CA100+ discloses partial list of lead engagers for first time

Leads for majority of firms added, but some larger members yet to disclose and gaps remain in emerging markets.

Climate Action 100+ has published the names of the investors leading its engagements with the world’s most systemically important emitters for the first time, fulfilling a key transparency ask.

As it moved into its second phase in mid-2023, the initiative said it would allow firms taking part to voluntarily disclose on the CA100+ website which companies they were leading engagement on.

Engagement with target companies is carried out by small groups of leading investors generally supported by a larger group of collaborating investors. Only investors leading on a company are disclosed on the initiative’s site.

The information on lead engagers, which was added last month, is available on the profile page for each of the 170 target companies. For example, Akademiker Pension and Federated Hermes’ engagement arm EOS are among the leads for shipping company AP Møller – Mærsk.

Major European managers including Amundi, Robeco and BNP Paribas Asset Management have disclosed their engagements, as have some of the largest asset owners in the US. Californian pension giant CalSTRS as well as the New York State and City pension funds are also named as lead investors on some company profiles.

However, CalPERS’ engagements do not appear on the site and neither do those of BlackRock or State Street, two of the group’s largest members. In 2022, BlackRock said it was co-leading engagement with China Steel, while State Street has been involved in engagements with Rolls Royce as part of the initiative.

The majority of focus companies now have at least one lead listed, but some gaps remain – especially for emerging market firms. Both Indonesian coal miners on the list remain unclaimed, as do Colombian cement firm Grupo Argos and Brazilian miner Vale.

The sector with the biggest gap in disclosure is aerospace and defence. Raytheon and Boeing are missing lead investor names on their profiles, as is the newly added Honeywell International, while two of the five airlines on the list are also missing their leads.

In the previous and initial phase of CA100+, it was the initiative’s policy not to publish the names of lead engagers, while investors were free to disclose their own participation for example in stewardship or ESG reports.

In early 2022, Responsible Investor published a partial list of lead and supporting investors gathered from investor reporting.