Stockholm (NordSIP) – According to the Financial Times (FT), Nordea and other investment managers have taken their time to divest their holdings in the Italian car manufacturer Fiat, although it was accused of breaking emission laws earlier this month by the US environmental watchdog. At the time of the accusation, investors were being blamed for ignoring signs of corporate governance failing at Fiat. Answering questions on the matter, Sasha Beslik, head of sustainable finance at Nordea Wealth Management, is quoted saying that Nordea was still assessing the impact of the news by speaking to the company.
While Nordea only holds €37 million in Fiat stock, this late reaction contrasts with Nordea’s early move of excluding Volkswagen shares. According to the FT, Nordea was the first large investor to publicly state that its funds would no longer be allowed to invest in Volkswagen after the emissions scandal broke out in September 2015.
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