It’s around this time of year, as proxy season gets underway, that Olivier Elamine starts receiving letters and emails from investors.
“There are normally about 50, and you can tell they’re mostly copy-and-pasted because they’re the same letter,” says the CEO of Alstria. “They tell me: ‘We manage X billion euros of assets and we care deeply about ESG, so we would really appreciate it if you could do more. Thank you very much. See you later.”
On paper, Alstria’s business model is about as conservative as it comes: it’s a Frankfurt-listed, BBB+ rated Real Estate Investment Trust that buys, owns and manages offices in Germany. But that’s a far cry from the description Elamine gives it.
“We like to say we’re an activist company, just like there are activist investors,” he says. “We are turning the tables on the conversation, and pushing investors to make sure they’re managing the topic.”
The topic he’s talking about is climate change - more…