Assessment of the climate practices of asset managers

Aberdeen‘s activities still strongly support fossil fuel expansion.  

Aberdeen has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Aberdeen has invested in at least 72 recently issued bonds of fossil fuel developers that were issued between 1 January 2024 and 30 June 2025, representing at least USD 105 million of holdings in October 2025. By buying new bonds, Aberdeen provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of Aberdeen’s votes at the last annual general meetings supported the management of the largest fossil fuel developers, with 92% of votes in favor of the actions of the boards of directors. Through these voting practices, Aberdeen unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.  

Aegon Asset Management‘s activities still support fossil fuel expansion, especially through its voting practices. 

Aegon Asset Management has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Aegon Asset Management has invested in at least 11 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 61 million of holdings in October 2025. By buying new bonds, Aegon Asset Management provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, Aegon Asset Management disclosed almost no vote regarding resolutions linked with the action of the board of directors of the biggest fossil fuel developers and did not disclose its votes for 93% of those linked with the remuneration of top executives of these companies. These voting practices both reveal a major lack of transparency and potentially an important missed opportunity to sanction the climate strategies of fossil fuel developers. 

Allianz Global Investors‘ activities still strongly support fossil fuel expansion.  

Allianz Global Investors has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Allianz Global Investors has invested in at least 46 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 112 million of holdings in October 2025. By buying new bonds, Allianz Global Investors provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of Allianz Global Investors’ votes at the last annual general meetings supported the management of fossil fuel developers, with 75 % of votes in favor of the actions of the boards of directors. Through these voting practices, Allianz Global Investors strongly approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science. Allianz Global Investors nevertheless opposed more resolutions linked with the remuneration of directors, opposing 44 % of them, and is one of the asset managers that most often justifying its opposing votes to the remuneration by climate-related rationales (6.1% these resolutions).  

Amundi still overwhelmingly supports fossil fuel expansion.  

Amundi took some steps to reduce its support to fossil fuel expansion by excluding some thermal coal developers, but the asset manager can still invest in thermal coal developers through its passively managed assets and in some exempted coal developers. Regarding the oil and gas sector, Amundi has still not taken any similar commitment to stop new investments in companies developing new projects and continues to invest in newly issued bonds of these companies, providing them fresh capital and enabling them to launch new fossil fuel projects. Amundi has invested in at least 79 recent bonds of the largest fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 347 million of holdings in October 2025.  

Moreover, Amundi committed to vote against some management-proposed resolutions for some thermal coal developers but has not taken a commitment for oil and gas developers. In practice, Amundi voted against 55% of the reelections of directors or the discharges of the boards of the largest fossil fuel developers at the last annual general meetings. However, the asset manager still voted in favor of some reelections of directors of large oil and gas developers such as TotalEnergies, Shell and Chevron. As an example, Amundi voted both in favor of the reelection of the only outgoing director and the remuneration of the CEO and Chair of the board of directors at TotalEnergies’ last annual general meeting, even though they are pursuing the strategy that makes TotalEnergies the world’s sixth largest upstream oil and gas developer. 

Aviva Investors’ activities still support fossil fuel expansion, notably through its voting practices. 

Aviva Investors has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Aviva Investors only holds a limited amount of bonds recently issued by fossil fuel developers compared with the other big asset managers. In October 2025, Aviva Investors held 6 bonds of fossil fuel developers that were issued between 1 January 2024 and 30 June 2025, representing USD 23 million of holdings. 

Moreover, the vast majority of Aviva Investors votes’ at the last annual general meetings supported the management of fossil fuel developers, with 65% of votes in favor of the actions of the boards of directors. Through these voting practices, Aviva Investors strongly approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science. Aviva Investors nevertheless opposed more resolutions linked with the remuneration of directors, opposing 47% of them, and is one of the asset managers that most often justified its opposing votes to the remuneration by climate-related rationales (6.5% these resolutions). 

AXA Investment Managers’ activities still support fossil fuel expansion.  

AXA Investment Managers took robust measures to reduce its support to thermal coal expansion even though this commitment does not apply to its joint ventures. However, the asset manager has still not taken any similar commitment to stop new investments in oil and gas developers and has not committed to vote against management-proposed resolutions of fossil fuel companies either.  

