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CPP Investments Sustainable Investing Policy: Update Reinforces ESG Role in Long-Term Value Creation – Canada NewsWire

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TORONTO, July 23, 2020 /CNW/ – Canada Pension Plan Investment Board (CPP Investments) has published an updated Policy on Sustainable Investing, reflecting its increased conviction in the importance of considering environmental, social and governance (ESG) risks and opportunities amid an increasingly competitive corporate operating environment.

Integrating ESG factors, including climate change, into investment analysis and asset management activities supports the organization’s clear legislative objective: to maximize long-term investment returns without undue risk of loss.

“ESG considerations are inextricably linked to our ability to successfully achieve our investment objectives,” said Richard Manley, Managing Director, Head of Sustainable Investing, CPP Investments. “Our Policy reflects the growing body of evidence showing that companies that integrate consideration of ESG-related business risks and opportunities are more likely to preserve and create long-term value.”

The new Policy on Sustainable Investing specifically outlines CPP Investments’ support for companies aligning their reporting with the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD).

As an investor to whom boards are accountable, CPP Investments asks that companies report material ESG risks and opportunities relevant to their industries and business models, with a clear preference for this disclosure to focus on performance and targets. When issuers seek input, the organization now indicates its preference for companies to align their reporting with the SASB and TCFD standards.

The Policy also reiterates the importance of asset owners like CPP Investments engaging with the companies in their portfolios, noting employees, customers, suppliers, governments and the community at large have a vested interest in forward-thinking corporate conduct and long-term business performance.

“We believe active ownership through constructive engagement can enhance and sustain returns over time and significantly reduce investment risks,” Mr. Manley said. “As a supplier of patient, engaged and productive capital, we are able to work with companies to bring about change, helping them deliver enduring value-building growth.”

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that invests around the world in the best interests of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments in public equities, private equities, real estate, infrastructure and fixed income instruments are made by CPP Investments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. As of March 31, 2020, the Fund totalled C$409.6 billion. For more information about CPP Investments, please visit www.cppinvestments.com or follow us on LinkedInFacebook or Twitter.

SOURCE Canada Pension Plan Investment Board

For further information: Darryl Konynenbelt, Director, Media Relations, CPP Investments, [email protected], +1 416 972 8389

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Ridgewood Canadian Investment Grade Bond Fund Announces Private Placement – Canada NewsWire

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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./

TORONTO, Aug. 10, 2020 /CNW/ – (TSX: RIB.UN) Ridgewood Capital Asset Management Inc. is pleased to announce that Ridgewood Canadian Investment Grade Bond Fund (the “Fund”) is undertaking a private placement of 510,790 units of the Fund (the “Units”) at a price of $16.00 per Unit, for gross proceeds of approximately $8.2 million (the “Offering”). The offering price of the Units is not dilutive to existing unitholders of the Fund. Closing of the Offering is expected to take place on or about August 13, 2020.

The net proceeds of the Offering will be used in furtherance of the Fund’s investment objectives, strategies and guidelines. The Units sold pursuant to the Offering will be subject to resale restrictions under applicable securities laws. The Offering is subject to the approval of the Toronto Stock Exchange.

About Ridgewood Capital Asset Management Inc.

Ridgewood Capital Asset Management Inc. is an independent investment manager that manages approximately $1.25 billion in assets for a diversified client base of high net worth individuals, foundations/endowments, First Nation mandates and institutional accounts, of which approximately $975 million is invested in fixed income assets.

Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events are not statements of historical fact and may be forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from those reflected in the forward-looking statements, including as a result of changes in the general economic or political environment, investor interest, change in applicable legislation and the performance of the Fund. Accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and neither Ridgewood Capital Asset Management Inc. nor the Fund undertakes any obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information. Investment funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There is no assurance that the Fund will be able to achieve its distribution and capital preservation objectives or that the full amount of a unitholders investment in the Fund will be returned.

SOURCE Ridgewood Canadian Investment Grade Bond Fund

For further information: For further information regarding the Fund, please visit the Ridgewood Capital Asset Management Inc. website at www.ridgewoodcapital.ca or contact John H. Simpson, CFA, Managing Director, at 416-479-2751.

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MGM Resorts shares rise after $1-billion investment from Barry Diller’s IAC – The Globe and Mail

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Barry Diller’s IAC/InterActive Corp said on Monday it has bought a 12 per cent stake in MGM Resorts International for about $1 billion (£764 million), sending the casino operator’s shares soaring 14 per cent.

The investment comes at a time when the gambling industry has been ravaged by government restrictions on movement due to the COVID-19 pandemic, as well as fears about public gatherings.

MGM reported a 91 per cent fall in revenue in the latest reported quarter and has slashed its dividend to weather the impact of the health crisis on its financials. Shares of the company have sunk more than 35 per cent this year.

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MGM’s online gaming business, which currently constitutes a tiny portion of its revenue, was what initially attracted Diller, the billionaire told shareholders in a letter.

“MGM presented a “once in a decade” opportunity for IAC to own a meaningful piece of a preeminent brand in a large category with great potential to move online.”

Diller added he has followed the online gaming space for a while, looking for an opportunity to enter the $450 billion global industry.

IAC has a history of building businesses and later splitting them into separate companies – travel site Expedia Group Inc and ticket booking site Ticketmaster are some examples.

Shares of IAC, which recently completed separation of Match Group into a separate company, fell about 1 per cent after the news.

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Canada and Ontario invest in sustainable public transit and active transportation infrastructure for Kingston residents – Government of Ontario News

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“Investing in modern and accessible public transportation systems allows Canadians to get around in faster, cheaper and cleaner ways. The investment in an expanded network of cycling lanes, multi-use paths, and new buses will improve the quality of lives for residents, get cars off the road and help make Kingston’s transit system more sustainable. Canada’s infrastructure plan invests in thousands of projects, creates jobs across the country and builds stronger communities.”

The Honourable Catherine McKenna

Minister of Infrastructure and Communities

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