Western banks and companies are revisiting hundreds of billions of dollars worth of exposure
For funds undeterred in their investment choices by the killing of Saudi journalist Jamal Khashoggi or China’s treatment of the Uyghurs, Russia’s invasion of Ukraine is proving a wake-up call.
Now, as western banks and companies revisit hundreds of billions of dollars worth of exposure to Russia, more than half a dozen fund managers interviewed by Reuters said the Ukraine crisis was causing them to rethink how they assign country risk. For some 71% of the $35 trillion invested with an ESG focus, the analysis focuses on the risk of an investment, rather than a country’s human rights record or other governance factors.
This is particularly the case “where systemic ESG risks such as climate, biodiversity, human rights violations and poor state governance are concerned,” Macpherson added. “There’s no way around China,” said Gerber, who owns shares in Tesla, for instance, with a big factory in Shanghai.
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