‘Shining Light’
“The data tells us that investors are looking at less carbon intensive investments,” Jose Lopez, executive vice president responsible for operations at Nestle SA, said in an interview. “They are shining the light on some companies.”
Engie, formerly known as GDF Suez SA, and Electricite de France SA, two French utilities, faced questions about its their coal investments this year at annual shareholders’ meetings in Paris. French Finance Minister Michel Sapin said Friday they would be encouraged by the government, which has a substantial holding in each, to “reorientate” their investments away from new or existing “dirty” coal plants.
Failing to examine the climate impacts of some investments could be seen as negligence of the fiduciary responsibility of fund managers, Desfosses said.
To be sure, some executives said shareholders’ top priorities still aren’t the environment.
“Investors will first ask about earnings per share, ebitda and all that and when they are finished with that they will ask about environmental policy,” said Rudolf Staudigl, CEO of Wacker Chemie AG, a German chemical maker that supplies makers of solar cells with their chief raw material.