Brazilian meat giant JBS has been dropped from major investor Nordea Asset Management – the largest financial service group in the Nordics.
It is reported the investors control a fund of around £21 billion ($27 billion) – which JBS is now ‘excluded’ from.
According to The Guardian, head of responsible investments at Nordea Asset Management Eric Pedersen said: “The exclusion of JBS is quite dramatic for us because it is from all of our funds, not just the ones labeled ESG.”
The firm’s acronym ESG stands for ‘environmental, social and governmental’ – a set of standards used to assess how sustainable a company is.
The announcement follows five allegations in 2020 alone that have tied the meat processor to illegal deforestation – with environmental groups including Greenpeace criticizing the company since 2012.
JBS was also slammed last year when the Amazon Rainforest was reported to have been ‘burning down at record pace’ – with a slew of major news outlets linking the blazes to beef farming.