GLOBAL - The FTSE Group has axed eight companies from its FTSE4Good Global Index Series, including petroleum giants BP.
The semi-annual review deletes companies who fail to meet the stringent ethical criterion which govern the indexes.
BP was removed by the policy committee after what it described as the company’s laissez-faire approach to the Gulf of Mexico oil spill.
Companies added to the indexes came mainly from the US and the UK with two new additions from Spain.
The FTSE4Good indexes were launched in 2001 as benchmarks and tradable indices for responsible investors.
Groups included by the FTSE4Good semi-annual review include AOL, Chubb, The Swatch Group and Talk Talk Telecom Group.
Bridgestone Corp and Allied Irish Bank were amongst the companies to be excluded.
Changes to the index will be effective at the close of markets on 17 September.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.