A £6bn (€7bn) asset owner group comprising mostly charities, foundations and universities has formulated minimum expectations of asset managers with regard to climate change, with pension funds one of the constituencies targeted as potential additional adopters and beneficiaries
.
Among the 24 founding signatories of the declaration, launched in
Glasgow today as the COP26 summit continues, are Friends Provident
Foundation, WWF UK, Jesus College Cambridge, and Joseph Roundtree
Charitable Trust.
Signatories commit to using the declaration’s eight minimum standards
in investment manager reviews and tenders to help establish them as
market norms.
The minimum expectations include that asset managers have an
investment strategy to achieve a 45% emissions reduction by 2030 at the
latest, have coal exclusion thresholds aligned with the Global Coal Exit
List, and a presumption to vote in favour of all climate resolutions
brought by shareholders at company AGMs and provide an explanation for
any votes against.
IPE
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