Climate votes: the great deception

Reclaim Finance assessed the policies and practice of 30 asset managers at the 2023 AGMs of 75 fossil fuel companies in their portfolios. Their votes on Say on Climate, climate-related shareholder resolutions, re-election of board members, remuneration and financial statements were all assessed as well as proxy voting policies. While almost all of the asset managers had committed to engage on climate issues by joining the Climate Action 100+ investor coalition, an analysis of their voting policies and practice in 2023 showed that all continued to support companies’ fossil fuel expansion plans.