Highlights

• Most asset managers show inconsistent stewardship on climate lobbying, with only 10 of 39 firms scoring above a B- rating.
• European asset managers outperform North American firms in voting for climate lobbying shareholder resolutions.
• Seven A-rated firms lead the field by scrutinising climate lobbying transparency, trade association conduct, and alignment with 1.5°C pathways.

The assessment of asset manager stewardship on climate lobbying examines how the world’s largest investment firms engage with companies on climate lobbying, trade association activities, and alignment with 1.5°C pathways.

The review covers 39 global asset managers with more than $75 trillion in assets, pointing to a pattern in which only a limited cluster of firms shows consistent attention to responsible climate policy advocacy.

Read More: Storebrand Ditches Toyota Amid Climate‑Policy Lobbying Row

The findings by FinanceMap, a UK-based non-profit Community Interest Company, point to sizeable gaps in engagement styles, with prominent investor groups such as Climate Action 100+ and the Net Zero Asset Owner Alliance acknowledging the importance of corporate policy engagement but seeing uneven responses from the managers assessed.

Climate Lobbying Engagement Trends Among Asset Managers

Between 2021 and 2024, about 62% of asset managers mentioned engagement with companies on climate lobbying, though patterns shifted from year to year.

The most recurrent topic entailed transparency of lobbying activities, followed by scrutiny of trade association conduct, then alignment with 1.5°C-compatible policy positions.

However, a large group accounting for 38% of the managers disclosed nothing on this topic, which points to patchy action in an area viewed by investor alliances as important for reducing financial risks linked to climate change.

Regional Differences in Climate Policy Advocacy

Only 10 of the 39 managers reached a B- rating or above in the latest review, and 29 managers sat at C+ or below. These suggest limited engagement with responsible climate policy advocacy.

European managers recorded higher averages than those in North America, which saw a downward trend between 2023 and 2024, whereas Japanese firms logged tangible progress through the four-year period.

Also Read: Sustainability Policy Split Widens Between U.S. and EU in 2025

A group of seven companies—BNP Paribas Asset Management, Federated Hermes, Legal & General Asset Management, Schroders, Boston Trust Walden, Amundi, and Sarasin & Partners—ranked in the A-range, which indicates continuous aspiration on lobbying transparency, trade association alignment, and 1.5°C pathways through shareholder activity, director votes, and questions raised at annual general meetings.

Voting Patterns on Climate Lobbying Resolutions

An in-depth analysis of the 2022–2024 voting records of 22 managers showed a regional chasm. European managers backed climate lobbying shareholder resolutions at an average rate near 96–97% throughout the three years.

Meantime, North American managers showed a lack of backing, which also plummeted year to year from 58% in 2022 to 36% in 2024.

Japanese voting data, however, did not appear in the review, which left an incomplete picture of their stance on climate lobbying-related resolutions.

Conclusion on Global Climate Lobbying Stewardship

The assessment shows a global stewardship environment led by a small cluster of A-rated managers, contrasted by wider inconsistency from many of the largest firms handling trillions in assets.

Attention to climate lobbying, trade association alignment, and 1.5°C policy pathways varies sharply by region, with European firms well ahead in shareholder voting and advocacy actions.

The findings point to an industry where progress depends heavily on a select few firms applying sustained pressure on companies over their role in shaping climate policy.

All in all, the field of asset manager stewardship on climate lobbying stays largely uneven, with scope for more improvement among the majority of global managers.

***

Are you looking for expert guidance on sustainability for your business?

Explore our ESG Solutions page, where you can connect with more than 1000 providers offering a broad range of sustainable services.

Stay up-to-date with regulatory developments through our Climate & Environment News.