Amundi | Say on climate
How other organisations have declared their voting intentions
| Organisation name | Declared voting intentions | Rationale |
|---|---|---|
| Ircantec | Against | Amundi presents a structured climate strategy with a Net Zero 2050 ambition, supported by an advanced reporting framework and an increasing integration of climate issues into risk management and governance. The methodological toolkit is diverse, including IEA scenarios, temperature alignment metrics, and SBTi analyses, reflecting a strong level of technical maturity and a notable effort in transparency. The action plan is comprehensive and multifaceted, combining large-scale shareholder engagement, the development of Net Zero investment products, and concrete operational initiatives. The integration of ESG criteria into executive remuneration (20%) is a positive signal, illustrating the incorporation of climate considerations into management incentives. However, the strategy remains materially incomplete in scope, as climate targets currently cover only around 14% of assets under management, falling short of initial ambitions. Climate alignment is insufficient, with an implied portfolio temperature of approximately 2.67°C, significantly above a 1.5°C pathway. The management approach still relies heavily on intensity-based indicators, without consolidated reporting on absolute emissions at the global level. Long-term credibility is weakened by the absence of targets beyond 2030 and the lack of a clear trajectory to achieve Net Zero across all assets. Furthermore, the link between actions undertaken and their actual impact is insufficiently demonstrated, as no robust quantification of emission reductions attributable to the strategy is provided. Alignment with the EU taxonomy remains low and not sufficiently steering (8.1% of CAPEX aligned), with no explicit capital allocation strategy. Sectoral policies appear overly permissive, with relatively high thresholds for fossil fuels and no explicit stance on oil and gas expansion; in addition, there are no sector-specific decarbonization targets for key industries such as steel or automotive, unlike practices observed at other financial institutions. Data coverage remains partial, limiting the overall assessment (39% SBTi coverage, 66% temperature coverage), which weakens the evaluation of climate risks. Finally, climate governance could be further strengthened, as ESG criteria remain partly qualitative and insufficiently linked to measurable outcomes. |
DISCLAIMER: By including a shareholder resolution or management proposal in this database, neither the PRI nor the sponsor of the resolution or proposal is seeking authority to act as proxy for any shareholder; shareholders should vote their proxies in accordance with their own policies and requirements.
Any voting recommendations set forth in the descriptions of the resolutions and management proposals included in this database are made by the sponsors of those resolutions and proposals, and do not represent the views of the PRI.
Information on the shareholder resolutions, management proposals and votes in this database have been obtained from sources that are believed to be reliable, but the PRI does not represent that it is accurate, complete, or up-to-date, including information relating to resolutions and management proposals, other signatories’ vote pre-declarations (including voting rationales), or the current status of a resolution or proposal. You should consult companies’ proxy statements for complete information on all matters to be voted on at a meeting.