Grant Shapps warns Aviva over ethical investment policies on defence
The TelegraphGrant Shapps has warned Aviva against any “immoral” withdrawal of backing for defence companies, after a letter it sent to investors triggered a backlash from the Ministry of Defence. Aviva, which manages £221bn of assets including insurance and pension funds, told customers last week it would be selling out of “certain companies that do not meet our Aviva Baseline Exclusion Policy”. These would include companies that “might be involved in coal production, weapons/arms, and tobacco production”, the letter said. Aviva is a significant investor in UK defence companies, with £600m invested in the sector’s equities, and we have no intention of changing this.” Aviva’s environmental, social and governance exclusion policy document says products that “cause undue human suffering or fatalities” are “fundamentally misaligned” with its “core values”.
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