LONDON (Reuters) – The fund arm of JPMorgan, the biggest U.S. lender, said on Thursday it had decided to leave an investor coalition focused on pushing companies over their climate plans.
JPMorgan Asset Management said it had decided not to renew its membership of the Climate Action 100+ investor group after “significant investment” in its investment stewardship capabilities over the last couple of years.
“The firm has built a team of 40 dedicated sustainable investing professionals, including investment stewardship specialists who also leverage one of the largest buy side research teams in the industry,” it said in a statement.
“Given these strengths and the evolution of its own stewardship capabilities, JPMAM has determined that it will no longer participate in Climate Action 100+ engagements.”
The news was first reported by the Financial Times.
(Reporting by Simon Jessop; Editing by Tommy Reggiori Wilkes)
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