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Online Stock Market Trading Officials controlling some of the nation's largest pension funds announced plans yesterday to press regulators, public companies and Wall Street to pay more heed to the potential financial upheaval from climate change. They said that their effort would be coordinated through a new group, the Investor Network on Climate Risk.

Pension A lifetime monthly income paid to a person who has retired. Pension Benefit Guaranty Corporation (PBGC) In the United States, the organization that insures benefits in defined benefit pension plans. Its purpose is to make sure that all participants in qualified defined benefit pension plans receive the vested benefits to which they are entitled, even if their pension fund goes bankrupt. Per Capita Beneficiary Designation

Stock Investing Course "In global warming, we are facing an enormous risk to the U.S. economy and to retirement funds that Wall Street has so far chosen to ignore," said Philip Angelides, the treasurer of California.

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Stock Market Game In addition to Mr. Angelides, the founders of the network include the New York State comptroller, Alan Hevesi; the New York City comptroller, William Thompson; and Denise Nappier, the treasurer of Connecticut. They were joined by counterparts from New Mexico, Oregon, Maine and Vermont as well as officials overseeing two major union pension funds.

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Stock Investing Game Their plans, which they termed a "call to action," were announced in conjunction with a meeting at the United Nations that brought together fund managers representing more than $1 trillion in assets and representatives from numerous Wall Street banks and investment advisers.

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Journal Prime Rate Street Wall The meeting was the most elaborate effort yet by a growing group of fund managers, shareholder advocates and environmentalists to persuade businesses to move more aggressively to identify and address problems they might face from global warming, increasingly frequent extreme weather and other climate changes that have been linked to the rapid buildup in the atmosphere of carbon dioxide and other heat-trapping gases.

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Stock Market News The meeting was addressed by both Kofi Annan, the secretary general of the United Nations, and the former vice president, Al Gore, who said, "This is not business as usual - the relationship between the human species and the planet on which we live has been utterly transformed."

Stock Investing Basics Investment managers who attended the meeting said they had no trouble agreeing that the challenge was a daunting one. But many fund managers were uncertain how the climate change projections reviewed at the start of the meeting could translate into investment strategy. One recounted his experience setting up a fund at the request of two clients in 1990 to invest in companies that were developing environmentally beneficial products or doing business in a more environmentally sound way than their peers. The clients asked him to shut the fund down just more than two years later when it failed to do as well as the rest of the stock market.

Stock Investing Software Abby Joseph Cohen, managing director at Goldman Sachs, noted the public was not yet rewarding sensitivity to climate issues in the marketplace or at the polls. "Someone's obviously buying and driving those S.U.V.'s, and they are voting," she said.

Stock Market Trading But others like Mr. Angelides argued that responsible pension fund managers had a legal responsibility to take a longer view. He said managers had to prod businesses to study the issue more and report more, invest in companies positioned to profit from climate change, put some of their money into funds that screen businesses for socially responsible behavior, and, if they own real estate, look to reduce the environmental impact of their buildings.

Stock Investing For Dummy The Investor Network founders said that one of their first moves would be to press the Securities and Exchange Commission to require more disclosure in corporate filings of climate risks and to give investors more leeway in forcing companies to allow shareholder resolutions on the subject at annual meetings.

Stock Market Crash None of the activists said that they planned to divest themselves of the stocks of companies they viewed as lagging on climate concerns. Mr. Hevesi called divestment the last resort.

Stock Investing Tip By Barnaby J. Feder
New York Times - 11/22/2003

Topic: Climate Change

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