Climate Changed
Large Exxon Shareholder Starts Divesting Over Climate Change
- Legal & General has divested 19 funds from climate laggard
- Insurer intends to vote against Exxon chair as pressure rises
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One of Britain’s biggest fund managers started selling shares in Exxon Mobil Corp., saying America’s largest oil company isn’t doing enough to address climate change.
Legal & General Investment Management, which oversees about $1.3 trillion and is one of Exxon’s top 20 shareholders, said some of its funds have already divested from the company and will ask its clients if it can withdraw more money.