The UK’s largest asset manager, Legal and General Investment Management (LGIM), will vote against the re-appointment of EMS-Chemie’s Chair, Bernhard Merki, at its upcoming AGM. The move comes as a response to concerns over the Swiss polymers and speciality chemicals firm’s climate risk management, with LGIM stating tit fails to meet minimum standards outlined in its net zero guide for the chemicals sector. Swedish pension fund AP7 has followed suit, announcing it will cast its vote against Merki at its own AGM scheduled for 12 August. EMS-Chemie’s most recent sustainability report indicates a projected increase of more than 20% in carbon emissions over the next decade. Further, the company’s 2050 net-zero emissions target covers less than 1% of its reported emissions, primarily relying on offsetting efforts. Simon Rawson, Deputy Chief Executive of NGO ShareAction, said: “Investors are waking up to the fact that companies like EMS-Chemie are sleepwalking into climate catastrophe.” The chemicals industry is a significant contributor to greenhouse gas (GHG) emissions, accounting for approximately 6% globally, and plays a substantial role in driving demand for oil and gas. EMS-Chemie is the sixth-largest European chemical company by market capitalisation. Its client base includes several well-known car manufacturers worldwide.