Investors Are Increasingly Critical of Climate Action Plans

Major asset managers have tightened their positions. BNP Paribas AM supported only 22% of climate action plans; Amundi AM, only 40%. 26 January 2023 Investors Are Increasingly Critical of Climate Action Plans

Laurence Boisseau of Les Echos covers SquareWell’s latest study on Climate Change. As noted by Laurence Boisseau, 46 companies, globally, on their own initiative, had their climate action plans approved by their shareholders, twice as many as the previous year. A third were British groups such as Glencore, Barclays, Anglo American, Aviva, or even BP; a quarter were French. Among them, EDF, Engie, Amundi, Carrefour, or even a few real estate companies such as Nexity or Carmila. None of these groups were American. They were two the previous year.

For their part, shareholders were much less favorable to these plans when compared to the previous year. Average support levels decreased from 94.2% in 2021 to 88.5% in 2022, according to SquareWell’s study. One reason for the drop in support was due to ISS, the influential proxy advisor, stopped systematically rewarding management who submitted their climate action plans to a vote and who made efforts to be transparent.

The full article can be accessed here (in French, subscription required).


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