A Reuters special report has revealed that Green Century Funds and Calvert Funds – two leading US money managers engaged in business environment, social and governance affairs – reassess their efforts in the international brokerage firm on the basis of its green references.
The investors question A.J. Gallagher's investment in 34% refined coal facilities, which essentially use coal upgrading technology to make it cleaner and release fewer pollutants and emissions. However, refined coal facilities still release smog and chemicals that can be harmful to the environment.
A.J. Gallagher also holds a 46.5% stake in Chem-Mod LLC, which supplies the chemicals used for the production of refined coal. According to ReutersThanks to the refined coal subsidies from the US government, the broker giant has built up approximately US $ 850 million of US tax credits from its clean coal investments.
The brokerage is one of approximately 360 companies in the US $ 250 million Green Century Equity Fund GECQX.O, which advertises itself as "100% fossil fuel-free." His investments in so-called clean coal & # 39; may be in contradiction with the green principles of the asset manager.
Green Century has issued a statement in which clean coal is described as & # 39; a myth & # 39 ;. The company also stated: "In the light of this new information, we will certainly … exert pressure [A.J. Gallagher] to stop benefiting from schemes devised by the fossil fuel industry at the expense of American citizens and taxpayers. "
Likewise, Calvert Research and Management, that A.J. Gallagher shares in its US $ 1.3 billion Calvert US Large Cap Core Responsible Index Fund, has issued a statement stating that it has "contacted AJ Gallagher and will consider this information in our performance review in the area. environment, society and governance (ESG). "
According to Reuters, shares in the brokerage giant are held in at least 10 other investment funds that screen companies for ESG criteria, including a run by Vanguard Group. But as Vanguard spokesman John Woerth said Reuters: "There is no universally accepted definition of ESG."
A.J. Gallagher has not yet responded to messages looking for comments on this issue.