Trade unions

ESG report detailing goals and progress for the fiscal year ending Dec 28, 2024 across environment, people and governance.

Includes metrics, programs and supporting disclosures/assurance resources via the Reporting Verifications hub.

Annual sustainability report (ESRS framework) supplementing the annual report, including the separate combined non‑financial report.

Covers environmental, social and governance topics, targets and progress across operations and value chain.

With the continued expansion of renewable energy, the electrification of transportation and heat,  and the rapid growth of data centers to support AI, global demand for electricity is surging. Electricity grids require significant investment to meet this skyrocketing demand. 

According to Bloomberg New Energy Finance, grid spending is expected to reach $577 billion annually by 2027, up from an estimated $479 billion in 2025.

Clean Edge’s 2026 Grid Market Map represents a selection of companies and organizations contributing to the grid across a range of sectors, from transmission & distribution manufacturers and data and software providers to grid enhancing technology innovators and energy storage players.

urope is the fastest-warming continent, with climate change triggering more frequent and severe heatwaves, droughts and floods. This is driving up food prices, multiplying health risks, especially for the most vulnerable in society, and inflicting mounting damage to homes and livelihoods.

Banks have a vital part to play in tackling the climate crisis and helping protect our economy from the serious financial risks it creates. Yet, ShareAction’s new forensic analysis of Europe’s largest banks has found progress on climate has ground to a standstill, and in some cases, reversed.

A minority of banks are setting new targets to cut emissions in key sectors. This includes BPCE, ING, Intesa Sanpaolo, Standard Chartered, and UniCredit, which all expanded the scope of their decarbonisation targets to cover multiple new sectors between May 2024 and April 2025....

This monthly Regnan alert examines the “administrative commons” as a critical shared asset underpinning market stability. It argues that weakened public institutions and policy capture transfer systemic risk to diversified investors.

Framing institutional integrity as a material investment issue, it outlines why stewardship of resilient governance systems is essential for long-term value preservation.

AI presents a range of challenges and opportunities. As AI continues to evolve, it holds the potential to drive economic growth, improve quality of life, and address complex global challenges.

However, it comes with some growing concerns, particularly environmental and ethical. For example, the rapid expansion of AI increases energy consumption and carbon emissions, especially in data centres, raising sustainability challenges.

Ethically, AI systems can perpetuate bias, spread misinformation, and pose risks to privacy by collecting and analysing personal data, sometimes without adequate consent or transparency. Additionally, the adoption of AI may lead to job displacement and changes in employment patterns.

These challenges highlight the importance of robust governance, transparency, and measurable sustainability targets as AI technologies develop.

For the past several years, climate has dominated ESG agendas. Rightly so in our view, given that its physical and transition risks are reshaping portfolios and policy alike. But in 2026, one issue has returned to the forefront with unmistakable urgency: governance, and more specifically, the health of democracy and the rule of law.

In 2025, new industry voices are chiming in on Europe's energy future—countering long-standing pro-fossil fuel advocacy by vested interests.

Between 2024 and 2025, in consultation responses on the EU Energy Security Framework, InfluenceMap finds an emerging contingent of industry voices from the renewable energy and utilities sector are emphasizing the importance of renewable-based electrification and the development of domestic renewables to strengthen the EU’s energy independence in line with scientific guidance from the Intergovernmental Panel on Climate Change (IPCC).

Largest asset managers increase their support for management at the corporate ballot box

"We analyzed proxy-voting records of 50 of the largest US managers of equity and allocation funds for companies in the Morningstar US Large-Mid Cap Index over the 2023, 2024, and 2025 proxy years.

Asset owners rely on proxy-voting records to assess alignment between their own objectives and the asset managers they appoint. This paper is a comprehensive review of US proxy-voting patterns that can help asset owners make that assessment."

The GSS Bonds Market Trends Report, January 2026, points to a turning point for the Green, Social and Sustainability (GSS) bond market, driven by a record reinvestment cycle, regulatory change under SFDR 2.0 and sharper scrutiny of climate impact.

GSS Bond issuance totalled around USD 1 trillion in 2025, broadly in line with recent years, but the composition of the market continues to evolve. Green Bonds consolidated their lead, increasing their share to 58% of total issuance, while Social Bonds declined to 13%. Sustainability Bonds continued to grow, reaching 26%, as Sustainability-linked Bonds fell to just 3%.

The report also highlights the largest maturity wall the market has faced to date, over EUR 250 billion in GSS Bonds matured in 2025, followed by a further EUR 290 billion in 2026. This reinvestment pool is expected to provide structural support for high-quality Green and Sustainability issuance.

At the same time, new issuance-level carbon analysis shows that issuer-level metrics materially understate the decarbonisation impact of use-of-proceeds bonds, reinforcing the strategic role of Green Bonds in sustainable portfolios.

"Part of Pensions for Purpose’s Systems Thinking Series – short reflections from our Ecosystem Theme leads, which explore how investment thinking needs to evolve. This piece was written by Charlotte O'Leary, System & Governance Change Lead."

In this report, we set out to explore what growth-independent pension systems could look like. Informed by the planetary boundaries and other signs of planetary insolvency, we saw a need for fresh perspectives and new directions. 

We’d summarize our findings and suggestions as follows: 

• By chasing growth, pensions are contributing to the destruction of our natural systems
• Pensions vastly underestimate the risk of climate and ecological collapse
• A shift to focusing more on providing social, human and natural capital is preferred

If you are so inclined, please join Arketa Institute for Post-Growth Finance, on February 4th for a discussion of our recent paper: ‘A Path to Post-Growth Pensions’. Gaya Herrington will moderate the discussion on how to better craft our retirement systems to serve human wellbeing - not simply capital accumulations.

