Engagement Analysis Analysis
Stewardship Framework and Processes: Aviva Investors appears to be a strong corporate engager on climate. The asset manager has outlined its climate engagement priorities for the coming year, which includes transitioning to a low-carbon economy. It appears to use a structure for monitoring and tracking engagements, although details on the milestones used are limited. Additionally, the asset manager utilizes a climate engagement escalation programme (CEEP) aiming to drive companies in various sectors to adopt net-zero 2050 targets and transition plans. It assesses company progress using this framework on a bi-annual basis, which determines candidacy for further escalation.
Climate Stewardship Actions: Aviva is a highly active engager on climate, working to drive companies to align with the Paris Agreement. Starting in 2021 it has been engaging with several significant carbon emitters from sectors such as oil and gas, mining, steel, and utilities to strengthen their climate commitments and performance. In addition, as part of its CEEP initiative it has conducted over 120 engagements and secured 94 climate wins. The asset manager does appear to engage on climate lobbying as a part of CEEP and has engaged with Rio Tinto, pressing for more robust action to address industry associations lobbying against climate action. Additionally, Aviva is an active collaborator with CA100+, participating and leading engagements with Hon Hai and BP through the initiative.
Governance, Transparency and Voting: Aviva has clearly described its stewardship governance structure and processes and appears to have in depth oversight and review of its stewardship activities. The asset manager provides a number of named engagement case studies along with topics and outcomes. It discloses all proxy voting data, and also shares voting rationale. Aviva has filed shareholder resolutions on climate in the past but has not provided any recent examples in its latest reporting.
Insightia data suggests that Aviva has been increasingly supportive of AGM resolutions InfluenceMap categorizes as in line with the Paris Agreement, supporting 68.6% in 2019, 86.4% in 2020. 95.2% in 2021, and 93.5% in 2022.