Subject: Mike Musuraca, Fiona Reynolds and Friends Take Aim at Income Inequality
From: "Tom Croft" <[email-masked]>
To: <[email-masked]>
Date: Thu, 28 Feb 2019 09:34:11 -0500 (EST)

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February 28, 2019
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Taking Aim at Income Inequality
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Dear H,
We are thrilled to present a deep-dive into combating income inequality from Steve

Michael Musuraca

Lydenberg, Michael Musuraca, and colleagues from The Investment Integration Project
(TIPP), published by the Principles for Responsible Investment (PRI). The paper 
is joined by a call to action from Fiona Reynolds, CEO of the PRI.
Mike has been an internationally known leader in the fields of responsible investing,
pension fund and corporate governance, and collective bargaining. He was an original
board member of the UN-PRI. As a Senior Advisor at Blue Wolf Capital Partners LLC,
he represented them on the Heartland Governing Board since 2014. We featured Mike
in one of our previous Heartland Investor Profiles [http://r20.rs6.net/tn.jsp?f=001y2DyZlNj-RH_eLmPtoEaD9Jv2ANizMfbXwvSZY5JWpcte-wK-FXiJyXZH2bd83bKwPn_-moJYQrShWd0T5GrRqrbuB71IrR-gP6p5J9yY0FUvJXAL7ql2qztvc7h8f6--8mYjDL2EE5ht14-cbHtrlxNl8eKA_Kc4Oo2AlX9piaX2TkZJt-gCErzhI3YvOlSXqpHOxZX_xfCrKjCMXhxIECCBODW0kgHnuG6ixRTfd3bx-TQS2QCqOIhZfR8oUOvjmOJ1jdgAKvjB99PstfdUMkmp5v-z9jcXjwfLcC588tyP8LGRm_iQg==&c=pCP_ldrlYOEMlO6g57o72wjOeYLG2Y0eABixVYYmuikx7JFtIb61ig==&ch=sY-OubM3lylPp1biZvQm0-SxzzDr0Rz45FwzRvQVfFdwmhhWpTAo2Q==].
As the paper shows, income inequality has substantial negative implications for 
investors, including risks of long-term investment under-performance and economic
destabilization. Since the Reagan era, large transnational corporations have outsourced
manufacturing jobs and other services to low-cost contractors.  This so-called "fissuring"
split the social covenant between firms and their workers, eroded labor standards
and contributed to skyrocketing income inequality.  The paper targets three areas
for investor action: employee relations and labor rights, taxation and CEO compensation.
A hearty Heartland thanks to Michael, Steve, Fiona and your colleagues for this 
thoughtful, much needed examination.
Until the next Expresso, keep on keepin' on!
Tom
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Income Inequality a Global Threat
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By: Fiona Reynolds, PRI
Top1000Funds.com
The  widening inequality gap is one of the most pressing challenges facing  investors
today. The rise of populist politicians, trade wars and the  trend toward isolationism
and protectionism that dominate daily news  headlines are all signs of the stresses
and strains of broad wealth and  income inequality around the world.

And  unfortunately, the problem continues to worsen, with income inequality  within
both developed and developing countries now growing at an  alarming rate.

Fiona Reynolds, PRI

Currently,  the world's richest 10 per cent earn up to 40 per cent of total global
 income. In comparison, the poorest 10 per cent earn only between 2 and 7  per cent
of total income. Of the increase in global income between 1988  and 2008, nearly
 half was captured by the top 5 per cent of the world's  population.
Such  inequalities have arguably influenced the outcomes of elections in  Britain
and the US in recent times and impacted the political climate in  many other countries.
[READ MORE [http://r20.rs6.net/tn.jsp?f=001y2DyZlNj-RH_eLmPtoEaD9Jv2ANizMfbXwvSZY5JWpcte-wK-FXiJwg3Smx5jjvIScVtVP5J8FIEZBvniZrS-_rNGMa63YhZg5IEKTLcCr9BqN0MHcm1XqvYMh0dMMnPB2LzH6_uR_85Q0qx-Weg0oxit7fWNKcdzoRnye1FqEXF24wgAj2X2qz9xfojsD36U73Bn4oT6i4UTUkYGScoWWmjY3CGNHpVVWvlr4vRLhFggoRj1WNkkB6k9RjNpfKxpnmofWcjc74=&c=pCP_ldrlYOEMlO6g57o72wjOeYLG2Y0eABixVYYmuikx7JFtIb61ig==&ch=sY-OubM3lylPp1biZvQm0-SxzzDr0Rz45FwzRvQVfFdwmhhWpTAo2Q==]]
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Why and How Investors Can Respond to Income Inequality
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The  widening income inequality gap is one of the most pressing challenges  the 
world faces today, with ending poverty a key theme throughout the  Sustainable Development
Goals (SDGs) and an issue we all have a role in  addressing. The World Economic 
Forum believes that widening inequality  has "contributed to political polarization
and erosion of social  cohesion in many advanced and emerging economies," and looking
at the  current state of play that is certainly the case.
Although  millions of people the world over have been lifted out of poverty over
  the past 50 years, income inequality within countries is now growing at  an alarming
rate, in both developed and developing countries.
Institutional  investors have increasingly begun to realise that inequality has 
the  potential to negatively impact institutional investors' portfolios,  increase
financial and social system level instability; lower output and  slow economic growth;
and contribute to the rise of nationalistic  populism and tendencies toward isolationism
and protectionism. While the  financial risks have become more crystallised, what
is less clear is  how investors can address these issues. [READ MORE [http://r20.rs6.net/tn.jsp?f=001y2DyZlNj-RH_eLmPtoEaD9Jv2ANizMfbXwvSZY5JWpcte-wK-FXiJwg3Smx5jjvIc9d7WNUw2cIFmdMA0gYKkbi2vNae5UyD9j3MGR91H-a5V1Ez0xuT8p3ZlAcwWn4v76RDS2QxI3UBsGu3acP3uA0A6I5xY0sUp_hryXBWA29pSt_W9pjLzKXymu4sGMczItK0LkvHWoA2_6J5FJ4qmCK3IRh0-Bx38OPAll-U8MLOj3283d4AK28E-DWuJ8zaDDSsRchUUfBCvqTBPqEry1kKJgdaS4N2oamE-ZYKRCA=&c=pCP_ldrlYOEMlO6g57o72wjOeYLG2Y0eABixVYYmuikx7JFtIb61ig==&ch=sY-OubM3lylPp1biZvQm0-SxzzDr0Rz45FwzRvQVfFdwmhhWpTAo2Q==]]
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