Highlights

• Rezonanz’s 2025 global ranking assesses 404 institutional investors on sustainability voting performance.
• European public and occupational pension funds outperform U.S. asset managers in sustainability-aligned votes.
• 2025 performers are Banque Cantonale Vaudoise, Domini Impact Investments, and Trillium Asset Management.

The 2025 Voting for Sustainability global ranking released by rezonanz, a Zurich-based stewardship intelligence platform, shows how institutional investors used their shareholder voting rights to frame corporate sustainability practices during this year’s proxy season.

Entering its second year, the ranking expands to 404 investors, in what could be its widest assessment to date of how voting patterns align with sustainability goals.

The findings spotlight a gap in global sustainability voting, led primarily by Europe’s public and occupational pension funds.

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Nordic and Dutch funds top the rankings, which indicates a stronger alignment with sustainability principles. In contrast, top U.S. index managers such as BlackRock, Vanguard, and State Street cluster near the bottom of the ranking.

On average, asset owners achieved scores nearly 20% higher than mainstream asset managers in sustainability-related decisions, which shows a quantifiable difference in voting behaviour that has long been discussed within the investment sector.

According to Eleanor Willi, CEO and co-founder of rezonanz, the analysis provides a measurable picture of how large funds are shaping sustainability discussions through their voting actions.

She also noted that European public funds are making their expectations about sustainability more visible through shareholder engagement.

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To conduct this ranking, rezonanz used Bayesian Item Response Theory (IRT) modelling, a technique widely applied in political science. This method helps assess how investors’ voting choices distinguish them from their peers on sustainability-related proposals.

The benchmark is based on recommendations from six major organisations—Ethos, ShareAction, IIGCC, PIRC, The Shareholder Commons, and Majority Action—focusing exclusively on proposals tied to sustainability concerns such as climate transition planning, AI oversight, human rights due diligence, corporate political spending, and board accountability at lagging companies.

Dr. Siyana Gurova, co-founder of rezonanz, explained that each shareholder proposal carries a different level of importance, with some being symbolic and others carrying real weight. This method brings out deeper voting patterns, as well as shows which investors consistently align their decisions with sustainability standards.

The top five asset managers in the 2025 ranking are Banque Cantonale Vaudoise (Switzerland), Domini Impact Investments (United States), Trillium Asset Management (United States), ASR Vermogensbeheer N.V. (Netherlands), and Sparinvest S.A. (Luxembourg).

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Their rankings are privately accessible through secure logins, while asset manager quartiles are publicly available in rezonanz’s report.

In essence, the 2025 ranking captures the widening divide between European and U.S. investors in sustainability voting behaviour, which points to a growing gap in how regions use their shareholder influence to shape corporate climate and social responsibility agendas.

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Source: rezonanz