One of Europe's top 10 asset managers Amundi's conviction is that tackling climate change while managing the social impact of the energy transition is an integral part of sound risk management
Amundi, a prominent French asset management company and one of Europe’s largest asset managers, has made a significant decision to oppose the re-election of more than 500 directors at 84 companies operating in the Energies & Utilities sectors. This stance is rooted in concerns regarding the companies’ climate strategies and their commitment to addressing climate change. The number of directors being opposed accounts for over 20% of all re-election candidates within these sectors, highlighting the significance of Amundi’s stance on the issue.
Amundi’s responsible investment approach, which aligns with Crédit Agricole’s societal project, places great emphasis on stewardship through engagement and voting. Being the largest asset manager in Europe, the firm holds significant ownership stakes in numerous companies through the funds and mandates it manages for clients.
Caroline Le Meaux, Head of ESG Research, Engagement & Voting at Amundi, stated
“Amundi believes that every sector and economic player must take immediate action to accelerate their transition, thus contributing to limiting global warming. As part of its 2025 ESG Ambition plan, Amundi is intensifying its engagement efforts and commits to engaging with an additional 1,000 companies on their climate strategies”.
Since the beginning of the year, Amundi has engaged with over 400 companies in the Energy and Utilities sectors regarding climate issues and their strategies for carbon reduction. It has implemented a rigorous voting policy that emphasizes board accountability and executive remuneration.
During the 2023 voting season, climate emerged as a key concern. Amundi supported 88% of climate-related shareholder proposals, recognizing shareholder resolutions as effective mechanisms to drive positive change and enhance transparency regarding issuers’ energy transition paths.
Amundi firmly believes that achieving the global carbon neutrality target necessitates the transformation of all companies, including those in the energy sector. As a result, Amundi remains invested in the energy sector and actively engages with companies to promote the implementation of credible climate strategies aligned with the goals of the Paris Agreement.
Amundi’s announcement follows the release of its updated voting policy earlier this year, which incorporates criteria pertaining to board accountability and executive remuneration. The policy, emphasizes ion vigilance regarding the inclusion of environmental, social, and governance (ESG) criteria in variable remuneration. Specifically, companies operating in sectors exposed to climate mitigation risks, such as oil and gas, utilities, mining, transportation, cement, steel & aluminum, construction, industrials, and infrastructure, which will be required to incorporate climate-related metrics into their variable remuneration frameworks.
The voting policy also expresses Amundi’s positive stance on shareholder resolutions that demand increased transparency on environmental and social issues.
Authored by: Queenie Nair
