Britain's Legal & General Investment Management ltd (LGIM) has dropped four companies, including two Chinese firms, from its funds over their "insufficient" response to the challenge of climate change, according to Reuters.

LGIM, Britain's biggest fund manager, which manages more than 1.3 trillion pounds of assets, said on Tuesday it would remove four companies from its funds because of their "insufficient" response to the challenge of climate change.

The four companies are, respectively, Chinese lender Industrial and Commercial Bank of China Limited (ICBC), Chinese dairy products company China Mengniu Dairy Company Limited, U.S. insurer American International Group, Inc. (AIG), and U.S. energy company PPL Corporation.

All had either not responded adequately to corporate engagement or had breached LGIM’s “red lines” around involvement in the coal sector, their carbon disclosures or their links to deforestation, the money manager said in a statement.

Source: https://www.reuters.com/business/finance/britains-biggest-investor-drops-aig-others-some-funds-over-climate-2021-06-15/