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This is the weekly ESG Wrap, which highlights Featured 9fin ESG content such as TLDRs for all deals, news stories that have interested the ESG team this week, and 9fin ESG product updates.

EG Group — ESG QuickTake (9fin) (08/06/2023)

TLDR: EG Group’s emissions reduction targets are not SBTi-verified and only span its own operations. The group reports that a transition away from petrol and diesel has not yet materially impacted its forecourt operations, although fuel sales accounted for 80% of total revenue in 2022. Only 1.8% of EG Group’s energy comes from renewable sources. Deloitte resigned as auditor of EG Group in October 2020 over governance concerns. In December 2021, CMA launched a probe to address the competition concerns related to EG Group’s acquisition of ASDA.

Infopro Digital — ESG QuickTake (9fin) (07/06/2023)

TLDR: Infopro Digital has taken steps to reduce its greenhouse gas (GHG) footprint, but it lacks any GHG reduction or climate change targets, unlike its peers. Its gender balance in leadership positions is aligned with peers in comparable industries, but quantitative targets to increase gender representation do not include its board and will not match its current employee gender balance. The company has cybersecurity measures in place but does not provide information about its testing frequency and whether it has a dedicated cybersecurity officer. Infopro has significant employee share ownership, which may be positive for corporate governance

Hotelbeds — ESG QuickTake (9fin) (08/06/2023)

TLDR: Hotelbeds has committed to be net zero by 2040 and in 2022 was “carbon neutral”. Its carbon neutrality is based on offsets linked to a wind project in China. Gender diversity is high across the organisation. In 2019, the company settled with US Department of the Treasury’s Office of Foreign Assets Control over allegedly assisting people with Cuba-related travel services.

ESG Secondary Digest - Asda, IMA, Solenis, Carnival (9fin) (06/06/2023)

As part of 9fin's expanding High Yield ESG coverage, we are producing secondary market analysis for a number of credits. This week 9fin’s ESG team takes a look at Asda, IMA, Solenis, and Carnival.

SEC sues Coinbase in widening crackdown on crypto exchanges (06/06/2023)

The US Securities Exchange Commission has filed a lawsuit against Coinbase over allegations that it violated US securities law for failing to register as a broker, national securities exchange or clearing agency. The SEC’s suit alleges that since 2019, Coinbase has operated as an unregistered broker. Following the suit, Coinbase’s shares fell 12%.

Capstone Logistics hit with $3 million diversity bias verdict (06/06/2023)

A former supervisor at Capstone Logistics LLC won his disability discrimination suit against the company after the jury found it liable for retaliation and interference. Capstone was made to pay $3.2m in compensatory and punitive damages for failing to make reasonable accommodations. 

FCA fines ED&F Man Capital Markets Ltd £17.2m for serious failings which enabled millions in illegitimate tax reclaims (05/06/2023)

The UK Financial Conduct Authority said that ED&F Man Holdings “enabled” an amount of dividend arbitrage trading that allowed Danish tax authorities to claim millions of euros. ED&F Man facilitated dividend-tax trades on around £10bn of stocks including £4bn tied to Danish equities, generating £129m of revenue. The £17.2m penalty issued by the FCA is the largest ever issued by the authority.

Heathrow security staff to strike on almost every weekend this summer (07/06/2023)

Over 2,000 security staff at Heathrow airport will strike for 31 days from June to August in a new round of strikes announced by the union, Unite. The strikes have been focused on Terminal 5, used by airlines such as British Airways, Virgin Atlantic, United, and Delta. Unite said that the strikes will continue until its workers receive fair wages.

‘Greenwashing’ lawsuit against KLM to proceed, Dutch court rules (07/06/2023)

A judge has decided to move forward with an environmental group, Fossil Free Netherlands, lawsuit against KLM surrounding “greenwashing” allegations. The suit alleges that a commercial run by KLM misled consumers about the airline's environmental credentials. 

Environmental platform urges more than 1600 high emitting firms to disclose data (31/05/2023)

The Carbon Disclosure Project (CDP) released a campaign targeting 1,600 high impact companies and repeat non-disclosing companies. Companies targeted in the campaign include Volvo Group, Exxon Mobil, Glencore, and Caterpillar. Reuters reports that around 50% of companies across sectors disclose environmental data. 

Landmark sustainability due diligence directive passes European Parliament vote (01/06/2023)

On 1 June 2023, the European Parliament voted in favour of the Corporate Sustainability Due Diligence Directive (CSDDD). The Directive will implement mandatory environmental and human rights due diligence requirements on companies and includes financial institutions in its scope. 

9fin’s ESG team has begun to introduce climate transition plan analysis into our ESG QuickTakes! This analysis involves assessing the robustness of a company's time-bound roadmap to align its strategy and business model towards a 1.5C trajectory. 9fin assesses a company's approach to each necessary aspect of a credible climate transition plan. See an example of 9fin’s transition analysis here.

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