Climate inaction CEOs in Legal and General's sights; no let-up in plastics debate; Europe nudges non-carbon energy targets

Insurers aren’t known for being combative. So when the asset management arm of one of the world’s largest comes out railing against a clutch of big-name companies, you know it’s serious. Earlier this month, Legal and General Investment Management declared it would use its stockholding might to try and oust the chairs of eight publicly listed global firms for “persistent inaction to address climate risk”. On its hit-list are oil giants Occidental Petroleum and Rosneft Oil. LGIM also has its sights set on China Construction Bank, Dominion Energy, Japan Post Holdings, Subaru, Loblaw Companies and Sysco Corp. In addition, should any of the targeted companies appear in its $6.7bn multi-factor Future World Fund equities index, the investor pledges to divest them.

In line with its 2016 Climate Impact Pledge, LGIM has spent a year trying to assess the climate-change strategies of 84 of the world’s largest firms. Of the 74% that responded to its requests for information, not all were laggards. Among the large firms leading the charge against climate change are Toyota, Wells Fargo and Iberdrola (the Spanish electricity utility is lauded for lobbying the EU to raise its...

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CSR  World Environment Day  climate change  World oceans day  ocean plastics 

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