Leading European asset manager Amundi revealed today that it has opposed the re-election of more than 500 directors at 84 companies in the Energies & Utilities sectors so far this year, over concerns about their companies’ climate strategies, representing more than 20% of re-election candidates in those sectors.

The firm also stated that it voted against executive remuneration-related proposals at 89 oil & gas and utilities companies, over their failure to include climate-related performance criteria in senior management variable compensation schemes.

The announcement follows the publication of a new voting policy by Amundi earlier this year with board accountability and executive remuneration criteria. In the policy, Amundi said that it “will be vigilant on the inclusion of ESG criteria in the variable remuneration,” and will require companies in climate mitigation risk-exposed sectors – such as oil & gas, utilities, mining, transportation, cement, steel & aluminium, construction, industrials, and infrastructure – to include climate-related criteria in variable remuneration metrics.

The voting policy also states that “Amundi views favorably shareholder resolutions asking issuers to increase transparency on environmental and social issues.” Amundi said that in the 2023 voting season, it has supported 88% of climate-related shareholder proposals.

In a statement announcing its recent voting, Amundi saiid:

“We firmly believe in active and constructive dialogue with issuers to positively influence their overall strategy, and push them in an ambitious environmental transition journey. Stewardship is a powerful way to influence company’s understanding and disclosure of environmental and social issues. It is also a way to contribute to strategy changes that will result in real-life outcomes and long term sustainable value creation.”

Increasing stewardship activity forms a key part of Amundi’s 2025 ESG Ambition plan, which the company launched in 2021, which included a goal to engage with 1,000 additional companies on climate strategies. In the company’s recently released 2022 Engagement Report, Amundi revealed that it is on track to meet this target, with 418 new companies engaged on climate in 2022, taking the total number to 882.

Caroline Le Meaux, Head of ESG Research, Engagement & Voting of Amundi said:

“Amundi believes that every sector and economic player must take immediate action to accelerate their transition, thus contributing to limiting global warming.”