The publisher of the Guardian newspaper said it will sell all its investments which are linked with fossils fuels due to environmental concerns. The media group has become one of the biggest funds to sell shares related with gas and oil companies.
The Guardian Media Group which has investments more than £800m said the decision was good. The media group said the decision made good sense for business, as the balance sheet of gas and oil companies are overvalued.
The Guardian Media Group’s investments in fossil companies such as BP and Shell represents only for single digit percentage of its total fund. The media group’s chairman said, direct holdings of bonds and stocks would be sold in a period of two years.
The chairman of the Guardian Media Group said the objective of this is to make some noise and influence fund managers. The decision of the Guardian Media Group follows to keep with a campaign, and to apply pressure on two of the world’s largest charitable organizations Wellcome Trust and Bill and Melinda Gates Foundation.
The Guardian Media Group which is owned by Scott’s Group aims to preserve its independence in the long run. It is all up to the Guardian to influence the society if it wishes so. The Guardian Media Group’s chairman added the board makes financially responsible and socially responsible investments. However, major part of GMG’S investments has come from selling a car magazine Auto Trader