Part-Owned: Carmaker Subaru and Climate Laggards

part-owned: LGIM added the climate laggards to a list which already includes China Construction Bank, carmaker Subaru, Japan Post Holdings, Canadian retailer Loblaw, US food and service conglomerate Sysco Corporation and Russian oil giant Rosneft, which is part-owned by BP. The asset manager monitors companies across six major sectors oil and gas; mining; electric utilities; carmakers; food retailers; and finance, according to The Guardian. Meryam Omi, head of responsible investment at LGIM, said investor engagement with companies can be a powerful tool if there are consequences . L&G retains shareholdings in the blacklisted companies at other funds in its 1tn investment empire and will now use those shares to vote against board appointments at the named and shamed businesses. Legal and General Investment Management LGIM said it had cut five companies Exxon Mobil, Metlife, Spam maker Hormel Foods, US retailer Kroger and Korean Electric Power Corporation from its umbrella of ethical investment funds worth a total of 5bn. Talks without action are no longer fit for purpose given the urgency to address climate change, she said. The world is truly in the midst of a climate emergency, which could have drastic consequences for markets, companies and, therefore, our clients' assets. This is no fad. (news.financializer.com). As reported in the news.