Why are Legal & General investing in risky, dirty oil?
Like many pension providers, Legal & General has a great deal of our pension funds invested in oil. In fact, it's the one of the largest investors in BP so it has enormous influence over how the oil giant operates.
Companies like BP are currently looking for oil in extreme and inaccessible places, drilling deep under Arctic seas or ripping up the Canadian landscape in search of tar sands. But these dangerous ventures are extremely risky and that means it’s also a risky investment for your pension.
The oil companies are working on a business plan that ignores the necessary reductions in carbon emissions that we must make in coming years. So if their plan isn’t sustainable for the planet, it’s also not going to sustain our retirement.
Write to Kevin Gregory, chief executive of Legal & General, and ask him to question BP's relentless pursuit of oil. That way we’ll be able to retire in a clean and healthy environment with pensions that value the quality of life we will have, not just quantity of profits.
Dear Mr Gregory,