U.K.'s Jupiter AM Backs Climate Resolution at Barclays
March 03 2020 - 5:24AM
Dow Jones News
By Maitane Sardon
U.K. asset manager Jupiter Asset Management Ltd. has joined a
coalition of investors asking Barclays to end its financing of
fossil-fuel companies contributing to climate change.
The money manager, which holds 1.15% of Barclays' shares, added
its name to a list of investors in the British bank including
French asset manager Amundi, asset manager Sarasin & Partners
and Nest, the largest U.K. pension fund by members.
The resolution, which will be voted on at Barclays's annual
general meeting on May 7, calls on the bank to set and disclose
targets to phase out financial services for energy companies that
aren't aligned with the Paris Agreement.
The investor group, led by U.K.-based nonprofit ShareAction,
also wants Barclays to report on its progress annually from 2021
onward.
"As investors, we expect boards and management teams to maintain
a long-term mindset and appropriately manage key risks to their
business. We see the goals of the resolution as entirely consistent
with this approach," said Ashish Ray, head of governance and
sustainability at Jupiter, adding that despite risks varying among
companies, climate change is an issue that extends across most of
them.
According to nonprofit Rainforest Action Network, since the
Paris Agreement was signed in 2015, Barclays has provided more
than $85 billion in financing to fossil-fuel companies and
high-carbon projects such as tar sands and Arctic oil and gas.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
March 03, 2020 05:09 ET (10:09 GMT)
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