Green stocks are often overpriced and can offer investors limited scope for making a positive impact on the environment, the chief executive of Aviva Investors has argued.
“I believe that as a general strategy, buying brown and helping it to become green will deliver better investment returns, and it doesn’t matter what asset class you’re talking about,” Mark Versey told the Financial Times.
The investment arm of the UK-based insurer, which has ￡263bn in assets under management, considers sustainable investment the “North Star” principle guiding the company, and has been vocal about its intentions to vote against bosses who do not shape up on climate, human rights and biodiversity.
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