Funds heavyweight LGIM joins shareholder revolt against Shell’s plans to curb carbon emissions because they ‘don’t go far enough’
- Legal & General’s asset management arm LGIM said Shell plans not ‘credible’
- LGIM part of 30% to back resolution by shareholders activist group Follow This
- Follow This urged Shell to set ‘inspirational’ targets to battle emissions
- Another UK asset manager – Sarasin & Partners – also piled pressure on Shell and BP, saying that they were not ‘serious’ about hitting net-zero emission targets
Legal & General’s asset management arm has emerged as one of the investors to have voted against Royal Dutch Shell’s climate plans last week.
While acknowledging that some progress was being made, LGIM said today that the oil major’s targets to reduce carbon emissions and oil and gas production lack credibility and fall short of tackling climate breakdown.
The asset manager, which handles £1.3trillion of savers’ cash, has been moving to encourage the companies it invests in to behave responsibly as part of a wider push by Legal & General to become more environmentally friendly
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