I will not have access to voicemail and email. If you have an immediate need, please contact Carol Quinn, at 626-564-6000 ext. 3301. David E. Kushner, CFA Chief Investment Officer LACERA 300 N. Lake Avenue Pasadena, CA 91101 626-564-6000 ext. 3306 >>> "Totaro, Martin" <mtotaro@mololamken.com> 04/04/14 10:19 >>> Dear CII Colleagues, Please find attached a cover note and brief that addresses an important issue to institutional investors: The viability of "holder" claims (i.e., a claim by a plaintiff who lost money because he was fraudulently induced to retain his stock, rather than being fraudulently induced to purchase or sell stock). The case is currently pending before the U.S. Court of Appeals for the Second Circuit. Have a great weekend, Martin Martin Totaro MoloLamken LLP The Watergate, Suite 660 600 New Hampshire Ave., NW Washington, DC 20037 T: (202) 556-2013 F: (202) 536-2013 mtotaro@mololamken.com<mailto:jlamken@mololamken.com> www.mololamken.com<http://www.mololamken.com/> From: Tracey Rembert [mailto:rembert@ceres.org] Sent: Wednesday, March 26, 2014 11:02 AM To: CII's Email Discussion Group Subject: [ciidiscussion] Ceres Launches Global Investor Initiative to Encourage Exchanges to Agree on ESG Reporting Rules, Exchange Comment Period Starts Today Dear CII Colleagues, Today, Ceres is announcing a global initiative to encourage a mandatory sustainability-reporting standard for issuers across all stock exchanges with a proposal that exchanges will debate. A little ambitious, to be sure, but we've heard loud and clear from long-term owners that in order to begin integrating sustainability information into the investment process, there needs to be clearer and more consistent expectations for companies in order to get quality ESG data. The proposal is titled: Investor Listing Standards Proposal: Recommendations for Stock Exchange Requirements on Corporate Sustainability Reporting<https://www.ceres.org/resources/reports/investor-listing-standards-proposal-recommendations-for-stock-exchange-requirements-on-corporate-sustainability-reporting/view>. Ceres' Investor Network on Climate Risk (which shares many members with CII) spearheaded the consultation with investors in the spring of 2013, and this lead to a proposal incorporating the feedback of over 100 institutional investors from six continents. That includes feedback from a lot of big US investors, like CalPERS, CalSTRS, NYC Comptroller, NY State Comptroller, FL SBA, and major asset managers like BlackRock. This week, we have submitted that proposal to the world's exchanges-members of the World Federation of Exchanges (WFE)-and asked them to comment on the proposal during their own consultation, which runs through mid-summer. Exchange feedback to the proposal will be collected by the WFE, and sent to its newly formed Sustainability Working Group (which just launched yesterday). This Working Group will then discuss and propose a set of recommendations for the entire exchange community, based on this proposal, additional research the Group undertakes, and discussion of the major ESG reporting frameworks that exist today. Those recommendations may initially be a listing requirement that it asks all markets to implement at the local level. It could also be a mix of guidance, rules, and trainings for issuers. The next 6 months will be crucial to what is developed. To read the Ceres press release on the proposal, please visit: http://www.ceres.org/press/press-releases/world2019s-largest-investors-launch-effort-to-engage-global-stock-exchanges-on-sustainability-reporting-standard-for-companies. Also, yesterday, CII hosted a webinar on the topic of Sustainable Exchanges. An audio recording of yesterday's call is available for playback by clicking here (CII login required): http://www.cii.org/calendar_day.asp?date=3/25/2014&event=89 . Clearly, a lot is happening on this topic. Issuers have contacted me asking if there will be a separate comment period for them (relevant to corporate pensions within CII). We have been encouraging each exchange to oversee that, and spend the next few months reaching out to issuers in each market and gathering their feedback before submitting comments. For US issuers, please take a look at the proposal and weigh in with NASDAQ or NYSE (if that's your listing venue). The beauty of this strategy is that we are attempting to get ALL exchanges at one time to agree on a minimal standard for reporting (to the ability they are able to do so), so that all companies are compelled to report on ESG issues, so no one company is at a disadvantage for doing so. And this lessens exchange arbitrage around sustainability matters (think Alibaba in the news of late shopping around for a listing venue). For years, investors have demanded comparable and useful sustainability disclosure by companies so as to better identify risks and opportunities. Using the Investor Listing Standards Proposal, the new Ceres-coordinated Investor Initiative for Sustainable Exchanges will press exchanges to take urgent and necessary steps toward improved disclosure. We will continue to collaborate with the UN's Sustainable Stock Exchanges Initiative, and the PRI's SSE Investor Working Group in that effort. To stay updated on what is happening on this initiative, CII members can subscribe to our monthly stock exchanges newsletter (which covers sustainability and governance news and consultations), which starting in April will be produced in collaboration with the UN. Email rembert@ceres.org<mailto:rembert@ceres.org> to subscribe. I am excited and optimistic about the potential of this initiative to revolutionize sustainability disclosure and performance worldwide. Progress on this initiative would equip investors to identify and support companies that create value for shareholders and for society as a whole. With the formation of the WFE working group, now is the critical moment. I hope you will engage with exchanges in the coming months and share your views. Best, Tracey Rembert Tracey C. Rembert Senior Manager of Investor Engagement Ceres 99 Chauncy St., 6th FL Boston, MA 02111 T: (617) 247-0700 X 106 Cell: (202) 297-4162 rembert@ceres.org<mailto:rembert@ceres.org> Twitter: @TraceyRembert www.ceres.org<http://www.ceres.org> | www.incr.com<http://www.incr.com> Ceres is an advocate for sustainability leadership. Our mission is to mobilize investor and business leadership to build a thriving, sustainable global economy. Celebrating 25 years of building a sustainable economy. Join us for the 2014 Ceres Conference in Boston, Apr. 30-May 1. ________________________________ Powered by http://DiscussThis.com<http://www.discussthis.com> Visit list archives, subscribe, unsubscribe or change your subscription preferences <http://www.discussthis.com/members/ciidiscussion@cii.org> Start a new conversation (thread)<mailto:ciidiscussion@cii.org> ________________________________ This e-mail may contain attorney work product, privileged and/or confidential information. It is intended to be subject to the Attorney Client privilege. It is intended only for the original recipients, and no other person is authorized to receive it. Please do not copy or forward this e-mail without the consent of the author. If you have received this e-mail in error please delete it immediately from your system and contact the author. Molo Lamken LLP is a limited liability partnership formed under the laws of New York and the liability of its partners is limited accordingly. The names Molo Lamken and MoloLamken shall refer to Molo Lamken LLP. -- Powered by http://DiscussThis.com Visit list archives, subscribe, unsubscribe or change your subscription preferences: http://www.discussthis.com/members/ciidiscussion@cii.org Start a new conversation (thread): ciidiscussion@cii.org
