PensionBee 🐝

So technically PensionBee’s not a stockbroker but they’re definitely a challenger in the investing space :innocent:

They made quite big statement today by writing an open letter to Legal & General to complain about Shell being included in the Future World Plan fund. PB offers this fund to their customers as their environmentally friendly pension plan.

The Guardian has recently reported that Shell is independently forecast to increase its carbon emissions by 38% by 2030, by increasing its crude oil production by more than half and its gas production by over a quarter. At the same time, it is widely understood that major oil companies must cut their carbon emissions by 35% in order to achieve the goals of the Paris Agreement. This is a puzzling situation and one that is compounded by Shell’s refusal to disclose its future production schedule and whether it is indeed on track to meet its global obligations.

It’s good to see that PensionBee’s customers are engaged enough to pressure PB to take action here. And that PB’s willing to stick their neck out and try to get L&G to remove Shell, despite this highlighting the fact that their ethical pension option isn’t optimal.

It’s also interesting that PB’s CEO seems to be suggesting that L&G’s plan was responsible for Shell taking some positive steps already -

The strength of the Future World Plan is through its engagement and through pressure to change the behaviour of major global companies, including the world’s biggest polluters. Consequently, we have celebrated in the successes of the plan, including Shell’s commitment to link carbon emissions to executive pay in 2018 and the divestment of ExxonMobil when it failed to engage with investors in June 2019.