A group of UK pension funds has slammed Vedanta Resources, the FTSE100-listed metals and mining group, for ignoring shareholder lobbying on ESG issues after the company’s share price slid by 10% last week – wiping £300m off its market capitalisation – following an Indian government body ruling against a controversial mining project. The UK’s Local Authority Pension Fund Forum, which represents 52 schemes with a combined £90bn (€100bn), said the share price plunge demonstrated the financial risk of poor management of ESG issues.
See http://www.responsible-investor.com/home/article/uk_vedanta/.