firstname.lastname@example.org or Idris Toriola, Head Investor Relations – Email: email@example.com; Tel +234 422 8501”
Equities Market Closes in Red on Monday
The Nigerian Exchange Limited extended its bearish trend on Monday as several unclear economic policies continue to dictate market sentiment.
Investors traded 209,212,596 shares estimated at N1.763 billion during the trading hours of Monday.
Market value of listed equities dipped to N20.089 trillion on Monday, while the Nigerian Exchange Limited All-Share Index lost 0.27 percent 38545.30 index points.
Meyer Plc led gainers with 8.77 percent to close at N0.57 a share. This was followed by Champion Brew. Plc with 6.06 percent. See the details below.
|MEYER||N 0.57||N 0.62||0.05||8.77 %|
|CHAMPION||N 1.98||N 2.10||0.12||6.06 %|
|JBERGER||N 19.10||N 20.00||0.90||4.71 %|
|REGALINS||N 0.50||N 0.52||0.02||4.00 %|
|IKEJAHOTEL||N 0.94||N 0.97||0.03||3.19 %|
|FIDSON||N 5.10||N 4.60||-0.50||-9.80 %|
|LASACO||N 1.50||N 1.36||-0.14||-9.33 %|
|FTNCOCOA||N 0.33||N 0.30||-0.03||-9.09 %|
|MBENEFIT||N 0.45||N 0.41||-0.04||-8.89 %|
|CORNERST||N 0.58||N 0.55||-0.03||-5.17 %|
FG To Auction Three Bonds Worth 50B Each This Week
The Debt Management Office has said that the Nigerian government will offer N150 billion bonds for subscription in June.
The bonds comprised three bonds worth N50bn each, a circular said Friday.
The DMO said the bonds will be auctioned on June 23 and all three have the same date for settlement.
The bonds are a 10-year re-opening bond to be offered at the rate of 16.2884 percent and to mature in March 2027; a 15- year re-opening bond to be offered at 12.5 percent with the maturity date of March 2035; and a 30-year re-opening bond to be offered at 12.98 percent and mature in March 2050.
FGN Bonds are “backed by the full faith and credit of the Federal Government of Nigeria”, the DMO said, adding that they are equally charged upon the general assets of Nigeria.
The debt office explained further that FGN bonds qualified as liquid assets for liquidity ratio calculation for banks.
For re-openings of previously issued bonds where the coupon is already set, the circular said successful bidders would pay a price corresponding to the yield to maturity bid that cleared the volume being auctioned, plus any accrued interests on the instrument.
Last month, the DMO offered similar bonds of N150bn bonds for a subscription which comprised three bonds worth N50bn each.
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