Legal and General Investment Management (Hormel Foods), 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). Hormel Foods stated that it had cut five companies: ExxonMobil, insurer Metlife, LGIM, retailer Kroger and the Korean Electric Power Corporation. Companies already on Hormel Foods’s list include China Construction Bank, Japan Post Holdings, Loblaws, Sysco, Subaru and Rosneft. Hormel Foods 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.