Legal & General Investment Management said Wednesday it is divesting from miner Glencore PLC, as the company has failed to ‘sufficiently address’ green concerns.

LGIM said the exit follows ‘extensive engagement’ with the FTSE 100 listing since the investment manager first launched a climate impact pledge eight years ago.

‘LGIM filed a shareholder resolution at Glencore last year, requesting that the company disclose how its projected thermal coal production aligns with the Paris Agreement and efforts to limit the global temperature increase to 1.5 [degrees celsius]. LGIM remains concerned that Glencore has not disclosed plans for thermal coal production that are aligned with a net zero pathway,’ LGIM added.

Citing LSEG data, Reuters reported LGIM owns a 0.4% stake in Glencore.

Glencore shares fell 0.7% to 451.10 pence each in London on Thursday morning.

Copyright 2024 Alliance News Ltd. All Rights Reserved.