WWF, formerly World Wildlife Foundation, has decided to withdraw its investments in BP, dealing the UK gas and oil group another blow after Henderson Global Investor's ethical funds decided to withdraw investments last month.

UK institutional investors, such as pension funds, tend to opt for discussing issues with companies they invest in, rather than pre-emptively exluding them from portfolios. However only about 47% of UK charities take into account socially responsible, ethical and environmental investment factors, according to a recent survey by The Charity Fund Partnership, the research and consultant firm for the charities sector.