Scottish Widows "Walks the Talk" on ESG with Divestment Action
With greenwashing pervading so many corporate communications #ESG announcements, it’s terrific to see of British pensions provider Scottish Widows “walking the talk” on its #sustainability ambitions.
A subsidiary of Lloyds Banking Group, with c. £190 billion of funds under management, Scottish Widows has taken the bold position to no longer invest in tobacco stocks. Moreover, and as part of its “responsible investment strategy,” the #business has said it is updating its exclusions policy for #fossilfuels. Whereas in the past, companies with 10% or more revenues from thermal coal mining or tar sands were excluded from its portfolio. The threshold is now 5%. The decisions will lead to £1.5 billion of divestment, which complements earlier commitments of c. £1.4 billion.
While pledges have their use, as Mahatma Ghandi once said “Action expresses priorities.”
Scottish Widows' decision to not only talk about their intention but also, then, to take decisive action in divestment demonstrates that their #sustainabledevelopment pledges around “the long-term health of people and planet” are genuine.
What can be said about your #leadership?
#betterbusiness #financialservices #finance
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