The UK asset manager has pledged to vote against the re-election of Exxon chairman and chief executive Darren Woods at the company’s annual general meeting later this month, citing concerns about its approach to climate change. OutspokenLGIM has become one of the most outspoken fund managers on climate change, warning that the world is facing a “climate catastrophe” unless drastic action is taken to cut carbon emissions. PressureRival oil company Shell has also linked part of its chief executive ’s remuneration to climate change targets as a result of pressure from LGIM. “We remain concerned by the Exxon’s lack of strategic ambition around climate change,” Meryam Omi, LGIM’s head of sustainability and responsible investment strategy, said. It said climate change was the top engagement topic with companies in 2019, accounting for 249 engagements it had with companies, more than remuneration, diversity or strategy.

Source: The Irish Times May 12, 2020 22:52 UTC