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BRITAIN-US-EUROPE-INVESTMENT-ENVIRONMENT-CLIMATE
European asset managers care more about climate change: study
LONDON, Nov 4, 2019 (BSS/AFP) – European asset managers are more likely to
seek to hold companies to account over global warming than their US
counterparts, British-based pressure group ShareAction revealed Monday.
ShareAction, a non-governmental organisation (NGO) that campaigns for
responsible and sustainable finance, examined votes cast by investors in 57
of the world’s biggest asset management companies on proposals related to
climate change.
The group studied various proposals including climate reporting and
governance, corporate lobbying and emissions reduction targets.
“Analysis … reveals that the largest US asset managers are reluctant to
challenge company management on climate issues with their voting decisions,”
it concluded.
“Conversely, the most active and responsible stewards are based in the UK
and Europe.”
All of the top ten investment groups who were the most likely to vote down
climate change resolutions were based in the US.
The ten included BlackRock, JPMorgan Asset Management, Vanguard, and
Fidelity Management & Research Co.
The NGO described this as “highly concerning” because the 20 largest US
players control some 35 percent of global assets under management.
It added that six of the ten worst global performers in its study had
previously publicly backed action on climate change.
“You can’t boast climate-awareness in public and block climate goals in
private,” said ShareAction senior campaigns officer Jeanne Martin, who was
author of the report.
“Ultimately, these investors will be judged on their voting, which is the
most powerful tool at their disposal.
“They have the power to put the brakes on the climate emergency, but they
are on auto-pilot, driving us head-on into it.
“We hope their clients take note of these findings which separate out those
who are really walking the walk on climate change.”
ShareAction added that the five best performers in the study were all in
Europe.
Switzerland’s UBS Asset Management topped the leaderboard, followed by
Germany’s Allianz Global Investors, British pair Aviva Investors and HSBC
Asset Management, and AXA Investment Managers of France.
BSS/AFP/MSY/0820 hrs