Active Ownership: Hohe Renditen statt Klimaschutz?

·32 min·3 clips

Total Energies blocked a shareholder proposal to separate CEO and chairman roles, while Exxon Mobil sued activists over decarbonization demands.

The episode begins with host Mr. Bartels asking Mr. Wager to clarify terminology related to Active Ownership, including Stewardship, Engagement, and Proxy Voting. Mr. Wager explains that these concepts involve investors using their rights to positively influence company success through dialogue and voting at shareholder meetings. He notes that ESG topics are always included in these conversations because they raise awareness and are financially relevant. The discussion then shifts to the anti-ESG movement in the United States, where political polarization has led some to view ESG as a left-wing agenda, resulting in phenomena like 'green hushing' where firms pursue sustainability quietly. Mr. Wager points out cognitive dissonance in the Republican Party's approach to free markets and ESG restrictions. He provides examples of corporate resistance, such as Total Energies rejecting a proposal to separate CEO and chairman roles and Exxon Mobil suing activist investors over decarbonization reports. The guest argues that ESG performance and high returns are complementary for long-term business success, contrasting with short-term quarterly focuses. He details Erste Asset Management's focus areas, including climate topics and governance issues in Austria, where they use voting power to influence decisions. The process of engagement is described as long-term, often taking years, but can be faster in response to controversies. Collaboration with other asset managers, such as through Climate Action 100+, is common to amplify impact. Positive examples include OMV adopting decarbonization targets linked to executive incentives and establishing a supervisory board committee for climate risks. Negative examples involve setbacks with Total Energies. Mr. Wager predicts that Active Ownership will continue positively due to long-term institutional investors like pension funds, and it may become a key activity for passive asset managers. The episode concludes with literature recommendations from Mr. Wager, including 'Thinking, Fast and Slow' by Daniel Kahneman and 'The Eternal Spear' by Ödön von Horváth.

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