Legal & General Investment Management, the UK’s largest asset manager, has pulled investment from insurance company AIG and three other firms over their failure to respond to climate concerns.
The £1.3tn fund manager said it has divested from AIG, Industrial and Commercial Bank of China, PPL Corporation and China Mengniu Dairy for “unsatisfactory responses to engagement and/or breaches of ‘red lines’ around coal involvement, carbon disclosures or deforestation”.
