LONDON, Feb 9 (Reuters) – A group of European institutional investors is backing a novel London lawsuit against energy giant Shell’s (SHEL.L) board over alleged climate mismanagement in a case that could have far-reaching implications for how companies tackle emissions.
British pension funds London CIV and Nest, Swedish pension fund AP3, French asset manager Sanso IS, Degroof Petercam Asset Management in Belgium and Denmark’s Danske Bank Asset Management and Danica Pension and AP Pension are among those to have written letters supporting the claim.
The investor group has around 450 billion pounds ($543 billion) in assets under management collectively, and owns about 12 million of Shell’s 7 billion shares.
London CIV said its Shell stake was a “primary hotspot of risk and exposure within our portfolio”.
“We hope the whole energy industry sits up and takes notice,” added Mark Fawcett, Nest’s chief investment officer.