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Major German investment fund drops Exxon in pursuit of tougher sustainability standards
Two major European financial institutions are setting higher expectations for climate performance, with German asset manager Union Investment dropping all its holdings in ExxonMobil and Oslo-based pension manager Norges Bank Investment Management establishing tough, new sustainability reporting requirements for the thousands of companies it backs. Union Investment, with €500 billion in holdings, dumped its Exxon shares after reviewing the most c…
European Asset Manager Sells All Its Exxon Shares Over Climate Goals
A $570-billion German asset manager has sold all its shares in ExxonMobil as it has found the U.S. supermajor doesn’t have strong enough climate targets, a senior executive told the Financial Times. Union Investment, one of Germany’s top investors with nearly $570 billion (500 billion euros) in assets under management as of September 2024, has divested its stake in Exxon, as well as in another U.S. oil and gas producer, EOG Resources, due to wha…
Schlappe 500 million euros had Union Investment stuck in the US oil giant ExxonMobil - so far. Because the Group fails to check the climate, the German fund has rejected its shares.
The management company Union Investment has defeated all of its ExxonMobil shares, the latter accusing the US oil major of an "inadequate commitment" to climate goals, reports the Financial Times.
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Canadian pension fund sells $5.6bn on American energy stake, remains committed to U.S. investments From PIonline.com: Canada Pension Plan Investment Board, Toronto, agreed to sell its entire 98% stake in Encino Acquisition Partners, a Houston-based oil and gas producer, to EOG Resources for $5.6 bi... Article link
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