Legal & General defends holding Shell stock in climate fund

Investor says it is seeing 'positive signs' from oil giant after PensionBee clients question inclusion

Legal & General has defended its decision to retain Shell as one of the top stocks in its climate-conscious fund, despite a pension client raising concerns about the oil giant's inclusion.

PensionBee, an online pension provider that handles 650m worth of client assets, said it was being inundated with questions from its own customers about the composition of one of Legal & General Investment Management's Future World Funds, which counts Shell among its top 10 holdings.