first_imgCelebrations broke out in cities and towns across the country on Saturday after Joe Biden was declared the winner of the presidential race. Democrats are looking at being shut out completely from the district-drawing process — which will use data drawn from the 2020 census — in key states including Florida, Texas and North Carolina. Together, those states will account for more than 80 congressional seats starting in 2022. In his own remarks, Biden declared it “the honor of my lifetime” that the country had sided with his message of unity and head-on confrontation of the coronavirus. Early on Monday, he unveiled a transition team of scientists and experts to prepare his virus response. “That plan will be built on bedrock science,” he said in his speech Saturday. The news in House races across the country has generally been better for Republicans than for Democrats. An exception came in northeastern suburbs outside Atlanta, where Carolyn Bourdeaux was declared the winner on Friday in a House district that had been vacated by the five-term Republican congressman Rob Woodall. Speaking on CNN’s “State of the Union,” James Clyburn, the Democratic whip in the House and a Biden adviser, pressed Republicans to break with the president. “What matters to me is whether or not the Republican Party will step up and help us preserve the integrity of this democracy,” he said. – Advertisement – It was a remarkable — and improbable — scene, as our reporters Matt Flegenheimer and Katie Glueck write in a news analysis. Matt and Katie remind us that Biden is the same “institutionalist 70-something, incorrigible square, inexhaustible reciter of Irish poetry” he’s always been. “But then, it seems that defeating President Trump can do strange things for a man’s reputation.” Biden and Kamala Harris, the vice president-elect, projected an executive air on Saturday night as they strode onstage to address the country in Wilmington, Del., hours after the race had been called. The pressure is now on the General Services Administration, which is responsible for declaring a winning candidate and facilitating the transition process. Its Trump-appointed administrator, Emily Murphy, has not yet affirmed Biden’s victory. “I am thinking about her and about the generations of women, Black women, Asian, white, Latina, Native American women, who throughout our nation’s history have paved the way for this moment tonight,” Harris said. “Women who fought and sacrificed so much for equality and liberty and justice for all, including the Black women who are too often overlooked, but so often prove they are the backbone of our democracy.” – Advertisement – Veterans of both Republican and Democratic administrations are now calling on Trump to accept his election loss and begin the transition process. But he has shown no willingness to do so — and in fact, he’s been eerily silent other than a cascade of tweets, many of which Twitter has labeled misleading.center_img Harris began with a speech that invited women, particularly women of color, to bask in the milestone of her election as the first female vice president. She invoked her mother, Shyamala Gopalan Harris, who arrived in the United States as an Indian immigrant at 19. – Advertisement – “While there will be legal disputes requiring adjudication, the outcome is sufficiently clear that the transition process must now begin,” wrote the four members of its advisory board, which includes veterans of the Clinton, Obama and George W. Bush administrations. The center has participated in presidential transition activities for four election cycles. This would become relevant if Republicans succeeded in overturning a state court decision to allow ballots to be accepted up to three days after Election Day. The good news for Biden is that it does not appear losing those ballots alone would be enough to erase his lead in the state. – Advertisement – In Arizona, more votes came in on Sunday, breaking narrowly for Trump. He does not appear to be on pace to overtake Biden in the state, which remains undecided and would only add to Biden’s margin of victory in the Electoral College if he held on to win. But over all, Democrats have lost a net of five seats in the chamber this cycle, with a number of races across the country still uncalled. The nonpartisan Center for Presidential Transition released a letter on Sunday urging him to move ahead with the transition. Enough votes have been counted in Pennsylvania, Nevada and other close states that it’s clear Trump has lost the election. In Pennsylvania, for instance, ballots received after Election Day have been sorted and counted separately from those received through Nov. 3. Here’s another thing Republicans have to celebrate: As of last night, Democrats had not flipped a single statehouse chamber in an election year that will determine who controls the decennial process of redistricting.last_img read more


first_imgAsset managers should be held to account by pension funds over their stewardship issues at annual stewardship meetings, according to the chief responsible investment officer of Aviva Investors.Steve Waygood said there was a need to “shine a light” on the stewardship efforts of the investment management industry, and that the industry needed to be significantly more public in its disclosures on the issue.Speaking at a National Association of Pension Funds (NAPF) event on stewardship, Waygood said that, unlike a code for companies on corporate governance – which saw the matters discussed at AGMs and followed up by the capital markets – the Stewardship Code had no mechanism for holding asset managers to account.He pointed out that both Aviva Investors and Aviva published stewardship reports, but he questioned who was monitoring the data published. “How do our clients get to hold us to account for the content?” he asked. “Where is the equivalent to the AGM?”Waygood went on to recommend that an organisation, such as the NAPF, convene a stewardship AGM as a market-based mechanism for accountability, with one trustee from each of the group’s member pension funds present.He said trustees would be required to “come and vote on a series of presentations from the very biggest fund managers”.“The clients that were in the room would sequentially be able to vote on each of the chief executives of the asset managers’ presentations on the quality and breadth and depth of stewardship,” he said.“We need to shine a light on the stewardship of the investment management industry by being much more public to the end owners.”He said the debate surrounding stewardship had all too often has been “an ivory tower between the investment managers, corporate governance experts and fund managers”.Chris Hitchen, chief executive of RPMI, supported the call for pension investors to ensure asset managers were “doing the best job they can on our behalf”.However, Hitchen also said diversification of pension assets had been “overdone” in the last decade, meaning that fewer, larger stakes could be more easily monitored by pension funds.“Our goals aren’t really to match or beat indices,” he said, “they should for a long-term real return.“In that guise, holding fewer, larger investments and then having more deep relationships with the boards of our investee companies makes perfect sense.“We need to be committed owners.”last_img read more