Europe’s second-largest fund manager will vote against reappointing the chairmen of eight global companies, including Occidental Petroleum, Subaru and China Construction Bank, in protest at their slow progress in moving to a greener economy. In a sign of how investors are worried about the impact of global warming on their returns, Legal & General Investment Management said its £5 billion Future World fund range would also sell out of the companies over their response to climate change. “There has been a lot of conversations about climate change,” said Meryam Omi, head of sustainability and responsible investment strategy at LGIM. “But the speed and urgency hasn’t been in place and we wanted to inject that. We have a real chance to tackle this issue.” “We wanted… an impactful way of changing company behaviour and making sure everyone steps up,” she said.

Posted by

Financial Times