In practice, AXA Investment Managers has invested in at least 13 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 94 million of holdings in October 2025. By buying new bonds, AXA Investments Managers provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of AXA Investments Managers’ votes at the last annual general meetings supported the management of fossil fuel developers, with 66% of votes in favor of the actions of the boards of directors. Through these voting practices, AXA Investments Managers strongly approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science. AXA Investments Managers is nevertheless one of the asset managers that most often justified its opposing votes to the actions of the board of directors by climate-related rationales (6.5% of these resolutions). 

Blackrock‘s activities still overwhelmingly support fossil fuel expansion.  

Blackrock has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Blackrock has invested in at least 137 recently issued bonds of fossil fuel developers that were issued between 1 January 2024 and 30 June 2025, representing at least USD 2,881 million of holdings in October 2025. By buying new bonds, Blackrock provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of Blackrock’s votes at the last annual general meetings supported the management of the largest fossil fuel developers, with 85% of votes in favor of the actions of the board of directors, and 85% in favor of the remuneration of top executives. Through these voting practices, Blackrock unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.  

BNP Paribas Asset Management’s activities still support fossil fuel expansion. 

BNP Paribas Asset Management took some important steps to reduce its support for fossil fuel expansion by stopping new investments in bonds issued on the primary market by oil and gas exploration and production companies. The asset manager also excludes companies developing new thermal coal mines and plants, another leading practice. However, it should be noted that these measures don’t cover companies involved in transporting oil and gas, or the development of new liquefied natural gas (LNG) export terminals, which are also a redline is a robust 1.5°C trajectory.  

In practice, BNP Paribas Asset Management only invested in the secondary market in a limited amount of bonds recently issued by the largest fossil fuel developers compared with the other big asset managers. In October 2025, BNP Paribas Asset Management held 6 bonds of fossil fuel developers that were issued between 1 January 2024 and 30 June  2025, representing USD 28 million of holdings. 

Regarding voting practices, BNP Paribas Asset Management opposed 44% of resolutions linked with the reelections of directors and the discharge of the boards of directors at these companies, and 34% of those linked with remuneration. But BNP Paribas Asset Management has not formalized a clear commitment to systematically vote against these resolutions for all fossil fuel developers yet. 

Capital Group‘s activities still overwhelmingly support fossil fuel expansion.  

Capital Group has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Capital Group has invested in at least 46 recently issued bonds of fossil fuel developers that were issued between 1 January 2024 and 30 June 2025, representing at least USD 2,563 million of holdings in October 2025. By buying new bonds, Capital Group provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of Capital Group’s votes at the last annual general meetings supported the management of the largest fossil fuel developers, as the asset manager did not disclose any vote against resolutions linked with the actions of the board of directors or with the remuneration of top executives. Through these voting practices, Capital Group unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.  

DWS‘s activities still overwhelmingly support fossil fuel expansion.  

DWS took an important step to reduce its support to thermal coal expansion by excluding companies developing new coal mines, plants and infrastructure. However, this measure does not apply to all DWS’s passive assets under management. In addition, the asset manager has not taken any commitment regarding companies developing new oil and gas projects and has not committed to vote against management-proposed resolution for fossil fuel developers.  

In practice, DWS has invested in at least 79 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 254 million of holdings in October 2025. By buying new bonds, DWS provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the asset manager supported the management of the largest fossil fuel developers at the last annual general meetings, with 64% of votes in favor of the actions of the boards of directors. Through these voting practices, DWS approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science. 

Eurizon Asset Management’s activities still support fossil fuel expansion. 

Eurizon Asset Management has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Eurizon Asset Management has invested in at least 12 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 62 million of holdings in October 2025. By buying new bonds, Eurizon Asset Management provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of Eurizon Asset Management’s votes at the last annual general meetings supported the management of fossil fuel developers, with 70% of votes in favor of the actions of the boards of directors, and 87% in favor of the remuneration of top executives. Through these voting practices, Eurizon Asset Management unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science. 

Fidelity International‘s activities still strongly support fossil fuel expansion.  

