Investments

U.Ok. pension trustees need extra local weather motion from managers

In response to AMNT, half of U.Ok. property below administration are in pooled funds the place fund managers won’t settle for the voting insurance policies of pension fund trustees.

For his or her evaluate, AMNT in contrast its personal climate-change insurance policies with these of 30 fund managers. It discovered that 40% of fund managers both did not disclose their voting coverage on any ESG challenge, didn’t reference local weather change in any respect, or did not set affordable requirements for taking motion on local weather change.

A specific concern was that for these managers with a voting guideline on local weather change, it was restricted to voting provided that there’s a shareholder decision, which hardly occurs within the U.Ok.

Solely 4 fund managers — Aviva, Blackrock, Federated Hermes and Authorized & Basic Funding Administration — had voting insurance policies and tips that met all 5 of AMNT’s insurance policies on local weather change, whereas dominant proxy advisers Institutional Shareholder Providers and Glass Lewis didn’t, in response to AMNT’s evaluate.

AMNT has toughened its voting coverage on local weather change and now expects firms to report in alignment with the Process Power on Local weather-related Monetary Disclosures’ requirements. It additionally requires that any company lobbying be achieved in alignment with the Paris Settlement and that CEO pay be linked to sustainability targets, together with local weather change.

The trustees’ group is asking on fund managers to revise voting insurance policies and tips on local weather change earlier than the 2022 proxy voting season, to raised align them with AMNT’s climate-change insurance policies.

It additionally desires fund managers to just accept suggestions issued Sept. 20 by the federal government’s Taskforce on Pension Scheme Voting Implementation that will give pension fund trustees extra alternative in voting coverage. Trustees must also undertake their very own voting coverage and use it to carry fund managers accountable, AMNT stated within the information launch.

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