CA100+ readmits BNY Mellon subsidiary following delisting

Index specialist Mellon Investments rejoins investor engagement group after proving it meets required standards.

Climate Action 100+ has readmitted Mellon Investments to the investor engagement body following review and further engagement.  

The index specialist subsidiary of US financial heavyweight BNY Mellon became the first and only CA100+ member to be delisted after it failed to disclose to the initiative that it had met the minimum requirement around engagement. 

Responsible Investor reported on the delisting earlier this month, although it is understood that the action took place in October. 

A spokesperson for Mellon told RI at the time that it was not aware of any correspondence from CA100+ and that it had “immediately contacted them to identify what happened”.  

On the firm’s engagement efforts, the spokesperson said: “As a leading index manager, Mellon has a comprehensive engagement programme and we can confirm that in 2022 we actively engaged with a number of companies on the Climate Action 100+ engagement list.” 

A CA100+ spokesperson has now informed RI that, after re-engaging with Mellon, the issue has been addressed to the initiative’s satisfaction. “We are confident that Mellon meets the requisite standards for readmission to CA100+ and as such consider the matter resolved and look forward to working with the organisation going forwards.”  

Responding to the readmission, Mellon’s spokesperson said, “We appreciate Climate Action’s prompt action to resolve an administrative lapse and reinstate Mellon’s participation as a signatory, reflecting our continued commitment to helping address climate change as a portfolio risk for investors.” 

CA100+, which is backed by 700 investors representing more than $68 trillion in assets under management, targets the world’s largest polluters with the aim of steering them towards low-carbon futures.  

Each of the initiative’s 166 target companies, which collectively account for around 80 percent of global corporate emissions, are assigned between one and three investors to lead engagements. Signatories can also join as supporting investors.