Month: May 2024

May 22, 2024 /3BL/ – As attacks on civilians and essential infrastructure have intensified in the Kharkiv region of eastern Ukraine, humanitarian needs are growing quickly. However, a drop in funding is an imminent threat to Action Against Hunger and other humanitarian organizations who are trying to respond to the emergency.

Since the large-scale Russian offensive began on May 10 in the Kharkiv region, more than 6,000 people have been forced to evacuate, most of them to Kharkiv, the country’s second largest city, which for months has been under attack from missiles, glide bombs and drones. Most of the displaced people in the areas closest to the Russian border are women, children, the elderly and people with disabilities.

To support people affected by this latest Russian offensive, Action Against Hunger and its local partners are implementing an emergency humanitarian campaign in the Kharkiv and Soumy regions, including the distribution of hygiene kits, food vouchers, financial aid. The organization is also supporting primary health centers and psychological and psychosocial support sessions in temporary accommodation centers.

“Action Against Hunger teams are closely monitoring the situation in order to provide humanitarian assistance as close as possible to the needs of the population. Should the conflict intensify and Russian forces gain more territory, more people could be displaced and needs could increase significantly,” said Eric Fort, Director of Action Against Hunger in Ukraine.

Since March 2022, Action Against Hunger has been supporting displaced populations affected by the conflict in eastern Ukraine, in an increasingly dangerous security context. Located some thirty kilometers from the Russian border, the Kharkiv region is subject to incessant and indiscriminate attacks, which exhaust the population’s coping strategies and jeopardize economic recovery.

After more than two years of conflict, the Ukrainian population is facing increased levels of poverty and aid dependency. 65% of Ukrainian households have seen their incomes fall, and almost 44% are struggling to meet their basic needs, despite receiving government aid of up to 3,000 hryvnias (around USD $80 per month). In all, 40% of Ukraine’s population is in need of humanitarian assistance.

The wave of solidarity that followed February 24, 2022 is showing signs of weakening as the conflict drags on and other crises change the direction of international aid. According to the United Nations, $3.1 billion is required for humanitarian aid in Ukraine, yet only 21% of the appeal has been funded to date. By October 2024, Action Against Hunger anticipates a 90% drop in funding from its largest donor.

“The war is not over; needs continue to grow and public services cannot cope on their own. For humanitarian organizations to be able to plan ahead and provide effective aid, it is important to ensure long-term, predictable funding,” said Fort.

Action Against Hunger condemns the attacks perpetrated against the population and civilian infrastructures, including energy infrastructures, which have been deliberately targeted since the beginning of the international conflict in Ukraine. The organization is urging the parties to respect International Humanitarian Law and call for an immediate ceasefire.

About Action Against Hunger in Ukraine

Action Against Hunger works with the most vulnerable people both directly and through Ukrainian partners. From the start of its intervention in March 2022 to February 2024, Action Against Hunger and its partners have helped nearly 960,000 people in the following areas:

133,000 people received help to improve their food security through hot meals, food distributions, food kits or cash assistance.610,000 people benefited from hygiene kits and improved access to water thanks to Action Against Hunger’s support for water distribution networks.17,000 people received psychosocial support through psychosocial education and counseling sessions, psychological first aid (PFA) training or stress management modules.198,000 people received health and nutritional assistance.

About Action Against Hunger

Action Against Hunger leads the global movement to end hunger. We innovate solutions, advocate for change, and reach 28 million people every year with proven hunger prevention and treatment programs. As a nonprofit that works across 55 countries, our 8,900 dedicated staff members partner with communities to address the root causes of hunger, including climate change, conflict, inequity, and emergencies. We strive to create a world free from hunger, for everyone, for good.

Eastman

Eastman spotlighted its commitment to sustainability by introducing Naia™ Renew ES staple fibers at the Intertextile Shanghai Apparel Fabrics spring exhibition in March. The fibers are Eastman’s latest sustainable innovation for the textiles industry.

“We’re thrilled to roll out Naia™ Renew ES to the global fashion scene,” said Carolina Sister Cohn, global marketing leader for Eastman textiles. “This is a game changer. We’re bringing a man-made cellulosic fiber with 60% certified recycled* content to the fashion market at scale. We’re eager to link arms with sustainability-focused fashion brands to drive significant transformations within the fashion industry.”

Eastman’s display at the event featured over 400 fabric and garment types made with Naia™ Renew staple fibers, which incorporates recycled waste material via Eastman’s molecular recycling. The various garments showcased the versatility of sustainable textiles made with Naia™ and Eastman’s broad impact on the fashion industry.

