Sometimes seemingly small events combine to signal a changing tide. This week there were a couple of things which hit the big oil names.
In a nail biter of an AGM (words you do not often see strung together) big oil belcher Exxon was forced to ditch 2 board members and replace them with 2 candidates, put forward by an activist hedge fund, with leadership experience in green energy. This hedge fund only owned a tiny share, but found backing from BlackRock, the world’s biggest asset manager. BlackRock owns 7% of Exxon and sided with the rebel, as did other large firms.
Exxon were not the only oil firm to have a bad day. Green campaigners in the Netherlands won a court battle to force Shell to cut its carbon emissions by 45% in the next 10 years. You can start to see the impact for shareholders and Boards when a Court starts dictating company strategy.
Both these events are a sign of the changing times and why all investors have to consider climate change, whether this is down to personal concerns and cares, or down to financial concerns and cares.
What kind of saver are you?
We have partnered with research giant Morningstar to help our readers find and identify funds which map to their preferences and needs. Take our Sustainable Savers quiz and find out which our of our 6 tribes you fall into. There’s everything from our Eco Warriors gang to our Pure Returns cohort. And then we’ll show you 5-10 retail funds which map to your needs, based on exclusions, areas of focus, returns, and sustainability ratings as collected and rated by Morningstar.
I – rather boringly perhaps – am a Moderate Green. The biggest cohort in the UK. So funds such as BMO Responsible Equity, Liontrust Sustainable Future Managed and ASI Global Ethical Equity deliver against my priorities. Dig in and see what range of funds maps to your preferences.
Zoom in to Holly’s Lolly….
More and more of you are asking us questions about specific areas of interest. Geoffrey, 75, wants to know more about bitcoin. Sue, 42, has an “iddy-piddy” pension (love this description) and wants someone to “give her a kick up the bum”. Most of you want to know what sectors are going to go up next (so do I!). We are launching our Boring Money webinars where I will host a panel of erudite guests and we’ll tackle your questions. I will arm myself with a suitable BS-basher and try to keep these chats relevant, comprehensible, and maybe even fun! They be live for some added fun and games but available on catch-up too.
Our first webinar is for women aged 40s-60s (that’s the focus but we don’t employ bouncers!) – we now have a date – 23rd June at 6pm. Join the 300+ who signed up last week and hop on board or forward this to someone you know who might be interested. We also have sessions coming up on crypto, lower cost routes to financial advice and what the markets have in store. Get on board – you can register interest for these here.
That’s it for this week folks. Have a brilliant long weekend – hope the sun shines on you all. I’m taking a break next week for half-term so we’ll be back in two weeks.
Over and out!