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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Legal & General Plc    LGEN   GB0005603997

LEGAL & GENERAL PLC

(LGEN)
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Britain's biggest fund manager expands engagement on climate

10/14/2020 | 02:46am EST
A woman walks near City Hall and Tower Bridge at dawn in London

LONDON (Reuters) - Britain's biggest asset manager plans to increase the number of companies it assesses and engages with over climate change to help to accelerate global efforts to move to a low-carbon economy, it said on Wednesday.

Legal & General Investment Management (LGIM), part of insurer Legal & General, said it would increase the number of companies covered by its Climate Impact Pledge - a targeted engagement plan - to 1,000 from 100.

The group, which manages more than 1.2 trillion pounds in assets, said it would also make its climate ratings for companies available on its website.

"We thought it was really important that our own engagement framework really addresses this challenge of decarbonising very, very rapidly in the next 30 years," said Meryam Omi, LGIM's head of sustainability and responsible investment strategy.

Under the original pledge introduced in 2016, LGIM committed to engage with the largest companies across six sectors in which action was seen as crucial to help to meet the goals of the 2015 Paris Agreement on climate change.

As part of its engagement with companies in the oil and gas, mining, electric utilities, automotive, food retail and financials sectors, LGIM said it would publish the names of the laggards, vote against their boards at the companies' annual general meetings and potentially divest their shares from certain funds.

LGIM said it would also begin engagement with companies in the cement, steel, chemicals, technology and telecoms, apparel, property, transport and food sectors.

Of the newly targeted companies, the worst-performing 500 would receive a letter warning their annual report would be rejected at next year's AGM if action was not taken.

For about 60 companies seen as pivotal to the transition to a low-carbon economy, the asset manager said it would develop a more in-depth assessment framework to better understand their strategy before engaging directly.

(Reporting by Simon Jessop; Editing by David Goodman)

By Simon Jessop


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LEGAL & GENERAL PLC 2.28% 265.8 Delayed Quote.-14.16%
LONDON BRENT OIL 1.35% 46.44 Delayed Quote.-33.12%
WTI 0.85% 43.52 Delayed Quote.-32.15%
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Financials
Sales 2020 8 207 M 10 973 M 10 973 M
Net income 2020 1 459 M 1 951 M 1 951 M
Net Debt 2020 4 027 M 5 384 M 5 384 M
P/E ratio 2020 10,0x
Yield 2020 6,80%
Capitalization 15 439 M 20 518 M 20 642 M
EV / Sales 2020 2,37x
EV / Sales 2021 0,53x
Nbr of Employees 8 542
Free-Float 97,2%
Chart LEGAL & GENERAL PLC
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Technical analysis trends LEGAL & GENERAL PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 258,82 GBX
Last Close Price 260,10 GBX
Spread / Highest target 25,0%
Spread / Average Target -0,49%
Spread / Lowest Target -36,6%
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Managers
NameTitle
Nigel David Wilson Group Chief Executive Officer & Executive Director
John Kingman Chairman
Jeff Davies Group Chief Financial Officer & Executive Director
Julia Susan Wilson Senior Independent Non-Executive Director
Lesley Mary Samuel Knox Independent Non-Executive Director
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