Finance
Scottish Widows to Pull $578 Million From Firms Ignoring ESG
- Investment exclusions to apply across the firm’s fund range
- Changes target polluters, controversial weapons producers
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Insurer and pension manager Scottish Widows plans to pull at least 440 million pounds ($578 million) of investments from companies that fail to meet its green and ethical investing standards.
The firm, which is owned by Lloyds Banking Group Plc, will no longer invest in companies that derive more than 10% of their revenue from thermal coal and tar sands, producers of controversial weapons or violators of the United Nations Global Compact on human rights, labor, environment and corruption, it said in a statement on Monday. It didn’t name any companies that would be excluded.