A leaf sits on top of a pile of coal in Youngstown, Ohio, U.S., September 30, 2020.
REUTERS/Shannon Stapleton/File PhotoLegal & General Investment Management, Britain’s biggest asset manager, said on Tuesday it would drop four companies from a number of its funds over their “insufficient” response to the challenge of climate change, including U.S. insurer AIG (AIG.N).
The exclusions follow a commitment by LGIM in October to expand the number of companies it engages with over climate change to 1,000 from 100.
During the current season for annual general meetings, LGIM said 130 companies would face votes against for not meeting its minimum climate change standards, mostly in the banking, insurance, real estate, tech and telecoms sectors.
As global policymakers gear up for the latest round of climate talks in Glasgow later this year, LGIM Chief Executive Michelle Scrimgeour said asset managers also needed to step up.
Shannon Stapleton, LGIM, We've, Yasmine Svan, Michelle Scrimgeour
REUTERS, General Investment Management, AIG, Industrial, Commercial Bank of China, PPL Corporation, China, HK, Exxon Mobil, Korea Electric Power Corporation, LGIM, Thomson
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