Georgina Stewart delivered an excellent session at the Pension PlayPen coffee morning this week. You can watch it here – a good use of time
After the initial wave of enthusiasm, stewardship and Tumelo both face the difficult second album – how to consolidate what has been done and move forward.
At the meeting we learned that the new “grown up” Tumelo is focussing pragmatically on what can be done to move the dial on the key issues of ESG. This means more than member’s signing “expressions of wish”, it means block voting by larger institutional shareholders capable of making change happen.
In the States, the forces of Maga are trying to grind down the gains made so far and institutional investors are facing prosecution for investing according to principles. Faced with the reactionary prejudice of the American far-right, Tumelo faces considerable opposition and derision
Woke is not a good word in America and it is the word that ESG is being pinned to.
It is important that we remember why ESG came about and not let the initial surge of enthusiasm back-track.
Now – and especially now – Tumelo deserves our support.

The Tesla pay vote, which was mentioned on the webinar, was passed 77-23.
Prominent Tesla cshareholders such as Norway’s sovereign wealth fund and the California State Teachers’ Retirement System announced they would vote against the payment in the lead-up to the vote, while proxy advisory firms Glass Lewis and Institutional Shareholder Services also opposed the award.
The coalitions to outvote board recommendations still seem very enfeebled to me.