Amundi outlines approach to “Say on Climate” resolutions

Global asset management company Amundi has released a statement setting out the company’s approach to “Say on Climate” proposals, which are proposals that target corporate climate strategies. The statement from Amundi says “This year, Amundi asked the companies that have submitted a climate strategy at their General Meetings to present comprehensive targets (in terms of figures scope and baseline scenarios), a precise agenda (short, medium and long term objectives) as well as clear resources to achieve their climate goals (including a three- to five-year investment plan), before analysing each strategy in its entirety in order to assess its soundness and alignment with the Paris Agreement. This approach led to a differentiated and case-by-case exercise of our vote on the climate strategies submitted to the shareholders. Out of 36 Say on Climate resolutions tabled by companies this year, Amundi voted for less than 40%”. The statement also indicates that Amundi will stay invested in the energy sector and oil companies in particular where the company says the focus will be on engagement and supporting transition strategies.