One of the world’s biggest pension funds has sold its stake in Tokyo Electric Power Co (Tepco) because of concerns over safety and the environment.
ABP, a Dutch pension firm, said that it had sold its stake in the Japanese energy company because it no longer met its standards for responsible investment. ABP said in a statement that it had entered a dialogue with Tepco to address its concerns but that it had not seen a change in behaviour at Tepco.
ABP’s stake in Tepco was worth around €18 million. The Dutch firm said that Tepco had failed to meet objectives regarding respect for human rights and the environment in the wake of the March 2011 Fukushima nuclear accident.
"During and after the nuclear disaster in Fukushima, the Japanese company structurally violated our standards. So they have little regard for public safety," said ABP in a statement. It has put Tepco on its list of banned investments.
