A major investor has said it is divesting from TK Maxx owner TJX over environmental concerns.
Legal & General Investment Management (LGIM), one of the world’s largest asset managers, said it has engaged with a record 2,800 companies on climate and assessed more than 5,000 companies across 20 “climate critical” sectors this year.
It published the results of these efforts on Wednesday under its annual Climate Impact Pledge (CIP), which aims to drive companies to play their part in achieving the Paris Agreement goal to limit warming to 1.5C above pre-industrial levels.
LGIM said this year’s findings point to improvements but firms still need to do more in efforts to mitigate climate change risks.
It identified hundreds of companies for “vote sanctions”, which means the institutional investor could vote against the company’s chair at the annual general meeting (AGM) in protest at failing to meet its expectations on climate.
But the firm also said it would be divesting in TJX over concerns that it does not have a “zero deforestation policy in place” and “has not shown a clear intention to analyse its potential exposure to commodity-driven deforestation”.
FTSE 100
The UK's flagship share index, the FTSE 100, was up seven-points at 8,289 shortly after opening this morning.
Brent crude oil futures were down 0.21%, trading at $84.29 a barrel.
Companies reporting today
Bunzl | Full Year Trading Statement |
Currys | Full Year Results |
Foresight Group Holdings | Full Year Results |
Halfords | Full Year Results |
JD Sports | AGM Trading Statement |
Moonpig | Full Year Results |
SDCL Energy Efficiency Income Trust | Full Year Results |
Serco Group | Half Year Trading Statement |
Watches of Switzerland | Full Year Results |