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Vanguard Under Scrutiny on Climate 

Vanguard is under increasing pressure from campaigners on the climate crisis with a run of television and digital advertisements starting this week in the US warning its customers of the risk that climate change poses to their savings and investments. The ad campaign, dubbed “Reaping What They’ve Sown”, is from the Vanguard S.O.S. campaign and targets the asset manager for its “role in fuelling the climate crisis” through failing to release a comprehensive plan that integrates climate risk into its investment strategies. In March, more than 1400 investors sent a letter to Vanguard’s general counsel warning that the firm may be breaching its fiduciary duties by failing to mitigate climate risk. Vanguard S.O.S. says Vanguard has US$300 billion invested in fossil fuels and lags its peers such as BlackRock and State Street on climate action. Roberta Giordano of the Vanguard S.O.S. campaign said: “We’re airing this ad where Vanguard’s executives and employees work and live so they are reminded first-hand of the consequences of their decisions. This is part of a larger strategy to engage Vanguard and to educate the firm’s clients about the risks to their portfolios.”  

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