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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Legal & General Plc    LGEN   GB0005603997

LEGAL & GENERAL PLC

(LGEN)
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Global investors warn Indonesia that jobs bill puts forests at risk

10/05/2020 | 07:23am EST

LONDON, Oct 5 (Reuters) - Global investors managing $4.1 trillion in assets have warned Indonesia's government that a contentious job creation bill passed by parliament on Monday could pose new risks to the country's tropical forests.

In a letter seen by Reuters, 35 investors expressed their concerns, including Aviva Investors, Legal & General Investment Management, the Church of England Pensions Board, Netherlands-based asset manager Robeco and Japan's largest asset manager, Sumitomo Mitsui Trust Asset Management.

"While we recognize the necessity for reform of business law in Indonesia we have concerns about the negative impact of certain environmental protection measures affected by the Omnibus Bill on Job Creation," Peter van der Werf, senior engagement specialist at Robeco, said in a statement.

With President Joko Widodo's coalition controlling 74% of seats, parliament passed the bill that the government says is needed to improve the investment climate and streamline regulations in Southeast Asia's biggest economy.

A coalition of 15 activist groups, including trade unions, have condemned the bill and called for a strike.

The investors said they feared the legislation could hamper efforts to protect Indonesia's forests, which would in turn undermine global action to tackle biodiversity loss and slow climate change.

"While the proposed regulatory changes aim to increase foreign investment, they risk contravening international best practice standards intended to prevent unintended harmful consequences from business activities that could deter investors from Indonesian markets," said the letter, sent hours before the bill was passed.

With concerns over environmental breakdown rising up the investor agenda, some asset managers have begun to take a more public stance in urging governments in developing countries to protect the natural world.

In a similar intervention in July, 29 investors managing $4.6 trillion wrote to Brazilian embassies to demand meetings to call on right-wing President Jair Bolsonaro's government to stop soaring deforestation in the Amazon rainforest. (Reporting by Matthew Green; Editing by Ed Osmond)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AVIVA PLC 3.63% 336.8 Delayed Quote.-19.32%
LBS (LBS) - CMG (ELECTRONIC)/C1 0.00% 600.5 End-of-day quote.48.16%
LEGAL & GENERAL PLC 4.42% 271.6 Delayed Quote.-10.26%
SUMITOMO MITSUI FINANCIAL GROUP, INC. 1.62% 3204 End-of-day quote.-20.65%
SUMITOMO MITSUI TRUST HOLDINGS, INC. 1.47% 3252 End-of-day quote.-25.02%
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Financials
Sales 2020 8 207 M 10 963 M 10 963 M
Net income 2020 1 459 M 1 949 M 1 949 M
Net Debt 2020 4 027 M 5 379 M 5 379 M
P/E ratio 2020 10,5x
Yield 2020 6,50%
Capitalization 16 139 M 21 551 M 21 560 M
EV / Sales 2020 2,46x
EV / Sales 2021 0,55x
Nbr of Employees 8 542
Free-Float 97,2%
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Technical analysis trends LEGAL & GENERAL PLC
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 263,59 GBX
Last Close Price 271,90 GBX
Spread / Highest target 21,7%
Spread / Average Target -3,06%
Spread / Lowest Target -39,3%
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Managers
NameTitle
Nigel David Wilson Group Chief Executive Officer & Executive Director
John Kingman Chairman
Jeff Davies Group Chief Financial Officer & Executive Director
Julia Susan Wilson Senior Independent Non-Executive Director
Lesley Mary Samuel Knox Independent Non-Executive Director
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