LGIM to divest from four companies on ESG grounds as nine remain on exclusion list

US food retailer set to be reinstated

Legal & General Investment Management (LGIM) has identified four new companies to divest from in its latest Climate Impact Pledge report, on the basis that they have taken ‘insufficient action’ to address the risks from climate change, while nine companies remain on its exclusion list.

This year, LGIM will divest its holdings in Industrial and Commercial Bank of China, AIG, PPL Corporation and China Mengniu Dairy for "unsatisfactory responses to engagement and/or breaches of ‘red lines' around coal involvement, carbon disclosures or deforestation". China Construction Bank, MetLife, Japan Post, KEPCO, ExxonMobil, Rosneft, Sysco, Hormel and Loblaw are to stay on the firm's existing exclusion list. LGIM commits to more stringent standards in annual Climate Impact Pledge According to LGIM, these companies "have yet to take the substantive actions required to warrant ...