ImpactAlpha, June 15 – Legal & General Investment Management has divested shares of four U.S. and Chinese companies, including AIG, PPL Corp., Industrial and Commercial Bank of China and China Mengniu Dairy, for failing to address climate risk under a more muscular stewardship approach introduced last year.
The companies join China Construction Bank, MetLife, Japan Post, KEPCO, ExxonMobil, Rosneft, Sysco, Hormel and Loblaw, which are already excluded from LGIM accounts with £58 billion in assets, according to the firm’s Climate Impact Pledge report released today.
Grocery giant Kroger was removed from the asset manager’s exclusion list after improving its deforestation practices and disclosure.
LGIM also voted against the board chairs of 130 companies during the 2021 proxy season that fell short of its minimum standards.
