The largest asset owner signatory, the $191.4bn California State Teachers’ Retirement System (CalSTRS), said that water management could have a “material impact” on portfolio value.Referencing the ongoing drought hitting the western US, the fund’s director of corporate governance, Anne Sheehan, said: “In California, we are keenly aware of how water scarcity can impact lives and businesses, as our state struggles to manage a depleting water supply.”Hervé Guez, director of research at asset management signatory Mirova added: “Better disclosure of water risks is the first step, but ultimately we’d like to see the companies in our portfolios moving from risk to opportunity with innovative water management strategies.”Water management has gradually risen in prominence as a matter to be tackled by institutions. Sweden’s AP4 in July tendered a water scarcity equity mandate.Additionally, investors including the Norwegian Government Pension Fund Global and the California Public Employees’ Retirement System have previously spoken of the advantages of greater transparency over water management, and asset owners have been urged to set a more proactive tone when engaging over water risk.Read more about why asset owners should monitor water risk,WebsitesWe are not responsible for the content of external sitesLink to letter organised by US Interfaith Center on Corporate Responsibility Investors worth $2.6trn (€2.3trn) are urging over a dozen of the world’s largest food companies to better assess risks associated with water management, stemming both from direct operations and supply chains.Backed by 60 institutions, including the £5bn (€6bn) Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC) and BT Pension Scheme-owned Hermes Investment Management, the letter urged companies to tackle the risks it argued were having a “profound near-term business impacts”.It added that the risks could increase capital expenditure and operating costs, thus putting future revenue at risk.As a result, it asked for the firms – including Kraft Heinz, Fresh Del Monte Produce and drinks manufacturer Dr Pepper Snapple – to disclose if the board was responsible for water management and what steps were taken to monitor the water usage of suppliers.
Newsroom GuidelinesNews TipsContact UsReport an Error The Lakers also missed out on potential consolation prizes on Friday, such as center Robin Lopez (went to New York) and swingman Tobias Harris (stayed in Orlando). It remains unclear if the Lakers have made any substantial progress with free-agent center Kosta Koufos. All of that leaves the Lakers with little reason to celebrate or relax during the holiday weekend, a time that is supposed to feature fireworks instead of duds. Does he join San Antonio to ensure the endless continuity coach Gregg Popovich and Tim Duncan have established? Or does Aldridge consider the Suns’ acquisition of Tyson Chandler a more effective one-two punch? Does Aldridge become persuaded by the determined Pat Riley to take his talents to South Beach? Or does he give Portland another chance?The Lakers do not want any of those scenarios to happen, obviously. They would much prefer that Aldridge extends his Orange County summer residency into a year-long stay. If so, the Lakers would finally hit a home run in free agency after striking out all week. First, the Lakers flew cross-country to see center Greg Monroe in Washington D.C., only for him to choose the Milwaukee Bucks. That marked the exact opposite move Kareem Abdul-Jabbar made nearly 40 years ago. Then, DeAndre Jordan agreed to a four-year, $80 million deal with the Dallas Mavericks on Friday, leaving the Clippers without a star center they wanted to retain and the Lakers without a star center they wanted to take away from their intra-city rival. Aldridge’s decision leaves the Lakers in a holding pattern. It will determine whether the Lakers salvage a failed free agency sweepstakes thus far. It also appears to have left the Lakers reluctant to make any other moves.That explains why the Lakers lost Ed Davis, who accepted a three-year, $20 million deal with the Portland Trail Blazers on Thursday after averaging 8.3 points per game as well as career highs in field-goal percentage (60.1), rebounding (7.6), blocked shots (1.2) and assists (1.2) in his lone season with the Lakers. Their first shot went way off the mark, prompting the Lakers to scramble for a rebound and convert on a second attempt.The Lakers’ hustle paid off. After free-agent power forward LaMarcus Aldridge reportedly scoffed at the Lakers stressing Hollywood over basketball in their first meeting late Tuesday night, the Lakers persuaded Aldridge to meet again on Thursday just to talk X’s and O’s. Former Showtime Laker Magic Johnson also tried contacting Aldridge over the phone between the first and second meetings, according to a league source, though it’s unclear if they connected. But will this second shot attempt actually help the Lakers win in the free agency sweepstakes? Or is it just a pointless basket in a blowout game? The Lakers are waiting to find out. It is believed Aldridge will spend Fourth of July weekend both to watch fireworks and mull over his future. There are plenty of possibilities.