You can sign up for the event here: A Path to Postgrowth Pensions Webinar

If you know anyone else who might be interested in this topic, please spread the word. 

Take care, 

Matt

Read more about the key responsible investment trends and their implications for investors in the Amundi Responsible Investment Views 2026

• Positive inflows led by fixed income in a context of continued normalisation
• Asset owners double down on stewardship
• Climate adaptation is now a tangible imperative for investors
• Energy system integration and strategic‑autonomy fragmentation
• Natural capital is the new market darlings, for good reasons
• AI is redefining responsible investing, from data to labour markets
• 2026: A window to align responsible investment products with investor preferences

As the consultation deadline approaches, we would like to remind you to share your views on the proposed updates to our sovereign and banking assessment frameworks.

At the start of December, the TPI Global Climate Transition Centre (TPI Centre) at the London School of Economics and Political Science (LSE) launched two public consultations, which are running until 31 January. The aim is to gather feedback on the frameworks we use to assess how sovereigns and banks are progressing in the transition to a low-carbon economy. Input from investors, banks and sovereign issuers is particularly important to ensure the frameworks remain relevant, credible and fit for purpose.

The TPI Centre provides independent, rigorous research and assessments based on publicly available information. To ensure its frameworks remain robust, they are periodically reviewed and, where proposed approaches are material, subject to public consultations. All assessment frameworks are transparent and accessible on the TPI Centre website.

The consultations close on 31 January 2026. We encourage you to respond to one or both consultations before the deadline. Details on each consultation and on how to respond can be found at the links below:

• Assessing Sovereign Climate-related Opportunities and Risks (ASCOR) tool consultation

• Banking tool consultation

In case your office system blocks external links, please use the below QR codes or short links to access each survey on your phone.

Banking consultation survey:                                     ASCOR consultation survey:
https://bit.ly/4pzbhWX                                                 https://bit.ly/49HY2OO

ESG / sustainability-related people moves reported since our previous post in early November 2025, across banking, asset management, corporates, advisory/data firms, NGOs, ESG ratings providers.

1. Banking – ABN AMRO (Netherlands)
Sandra Phlippen – appointed Chief Sustainability Officer (CSO), ABN AMRO
Organisation / sector: ABN AMRO – Dutch bank and financial services group (banking / sustainable finance).

Date: Effective 1 January 2026 (appointment announced in late 2025).

Move: Phlippen moves from her role as Chief Economist at ABN AMRO to become the bank’s Chief Sustainability Officer. She has been with ABN AMRO since 2018 and previously held academic and media roles focused on economics and public policy.

2. Asset Management – M&G plc (UK)
Marian D’Auria – appointed Chief Sustainability Officer, M&G plc
Organisation / sector: M&G plc – UK-based savings and investments group (asset management / insurance).

Date: Appointment announced December 2025.

Move: D’Auria joins from GFG Alliance, where she was Global Head of Risk & Sustainability. She has a background spanning risk management, industrial operations and sustainable finance, including advisory work with the Institute and Faculty of Actuaries on sustainability.

3. Corporate – Rolls‑Royce (UK industrial technology)
Ivanka Mamic – appointed Global Head of Government Relations and Chief Sustainability Officer, Rolls‑Royce
Organisation / sector: Rolls‑Royce – aerospace, defence and power systems (corporate / industrial & energy transition).

Date: Appointment announced mid‑January 2026.

Move: Mamic joins from bp, where she served as Chief Sustainability Officer and previously held senior roles in sustainable business and supply chains at Target. She brings experience in large-scale decarbonisation strategy and stakeholder engagement.

4. Research / Advisory – EY (Global professional services)
Alexis Gazzo – appointed Global Climate Change and Sustainability Services Leader, EY

Organisation / sector: EY – global assurance, tax, consulting and advisory firm (sustainability advisory / assurance).

Date: Appointment announced 10 December 2025.

Move: Long‑standing EY partner Alexis Gazzo takes over as Global Climate Change and Sustainability Services (CCaSS) Leader, succeeding Dr Matthew Bell (who moved to become Group CEO of Anthesis).

5. Data / Technology – Measurabl (Real‑estate sustainability data)
Maureen Waters – appointed CEO, Measurabl
Organisation / sector: Measurabl – real‑estate sustainability data and analytics platform (ESG data / proptech).

Date: Appointment announced 16 December 2025.

Move: Waters takes over as CEO from co‑founder Matt Ellis, who becomes Executive Chairman. She joined Measurabl in 2023 as Chief Growth Officer and later President, with previous roles as Chief Strategy Officer at Cushman & Wakefield and Head of Real Estate at Bill Gates Investments.

6. NGO / Climate Consultancy – The Carbon Trust
Wei Mei Hum – appointed Head of Asia, The Carbon Trust
Organisation / sector: The Carbon Trust – climate consultancy and think‑tank (NGO / advisory).

Date: Appointment announced 19 January 2026.

Move: Hum is appointed Head of Asia, based in Singapore. She brings experience in sustainability, carbon markets and finance from previous roles in the region.

7. ESG Ratings Provider – Morningstar Sustainalytics
Jodie Tapscott – appointed Head of Climate and Nature Solutions, Morningstar Sustainalytics
Organisation / sector: Morningstar Sustainalytics – ESG ratings, data and research provider (ESG ratings / analytics).

Date: Appointment announced 20 November 2025.

Move: Tapscott is appointed to lead the Climate and Nature Solutions function. She takes responsibility for product strategy, development and delivery in the areas of climate and nature within Sustainalytics’ platform.

