This decision follows criticism of Baillie Gifford’s own investments in fossil fuel companies, leading to the firm withdrawing sponsorship from several book festivals.

Monks chairman Karl Sternberg emphasised the trust’s commitment to ESG factors in investment decisions, stating that insufficient progress in these areas led to the sale of the Rio Tinto holding.

In a statement to investors, Mr Sternberg said: “Many shareholders will be aware of the public debate surrounding investments in fossil fuels.

“The board and the managers take their stewardship responsibilities very seriously. Environmental, social, and governance (ESG) factors are intrinsically linked with long-term investing.

“The managers embed the analysis of these factors into their core research when searching for high-quality growth companies. They are supported by a dedicated ESG analyst who assists with the ongoing stewardship of each holding – he is part of a wider team of more than 40 people.

“The objective is not to seek perfection but to focus on materiality and the direction of travel. Engagement can encourage responsible behaviour and meaningful change.

“The company’s direct investments in businesses with fossil fuel related activities totalled 2.6% versus 4.8% for the index at the year end.”

The trust’s concerns originally stemmed from the destruction of a 46,000-year-old Aboriginal site in 2020 and lingering unease about the company’s culture. Then chief executive Jean-Sebastien Jacques and chairman Simon Thompson left the mining giant.