Fidelity International has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Fidelity International has invested in at least 39 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 110 million of holdings in October 2025. By buying new bonds, Fidelity International provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of Fidelity International’s votes at the last annual general meetings supported the management of fossil fuel developers, with 55% of votes in favor of the actions of the boards of directors. Through these voting practices, Fidelity International unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science. 

Fidelity Investments’ activities still overwhelmingly support fossil fuel expansion.  

Fidelity Investments has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Fidelity Investments has invested in at least 62 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 810 million of holdings in October 2025. By buying new bonds, Fidelity Investments provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of Fidelity Investments’ votes at the last annual general meetings supported the management of fossil fuel developers, with 90% of votes in favor of the actions of the boards of directors, and 91% in favor of the remuneration of top executives. Through these voting practices, Fidelity Investments unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.  

Goldman Sachs Asset Management’s activities still support fossil fuel expansion, notably through its voting practices. 

Generali Asset Management took some steps to reduce its support to fossil fuel expansion by excluding some thermal coal developers but defined some exceptions to that commitment. However, the asset manager has still not taken any commitment to stop new investments in oil and gas developers and has not committed to vote against management-proposed resolutions of fossil fuel companies either.  

In practice, Generali Asset Management only holds a limited amount of bonds recently issued by the largest fossil fuel developers compared with the other big asset managers. In October 2025, Generali Asset Management held 10 bonds of fossil fuel developers that were issued between 1 January 2024 and 30 June 2025, representing USD 24 million of holdings. 

Regarding voting practices, the vast majority of Generali Asset Management’s votes at the last annual general meetings supported the management of fossil fuel developers, with only 5% of opposing votes to the actions of the boards of directors, and only 5% to the remuneration of top executives. Through these voting practices, Generali Asset Management unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science. 

Goldman Sachs Asset Management’s activities still overwhelmingly support fossil fuel expansion.  

Goldman Sachs Asset Management has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Goldman Sachs Asset Management has invested in at least 48 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 156 million of holdings in October 2025. By buying new bonds, Goldman Sachs Asset Management provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of Goldman Sachs Asset Management’s votes at the last annual general meetings supported the management of the largest fossil fuel developers, as the asset manager disclosed almost no vote against any resolution linked with the actions of the board of directors or with the remuneration of top executives. Through these voting practices, Goldman Sachs Asset Management’s unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.  

HSBC Asset Management’ s activities still overwhelmingly support fossil fuel expansion.  

HSBC Asset Management took some steps to reduce its support to thermal coal expansion by excluding some coal developers. However, the asset manager has still not taken any commitment to stop new investments in oil and gas developers, and has not committed to vote against management-proposed resolutions of fossil fuel companies either.  

In practice, HSBC Asset Management has invested in at least 45 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 316 million of holdings in October 2025. By buying new bonds, HSBC Asset Management provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of HSBC Asset Management’s votes at the last annual general meetings supported the management of fossil fuel developers, with 79% of votes in favor of the actions of the boards of directors. Through these voting practices, HSBC Asset Management unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.  

Janus Henderson’s activities still strongly support fossil fuel expansion.  

Janus Henderson has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Janus Henderson has invested in at least 9 recently issued bonds of oil and gas developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 143 million of holdings in October 2025. By buying new bonds, Janus Henderson provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of Janus Henderson’s votes at the last annual general meetings supported the fossil fuel expansion, as the asset manager did not disclose any vote against resolutions linked with the actions of the board of directors or with the remuneration of top executives. Through these voting practices, Janus Henderson unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science. 

JP Morgan Asset Management’s activities still overwhelmingly support fossil fuel expansion.  

JP Morgan Asset Management has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, JP Morgan Asset Management has invested in at least 58 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 1,002 million of holdings in October 2025. By buying new bonds, JP Morgan Asset Management provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of JP Morgan Asset Management’s votes at the last annual general meetings supported the management of fossil fuel developers, with 79% of votes in favor of the actions of the boards of directors and 64% of votes in favor of the remuneration of top executives. Through these voting practices, JP Morgan Asset Management unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science. 

Legal & General Investment Management’s activities still strongly support fossil fuel expansion.  

Legal & General Investment Management has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies. 

