Nordea Asset Management has decided to exclude shares of JBS SA worth about 40 million euros from all of its funds this month based on the company's environmental record and response to the COVID-19 pandemic, according to a statement sent to Reuters on Tuesday.
FILE PHOTO: Cattle graze on a smoldering field that was hit by a fire burning a tract of the Amazon forest as it is cleared by farmers, in Rio Pardo, Rondonia, Brazil September 16, 2019. REUTERS/Ricardo Moraes/File Photo
SAO PAULO - Nordea Asset Management has decided to exclude shares of JBS SA worth about 40 million euros from all of its funds this month based on the company’s environmental record and response to the COVID-19 pandemic, according to a statement sent to Reuters on Tuesday. Nordea said the decision to drop JBS from its portfolio was taken after a period of engagement with the company, which is the world’s largest meat producer, that in the end did not produce a satisfactory outcome.
“We always say that we prefer to engage with the company rather than just begin excluding everything,” Eric Pedersen, head of responsible investments, told Reuters by telephone. Nordea, which he said has roughly 215 billion euros of assets under management, also has small holdings in two other Brazilian meatpackers, Marfrig (
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