Vanguard Group Inc is pulling out of a major investment-industry initiative on tackling climate change, the world's biggest mutual fund manager said on Wednesday, explaining it wants to demonstrate independence and clarify its views for investors.
from Republican U.S. politicians over their use of environmental, social and governance factors in picking and managing securities.
One focus of criticism has been the effort known as the Net Zero Asset Managers initiative, launched in late 2020 to encourage fund firms to reach net zero emission targets by 2050 and limit the rise in global temperatures. As of Nov. 9, NZAM counted 291 signatories representing some $66 trillion in assets under management.
"We have decided to withdraw from NZAM so that we can provide the clarity our investors desire about the role of index funds and about how we think about material risks, including climate-related risks—and to make clear that Vanguard speaks independently on matters of importance to our investors," VanguardClosely held Vanguard did not make executives available for comment. But its statement addresses a criticism from some investors and U.S.
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