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Jules · @erasmid

1 followers · 376 posts · Server mastodon.au

An ethical investment company loudly announcing that 4 years of shareholder persuasion have failed, so they've sold their shares:

Quote Australian Ethical is concerned the NSW planning and environment department and Lendlease have interpreted the advice in a way that is favourable for development and dangerous for koalas by making the habitat too narrow for the koalas to move through and survive.

The funds manager said it had lost faith after recent talks with Lendlease “stalled”, and the planning and environment department had failed to commit to “meaningful public consultation” ahead of a July deadline for a decision on whether to approve the development.

Australian Ethical sold its debt and equity positions in Lendlease last week. It still has an investment in an unlisted property trust – the Australian Prime Property Fund Retail – which is illiquid and managed by Lendlease but said it would exit as soon as it was able.

“For over four years we have used our shareholdings in Lendlease to encourage it to strengthen koala protections, but Australian Ethical cannot continue to support a company that appears to be failing to take biodiversity protection seriously,” Australian Ethical spokesperson Amanda Richman said.

“We’ve been clear that Australian Ethical would continue to advocate until we have exhausted all avenues with Lendlease to improve koala protections, and we’ve now reached that point.”

She said Australian Ethical was calling on the NSW environment minister, James Griffin, to intervene and ensure there was transparent public consultation because “we cannot be confident that this koala colony will survive the developments proposed for the area”.

https://www.theguardian.com/australia-news/2023/mar/13/australian-ethical-offloads-lendlease-shares-over-development-threat-to-koala-population
#EthicalInvestment #Ethics #Investment #Koalas