Opening Bell 12.4.18

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Shell shocked [The Water Coolest]

At the behest of asset manager Robeco and the Church of England Pension Board, Royal Dutch Shell plans to tie executive pay to its carbon footprint ... or the economic equivalent of Altria linking pay to cancer deaths.

Precise carbon targets and the percentage of pay linked to said greenhouse gases is TBD but there is one guarantee: people who own a director’s cut of An Inconvenient Truth and posted on Facebook about the Dakota Access pipeline won’t be satisfied.

Still the short term targets are a step in the right direction for poorly-computer-animated polar bears swimming to a certain climate-change induced demise. Shell’s previous “ambition” to halve its emissions of carbon dioxide by 2050 was about as binding as a schoolyard pinky promise.

More broadly, the “social metric” signifies a major victory for activist investors aiming to impose environmental and social initiatives on their portfolio holdings. And O&G producers aren’t the only firms in the cross hairs. Public outrage tied to to a slew of mass shootings in the US has prompted money managers to target gun manufacturers as well.

Royal Dutch Shell ties executive pay to carbon reduction [BBC]

Quitar [The Water Coolest]

Brexit is so 2016. So what's the latest linguistic mash-up to grace cable news networks? Quitar. As in Qatar is leaving OPEC for greener, crude filled pastures.

In terms of production Qatar cutting ties with the the cartel isn't a huge loss for OPEC, but after almost 60 years, this may be a sign that oil producing countries are willing to risk going it alone. A rift has been developing between Saudi Arabia and the smaller OPEC countries who feel that the Mohammad Bin Salman led kingdom has overstepped its bounds as the crude crew's de facto leader.

Qatar to Leave OPEC as Cartel Pressured to Cut Production [WSJ]

Will the real Ivan Glasenberg please stand up? [The Water Coolest]

Today in things not to say if you’re a white male CEO in the post-Harvey Weinstein world: "Regarding what the new guy should look like? I hope he looks like me." Glencore’s CEO, Ivan Glasenberg, forgot that it was 2018 when discussing his succession plans adding “Do I see any women in that pack [CEO candidate pool]? No.” For what it’s worth women represent only 4% of senior management ranks at commodity trading houses … or roughly the equivalence of diversity on a Princeton lacrosse team.

Glencore CEO Says He Wants His Replacement To ‘Look Like Me [Bloomberg]

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