The Climate Solutions Gap

... includes ...

• Introduction: Climate Change Threatens Retirement Savings
• Why Pensions Must Prioritize Investing in Climate Solutions
• What Climate-Solutions Investing Strategies Should Include
• Scoring Methodology
• Assessment of Major U.S. Pensions’ Approach to Climate-Solutions Investing
• Recommendations to Strengthen Pensions’ Climate-Solutions Investing Strategies

... includes ...

• Sustainable finance: Concepts, approaches and the ecosystem
• Approaches within sustainable finance
• Sectors and functions in sustainable finance
• Other roles in sustainable finance (direct, indirect and adjacent)
• How to enter, or transition into sustainable finance
• Case studies

... includes ... global risks ranked by severity:

Short-term (2 years)

1. Geoeconomic confrontation
2. Misinformation and disinformation
3. Societal polarization
4. Extreme weather events
5. State-based armed conflict
6. Cyber insecurity
7. Inequality
8. Erosion of human rights and/or of civic freedoms
9. Pollution
10. Involuntary migration or displacement

Long-term (10 years)

1. Extreme weather events
2. Biodiversity loss and ecosystem collapse
3. Critical change to Earth systems
4. Misinformation and disinformation
5. Adverse outcomes of AI technologies
6. Natural resource shortages
7. Inequality
8. Cyber insecurity
9. Societal polarization
10. Pollution

... covers ...

• What are controversial weapons?
• Which weapons are classified as 'controversial' under ESG frameworks?
• Why have 'controversial weapons' exclusions become more important for investors?
• Why are 'controversial weapons' still debated in ESG?
• How do ESG ratings firms identify controversial weapons involvement?
• Revenue thresholds in controversial weapons screening
• How many listed companies are involved in controversial weapons?

Preserving water, enhancing cybersecurity and not wanting a discount are among the varied topics featured in the Robeco’s Active Ownership team’s Q4 report.

Summary

• Natural Resource Management water theme closes, biodiversity themes continue
• Value-Up governance program aims to reduce the long-standing Korea discount
• Public policy engagements and corporate cybersecurity complete Q4 topics

The Carbon Majors database traces 34.7 GtCO2e of greenhouse gas emissions in 2024 to the 166 oil, gas, coal, and cement producers, a 0.8% increase from these entities’ total emissions in 2023.

Just 32 companies were linked to over half of global fossil fuel and cement CO2 emissions in 2024. As shown in Figure 1 in the report, the top 10 companies by emissions, cumulatively responsible for 27.6% of global fossil CO2 emissions in 2024, were all fully or majority state-owned companies.

With 30+ years across public and private sectors, Rory unpacks:

• What the ESG “pushback” really is, and how to respond
• Which investor collaborations still matter now the tide has gone out
• How asset owners can clarify long-term, intergenerational purpose
• Why sustainable finance needs an Economics 101 reset

===

• Access via Spotify
• Access via Apple

In 2018, CPP Investments became the first pension fund manager to issue a green bond, and has been a consistent issuer of green bonds since then. Green bonds provide CPP Investments with additional funding as we pursue eligible investments (i.e., the assets that we list on the green bond register as a part of our Green Bond Framework “Framework”).  

CPP Investments has issued eleven green bonds, totaling more than $11.5 billion gross. The issuances have been in Australian dollars, Canadian dollars, euros and U.S. dollars. Our Sustainable Investing Committee (SIC) determines  which assets are eligible for green bond proceeds in accordance with the Framework. 

Recent policy developments across regions show a trend of governments relaxing their climate and environmental regulations. These policy shifts may lead to lower operational and compliance costs for companies within the utilities sector. However, deregulatory action could also introduce financial uncertainty and operational challenges for companies in the medium to long term.

This report highlights key trends within the utilities sector, with a focus on the US. Using material ESG issues as proxies, the report assesses companies’ capacity to manage risk amid environmental deregulation and examines the potential risks associated with changing climate policies.

Readers of this report will learn about:

• Shifting climate and environmental regulations across regions.
• The potential risks environmental policy rollbacks could pose to companies in the utilities sector.
• How US utilities companies are managing the potential risks stemming from regulatory volatility.

Key Insights:

• In the first half of 2025, Climate Transition funds represented over half (54%) of all climate asset funds in Europe, and were the largest climate fund category in the US at 44%.
• Climate Transition funds were the only category of climate fund assets to attract inflows in both Europe (USD 1.6 billion) and the US (USD 580 million) in the first half of 2025.
• Passive funds, including those that track Paris-Aligned Benchmarks and Climate Transition Benchmarks, dominated the global Climate Transition funds category, reaching USD 225 billion in assets as of June 2025, and making up 74% of global investment in Climate Transition funds.

Key Insights:

• Asia is transitioning from a passive role in global human rights compliance to actively shaping its own human rights due diligence frameworks, driven by trade pressures and ambitions to align with international standards.
• Regulatory momentum in countries like South Korea, Thailand, Malaysia and Indonesia could trigger a regional domino effect.
• To stay ahead, companies should proactively strengthen human rights due diligence systems through mapping supply chains, engaging stakeholders, and aligning with the UN Guiding Principles and OECD Guidelines. Investors should monitor regulatory developments and portfolio readiness. 

Sustainable investing enters 2026 at a critical juncture. The past year brought political headwinds and regulatory setbacks, prompting some investors to question the importance of sustainability. Discover the key trends that could shape sustainable investing in 2026. 

