SNB Removed Chevron From US Portfolio on Environmental Concerns
The central bank hasn't moved away from drilling companies in general, but specifically dropped Chevron because of environmental concerns that don't apply to other rivals, the person said. They declined to be identified discussing confidential matters.
'The SNB has not adjusted its investment policy,' but stands by its existing guidelines, according to an e-mailed statement. It declined to comment on specific investments.
The central bank has 703 billion-franc in foreign currency reserves, amassed over the years through currency purchases to contain the strength of the franc.
A quarter is held in equities. A portion of that is in the US, requiring disclosure of such holdings according to American securities rules. The SNB's disposal of a stake in Chevron that previously totaled $712 million was revealed in its latest filing this month.
The share investments tend to mirror major indexes, and the SNB tries to be market-neutral. The central bank retains shares in other oil producers including Exxon Mobil Corp. and ConocoPhillips.
Activists have been pressuring the SNB for years to stop holding stocks in businesses whose products foster climate change. A focal point for protests is the central bank's annual shareholder meeting.
At the most recent one last month, protesters gathered in front of the venue with placards of President Martin Schlegel's face and the slogan 'burn, baby, burn.'
At that event, Schlegel recited the institution's policy that it may not pursue climate targets with its portfolio because its mandate is solely focused on price stability.
The central bank's investment guidelines prohibit purchasing stocks or bonds of companies that 'systematically cause severe environmental damage.' Producers of internationally condemned weapons, coal mining companies and systematically relevant banks are also excluded.
This article was generated from an automated news agency feed without modifications to text.
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