Cornerstone Strategic Value Fund
Change company Symbol lookup
Select an option...
CLM Cornerstone Strategic Value Fund
RCI Rogers Communications Inc
ADRA Adara Acquisition Corp
EVTC Evertec Inc
OPEN Opendoor Technologies Inc
XAIR Beyond Air Inc
SHEL Shell PLC
CXE MFS High Income Municipal Trust
CWGL Crimson Wine Group Ltd
REXR-C Rexford Industrial Realty Inc
Go

Company profile

Cornerstone Strategic Value Fund, Inc. (the Fund) is a closed-end, diversified management investment company. The Fund's investment objective is to seek long-term capital appreciation through investment primarily in equity securities of United States and non-United States companies. The Fund invests in various sectors, such as information technology, health care, consumer discretionary, financials, communication services, closed-end funds, industrials, consumer staples, exchange-traded funds (ETFs), materials, real estate, and others. The Fund invests in companies of all capitalization ranges. The Fund invests in common stocks and also invests in preferred stocks, rights, warrants and securities convertible into common stocks that are listed on stock exchanges or traded over the counter. The Fund also invests without limitation in other closed-end investment companies and ETFs. The Fund's investment manager is Cornerstone Advisors, LLC.

Postmarket

Last Trade
Delayed
$10.48
0.03 (0.29%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$10.45
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
10.49
Day's Low
10.37
Volume
(Light)
Volume:
1,301,598

10-day average volume:
1,775,276
1,301,598

Tesla faces questions on its climate-change bona fides

1:16 pm ET June 29, 2022 (MarketWatch)
Print

By Rachel Koning Beals

Nonprofit investor group CDP finds similar lack of emissions disclosure from Tesla as energy giants Exxon Mobil and Saudi Aramco

First it was Tesla's exclusion from a major S&P environmental index. Now the electric-vehicle pioneer is called out by watchdog CDP to come clean on its climate-change impact.

Nonprofit environmental disclosure body CDP has launched its latest annual campaign in which large investors who sign on to the group directly challenge companies to publish data about their environmental impact.

This year's release says stock market giants as seemingly varied as Tesla(TSLA), Exxon Mobil(XOM) and Saudi Aramco are among the companies being targeted. A full list of the companies can be found here.

In all, the companies named add up to over $24 trillion in global market capitalization and are estimated to collectively emit more than 4,800 mega metric tons (Mt) of carbon dioxide equivalent (CO2e) annually.

In fact, CDP said this year's push for greater greenhouse gas emissions, deforestation and water use disclosures among the world's corporate leaders has attracted record levels of participation by investors. Some 57% more financial institutions are taking part than in 2021. The number of participants had also doubled the year before from 2020, CDP said.

The nonprofit said 263 global investors it counts as members, and representing over $31 trillion in assets, were demanding disclosure from more than 1,400 "high impact" companies via the 2022 disclosure campaign.

"Engagement is critical to driving disclosure, and disclosure is the first step to environmental action," Laurent Babikian, CDP's joint global director of capital markets, said.

For Tesla, it's the second time this year that a slight has emerged from a climate-friendly source.

Tesla's early-to-market feat with its luxury EVs wasn't enough to protect its stock from being knocked out of one of mostly widely followed environmental, social and governance (ESG) indexes: the S&P 500 ESG Index.

Overall, Tesla's electric vehicle standing doesn't offset discrimination claims, autopilot crashes and other factors, S&P said at the time. In response, Tesla CEO Elon Musk said S&P Global Ratings "has lost their integrity."

Related:Elon Musk called ESG a scam -- did the Tesla chief do investors a favor?

Tesla's EVs are essentially zero-emission to operate, earning the carmaker environmental high marks and a large following, but the company historically has been mum on its overall energy use, transportation emissions and other factors. That may soon change if proposed Securities and Exchange Commission emission-reporting rules advance.

Read: Tesla's Model Y and the rest of the 'most American-made' cars and SUVs

Babikian added that climate change, deforestation and water security presented material risks to investments, and that companies failing to disclose their impact risked trailing competitors in their access to capital.

"With a series of mandatory environmental disclosure requirements on the horizon in regions including the U.S., U.K., Japan, EU, New Zealand and India, non-disclosure will no longer be an option for many of these companies," Babikian said.

Some companies are tagged by CDP for only supplying partial data. General Electric Co.GE and Italy's GeoxIT:GEO, for instance, are among the list of companies that were targeted because they only disclose water-related data. Similarly, Toyota MotorJP:7203 was called out because it only disclosed forest-related information.

This year, CDP said, 72% of companies in the campaign were being asked to disclose at least their impact on climate change, but added that there had been a marked increase this time around in the number of firms being asked to report their water and forests-related impact compared to last year.

-Rachel Koning Beals

	

(END) Dow Jones Newswires

June 29, 2022 13:16 ET (17:16 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

Earnings Calendar and Events Data provided by |Terms of Use| © 2022 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., ,, and

Copyright © 2022. All rights reserved.