UK Regulator: Fire Fund Managers Who Ignore Climate Change

Guy Opperman says we have settled science.

Guy Opperman had some tough words for money managers who “ignore” climate change. The U.K. minister for pensions and financial inclusion said pension operators should fire money managers who do not support climate change resolutions.

Opperman spoke on the subject at the Association of Member Nominated Trustees’ (AMNT) conference in London last week.

“Some asset managers won’t support climate resolutions, or vote through pay awards for poor performance, and won’t vote out managers who show conflicts of interest or lack of independence,” said Opperman. “If you use these people – well, then you as trustees are far from limited in what you can do. Put simply; you can fire them. You have a great deal of power.”

Guy Opperman Targets Managers over Climate

Opperman said he backs AMNT’s goal to make managers more accountable on ESG matters. However, he took issue with a recent survey that showed that more than half of managers don’t have climate change-related voting policies or guidelines in place.

“Our market is afflicted with some asset managers – they are certainly not the small ones – who are struggling to have an impact,” said Opperman. “I have in mind asset managers who tell you how many people are in their stewardship team, and the unspecified long-term engagement they have carried out with firms – which on further examination has achieved no substantive change in policy from those firms for 20 years or more.”

The statement comes weeks after climate protests shut down various parts of London. Activists specifically targeted BlackRock and the Bank of England.

Related: LGPS Launches Climate Change Strategy

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