Engagement themes 2024-2026

Climate change

With our firm commitment to our investment portfolios having net-zero greenhouse gas (GHG) emissions by 2050 at the latest, we believe investors can play an important role in tackling climate change and aiding in the transition to a lower-carbon economy.

Our long-term ambition is backed up by short-term strategies, and currently we have already surpassed our 2025 target of a 32 percent reduction in the emissions-intensity of specific asset classes.

We have designed an engagement approach to create an impact in the real economy and encourage companies to define and implement climate strategies aligned with the goals of the Paris Agreement. We will continue to engage with companies within sectors such as energy, transportation, consumer staples, materials and industrials.

Our participation in the Climate Action 100+, The Institutional Investors Group on Climate Change (IIGCC), as well as the Principles for Responsible Investment (PRI), all contribute to connecting us with like-minded investors, and continue to offer important platforms for collaborative engagement.

Top emitters

Emphasis will be placed on the emitters that generate the biggest amounts of owned emissions in our portfolios, on and companies that have significant impact on ecosystems with high carbon value. These dialogues have been carried out at the C-suite level and through our participation in the Climate Action 100+ and the Institutional Investors Group on Climate Change (IIGCC).

Climate laggards

As part of our engagement strategy, we have also identified companies that are not ready for a transition to a low-carbon economy. Building on the data from Transition Pathway Initiative, Climate Action 100+ and self-collected data, climate laggards have been identified and direct concerns raised to the companies.

Where laggards are held actively, this is flagged to investment analysts who have the opportunity to engage with companies on their climate change approach prior to voting. If we do not see any significant improvements, we will vote against the financial statements of these companies at the Annual General Meetings.


In the context of climate policy, we believe that investors, companies and governments need to work together on ambitious solutions to achieve the Paris Agreement. Negative corporate interest, often represented by third-party organisations, can hinder policy action that aims to mitigate the impacts of climate change. This can cause issues for investors, including legal and reputational risks, and long-term portfolio volatility.

We expect companies to be consistent in their policy engagement in all geographic regions; and to ensure that engagement conducted on their behalf or with their support is aligned with the Paris agreement, in turn protecting the long-term value in our portfolios across all sectors and asset classes.

Historical returns are no guarantee of future returns. Future returns will depend, among other things, on market developments, the manager's skills, the fund's risk profile and management fees. The returns can be negative as a result of price losses. There is risk associated with investments in the fund due to market movements, developments in currency, interest rates, economic conditions, industry- and company-specific conditions. Before investing, customers are advised to familiarize themselves with the fund's key information and prospectus, which contains further information about the fund's characteristics and costs.