JPMorgan to exclude Petronas, Pertamina from EM ESG index

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Petronas and Indonesia’s Pertamina are on a watchlist for removal from JPMorgan’s ESG EMBI index, the bank said in a statement on Tuesday.JPMorgan said both state-owned oil majors "are expected to exit the JESG suite at the June month-end rebalance" as their scores fell below a required threshold and they are no longer eligible for inclusion.JPMorgan uses outside firms to assess the ESG score required for inclusion in the index. Sustainalytics, one of them, said some of Petronas’ or its affiliates' activities in "high-risk regions" may be viewed as a violation of a United Nations arms embargo, according to the bank's statement.The decline in score is also related to "ongoing exposure to multiple incidents related to human rights" and "the ongoing political situation in Myanmar."Petronas did not immediately respond to a request fo…