During the exhibition, students from the Beijing Institute of Fashion Technology created garments with Naia™ fabrics. This highlights the ongoing effort to inspire the next generation toward sustainable fashion, fostering innovation and environmental stewardship.

“To make sustainable textiles accessible to all, trust is key,” said Claudia de Witte, Eastman textiles sustainability leader. “That’s why we actively engage with global industry leaders and associations to educate the industry about the value and contribution of molecular recycling. In China, it’s our honor to work with the China National Textile and Apparel Council on an exploratory research project on materials for a sustainable future.”

Naia™ Renew ES is produced from 60% recycled* waste and 40% sustainably sourced wood pulp, certified by the Global Recycled Standard (GRS). This innovative approach not only reduces the need for virgin materials but also addresses the growing concerns of waste and environmental degradation.

Eastman’s molecular recycling technology plays a crucial role in this process, converting hard-to-recycle mixed waste into new materials that match the quality of nonrecycled materials. Naia™ Renew received GRS certification in December 2023, underscoring Eastman’s commitment to sustainable practices, including environmental and social responsibility.

*Via GRS-certified mass balance

“Naia™ Renew staple fibers have gained immense popularity in womenswear, menswear, home textiles and towels,” said Edmund Lu, commercial director, Eastman textiles, Asia Pacific. “Its superior functional performance continues to win over more customers. Naia™ staple fiber’s versatility moves us closer to our vision of making sustainable textiles accessible to everyone.”

Edmund Lu, commercial director, textiles, Asia Pacific

Originally published in the Pepsico Foundation 2023 Impact Report

Jamila took a leap of faith when she left her corporate job to launch Ladies of Virtue Chicago, a nonprofit with a mission to empower Black girls to be confident, purpose-driven leaders through one-on-one and group mentorship, leadership development and mental health resources.

In 2023, the PepsiCo Foundation, in partnership with Doritos® SOLID BLACK®, provided resources and support to 16 Black Changemakers, including Jamila, who are guiding nonprofit organizations focused on driving culture and giving back to their communities.

Each participant received a $50,000 grant to further propel positive impact in their communities. With the support of the PepsiCo Foundation, Ladies of Virtue will be able to reach more girls and strengthen its infrastructure and programming. “I am a proud Black Changemaker,” said Jamila, and with Ladies of Virtue, she is opening doors for the next generation of changemakers.

Read more about the Doritos® SOLID BLACK® initiative here.

EDINBURGH, Scotland, May 22, 2024 /3BL/ – Martin Currie, the active equity specialist and steward of £20.1 billion in assets under management as of March 31, 2024, released its annual report detailing the firm’s stewardship, sustainability, and impact initiatives over the past year. Martin Currie is a specialist investment manager of Franklin Templeton.

“During this period, we worked to reaffirm and strengthen our stewardship approach and values in support of our purpose of Investing to Improve Lives. We believe financial security creates opportunity and wellbeing in people’s lives, while long-term thinking supports our society and planet. Investing to improve lives is the standard we hold ourselves to, from innovative strategies to powerful conversations and active stewardship,” said Jen Mair, Chief Executive Officer of Martin Currie.

Martin Currie’s business strategy centers on managing and enhancing the risk-adjusted returns on clients’ capital. The firm sees financial returns, governance, and sustainability factors to be fundamentally intertwined and believes that material governance and sustainability risks and opportunities are likely to materialize over medium- to long-term time horizons.

“We continue to firmly believe that integrating material governance and sustainability factors into an investment analysis complemented by active ownership is consistent with our fiduciary duty,” said David Sheasby, Head of Stewardship, Sustainability and Impact of Martin Currie.

Proxy Voting and Engagement Activities

In 2023, Martin Currie initiated 647 total engagements with the companies in which it invests, including three collaborative engagements with other investors. These engagements covered a total of 233 companies and 29 markets. The firm also voted at 530 shareholder meetings across 34 global markets.

Martin Currie Receives Top Ratings from Principles of Responsible Investment 

The Principles of Responsible Investment oversees the largest global reporting project on responsible investment. In 2023, Martin Currie earned five stars across all three of the PRI’s reporting modules relevant to its business.1 These were the ‘Public Governance and Strategy’ and ‘Confidence building measures’ segments that apply to all asset managers, as well as the ‘Direct Listed equity – Active Fundamental’ module, which is specific to the equity asset class. Martin Currie’s excellent ratings far exceed the PRI median and represent a strong endorsement of the firm’s investor-led stewardship model.