In practice Legal & General Investment Management has invested in at least 41 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 140 million of holdings in October 2025. By buying new bonds, JP Morgan Asset Management provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, Legal & General Investment Management mentions the possibility to vote against the chair of the board of directors for companies expanding their fossil fuel production. However, this measure is not applied systematically to all fossil fuel developers. In fact, the vast majority of Legal & General Investment Management’ votes at the last annual general meetings supported the management of fossil fuel developers, with 67% of votes in favor of the actions of the boards of directors. Through these voting practices, Legal & General Investment Management continues to approve the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science. Legal & General Investment Management is nevertheless one of the asset managers that most often justified its opposing votes to the actions of the board of directors by climate-related rationales (9.5% of these resolutions). 

Loomis Sayles’ activities still strongly support fossil fuel expansion.  

Loomis Sayles has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Loomis Sayles has invested in at least 15 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 151 million of holdings in October 2025. By buying new bonds, Loomis Sayles provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, Loomis Sayles did not disclose any votes for 89% of resolutions linked with  the actions of the boards of directors. These voting practices both reveal a major lack of transparency and unconditionally approve the fossil fuel expansion plans of these companies, disregarding that they are not aligned with climate science. 

Moreover, Loomis Sayles did not disclose its votes for 89% of resolutions linked with the actions of the board of directors. These voting practices both reveal a major lack of transparency and potentially an important missed opportunity to sanction the climate strategies of fossil fuel developers. 

M&G Investments’ activities still strongly support fossil fuel expansion. 

M&G Investments took some important steps to reduce its support to thermal coal expansion by excluding companies developing new coal mines, power plants and infrastructure. However, this commitment does not apply to assets that are passively managed by M&G Investments. Moreover, the asset manager has still not taken any similar commitment to stop new investments companies developing new oil and gas projects, and has not committed to vote against management-proposed resolutions of fossil fuel companies either. 

In practice, M&G Investments has invested in at least 11 recently issued bonds of fossil fuel developers that were issued between 1 January 2024 and 30 June 2025, representing at least USD 72 million of holdings in October 2025. By buying new bonds, M&G Investments provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Regarding voting practices, the vast majority of M&G Investments’ votes at the last annual general meetings supported the management of the largest fossil fuel developers, with 88% of votes in favor of the actions of the boards of directors and 90% in favor of the remuneration of top executives. Through these voting practices, M&G Investments unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.  

Nordea Asset Management’s activities still support fossil fuel expansion, notably through its votes at annual general meetings. 

Nordea Asset Management took some steps to reduce its support to fossil fuel expansion by stopping new investments in companies involved in several unconventional sectors (arctic drilling, tar sand, fracking) for the majority of its assets under management. The asset manager also excludes companies developing new coal power plants but has not taken the same commitment for thermal coal mines.  

In practice, the asset manager only holds a limited number of bonds recently issued by these companies compared to other big asset managers. In October 2025, Nordea Asset Management held 8 bonds issued between 1 January 2024 and 30 June 2025 by fossil fuel developers, representing USD 10 million of holdings. 

Regarding voting practices, Nordea Asset Management has not committed to vote against management-proposed resolutions of fossil fuel companies and continues to vote strongly in favor of the management of fossil fuel developers. At the last annual general meetings, Nordea Asset Management voted in favor of 91% of resolutions linked with the actions of the board of directors. Through these voting practices, Nordea Asset Management continues to approve the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.  

Ostrum Asset Management’s activities still support fossil fuel expansion, through its votes at annual general meetings. 

Ostrum Asset Management mentions the possibility to vote against the reelections or the discharge of the boards for companies pursuing fossil fuel expansion. However, this measure is not applied systematically to all fossil fuel developers. 

In practice, Ostrum Asset Management only holds shares in 3 of the biggest fossil fuel developers: Eni, TotalEnergies and Shell. However, at the last annual general meetings, Ostrum Asset Management did not seize the opportunities to oppose the actions of the board of directors and voted in favor of 93% of these resolutions. 

On the investment side, Ostrum Asset Management took an important step to reduce its support to thermal coal expansion by stopping all new investments in companies developing new coal mines, plants and infrastructure. However, the asset manager has still not taken any similar commitment for oil and gas developers. 