Readers of this Morningstar Sustainalytics report will learn how:

• Sustainable investing is being recalibrated in response to changing market conditions.
• Global ESG regulations are evolving.
• Greater attention will be paid to physical climate risks and adaptation, while transition remains a priority.
• Energy transition infrastructure is driving private climate investing.
• Innovation and stronger standards are bolstering the green, social and sustainability-linked bond market.
• Rising investor concerns will drive deeper integration of biodiversity risks.

As carbon-intensive exports face rising border costs, resource-efficient firms are positioned to retain competitiveness and reduce transition risk

As Globalisation has increased, developed markets (DM) are increasingly outsourcing their manufacturing, and the associated emissions, to emerging markets (EM) in a process known as ‘carbon leakage’. The EU’s Carbon Border Adjustment Mechanism (CBAM) is one of the clearest examples of international trade policy designed to reduce global carbon emissions by addressing this problem and simultaneously ensuring that EU producers are not undercut by their higher emissions competitors.

Introduced in 2023 with a transitional reporting phase, the EU’s Carbon Border Adjustment Mechanism (CBAM) will enter its definitive phase in 2026, at which point a financial obligation will apply to imports of steel, cement, aluminium, electricity and certain fertilisers.

The market for orange bonds is nascent but gradually expanding, particularly in emerging markets.

The orange label is designed for a specific purpose, so while issuances may rise as more investors seek scaleable solutions and companies prioritise social issues, including gender-related topics, they will likely continue to play a niche role.

Beyond the official COP negotiations in Brazil, market participants built a robust complementary agenda of discussions aimed at mobilising USD1.3 trillion a year in climate finance for developing countries by 2035. Sustainable Fitch highlights its main takeaways from the meeting, focusing on emerging markets.

• Takeaway #1: EMs Continue to Face Barriers in Unlocking the Full Potential of Sustainable Finance
• Takeaway #2: Private and Blended Capital Important for Supporting EMs
• Takeaway #3: Transition Finance Is Viewed as Relevant Opportunity for EMs
• Takeaway #4: Nature and Biodiversity Cemented as a Core Focus for EMs
• Takeaway #5: Social Dimensions Embedded in Core Climate Discussions

Sustainable Fitch expects 2026 to be pivotal for sustainable finance, with transition finance coming of age and potentially providing renewed impetus for issuance.

The operating environment may remain challenging in 2026, amid global geopolitical pressures, lasting ESG backlash in North America, and a comprehensive regulatory reset in the EU.

"The Five Key Trends to Watch in Sustainable Finance in 2026 are:

• Transition Finance comes of age with its own label
• Specialised sub-labels multiply but face challenges
• Adaptation investment - the next force amid rising physical risks
• Investors and issuers recalibrate amidst regulatory reset
• Private debt to play a greater role across impact and transition themes"

The Economic Benefits of Pro-Electric Vehicle Policy

Brazil can save up to US$¼ trillion (R$ 1,39 trillion) in cumulative fuel import costs through 2050 by accelerating its electric vehicle (EV) transition, according to new analysis from Carbon Tracker. The research also finds that faster electrification would reduce deaths linked to air pollution and avoid billions in climate-related economic damages over the same timeframe.

With Brazil spending nearly US$10 billion on diesel and petrol imports in 2024 – and business-as-usual import costs potentially exceeding US$30 billion a year by 2050 – continued reliance on internal combustion engines risks locking in long-term economic, health and climate costs. By contrast, Brazil’s low-carbon electricity grid, strong automotive base and access to key minerals position it to benefit from falling battery costs and growing global supply chains, strengthening energy security and competitiveness.

3 event details below

5 February 2026 | 13:15-15:30 (lunch included)
In-person event | Newcap Event Centre, Paris | Consumer Goods Forum, Sustainable Retail Summit

Title – Towards Healthy, Sustainable Food Retail: Insights from  ATNi's France Retail Assessment 

In partnership with Paris Peace Forum, this launch event will highlight the performance and practices of Carrefour, Intermarché and E.Leclerc regarding nutrition and leverage off of the audience of the Sustainable Retail Summit to spark a discussion on how retailers, policymakers and investors can create healthier food retail environments. 
Register here

19 February 2026 | 1:00 PM CET | 3:00 PM EAT
Online event | Zoom

Title 'Shaping Healthier Choices: Insights from the ATNi Kenya Retail Assessment' 

In partnership with the African Population and Health Research Center (APHRC), this launch of the Kenyan Retail Assessment findings will spotlight the performance of three leading retailers in the country, Naivas Ltd, MAF Carrefour and Quick Mart Ltd. Representatives from government, academia, civil society, and industry associations will come together to explore the expanding role of modern food retail and the opportunities for transformation toward healthier diets.

Register here

24 February 2026 | 1:00 PM CET | 12:00 PM SAST
Online event | Zoom

Co-organized with Daily Maverick's Food Justice SA, this event will highlight the contributions to healthier food environments of South Africa's largest grocery retailers: Shoprite Holdings Ltd, Pick n Pay Stores Ltd as well as Internationale Spar Centrale BV.  

The registration link will be shared soon.

ATNi’s Retail Assessment 2025 examines how 18 leading retailers across six countries affect access to nutritious, affordable food.

Analyzing over 18,000 private-label products, the report looks at companies’ nutrition policies, promoted products, pricing and relative costs of healthy diets as well as current government policies to improve food retail environments. 

Using a four-part methodology, the report offers actionable insights for retailers, investors, and policymakers to support healthier, more affordable diets—especially in markets with a rapid increase in modern food retail.

We are delighted to share Saturna Sustainable Funds Sustainability and Stewardship Report 2025.  

