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Amazon fires provoke Storebrand AM to target companies

The lead manager behind a global investor campaign to help save the Amazon is redirecting its activism and targeting corporations after Brazil moved “further away” from protecting its forests.

Storebrand AM Chief Executive Officer Jan Erik Saugestad | Photo: PR / Storebrand AM

Storebrand Asset Management, which oversees USD 120bn in assets, has been steering a group of like-minded funds which manage a total of USD 3.7trn. But a year of lobbying Brazil's government has failed to stop illegal logging, and that means a new strategy is needed, Chief Executive Officer Jan Erik Saugestad said in an interview.

"Over the coming weeks we will contact more than 50 companies in order to push this harder", Saugestad said. He declined to identify the firms by name, but said Storebrand is singling out those whose businesses are likely to benefit from illegal logging.

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