Launch of First Social Impact Equity Strategy

In June 2023, Martin Currie broadened its product capabilities with the creation of an Impact Equity team and the launch of an innovative new product, the Martin Currie Improving Society strategy. It aims to take advantage of mispricing opportunities while making a positive social impact by investing in companies whose products and services positively impact fundamental human needs and create the conditions for advancements in equity. Active management is a fundamental tenet of the strategy, with structured engagement on company-specific impact goals, sustainability issues and business topics at the heart of the investment process. The strategy is available to investors in Canada and the U.K.

Progress on Net Zero Commitment

Martin Currie became a signatory to the Net Zero Asset Managers (NZAM) initiative in July 2021, recognizing the urgent need to accelerate the transition towards global net zero greenhouse gas emissions. As of the end of 2023, 18.1% of Martin Currie’s assets were committed to being managed in line with net zero, an increase from the firm’s initial commitment in 2022 of 15.4% of assets. The firm continues to work with its investment teams and collaborate with clients to increase the commitment to 100% of assets by 2050.

Diversity and Inclusion 

Martin Currie is on a continuous journey to improve the diversity of its workforce and create an environment that recognizes how different perspectives, knowledge and attitudes can inform the firm’s approach to providing solutions for clients. Martin Currie understands that a culture of inclusion starts at the top, and on October 1, 2023, the firm appointed Jennifer Mair as its first female CEO in its more than 140 years of history. Mair first joined Martin Currie in 2015 and previously served as the firm’s Chief Operating Officer and as a Director of Martin Currie Investment Management Limited.

In 2021, Martin Currie set ambitious diversity targets across the business, reflecting the firm’s aspirations to address diversity challenges in a systematic manner. Since the establishment of those targets, Martin Currie has seen continuous progress in increasing representation across many areas of its business, including its investment teams, leading to an increase in gender diversity from its 2021 baseline of 15% to 29% in 2023. Martin Currie has also continued partnerships with Black Professionals Scotland and Salvesen Mindroom, a charity that champions neurodiversity, to promote wider aspects of diversity across its business.

About Martin Currie

Martin Currie is a global active equity specialist and part of Franklin Templeton, one of the world’s leading asset managers. Founded in Scotland in the late 19th century, today we build concentrated, best-idea portfolios that create conviction in fast-changing markets. Our equity teams manage global and regional products that span developed and emerging markets.

Talented, autonomous teams are backed by a distinctive and supportive investment culture. With stewardship at the heart of our business, we employ long-term, original thinking to deliver sustainable investment returns.

We are fundamental, long-term investors managing assets globally for some of the world’s largest asset owners.

About Franklin Templeton

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.6 trillion in assets under management as of March 31, 2024. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

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Signatories to the Principles of Responsible Investment commit to reporting on their responsible investment activities when signing the Principles. Investors submit reports during the annual reporting cycle. Martin Currie’s 2023 PRI score covered the 2022 calendar year. Martin Currie did not pay for the rating. More information is available at: https://www.unpri.org/reporting-and-assessment/the-reporting-process/3057.article

All investments involve risks, including possible loss of principal.

Investing in foreign markets introduces a risk where adverse movements in currency exchange rates could result in a decrease in the value of your investment.

This strategy may hold a limited number of investments. If one of these investments falls in value this can have a greater impact on the strategy’s value than if it held a larger number of investments.

Smaller companies may be riskier and their shares may be less liquid than larger companies, meaning that their share price may be more volatile.

Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. Accordingly, investment in emerging markets is generally characterised by higher levels of risk than investment in fully developed markets.

The strategy may invest in derivatives, Index futures and FX forwards to obtain, increase or reduce exposure to underlying assets.

The use of derivatives may result in greater fluctuations of returns due to the value of the derivative not moving in line with the underlying assets. Certain types of derivatives can be difficult to purchase or sell in certain market conditions.

This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. This material may not be reproduced, distributed or published without prior written permission from Franklin Templeton.

The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The underlying assumptions and these views are subject to change based on market and other conditions and may differ from other portfolio managers or of the firm as a whole. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market. There is no assurance that any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets will be realized. The value of investments and the income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is not necessarily indicative nor a guarantee of future performance. All investments involve risks, including possible loss of principal.