Last year marked an important milestone with Saturna Sustainable Funds celebrating its 10-year anniversary.  

With 36 years of experience, Saturna has navigated volatility and weathered economic cycles, all while delivering clients exceptional values-based investment options. This year marks the 10th anniversary for the Sustainable Bond and Sustainable Equity funds. We are proud to continue offering conservative, ethical investments that preserve capital with a sustainable alignment.

The U.S. House of Representatives passed H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act, sponsored by Rick Allen. The bill represents a step toward removing clarity, discipline, and fiduciary integrity from retirement investing.

ESG and Fiduciary Duty

Retirement plans governed by ERISA were intended to protect investors.  Fiduciaries are required to act solely in the interest of plan participants, prioritizing returns and managing risk—but have often shifted to advancing exclusionary and reactionary ideological goals.

Yet ESG frameworks often do precisely the opposite. Numerous ESG-branded funds have delivered consistent and positive performance while reducing retirees exposure to additional risks driven by non-financial screens. 

ESG considerations exist precisely because environmental, social, and governance risks can materially affect long-term investment performance. Ignoring these factors does not eliminate risk—it blinds investors to it. Climate exposure, supply-chain fragility, labor instability, regulatory enforcement, and governance failures all have direct financial consequences.

Removing ESG considerations from fiduciary analysis increases the likelihood that systemic risks will go undetected and mispriced. Over time, this weakens portfolio resilience and raises the probability of large-scale market disruptions. The 2008 financial crisis demonstrated the cost of ignoring embedded structural risks until they metastasize into systemic failure. A blanket prohibition on considering ESG-related risks risks repeating that mistake—substituting short-term simplicity for long-term prudence, at significant cost to investors.

Simply put: Americans should not be forced to subsidize extremist right wing political agendas with their life savings.

What H.R. 2988 Does

H.R. 2988 removes the original intent of ERISA and reduces protections for retirement savers. 

The House approved the bill by a 213–205 vote, underscoring a sharp divide. One side reaffirmed that fiduciary duty means fiduciary duty. The other continued to defend a regulatory regime that substitutes social and political preferences for financial discipline.

Outlawing ESG is anti-fiduciary, anti-transparency, and anti-retirement security.

"The rapid expansion and recent pushback on ESG integration makes it an important moment to consider what effective asset ownership in sustainable investing looks like today and moving forward. Having spent the last year reflecting on this question, the author’s would argue a key part of this path forward for AOs is to better understand and address systems-level sustainability risks.

This paper begins with setting out the “why” that underlies the authors’ above belief. This section also includes an outlining of “what” this paper is (and what it isn’t).

Next, the paper will outline common terminology for some of the terms referenced throughout with the intention of providing a shared language for clear dialogue with the reader.

With common language and the “why” set, the authors will engage in a candid accounting about their view of the successes and failures of past efforts to promote and embed ESG within the financial system. The paper will build on the foundation of these findings in level-setting the challenges and opportunities associated with AO action on systems-level risks and opportunities.

The paper will conclude with multiple emerging opportunities for an AO interested in taking a taking a systems-level investing approach."

... contains:

• Get to know Wespath
• Investment Process
• Climate Change and Biodiversity
• Impact Investing
• Governance
• Human Rights
• Looking Ahead (from the CIO)

Publication of the FIR's written ESG questions campaign to the CAC40 2025

For the sixth consecutive year, the FIR has published its engagement report on CAC 40 companies.

This year, four generic questions were asked to companies based on major themes identified as key issues for them:

• sobriety
• decent living standards in the value chain
• non-financial skills of directors, and
• artificial intelligence governance.

A fifth personalised question was asked to each company regarding issues of particular relevance to it.

Each company was rated on a scale of 0 to 3.

Kering ranks first in the classification with a score of 2,4 / 3.

Leveraging climate mitigation and nature to increase resilience

• How climate change and nature destruction are driving economic losses from extreme weather events
• Climate risk and the insurance protection gap
• The financial, economic, social and fiscal consequences of the protection gap
• WWF recommendations

NB sustainable investing activities are covered in this report.

Social media platforms have transformed global communication, commerce, and civic engagement. Dominated by key actors such as Meta, TikTok, LinkedIn, and Snap Inc., the industry is characterized by complex value chains and rapid innovation. These platforms integrate content creation, data analytics, user interaction, and monetization strategies—often powered by targeted advertising and AI-driven personalization.

However, the shift toward algorithmic control, AI-based moderation, and global scale has created a host of environmental, social, and governance (ESG) concerns. These range from energy-intensive infrastructure and biased content moderation to systemic human rights issues such as freedom of expression, privacy, and labor rights in content moderation roles. Regulatory scrutiny is growing, particularly around data practices, misinformation, and exploitative advertising models.

This briefing outlines the structural characteristics of the sector, the evolving production and workforce models, and the most salient ESG risks shaping the future of social media governance. 

Key Insights:

• In the European Union, environmental, social, and governance (ESG)-focused investments must exclude controversial weapons, though current regulations cover only four categories: anti-personnel mines, cluster munitions, biological weapons, and chemical weapons.
• Investors may go beyond EU rules and consider international treaties and national laws that address other controversial weapons such as depleted uranium, white phosphorus, and nuclear weapons. 
• Among controversial weapons, nuclear weapons are currently the most actively reviewed, with a growing number of investors reintegrating them into their investable universes. In the Morningstar Sustainalytics coverage universe, 110 companies are involved in nuclear weapons-related activities.  

