Environmental funds battled BP for years
BP tossed out of sustainability index
By Ross Kerber | Reuters
BOSTON, June 3 (Reuters) – Even before BP Plc’s(BP.L) massive oil spill in the Gulf of Mexico began in April, the company was losing its sterling reputation with fund managers focused on the environment.
Though once hailed for its investments in renewable energy and a green advertising campaign, the British oil giant worried fund managers over a string of accidents and safety fines dating to 2005.
The company also had dialed back its outreach, and even as BP became a mainstay of sustainable-investing stock indexes, many specialists had sold their shares or were moving to do so.
“Safety has environmental and investing implications,” said Joe Keefe, Chief Executive of Pax World Management LLC in New Hampshire, which owns $2.4 billion in shares of companies that meet environmental or social criteria. Read More