July 28, 2020 / 1:50 PM / 17 days ago

Nordea drops EUR 40 mln of JBS shares over environment, COVID-19 response

SAO PAULO, July 28 (Reuters) - Nordea Asset Management has decided to exclude shares of JBS SA from all of its funds this month based on the company’s environmental record and response to the COVID-19 pandemic in production facilities, according to a statement sent to Reuters on Tuesday.

The statement said the decision was taken after a period of engagement with the company, which is the world’s largest meat producer, that in the end did not produce a satisfactory outcome.

“We did not feel that we were seeing the response that we were looking for,” the statement said.

Talks with JBS ahead of the move’s announcement covered issues including risk of deforestation in JBS’ supply chain, corporate governance and the handling of corruption charges, and employee health and safety with regard to COVID-19, according to the statement.

“As JBS shares have not been a preferred investment of ours for a long time and these were also in quarantine, with no buy orders allowed since last year, we did not have very much left at the end and finally excluded around 40 million euros,” the statement said.

JBS did not have an immediate comment on Nordea’s move, which was first reported by The Guardian newspaper. (Reporting by Ana Mano; Editing by Andrea Ricci)

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