Key Insights: 

• Rising global defense spending is creating investment opportunities, even for sustainability-oriented investors. Morningstar Sustainalytics’ universe includes around 860 public and private companies involved in military contracting.
• Of these, 73% provide supporting products and services to the sector, such as technology, equipment, and machinery.
• Many of these firms are involved in non-weapon-related activities.
• Approximately 27% of military contractors in our universe are based in Europe.
• While European regulation does not pose a barrier to financing or investing in defense companies, market participants are still expected to conduct thorough ESG due diligence.
• The most relevant ESG risks for defense firms stem from business ethics, product governance, and environmental issues.

Electricity bills are rising across much of the United States with no end in sight, meaning we are heading into 2026 at risk of handicapping emerging economic sectors such as data centers and advanced manufacturing that depend on low-cost electricity, as well as increasing hardship for families that already struggle to pay power bills.

With utilities planning to spend an unprecedented $1.4 trillion dollars by 2030 in grid upgrades to meet rising demand for power, concerns are mounting that high electricity costs could slow economic growth and put more households at financial risk.

Reporting to the Managing Director, Sustainable Investing, the Principal, Sustainable Investing will play a key role in the implementation of HOOPP’s new Sustainable Investing strategy, a key initiative in the 2030 Strategic Plan.

In this role, you will be a leading contributor to generating sustainability insights to inform portfolio resilience. You will bring a strong technical foundation and a passion to contribute to the continued advancement of Sustainable Investing at HOOPP. 

Eurasia Group is looking for an experienced and driven Senior Analyst to join its Global Environment & Sustainability Practice. This role focuses on climate transition across industries, sustainability due diligence, and sustainable finance. The Senior Analyst will serve as Eurasia Group’s foremost expert on climate-related issues.

You’ll:

- Lead Workspace’s ESG strategy and ensure progress against the Net Zero pathway
- Embed ESG into investment, asset management and operations
- Strengthen our social impact agenda, with a clear focus on skills, early careers and local communities.....

The Associate will play an important role in consolidating the position of Moody’s Sustainable Finance team as the preeminent source of expertise on ESG credit risks and sustainable finance in global credit markets. The role-holder will support the Sustainable Finance team’s thought leadership program, contributing to the publication of thematic research and delivery of outreach activities. 

You will be part of a small and dedicated team supporting Schroders maintain its high level of responsible business standards and meet its own sustainability commitments. You’ll manage, co-ordinate and own multiple cross-functional initiatives and projects across the year. 

The Sustainability Reporting Manager will support the Director of Sustainability Reporting Expertise in overseeing Unilever’s global sustainability reporting. The role sits within the Sustainability Finance team which reports to Unilever’s Group Controller and works closely with the Group Chief Accounting Department (GCAD) to ensure consistency between financial and non-financial reporting.

Employment Type: Contract Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week
Location: Hybrid · London, City of, UK
Team: Investor Education
Seniority: Mid-level

Closing: 8:00pm, 1st Feb 2026 GMT

Employment Type Part time Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week
Location Hybrid · Germany (multiple locations)Berlin · Munich · Frankfurt
 
Team RI Markets
Seniority Mid-level
Closing: 8:00pm, 25th Jan 2026 GMT

We are looking for someone to join us as our Head of Sustainability. Reporting to Mark Farrow, the Director of Strategy & Planning (Places), and take the lead role developing, implementing, and embedding our Sustainability & Inclusivity Strategy across our substantial property portfolio.

Reporting to the Chief Brand & Reputation Officer, the Head of Sustainability will be instrumental in delivering Harrods’ ESG strategy, driving forward complex initiatives that embed sustainability into every facet of our business. This is a high-impact leadership role that spans across all ESG pillars - Our Business, Our Products, Partnership & Innovation, Our People, and Our Community -requiring strong stakeholder engagement, strategic oversight, and a passion for creating meaningful change.

We’re seeking a future team member for the role of Vice President, ESG Regulatory Programs to join our Sustainability Hub. The Vice President will operate as a core driver and manager across disclosure production, regulatory implementation, and cross-functional governance – bridging day-to-day execution with strategic oversight. This role is located in London or Manchester.

Brookfield Asset Management is looking to add a full-time Analyst to the Renewable Power and Transition team (London office) who will work closely with the Environmental, Social and Governance (“ESG”) team.  
 
The position provides an excellent opportunity to work on implementation of the impact and sustainability strategy across the Renewable Power and Transition business, including the Brookfield Global Transition Fund (“BGTF”) and Catalytic Transition Fund (“CTF”), and to interact with and support the investment team network. 

The Director of Environmental, Social, Governance, and Reputational (ESGR) and Net Zero (NZ) Client Risk Management is responsible for managing ESGR risks, including climate risks, with a focus on environmental and social risks. This role operates within the Enterprise Risk Management framework and ensures compliance with the CIB Climate Credit Risk Standard and Non-Financial ESG and Reputational Risk Management Standard. The Director will provide second-line oversight and challenge to key stakeholders across the Group, ensuring alignment with the Bank’s environmental and social standards.

As a Senior Sustainability Manager, you'll play a crucial role in setting and coordinating AXA UK's sustainability strategy and helping us achieve our environmental and social goals. You'll provide expert advice on sustainability risks, opportunities, and regulatory requirements, working across various teams to deliver impactful projects and initiatives. Your insights will help us track progress, communicate our efforts, and stay ahead of emerging trends and regulations.

Working closely with the Global Director, Climate, and the Director, Climate (when in post), the role-holder will provide senior management and leadership across both a specific portfolio of grants, as well as supporting broader team-wide efforts to increase the sophistication of our strategies and programmes, particularly with respect to the finance, corporates, carbon pricing and legal programmes part of the cluster. The role holder will be able to deputise for the Director, Climate as required, and represent CIFF externally across a variety of meetings and geographies.    

