Scottish Widows has published its 2022 stewardship report that includes analysis of the voting records of its main managers.
In the report, the firm shows that it has delivered on the first of its core climate targets and is now taking steps to incorporate nature-positive thinking more thoroughly into its approach. It also details the voting activity and engagement on material ESG issues observed among Scottish Widows’ main asset managers over the last year, highlighting instances of managers’ failure to meet expectations on core issues.
Maria Nazarova-Doyle, Head of Responsible Investments and Stewardship at Scottish Widows, says, “While we have been pleased with the positive strides we have made with our investment managers over the last year, there is still more that needs to be done to ensure activity is aligned with our guidelines – particularly as our thematic priorities continue to evolve. Strong stewardship is the foundation of any responsible investment approach and a bedrock for protecting and enhancing value for our customers in the long-term.
Given that voting is just one tool of stewardship, I am also concerned about the quality of investee companies engagement happening behind closed doors. If managers fail to act in line with our priority, which will always be the interests of our beneficiaries, we will have no choice but to take action. We are hopeful that our meeting with our managers this autumn will result in positive outcomes for all parties.”