ABP, managing a total of €544 billion in assets, has sold off its stakes in both Meta and Alphabet. CEO Harmen van Wijnen told FD that the companies no longer met the fund's governance criteria, prompting the decision. The sale of these shares, which took place in the third quarter of last year, is part of ABP’s ongoing efforts to reshape its investment portfolio in line with its ethical standards.
Previous Divestments and Financial Details
In addition to Meta and Alphabet, ABP also divested from Tesla shares for similar reasons, according to FD. At the end of the second quarter of 2024, the fund's holdings were valued at approximately €3 billion in Alphabet, €2 billion in Meta, and €597 million in Tesla. Van Wijnen emphasized that these sales were unrelated to any political events, notably dismissing any connection with Donald Trump’s election.
Commitment to Sustainable Investments
The divestment is consistent with ABP’s broader investment policy, which seeks to reduce exposure to companies with a significant climate impact and avoid investments in industries such as fossil fuels, tobacco, and arms production.
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