RI Annual Report 2023
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Our engagement efforts paid off Active ownership continues to be a strong focal point for us and last year, we saw the fruit of one particularly important engagement. After several months of engagement, Brazilian state-owned oil and gas giant Petrobras and US group EOG Resources joined the Oil and Gas Methane Partnership (OGMP) 2.0 in January 2023 – OGMP 2.0 is the gold standard in methane measurement, reporting and target setting. Our collaborative engagement focused on encouraging 15 companies in the oil and gas industry to join OGMP 2.0, identify actions being taken to reduce methane emissions and to share the cost/benefit analysis of those actions. Many of the compa- nies are now taking action to reduce methane emissions and are in dialogue with the OGMP 2.0 about membership. Our engagement was noticed by the industry and Environmental Finance Awards recognized us with the Global pollution reduc- tion initiative of the year. Last year, we conducted 1179 engagements on topics ranging from climate action to better sustainability reporting practices. At the end of the year, we considered more than 13.5% of these engagements to be resolved as companies met our expecta- tions. We also voted in 3700 general meetings. We were recognized by the industry Our commitment to ESG and the UN Sustainable Development Goals has brought recognition from across the industry. Funds Europe gave us the esteemed European ESG Manager of the Year award, Pensions Age recognized us as Active Manager of the Year, and ESG Investment Leader Awards gave us ESG Fund Manager of the Year, to name just a few.
We expanded our diversity parameters In 2023, we decided to expand the scope of our Global Diver- sity Engagement Strategy to reflect evolving changes in D & I (diversity and inclusion) that go beyond gender representation. Enhancing the investment focus translates into broader impact and allows us to place stronger emphasis on engagement with the aim of driving both alpha and social change. In 2023, NAM also committed to a new chapter of Diversity Project Europe (DPE), covering a larger geographical scope which will enable cross-border collaboration to help promote a diverse and inclusive European asset management industry. Kasper Elmgreen, CIO of Fixed Income & Equities, has taken a seat in the advisory council, a group responsible for defining the DPE’s strategy. We’re moving forward As the climate crisis continues, investors are hearing more buzzwords like climate metrics, temperature footprints, adaptation, Paris-alignment, etc. But it comes down to one thing: reducing emissions. Governments, the private sector and us as investors must reduce emissions. As an active manager, we set serious net zero targets to do that. We are committed to investing in companies with similar net zero targets and strive to provide solutions that investors are looking for. I invite you to read our RI Annual Report to find out more about our ongoing developments in Responsible Investment.
Nils Bolmstrand, CEO of Nordea Asset Management
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