S&P said the push towards green energy would hit oil producers and suppliers
Justin Sullivan/GettyS&P Global Ratings has put some of the biggest oil companies in the world on notice that it could soon downgrade their credit ratings thanks to heightened concerns about climate change and a global push towards greener energy.
The agency - one of the three most influential ratings firms in the world - said it could downgrade the ratings of Chevron, Exxon, Shell and Total among others.
It downgraded the outlook, although not the rating, for both BP and Canadian firm Suncor Energy to "negative". This means S&P could cut their ratings in the future, although a change is not necessarily imminent.
Credit ratings are very important to big firms, as they heavily influence the costs they face when they borrow in financial markets.
Read More: The CEO of the world's biggest asset manager warns that companies will 'suffer' if they don't cut carbon emissions. Read excerpts from his letter to CEOs here.
A downgrade usually causes the cost of borrowing to rise. And it can mean that some investment funds are no longer allowed to hold a company's bonds.
S&P Global Ratings has downgraded its view of the whole oil and gas industry to "moderately high risk". It said this reflects "our evaluation of increased and likely increasing risks for oil and gas producers".
The agency said fossil fuel companies face "significant challenges and uncertainties engendered by the energy transition, including market declines due to growth of renewables".
And it said there were also "pressures on profitability, specifically return on capital, as a result of high dollar capital investment levels over 2005-2015 and lower average oil and gas prices since 2014".
Yet S&P said it did not intend to downgrade any of the 13 firms on its watch list by more than one notch.
Read More: Biden's infrastructure plans could be worth $10 trillion to companies, a ClearBridge fund manager told us. Here are 4 stock-market themes investors can play to take advantage of the once-in-a-lifetime conditions.
Finance has slowly become more alert to the dangers of climate change and 2021 looks set to be a key year.
President Joe Biden's US administration has rejoined the Paris climate agreement, which pledges to keep global warming to below 2C (3.6F). The UN climate summit, known as COP26, is also scheduled to take place in September.
Investors are increasingly positioning to ensure they are not left behind by the shift away from fossil fuels. Yesterday, BlackRock chief executive Larry Fink pushed CEOs around the world to publish plans for reaching net-zero greenhouse gas emissions by 2050.
Earlier this week, the European Central Bank said it would invest its own funds in a green bond fund and establish a special climate change team.
CHICAGO, Jan. 23, 2021 /PRNewswire/ -- The ESC Nonprofit Advisory Council provides guidance to ESC on: free professional education and resources ESC should provide to our nonprofit community (execservicecorps.org/training), consultant and executive coach recruitment, screening, and retention practices (execservicecorps.org/join), services ESC should and shouldn't provide (execservicecorps.org/services), quality assurance efforts on ESC's services (execservicecorps.org/feedback), and opportunities for ESC partnerships to better serve our community. Both ESC and our community thank these civic leaders for their service.
Please join us in recognizing the 2021 Nonprofit Advisory Council:Donald J. Dew, MSW, President & CEO, Habilitative SystemsDr. Pat W. Mosena, PhD, President & CEO, Options for YouthNissa Rhee, MA, Executive Director, Borderless MagazinePierre Lockett, Executive Director & Founder, Forward Momentum ChicagoNancy Sawle Knobloch, Executive Director, Family Service of Lake CountySejal Shah-Myers, MNA, Executive Director, Springboard FoundationEmily Raming, Executive Director, TotalLink2 CommunityDan Hostetler, MNM, Executive Director, Above and Beyond Family Recovery CenterKia S. Smith, MFA, Executive Artistic Director, South Chicago Dance TheatreMike Bertrand, LCSW, President and CEO, Lutheran Child and Family ServicesRachelle Jervis, MBA, President and CEO, Executive Service CorpsKenneth Hobby, MBA, President, Cure SMA (Spinal Muscular Atrophy)Annie Palomino, MA, Executive Director, BandWith ChicagoCathy Russell, Chief Executive Officer, Boys and Girls Club of ElginFernando Diaz, Co-Founder, The Chicago Standard
Media Contact: Stewart Wagner, email@example.com, 312-880-7734
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SOURCE Executive Service Corps of Chicago
TORONTO, July 24, 2020 /CNW/ - Roots ("Roots," "Roots Canada" or the "Company") (TSX: ROOT), a premium-outdoor lifestyle brand, today announced the results of voting at its Fiscal 2019 Annual and Special Meeting of Shareholders held earlier today (the "Meeting"). Each of the matters voted upon at the Meeting as set out below is described in greater detail in the Notice of Annual and Special Meeting of Shareholders and Management Information Circular of Roots dated June 18, 2020.
The total number of shares represented by holders by proxy at the Meeting was 21,241,989, representing approximately 50.43% of Roots outstanding shares entitled to be voted.
Election of DirectorsAll of the nominees listed in the management information circular prepared in connection with the Meeting were elected as directors by a resolution passed by a majority of the shareholders present or represented by proxy at the Meeting, to hold office until the next annual meeting following their election or until their successors are elected or appointed, without a ballot being conducted. The following represents the proxies received with regard to such matter:
% Votes For
% Votes Withheld
Mary Ann Curran
Dale H. Lastman, C.M.
Richard P. Mavrinac
Appointment of AuditorsKPMG LLP was reappointed as auditor of Roots and the directors were authorized to fix the auditor's remuneration by a resolution passed by a majority of the shareholders present or represented by proxy at the Meeting without a ballot being conducted. The following represents the proxies received with regard to such matter:
% Votes For
% Votes Withheld
Amendment to Omnibus Equity Incentive PlanThe adoption of the amendment to Roots omnibus equity incentive plan was approved by a resolution passed by a majority of the shareholders present or represented by proxy at the Meeting without a ballot being conducted. As a result, the total number of common shares available for issuance under the omnibus equity incentive plan has increased from 1,679,220 common shares to 3,679,220 common shares. The following represents the proxies received with regard to such matter:
% Votes For
% Votes Against
About RootsEstablished in 1973, Roots is a premium outdoor-lifestyle brand. We unite the best of cabin and city through unmistakable style built with uncompromising comfort and quality. We offer a broad range of products designed for life's everyday adventures, including: women's and men's apparel, leather goods, footwear, accessories, and kids, toddler and baby apparel. Starting from a little cabin in Algonquin Park, Canada, Roots has grown to become a global brand. As of May 2, 2020, we operated 114 corporate-retail stores in Canada, two corporate-retail stores in the United States, 115 partner-operated stores in Taiwan, 37 partner-operated stores in China, two partner-operated stores in Hong Kong and a global eCommerce platform, roots.com. Roots Corporation is a Canadian corporation doing business as "Roots" and "Roots Canada".
SOURCE Roots Corporation