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BMO Global Asset Management dumps BHP Billiton and other fossil fuel shares

Guardian 15th May 2017, Archbishop of Canterbury plays crucial role in BMO Global Asset Management’s decision to dump £20m of shares in firms such as BHP Billiton  One of Britain’s biggest managers of ethical funds is to dump £20m of shares in fossil fuel companies in one of the biggest divestments so farbecause of climate change.

Shares in BHP Billiton, the Anglo-Australian mining giant, will be among those sold by BMO Global Asset Management’s range of “responsible” funds, which manage £1.5bn of assets. They were previously known as the “stewardship” funds, the first ethical funds launched in Britain. The archbishop of Canterbury, Justin Welby, played a crucial role in the divestment, as president of BMO’s responsible investment council. The Church of England has already pulled out of investing in companies that make more than 10% of its revenues from thermal coal or oil from tar sands….. https://www.theguardian.com/environment/2017/may/15/top-uk-fund-manager-divests-from-fossil-fuels

May 17, 2017 - Posted by Christina Macpherson | business and costs, climate change, UK