Report: Swiss finance complicit in fossil fuel expansion

In this report we particularly focus on how five major Swiss financial institutions – UBS, Credit Suisse, Swiss Life AM, Zurich and Pictet manage their relationships with companies developing new coal, oil or gas supply projects. We look at their policies towards the fossil fuel sector and analyze the credibility of their dialogue with fossil fuel companies, including the quality of their voting.  

The report reveals the prevalence of ad’hoc decisions over systematic measures, which leads to inconsistencies and a lack of clarity in their relationship with fossil fuel expansionists. For example, Pictet, UBS AM and Credit Suisse AM voted against the re-election of the Glencore chair, but continue to provide new capital to Glencore.