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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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