In practice, Ostrum Asset Management does not hold any bond recently issued by the largest fossil fuel developers: a robust oil and gas policy would guarantee that these investments practices remain on the long term, aligned with the recommendations based on climate science. 

PIMCO‘s activities still overwhelmingly support fossil fuel expansion.  

PIMCO has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, PIMCO has invested in at least 87 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 2,017 million of holdings in October 2025. By buying new bonds, PIMCO provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the majority of PIMCO’s votes at the last annual general meetings supported the management of fossil fuel developers, with 61 % of votes in favor of the actions of the boards of directors. Through these voting practices, PIMCO unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science. 

Schroders‘ activities still overwhelmingly support fossil fuel expansion.  

Schroders has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Schroders has invested in at least 42 recently issued bonds of fossil fuel developers that were issued between 1 January 2024 and 30 June 2025, representing at least USD 182 million of holdings in October 2025. By buying new bonds, Schroders provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of Schroders’ votes at the last annual general meetings supported the management of the largest fossil fuel developers, with 82% of votes in favor of the actions of the boards of directors. Through these voting practices, Schroders unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science. 

State Street Investment Management’s activities still overwhelmingly support fossil fuel expansion. 

State Street Investment Management has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, State Street Investment Management has invested in at least 95 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 336 million of holdings in October 2025. By buying new bonds, State Street Investment Management provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of State Street Investment Management’s votes at the last annual general meetings supported the management of fossil fuel developers, with 92 % of votes in favor of the actions of the boards of directors, and 88 % in favor of the remuneration of top executives. Through these voting practices, State Street Investment Management unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science. 

Swiss Life Asset Managers’ activities still support fossil fuel expansion.  

Swiss Life Asset Managers has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Swiss Life Asset Managers only holds a limited amount invested in bonds recently issued by the largest fossil fuel developers compared with the other big asset managers. In October 2025, Swiss Life Asset Managers held 46 bonds of fossil fuel developers that were issued between 1 January 2024 and 30 June 2025, representing USD 39 million of holdings. 

Moreover, Swiss Life Asset Managers did not disclose its votes for 80% of the remunerations linked with the remuneration of top executives of these companies. These voting practices both reveal a major lack of transparency and potentially an important missed opportunity to sanction the climate strategies of fossil fuel developers. 

UBS Asset Management‘s activities still overwhelmingly support fossil fuel expansion.  

UBS Asset Management has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, UBS Asset Management has invested in at least 105 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 553 million of holdings in October 2025. By buying new bonds, UBS Asset Management provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of UBS Asset Management’s votes at the last annual general meetings supported the management of fossil fuel developers, with 83 % of votes in favor of the actions of the boards of directors. Through these voting practices, UBS Asset Management unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.  

Union Investment’s activities still support fossil fuel expansion, mainly through its investment practices. 

Union Investment took robust measures to reduce its support to fossil fuel expansion by committing to vote against some management-proposed resolutions of fossil fuel developers. In practice, the asset manager opposed 95% of the resolutions linked with the reelections of directors and the discharge of the boards of directors of the largest fossil fuel developers at the last annual general meetings, showing a leading practice among large asset managers. The asset manager also opposed 59% of those linked with the remuneration of top executives of these companies. 

On the investment side, Union Investment excludes some coal developers but still leaves room for new investments in fossil fuel developers in its investment policy. The asset manager has invested in at least 23 bonds issued by fossil fuel developers between 1 January 2024 and 30 June 2025, representing at least USD 138 million of holdings in October 2025. By buying new bonds, Union Investment provides fresh capital to these companies and enables them to launch new fossil fuel projects.  

Vanguard’s activities still overwhelmingly support fossil fuel expansion.  

Vanguard has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.  

In practice, Vanguard has invested in at least 115 recently issued bonds of fossil fuel developers, that were issued between 1 January 2024 and 30 June 2025, representing at least USD 4,204 million of holdings in October 2025. By buying new bonds, Vanguard provides fresh capital to these companies and enables them to launch new fossil fuel projects. 

Moreover, the vast majority of Vanguard’s votes at the last annual general meetings supported the management of fossil fuel developers, with 85% of votes in favor of the actions of the boards of directors, and 87% in favor of the remuneration of top executives. Through these voting practices, Vanguard unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.