Any research and analysis contained in this material has been procured by Franklin Templeton for its own purposes and may be acted upon in that connection and, as such, is provided to you incidentally. Data from third party sources may have been used in the preparation of this material and Franklin Templeton (“FT”) has not independently verified, validated or audited such data. Although information has been obtained from sources that Franklin Templeton believes to be reliable, no guarantee can be given as to its accuracy and such information may be incomplete or condensed and may be subject to change at any time without notice. The mention of any individual securities should neither constitute nor be construed as a recommendation to purchase, hold or sell any securities, and the information provided regarding such individual securities (if any) is not a sufficient basis upon which to make an investment decision. FT accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments, opinions and analyses in the material is at the sole discretion of the user.

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The question of who will inherit your home when you pass away is a difficult question to face. It’s often left on the backburner when balancing the demands of everyday life, meeting the needs of your children, maintaining a home, caring for parents or other family members and making a living—all while grieving the loss of a loved one…

When left undone, a “tangled title” can result when a home is passed down informally from generation to generation, often because homeowners pass away without a will. When a home’s occupant is unable to prove homeownership because their name does not appear on the deed, the land is considered jointly owned by all heirs – split among multiple family members regardless of whether they currently live there, have ever lived there or paid the taxes. 
As this critical issue effects homeownership, especially within low-income communities, Rebuilding Together launched the Heirs’ Property pilot initiative in 2022 to provide educational outreach, free legal assistance and estate planning services to neighbors in Philadelphia, Baton Rouge, and Kent County, Md. These resources include support for individuals who need help writing a will or who are already facing challenges due to a tangled title. 

While nationwide research is limited, in Philadelphia alone, a recent report from Pew Charitable Trusts revealed that more than 10,400 homes have unclear legal ownership, with a collective value of more than $1.1 billion, contributing to a cycle of instability and posing a significant barrier to affordable housing. 
With support from Wells Fargo, the Heirs’ Property pilot initiative is helping families untangle titles and preserve generational wealth, and the success of the program sets the stage for broader implementation across all Rebuilding Together affiliates. To formalize the practice of providing this support to homeowners, educational sessions were offered at our annual network gathering, known as Summit, and there are plans to develop a self-guided course for affiliates to learn more about heirs’ issues and the resources needed to react accordingly when encountering such situations. Insights and lessons learned unfold as the program evolves to address title issues and preserve generational wealth for homeowners in need. 

Since 2010, Wells Fargo has donated more than $19 million to Rebuilding Together and its affiliate network to support rebuilding efforts across the country, including providing essential home repairs, revitalizing communities, and helping veterans, older adults, people with disabilities, families with children and victims of disaster remain in their homes.

OVERLAND PARK, Kan., May 22, 2024 /3BL/ – Sustainable critical infrastructure leader Black & Veatch has named James Bleak as the new president of its Bird Electric business, one year after acquiring the self-perform construction services provider in bringing Black & Veatch’s growing construction portfolio capabilities to a wider client base.

Bleak, who has most recently served as president of Quanta Telecom Solutions, brings three decades of experience to Black & Veatch, having served in roles of increasing responsibility and diversity during his construction industry career.

Black & Veatch, through its Bird Electric entity, continues to expand its electrical construction services to electric utility, oil and gas, and data center clients while extending its national reach in emergency power restoration.

“James’ deep infrastructure expertise and established client relationships will be instrumental in continuing our exciting energy transition growth trajectory,” Black & Veatch Chairman and CEO Mario Azar said. “Bird Electric is a core element of our solutions portfolio enabling the national expansion and resiliency essential for a secure supply of electricity.”

“Bird Electric, as part of Black & Veatch possesses a strong vision and culture of execution excellence that will advance our efforts in better meeting the needs of an ever-expanding client base,” Bleak said, noting that the company also has an industry-leading safety record and strong training programs.

Bleak will report to Rich Jacober – a Black & Veatch executive vice president and distributed infrastructure solutions leader. Previous Bird Electric leader Brian Bird will work to support Bleak to ensure a smooth transition, then concentrate on the accelerated growth of the company’s storm-restoration business.

With more than 600 employees, Bird Electric has a much sought-after national reach in emergency power restoration – a key area Black & Veatch has focused on growing when it acquired Bird Electric Enterprises and Bird Electric Properties – collectively known as Bird Electric – in early 2023.

Before joining Quanta, Bleak was a Forbes Brothers manager for the Southwest region that includes Nevada, California and Arizona. He also served as president of KK&L Inc., specializing in city and state road work, large utility projects, estimating and negotiating contracts while supervising administrative aspects of all jobs. Before that, he was a general superintendent with TAB Contractors, where he monitored subcontractor activities and established safety practices for highway and public works construction projects.

About Black & Veatch 
Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Follow us on www.bv.com and on social media.

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