Amundi commits to net zero engagement

European asset manager, Amundi, has released its 2022 Engagement Report, detailing its sustained commitment to stewardship and climate-related engagement as a shareholder of several companies.

The manager said there were 418 new companies it had engaged with on climate-related issues in 2022, taking the total number of companies under engagement to 882. It also supported 88 per cent of climate-related shareholders proposals in 2023.

“Amundi believes that every sector and economic player must take immediate action to accelerate their transition, thus contributing to limiting global warming,” Caroline Le Meaux, Head of ESG Research, Engagement & Voting of Amundi, said.

“As part of its 2025 ESG Ambition plan, Amundi is accelerating on its engagement effort and is committed to engage with 1 000 additional companies on their climate strategy: in 2022, we actively engaged with an extra 418 companies in addition of the 464 companies already under engagement since 2021.”

The report also focused on the Energies and Utilities sectors, as Amundi highlighted the transition pathway to net zero of companies in these sectors requires more credible strategies and concentrated implementation to ensure the target of carbon neutrality is achieved across the board.

In the year to date, the asset manager engaged with over 400 energy and utilities companies on climate-related issues and their carbon emissions reduction strategy. It also voted against the re-appointment of over 500 directors (22 per cent) at 84 companies due to uncertainties over their climate strategies.

Amundi also voted against executive remuneration proposals at 89 (28 per cent) oil & gas and utilities companies after they fell short of implementing enough climate-related performance standards and criteria in their senior management variable compensation schemes.