As Head of Programs, you will provide strategic leadership for the Foundation’s global program portfolio. You will manage a team of Program Directors, overseeing thematic and regional programs across education, health, climate/environment, humanitarian aid, and social-finance vehicles. Your role ensures alignment with the Foundation’s overarching social-impact strategy, blending traditional philanthropy with innovative financing structures to maximize impact, sustainability, and scale.

The Sustainability Office at State Street provides enterprise-wide leadership across State Street’s global sustainability and climate program, including strategy, policy, governance, and external engagement.  We are looking for a Vice President to lead the development of our approach to and ensure compliance with emerging global sustainability reporting standards.  The sustainability team works in close partnership with the Sustainability Controllers, based in Finance, as well as with colleagues across the company, notably Risk, Legal, Compliance, Data.

We are looking for a VP to join our Sustainability Strategy team in London.

To support the compliance manager in ensuring that the IFRS Foundation manages business and compliance risks. 18 mth fixed term

Your role

-Collaborate with investment teams to identify key stewardship targets and engagement objectives, and to support the exercise of proxy voting rights. Liaise with multiple investment teams to build consensus when necessary.
-Co-ordinate and participate in bilateral and/or collaborative engagements with companies on the broad range of ESG issues.
-Contribute to enhancing our firmwide approach to active ownership, including policy, procedures and guidelines on corporate engagement and proxy voting.
-Contribute to quality assurance, and internal and external reporting on active ownership activities.
-Conduct quantitative and qualitative research on RI topics and on market trends as they relate to active ownership, to inform RI strategy development and implementation and RI thought leadership, and support the delivery of specific initiatives.

-Leading our regulatory work on policy, regulatory and market design issues having a commercial impact on our carbon markets trading business
-Monitoring developments and develop insights into the carbon markets regulation and market design structures (e.g. EU ETS, EUETS2 etc..)
-Using this knowledge to derive and facilitate commercial strategies to generate tangible financial results in the short, medium and long term

As a Senior Sustainability Engagement Manager you’ll play a leading  role in advancing the Group’s strategic programme of external environmental and social  sustainability engagement. You'll shape and deliver a compelling, purpose-led narrative that builds reputation, helps to mitigate risk, and unlocks commercial value. Representing the Group, you'll engage with diverse audiences, including clients, investors, NGOs, and industry organisations to champion our sustainability and purpose work.

Role Overview: Join our team as a seasoned Resilience Taxonomy Manager on a 6-month fixed-term contract to cover maternity leave! In this role, you will spearhead the continuous development and execution of the Climate Bonds Resilience Taxonomy (CBRT), which serves as a vital framework for steering investments towards Climate Adaptation and Resilience (A&R).

In this role, you will lead high-integrity due diligence across a diverse portfolio of carbon projects, manage a team of due diligence specialists, and bring market-leading insights to our clients and partners.

"We’re now looking for a Sustainability Reporting Director to lead our global non-financial reporting strategy and help shape how Sage is seen, trusted, and understood by regulators, investors, customers, and society.

This is a senior leadership role at the heart of Sage’s sustainability and net zero ambitions, with direct exposure to Executive Leadership Team and Board-level stakeholders."

This is a two-year term role with opportunities for extension, based on performance and funding.

Senior Associates on Malk’s Multi-Strategy team support clients in building and enhancing ESG programs across various asset classes, including private equity, private credit, real estate, secondaries, venture capital, and hedge funds. Malk’s Fund Advisory work focuses on developing tailored ESG management strategies to meet each client’s priorities. Previous projects have included development of an ESG program for a GP stakes firm, creation of ESG maturity models and frameworks for a multi-strategy asset owner, and the design and execution of ESG data collection strategies. In addition to Fund Advisory projects, Senior Associates support Multi-Strategy clients by performing ESG due diligence reviews for their prospective acquisitions. 

As an Environmental & Social Due Diligence Associate on the Global Banking team, you will be responsible for assessing clients and deals, and leading strategic initiatives with support from the rest of the team. You should be a self-starter, able to articulate your thoughts clearly, and have excellent attention to detail. This role may involve limited travel and offers an excellent opportunity to gain exposure to a broad spectrum of E&S / ESG risks across multiple asset classes, industries, and geographies.

The Climate & Emissions DataVice President is part of Citi’s Sustainability & ESG team, which is responsible for the development and execution of Citi’s Sustainable Progress Strategy (https://www.citigroup.com/citi/sustainability/),net zero commitment and related key initiatives. 

The Sr. Director, Stewardship and ESG Integration Lead – Public Equities manages a team that executes on various elements of the organization's investment stewardship strategy. In addition to the day-to-day stewardship activities of company engagement and proxy voting, the role also is the primary liaison between the Responsible Investing (RI) Engagement and Integration pillars in terms of development of Environmental, Social, and Governance (ESG) research and Thought Leadership. 

We are seeking a proactive and experienced Sustainability Risk Lead to oversee end-to-end sustainability risk management across our Asset Management business.

This is an exciting interim opportunity for an ambitious candidate to join the FAIRR team to drive change in the global food system. The role sits as the organisation’s primary expert on climate and nature risk. 

We are seeking a high-energy, self-motivated, and organised Associate or VP who is passionate about sustainability and the low-carbon transition to join STS in a multi-faceted and dynamic role. 
 
The successful candidate will have the opportunity to work across and then specialize in several different focus areas via both long-term project work and day-to-day recurring responsibilities across strategyand business management.

