LGIM said that its decision on Glencore followed a shareholder resolution last year, requesting the miner to disclose how its thermal coal production aligns with the Paris Agreement
Legal & General ’s investment management unit said on Wednesday that it is selling its stake in global commodities trader Glencore this year on concerns over its production of thermal coal.
“While divestment is one of the many stewardship tools we use as a mechanism for driving change, we see it as a last resort and by no means the last stage of engagement,” Stephen Beer, LGIM Senior Manager Sustainability and Responsible Investment said. Glencore declined to comment on the news, while TJX did not immediately respond to a request for comment.
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