ESG: asset managers remain cautious about shareholders’ resolutions at AGM

In progress, but can do much better. Once again, the annual report card of the NGO ShareAction gives a mixed assessment of the contribution of management companies to shareholder democracy on ESG (environmental, social or governance criteria). “The sector still does not use its voting rights to encourage listed companies to improve their social and environmental performance”, regrets the organization in a report published on Wednesday.

This year, asset managers allowed a majority vote in favor of 30 shareholder resolutions (separate from those, far more numerous, presented by the companies themselves), out of the 146 voted on at the general meeting, according to ShareAction. It is certainly much more than last year, when only 15 texts out of 102 had been adopted. But the 59 large companies scrutinized in the last two fiscal years (out of the 65 studied in 2021) increased their positive votes on environmental or social proposals by just 4%.