As the Principal Consultant for Corporate ESG Services, you will develop and manage the ESG advisory services offering within the wider ESG Corporate Services Business Unit, with support from Business Unit Manager.  Acting as commercial lead and providing support and direction. To deliver projects to the required quality and driving business growth and development activities. Provide an expert point of reference on technical delivery.

This is an opportunity to work within the PRI’s Investor Initiatives & Collaboration team. PRI’s Investor Initiatives Portfolio team works alongside the sustainability & Stewardship teams to strengthen opportunities to work together.

Responsibilities include:

- Assist in the preparation of research reports across a range of ESG topics, including conducting primary research and data gathering

- Monitor and track research published by US analysts to aid in idea generation around fixed income and governance ESG themes

- Work with various sector analysts on collaborative cross-sector research reports

- Assist in the managing and execution of department-wide ESG publications and data initiatives

- Monitor and track Sustainability-related news flow

Full details in download link below

12 month FTC

Lead the delivery of Kingfisher’s annual ESG reporting commitments including the Responsible Business report and data appendix, annual report, banner summary reports, and responsible business pages of Kingfisher.com.

Manage the data collection process for responsible business key performance indicators (KPIs) across the group, including the data review and validation to ensure accurate disclosure.

Manage the audit and external assurance of responsible business data, including owning the relationship with external audit providers and internal audit team (where applicable).

Managing the responsible business reporting delivery team which includes internal and external specialists to successfully deliver the corporate responsible business reporting to a high standard, to time and budget

Serve as the ESG reporting subject matter expert for the KF Group, closely monitoring regulatory requirements and translating these back to the business in a clear and accessible way. Have strong technical competencies and understanding of ESG reporting frameworks and directives (i.e. SASB, TCFD, SECR, CSRD, ISSB)

Work with the Annual Report and Accounts team to ensure responsible business content required by regulation and internal/ external stakeholders is integrated into the annual reporting cycles.

Strong knowledge of Sustainable Finance markets and data needs, with experience across disclosure frameworks (e.g., TCFD, ISSB, GRI).

Master’s degree or advanced certification (e.g., CFA charterholder, CFA ESG, SASB FSA).
Experience with large dataset manipulation, profiling, and defining requirements.

Familiarity with semantic data modeling and LLM concepts

Proficiency in statistical analysis, quantitative modeling, and applied data analysis (Excel, SQL, R, Python).

Strong communication and partner management skills.

2 yr fixed term post

We’re recruiting an Investment Manager to identify, assess and manage impact investment opportunities.   You will also work with other teams to help develop the social impact investment market in the UK, working with investors, social enterprises and government.

"The team you will be joining is a part of State Street Investment Management, one of the largest asset managers in the world. We partner with many of the world’s largest, most sophisticated investors and financial intermediaries to help them reach their goals through a rigorous, research-driven investment process. With over four decades of experience and trillions of dollars in assets under management, we offer one of the broadest selections of products and strategies across asset classes, risk profiles, regions and styles. As pioneers in index, ETF, and sustainable investing, we are always inventing new ways to invest."

This is an opportunity to work on Advance, the PRI collaborative stewardship initiative focused on human rights and social issues, with a specific remit to deliver the Apparel and Footwear Pilot Project. Join a global and motivated Stewardship team that works to deliver substantial real change in our global economy, society and the environment.

As a Senior Sustainability Manager, you'll play a crucial role in setting and coordinating AXA UK's sustainability strategy and helping us achieve our environmental and social goals. You'll provide expert advice on sustainability risks, opportunities, and regulatory requirements, working across various teams to deliver impactful projects and initiatives. Your insights will help us track progress, communicate our efforts, and stay ahead of emerging trends and regulations.

This role will provide technical, scientific, and analytical rigour to standards and frameworks analysis and support in aligning CDP’s disclosure framework with prioritized standards and frameworks. Central to this role will be supporting with development of standards and frameworks related processes and resources along with providing technical expertise to support standard setter engagement.

"As an ESG (Environmental Social & Governance) Regulatory Program/Project Manager within the International Private Bank, you will work with complex business scenarios, tight deadlines, and competing priorities, requiring interaction with all levels of our organization. In this role, you will promote strategic implementation and program governance, providing a unique opportunity to shape our ESG initiatives."

Joining us as a CFO Solutions ESG & Sustainability Manager, the minimum criteria you’ll need is a professional qualification (ACA, ICAS, CA, ACCA or CIPFA) with post qualification experience, and to be confident managing a large portfolio of clients. It would be great if you had some of the following skills, but don’t worry if you don’t tick every box, we’ll help you develop along the way...

This role is for an integrated practitioner across marketing and communications, with previous experience on sustainability and/or sustainable finance. The role holder will be working with a diverse set of stakeholders across our business to support the development of our sustainability communications and marketing strategy, helping us to build brand equity and assist in managing and mitigating risks. The role holder will work across channels to develop sustainability content which builds awareness of our sustainability capabilities and offering across our market footprint This role will help ensure connectivity across the Corporate Affairs, Brand & Marketing (CABM), Strategy & Talent (S&T), Chief Sustainability Officer (CSO) organisation, and Group Public & Regulatory Affairs (GPRA).

ISS-Corporate is hiring! In this role, you will harness your specialized knowledge and adept communication prowess to collaborate with our cutting-edge proprietary data and tools. Together, we will guide forward-thinking enterprises in navigating the intricacies of sustainability risk assessment and response. Moreover, you'll play a pivotal role in educating executive and board members about the evolving sustainability landscape.