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Influential investor joins shareholder rebellion over Shell’s climate plan

theGuardian.com

Influential investor joins shareholder rebellion over Shell’s climate plan

Legal & General Investment Management, Britain’s biggest fund manager, piles pressure on oil firm

Rupert Jones and Hilary Osborne: Mon 24 May 2021 06.00 BST
Britain’s biggest fund manager has piled pressure on Shell after joining a shareholder rebellion over the oil company’s carbon-cutting plans, saying that they lack credibility and the ambition required to combat global heating.

It has emerged that Legal & General Investment Management (LGIM), one of the oldest fund managers in the City of London, was among investors behind a significant shareholder vote against Shell’s climate transition targets at the company’s annual meeting on Tuesday.

The asset manager, which is part of the insurer Legal & General and manages more than £1.2tn of assets, told the Guardian that it joined activists demanding faster progress because it did not believe the Anglo-Dutch company’s plan was credible.

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