TCI threatens to dump stakes in firms that do not have plan to reduce emissions
The activist hedge fund TCI plans to target directors of companies that fail to disclose their carbon emissions, in the latest sign that investors are putting more pressure on boardrooms to step up their disclosure on climate risks.
TCI, which manages assets worth $28bn (£22bn), has written to companies including Airbus, Moody’s and Google parent Alphabet warning them to improve their pollution disclosures or it would vote against their directors.
Letters to those companies published on the TCI website say: “TCI believes that climate change-related risks, in particular a company’s greenhouse gas emissions, will have a material effect on a company’s long-term profitability, sustainability and investor returns. These risks include regulation, taxation, competitive disadvantage, brand impairment, financing, physical asset impairment and litigation.” TCI said disclosure should include targets for emissions reduction.