Legal & General Investment Management said it would still engage with the two firms on climate as it added them to its divestment list.
A major investor has said it is divesting from mining giant Glencore and TK Maxx owner TJX over environmental concerns.
LGIM said this year’s findings point to improvements but firms still need to do more in efforts to mitigate climate change risks. LGIM also said TJX does not provide a comprehensive disclosure of value chain emissions, which make up the vast majority of emissions, and its decarbonisation efforts remain limited to operational emissions.
Glencore declined to comment but pointed to the voting results at its AGM meeting in May, which saw the board receive more than 90% approval for its climate report.The asset manager did not remove any of the 14 companies already on the list this year, which include Air China, Cosco Shipping and Invitation Homes.
“It is not the role of the asset management industry alone to tackle climate change: this is a whole-of-system transition, the pace of which is influenced by global public policy, regulatory standards and the nature of energy demand.
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