AXA Investment Managers (AXA IM), a prominent player in the investment management sector, is gearing up for the 2024 voting season with significant updates to its corporate governance and voting policy.
Among the notable changes, AXA IM will now cast dissenting votes against resolutions concerning climate lobbying at the highest emitting companies that fail to adequately report on their climate lobbying activities, according to ESG News.
This move reflects the growing importance of climate lobbying issues amidst escalating political pressures for climate regulation.
Furthermore, AXA IM is advocating for fairer compensation structures, taking into account the wider workforce and the current cost-of-living crisis when assessing executive pay proposals. This stance aligns with its objective to address societal inequalities and promote economic stability and growth.
In a bid to uphold shareholder engagement, the firm will oppose the introduction of virtual-only Annual General Meeting (AGM) formats, except in emergency situations. This ensures that all shareholders can effectively participate and engage with the Board of Directors, safeguarding transparency and accountability.
These recent adjustments in AXA IM’s corporate governance & voting policy are said underline the company’s commitment to Environmental, Social, and Governance (ESG) considerations, reinforce its role in financing the transition to a greener and more sustainable world.
Clemence Humeau, Head of Sustainability Coordination & Governance at AXA IM, said, “As part of our responsible investor commitments, we remain committed to regularly evolving our practices and policies over time and we acknowledge the need for real economy policies to further support the transition to a net-zero world. During this 2024 voting season, with governments and political action at the forefront of the energy transition, climate lobbying of investee companies in high-impact sectors will notably be a reinforced area of focus to ensure consistency between publicly stated goals and corporate lobbying.”
Additionally, AXA IM shared the outcomes of its voting initiatives for 2023, revealing a 15% opposition rate and votes against relevant resolutions due to insufficient disclosure or oversight of climate-related issues. Moreover, the company supported 68% of all ESG-related shareholder proposals, reflecting its nuanced approach towards shareholder rights and directed change.
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