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Authors

  • Tim Goodman
    Wells Fargo & Company announced regulatory and legal settlements in 2016 relating to its retail banking sales practices, which harmed customers.
  • 05/02/2018
    Stewardship
    Tim Goodman
    Some companies often fail to engage meaningfully with indigenous peoples, or worse still, make insufficient effort to establish a mutually beneficial agreement through Free, Prior and Informed Consent (FPIC). This failure can be detrimental to their cultures and livelihoods. Tim Goodman, Director of Engagement at Hermes Investment Management, explores where companies can fall short and the steps that should be taken to ensure a respectful engagement between all parties using a number of case studies.
  • 29/01/2018
    Stewardship
    Tim Goodman
    So said Mariam Wallet Aboubakrine, the Chair of the United Nations indigenous body UNPFII, as the UN General Assembly marked the tenth anniversary of the adoption of the United Nations Declaration on the Rights of Indigenous Peoples in September 2017. Indeed, indigenous peoples are facing even greater struggles and rights violations than they did 10 years ago. And the implications of such human rights abuses will be far-reaching not just for companies, but investors too. In the last decade, the time taken to bring oil projects online has doubled, with 73% of delays due to non-technical problems – including resistance from indigenous stakeholders. According to the UN, there has been an increase in the number of indigenous people denouncing the lack of compliance with the UN Declaration on the Rights of Indigenous Peoples (UNDRIP), particularly with companies not obtaining their Free, Prior and Informed Consent (FPIC) before enacting projects on their land. Such tumult has prompted investors to engage with companies about FPIC. FPIC is a specific right that pertains to indigenous peoples in UNDRIP. It is supported by the Protect, Respect and Remedy Framework for human rights (as discussed later under Indigenous rights, human rights and international law). In brief, consent should be sought by companies – and authorities – before any project, plan or action takes place (prior), it should be given voluntarily without coercion, intimidation or manipulation (free) and based on accurate, objective, and timely information, provided in a culturally appropriate way (informed) for it to be considered a reasonable outcome of a collective decision-making process.
  • Tim Goodman
    US multinational Citigroup is one of the world’s systemically important financial institutions. Background : In the aftermath of the financial crisis, we began engaging intensively with the systemically important financial institutions. This was not only because of destruction in value at those companies as a result of the crisis. It is also because their financial health and good behaviour towards their clients and customers is vital to minimise the risks of a similar profound shock to the global economy and to wider economic prosperity. As one of the world’s largest banks, Citigroup (Citi) falls into this group.
  • Tim Goodman
    US multinational Citigroup is one of the world’s systemically important financial institutions.
  • Tim Goodman
    Duke Energy is one of the largest electricity generators in the US. Background Our engagement with the company began in earnest in the aftermath of the serious spill of coal ash at one of the company’s disused sites in early 2014. The incident highlighted in our view that the board needed some refreshment, as it included some long-tenured directors who did not have the obvious skills to steward the company during this difficult period. However, as it is one of the largest greenhouse gas emitters in the world, climate change has become an increasing focus of our engagement.
  • Tim Goodman
    Leading our oil and gas work, I have met many oil and gas majors and related service companies in office settings and in the field, particularly in North America. The industry loves to say that health, safety and the environment are its priorities. However, it is sometimes what companies do or not do rather than what they say that is revealing. To that extent, I have developed my handrail and seat belt test. This is based on interactions with companies that can give far greater qualitative insights than desk-based research companies and asset managers are capable of providing.
  • Tim Goodman
    One of the largest companies in the world, Microsoft is a global leader in software, services, devices and solutions that aim to help, in the words of its mission statement, to “empower every person and every organisation on the planet to achieve more”. With such a bold purpose, we are pleased that the company seems to take its human rights obligations seriously.