Law360, London (June 1, 2020, 5:14 PM BST) -- The Universities Superannuation Scheme plans to ditch stocks in tobacco, coal and weapons manufacturers following pressure from members about responsible investing, its investment manager announced Monday.
USS Investment Management, which manages £68 billion ($84 billion) in retirement savings for 400,000 academics, said the fund will divest its holdings in sectors that have been deemed "financially unsuitable" for the pension scheme over the long-term.
Tobacco companies, thermal coal producers and arms makers involved in cluster munitions, white phosphorus and landmines will all be excluded after the scheme faced calls to adopt more responsible investment policies from its members, it said.
Monday's announcement marks...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!