20-01-2023 14:22

Nordea gets high ranking on how we practise active ownership within ESG

Being an active owner is a central part of Nordea’s work with sustainability and ESG practices and in the latest “Voting Matters” report from the NGO ShareAction we’re ranked number one in the Nordics and 11 worldwide.
Voting box

The “Voting Matters” report is an annual publication that investigates how the world’s largest asset managers vote on shareholder resolutions aimed at addressing environmental, social and governance issues. This year’s report ranks the voting performance of 68 asset managers on 252 shareholder resolutions during 2022. In the report Nordea is ranked as number 11 overall and best in the Nordics. 

Nordea Funds Corporate Governance Specialist Richard Torgerson comments on the result: “Nordea believes in active ownership to accelerate the sustainable transition in society, which the results from our voting are a strong proof point of. The number of resolutions within sustainability is increasing, however, we continue to achieve the same high overall score as last year and have increased the resolutions which we voted in favour of from 116 to 205 of the proposals that ShareAction has chosen, i.e. supporting 77% more sustainable resolutions this year.”  

Nordea voted “for” 93% of all environmental resolutions in ShareAction’s report, 89% of all social resolutions and 90% of governance resolutions (referred to as “pay and politics” in ShareAction’s report). Richard Torgerson explains:

“We see more and more proposals every year for these issues, which is a good thing, and we are proud of our strong score. The reason that we’re not able to support all such proposals is that in some companies, different proposals are put forward by numerous filers, and they might thus be aimed at the same thing or be mutually contradictory. Other times, proposals are not defined enough or deemed by us to not be in the best interest of our unitholders. That said, we’re glad to see that ShareAction recognises our commitment, and we supported more than nine out of ten of their chosen resolutions.”

At the end of 2020 Nordea introduced the Voting 2.0 project with the aim to increase our voting performance significantly. As asset manager we vote on behalf of our funds’ unitholders and over the past couple of years we have voted at more than 95% of all AGMs where we could vote, i.e. about 4000 general meetings every year. This is more than any other large Nordic bank in both relative and absolute terms.

Voting at Nordea  

At Nordea we believe that sound corporate governance contributes to shareholder value and adds value to equity investments. Together with our overall ESG focus areas, our Corporate Governance Principles guide the way we vote, and in which issues we decide to engage with companies. On our voting pages, we publish a yearly summary and more details can be found in our Voting portal.

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Active ownership