Why UBS Is Bringing Its Climate-Proofing Strategy to Proxy Voting
UBS Group AG increased its backing of shareholder climate resolutions this year, according to Christopher Greenwald, head of sustainable investing research at UBS Asset Management.
UBS, which has more than $1 trillion of its $3.7 trillion in assets under management in sustainable and responsible strategies, made the firm-wide change after a collaboration with a client. The Swiss firm joins other asset managers, including State Street, Blackrock and Vanguard, that are stepping up their focus on climate change in discussions with companies.
What are you doing differently on climate resolutions?
A collaboration with a pension fund client led to a strengthening of our voting practices across all of our holdings for climate resolutions. We are now voting for a large majority of resolutions requesting companies to report CO2 emissions, or to explain climate change risk to investors, or to explain what initiatives they are taking for a 2-degree global warming scenario in the future.
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