Every year, Ostrum AM publishes a Report on its exercise of voting rights.
As a third-party asset management company, Ostrum AM considers it its responsibility and due diligence towards unit holders to ensure the evolution of the value of their investments and to exercise the non-financial rights attached to the securities held in the portfolios it manages.
Ostrum AM gives access from its website to a platform providing detailed information on all the votes it has cast on the resolutions presented at the general meetings of the companies held in the voting funds.
Some key figures to remember among others:
- Participation rate: 97%
- Opposition rate to dividend distribution: 3%
- Opposition rate to Say on climate: 19%
- Shareholder Climate resolution support rate: 81%.
Some examples of support or rejection of Say on Climate resolutions:
EDP (Support)
Ostrum Asset Management’s support is based on the commitment that EDP will present its progress towards its climate transition plan to shareholders on an annual basis. No particular concerns have been identified in the company’s implementation of its climate transition plan. In 2023, the company notably achieved its GHG emissions reduction targets and is working towards achieving key milestones to become a coal-free business by 2025 and a 100% renewable energy supplier by 2030.
Unilever (Support)
Ostrum Asset Management’s support for Unilever's Say on Climate is an encouragement for the company to continue its efforts, while its climate policy and strategy appear to be largely improvable. Indeed, although Unilever has announced its target of achieving carbon neutrality by 2039, this commitment does not take into account indirect emissions from the use of its products, which account for 47% of total scope 3 emissions. These targets, currently being validated by a third party for scope 3, do not include a third of the emissions calculated according to the carbon neutrality ambition.
TotalEnergies (Abstain)
While it is clearly committed to improving its emissions impact, both in absolute terms and in comparison with its peers, as evidenced by its high ratings from most extra-financial agencies and its credible vision of achieving carbon neutrality by 2050, the company does not currently meet all of the key objectives outlined in our Oil & Gas policy. For this reason, Ostrum Asset Management was unable to support TotalEnergies' project.