The institutional investors include pension funds, trusts and foundations from three different continents, with assets worth more than €61 billion. Apart from AP4, Boston Common Asset Management and The Pensions Trust (UK) has also signed the letter.
Arne Lööw, head of Corporate Governance at AP4, says:
- As we approach important UN negotiations on climate change, we are pleased to support this initiative.
The investors argue that that companies’ public positions on climate change is being undermined and contradicted when the associations push for weaker climate regulation.
- We believe it is important that investors put pressure on companies who are financing associations with seeking to undermine climate legislation. We would encourage companies to withdraw from associations who have lobbied in ways which seem inconsistent with the companies’ own statements on climate action, says Arne Lööw.
Among the companies that has receives the letter is BP, Glencore, Statoil and Procter and Gamble.