Legal and General Investment Management (LGIM), the UK’s largest asset manager, has dumped shares in five companies it views as “laggards” on climate action from its ethical investment funds worth £5bn ($6.3bn). LGIM stated that it had cut five companies: ExxonMobil, insurer Metlife, Hormel Foods, retailer Kroger and the Korean Electric Power Corporation. The move follows a report by Greenpeace which said fossil fuel firms were among those most at risk of being hit with legal claims for damages if governments fail to act against global warming. list include China Construction Bank, Japan Post Holdings, Loblaws, Sysco, Subaru and Rosneft. LGIM will retain holdings in the “laggard” companies in other funds in its £1tn empire and will use these to vote against board appointments.
Legal and General Investment Management (LGIM), the UK’s largest asset manager, has dumped shares in five companies it views as “laggards” on climate action from its ethical investment funds worth £5bn ($6.3bn). LGIM stated that it had cut five companies: ExxonMobil, insurer Metlife, Hormel Foods, retailer Kroger and the Korean Electric Power Corporation. Companies already on LGIM’s list include China Construction Bank, Japan Post Holdings, Loblaws, Sysco, Subaru and Rosneft. LGIM will retain holdings in the “laggard” companies in other funds in its £1tn empire and will use these to vote against board appointments.