Activist ValueAct Takes AES Stake in Push for Cleaner Energy

Activist investor ValueAct Capital Management has taken a stake in international power producer AES Corp., and the fund’s founder Jeffrey Ubben will join its board to help push for cleaner energy resources.

Ubben will work with AES on the company’s plan to sell coal assets, reduce debt and develop more solar power and battery storage, according to AES. ValueAct, based in San Francisco, declined to comment.

Institutional investors are increasingly pressing companies to address environmental, social and governance issues that could result in higher expenses decades down the road. The idea is to protect returns over an indefinite investment horizon ...