ShareAction report shows asset managers' proxy voting can be strong tool for climate action
Author: ShareAction, Published on: 11 November 2019
"Voting Matters: Are asset managers using their proxy votes for climate action?", November 2019
Investors have a key role to play in helping avert dangerous climate change... [B]y using their proxy voting rights [to]... exert influence over their investee companies and exert stewardship... [It is] often the only real evidence that beneficiaries and asset owners have of their asset managers acting on their behalf on issues such as climate change and excessive pay. [Key findings include]: US asset managers are clear laggards in terms of proxy voting on climate, whilst European asset managers lead the way... These results are highly concerning as the 20 largest US fund managers control about 35% of global assets under management (AUM), more than double the 14% run by the top 20 European players... [Reccommendations include:] Assess asset managers’ climate-related performance and proxy voting record on climate change resolutions during the asset manager selection process... Monitor your asset managers’ proxy voting decisions on climate change resolutions and on ordinary resolutions at companies that have shown persistent inaction on climate change and/or reluctance to engage with their shareholders.
Related companies: Allianz Aviva AXA BlackRock BMO Global Capital Group Chevron Duke Energy ExxonMobil Fidelity Investments (FMR LLC) Ford Franklin Templeton (Franklin Resources) General Motors Goldman Sachs HSBC JPMorgan Chase Manulife Financial Metlife Northern Trust SMBC Nikko Securities State Street T. Rowe Price Vanguard