Download 4 mei 2017 AXA Investment Managers divests from

4 mei 2017
AXA Investment Managers divests from companies most
exposed to coal
AXA Investment Managers (AXA IM) today announces their intention to divest from
companies that derive more than 50% of their revenues from coal-related activities,
effective 30 June 2017. This policy supplements AXA IM’s existing policies on palm oil
and soft commodities derivatives implemented in 2014 and on controversial weapons set
up in 2008(1) as well as continued work to integrate ESG(2) across all investment
strategies.
Andrea Rossi, CEO of AXA IM, commented: “As a responsible investor and active steward of
our clients’ assets, we strongly believe that divesting from coal can help to de-risk portfolios
over the long term by decreasing exposure to assets that are likely to become ‘stranded’(3) in the
future as the world moves to be in line with the +2°C scenario.
“This decision is consistent with our ambitions for continued and greater ESG integration across
AXA IM. It is also in line with our belief that asset managers have an important role to play in
helping the global transition to a low carbon economy. We want to engage with our clients,
increasing awareness about the potential long-term risks related to the production and
consumption of coal at current levels and encouraging investors to fully consider the long-term
benefits of low carbon portfolios.
“AXA IM has also worked closely with AXA Group on this topic who is recognised as a market
leader on the climate change issue and announced its €0.5 billion divestment from coal in May
2015.”
According to the Intergovernmental Panel on Climate Change (IPCC), +2°C is considered to be
the maximum increase in temperature before significant risks to society are triggered by global
warming. Staying below this threshold requires significantly limiting carbon emissions globally.
Coal is the most carbon-intensive energy source and as a responsible and active investor
constantly engaging with companies on varied issues on our clients’ behalf, AXA IM believes
that divesting from coal helps contribute to the global transition to a low carbon economy
consistent with the +2°C scenario proposed by the IPCC.
Matt Christensen, Global Head of Responsible Investment at AXA IM, added: “AXA IM has
been committed to responsible investment for nearly 20 years. We have seen growing interest
from clients in ESG and coal in particular and have been actively engaging with them on this. In
taking the decision to divest from coal, we have put our clients’ long term needs and goals at
the heart of our thinking to ensure that we are aligned with global megatrends that mean a
growing awareness of the risks posed by climate change and what that means in terms of
particular asset classes, companies, sectors and regions.
www.axa-im.nl
Uitgegeven door AXA Investment Managers Benelux – Netherlands Branch
Beethovenstraat 518, 1082 PR Amsterdam
“We believe that following COP21, the ratification of the Paris Agreement and growing
momentum for fossil fuel divestment globally, now is the right time for AXA IM to make this
move sending a strong message to the rest of our industry.”
About AXA IM’s coal policy
AXA IM is divesting from companies that derive more than 50% of their revenues from coal
related activities, specifically mining and electric utilities companies. The coal policy will apply to
€714 billion (99.5%) of assets under management at AXA IM, excluding any funds in the ‘funds
of funds’ or ‘index funds’ categories. The decision means AXA IM will be divesting
approximately €165 million of fixed income portfolios and €12 million of equities portfolios. All
portfolio managers will be working closely with AXA IM’s Responsible Investment team to
ensure that all funds are in line with the coal policy and all clients impacted have a smooth
transition in their portfolios. Clients in segregated mandates may choose to opt out of this policy
should they wish to do so.
-ENDSNotes to editors
This specific policy on coal will be applied to all assets under management at AXA IM, excluding any funds
in the index funds category and funds of funds category. It is also subject to specific local legal and
regulatory requirements where such requirements are applicable.
1) In 2014, AXA IM announced that the firm had implemented companywide exclusion policies regarding
palm oil and soft commodities derivatives following the announcement on the exclusion of controversial
weapons made in 2008. These specific policies were developed and implemented as part of ensuring
proper stewardship on behalf of clients in order to protect their long-term interests. Full details on all
policies are available here.
2) ESG integration – including environmental, social and governance factors in the investment process.
3) ‘Stranded assets’ – The Carbon Tracker Initiative (CTI) defines ‘stranded assets’ as fossil fuel energy
and generation resources which, at some time prior to the end of their economic life (as assumed at the
investment decision point), are no longer able to earn an economic return as a result of changes in the
market and regulatory environment associated with the global transition to a low carbon economy.
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Tuulike Tuulas - +44 20 7003 2233 - [email protected]
Amy Butler - +44 20 7003 2231 - [email protected]
About AXA Investment Managers
www.axa-im.nl
Uitgegeven door AXA Investment Managers Benelux – Netherlands Branch
Beethovenstraat 518, 1082 PR Amsterdam
AXA Investment Managers is an active, long-term, global, multi-asset investor focused on enabling more
people to harness the power of investing to meeting their financial goals. By combining investment insight
and innovation with robust risk monitoring, we have become one of the largest asset managers in Europe
with ambitions to become the chosen investment partner of investors around the world. With
approximately €717bn in assets under management as of end December 2016, AXA IM employs over
2,350 people around the world and operates out of 29 offices in 21 countries. AXA IM is part of the AXA
Group, a global leader in financial protection and wealth management.
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www.axa-im.nl
Uitgegeven door AXA Investment Managers Benelux – Netherlands Branch
Beethovenstraat 518, 1082 PR Amsterdam