Fund managers with more than US$2.2 trillion in combined managed assets have urged companies with exposure to fossil fuels to take note of BP’s colossal asset write-down and properly account for climate change risks in their price assumptions and asset valuations. “The question all company directors and their shareholders now need urgently answered is where else might company positions be overstated. And this question is not only pertinent to oil and gas companies, but any company that depends on fossil fuels to deliver future profits,” wrote Natasha Landell-Mills, head of stewardship at asset manager Sarasin & Partners. The asset manager is one of the two dozen signatories to the investor statement urging companies to align their accounting to the Paris climate goals. “We will be rolling out similar engagements with other fossil fuel-dependent companies,” Landell-Mills, told Reuters in an interview published on Monday. The investors plan to campaign for […]