Every year, Ostrum AM publishes a Report on its exercise of voting rights.
As a third-party asset management company, Ostrum AM considers it its responsibility and due diligence towards unit holders to ensure the evolution of the value of their investments and to exercise the non-financial rights attached to the securities held in the portfolios it manages.
Ostrum AM gives access from its website to a platform providing detailed information on all the votes it has cast on the resolutions presented at the general meetings of the companies held in the voting funds.
Some key figures to remember among others:
- Participation rate: 97%
- Opposition rate to dividend distribution: 10%
- Opposition rate to Say on climate: 27%
- Shareholder Climate resolution support rate: 93%.
Some examples of support or rejection of Say on Climate resolutions:
Klepierre (Against)
We did not support the company in its climate transition plan, because whereas the "low carbon" strategy well below 1.5°C was approved by the highest level of SBTI, the lack of absolute emission reduction targets, the lack of details on the means to achieve the 2030 objectives, and the lack of commitment after 2030, are detrimental to the resolution submitted to the shareholders.
TotalEnergies (Against)
Despite concessions on information transparency, with the integration of new indicators and objectives, and real progress, we did not support the resolution, as the objectives remain too far removed from the minimal trajectories.
Schneider Electrics (Support)
We supported Schneider's climate transition plan, which is nevertheless perfectible, because the action plan is defined on the 3 scopes, both in the medium term (2030) and the long term (2050). However, Schneider does not provide details on Capex for scope 3. The company has also chosen not to refer to external ESG rating indices to set the DG's remuneration objectives.
1 Through the capital transactions that led to the creation of Ostrum Asset Management on October 1, 2018.