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Say-on-climate Support Exceeds 90%

Shareholder support resolutions on firms’ climate plans reached an average of 89% between 2021 and 2023, according to a new report from Morningstar. The mean support for the 83 say-on-climate resolutions filed over the period had dipped from 93% in 2021 to 87% in 2022, while the number of resolutions more than doubled, with support rebounding to 91% in 2023. According to Morningstar, European companies accounted for 83% of the say-on-climate proposals. The research also noted votes had become a regular feature in the energy and materials sectors in Australia, representing nine of the resolutions included in the analysis. However, support for say-on-climate resolutions by the 25 asset managers reviewed by Morningstar declined significantly, with average backing having fallen from 92% in 2021 to around 70% in both 2022 and 2023. The managers included Abrdn, Allianz GI, BlackRock and State Street. Four managers – BNP Paribas, Dimensional, Legal & General Investment Management, and Robeco – supported less than half of resolutions between 2021 and 2023, while Royal London Asset Management backed just 51%.

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