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Aegon Asset Management Investment Company (Ireland) Plc is structured as an umbrella type open-ended investment company with variable capital consisting of a number of different sub-funds (“Funds”) and is authorized in Ireland pursuant to European Communities (Undertakings for Collective Investment in Transferable Securities) UCITS Regulations and the Central Bank UCITS Regulations (“UCITS Regulations"). Aegon Asset Management Europe ICAV is structured as an umbrella type open-ended investment ICAV with variable capital consisting of Funds and is authorized in Ireland as a UCITS pursuant to the UCITS Regulations.
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Attention aux fraudeurs se faisant passer pour Aegon Asset Management, d’autres institutions financières et organismes de régulation: Nous avons reçu plusieurs signalements de fraudeurs se faisant passer pour Aegon AM et d’autres entreprises en créant de faux sites web, de fausses publicités et de fausses adresses mail. Pour en savoir plus sur la manière de vous protéger contre ces escroqueries et comment signaler un comportement suspect,veuillez lire ce qui suit.
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In the latest of our monthly edition of Soapbox Snippets, we round up some of the news from the world of sustainable investing.
Are all resolutions created equal?
There have been a number of well publicized reports in the past few weeks on the number of shareholder proposals increasing (particularly in the US) and yet the level of support for these resolutions reducing. This may seem like asset managers are bowing to political pressures or failing in their responsibilities. BUT – there needs to be consideration of what these resolutions are. There is an insidious belief that voting in favour of all shareholder resolutions is a good thing and supporting management is a bad thing. The truth is more nuanced. With the massive increase in the quantum of resolutions comes the fact that the quality can sometimes be lacking – asking companies to do things that are already in progress or overly prescriptive so that they are erring into micromanagement territory. However, most worrying is the anti-ESG proposals, which are frequently dressed up to look like they are seeking to improve some social or environmental outcome, but in the body of the text are clearly seeking to reinforce the exact opposite. It is a reminder that we need to take every resolution on its own merit and vote in a considered way!
Climate Change has a Bite
Climate change is already impacting public health. According to health officials, Brazil could experience 5 million cases of dengue fever in 2024, a new record and a three-fold increase over 2023. Last year the country had 1.6 million cases and 1,079 deaths.
Mosquitoes, the main carriers of diseases like dengue fever, prefer hot and wet weather, and this is what the ongoing El Nino has brought to Brazil. Much of the Amazon region is facing drought conditions, while the south of the country is subject to flooding.
We may think of dengue fever as a tropical disease, but climate change means more areas of the planet will make ideal homes for disease-carrying mosquito species. In December, the UK Health Security Agency reported that even the UK could become exposed to dengue fever, chikungunya, and zika under certain warming scenarios. Italy and France have already seen cases in recent years.
Following the emissions trend
After two years of GHG emissions growth, the US returned to a downward trend in 2023. Emissions dipped nearly 2% year-over-year and now sit at 17.2% below 2005 levels. The power sector drove talmost all of that reduction as coal generation continues to fall to record lows. The building sector added to the decline after a milder than expected winter. However, increased air travel and record oil & gas production drove a slight uptick in transport and industrial emissions.
It's a small step in the right direction, but the pace of decarbonisation needs to increase if the country has any hope of meeting its target under the Paris climate agreement, which is to cut emissions by 50% below the 2005 levels by 2030.
With an upcoming US election, will potential policy changes accelerate or decelerate this ambition? Broker, Jefferies, has published some interesting statistics on previous administrations. The findings don't imply causality but over the past 20 years emissions have either stayed relatively neutral or trended downwards throughout both Republican and Democratic presidencies. The biggest absolute GHG reduction coming under President Trump - helped by Covid-19 of course. And renewable capacity additions increased every year during that 20 year period, regardless of whether it was a Republican or Democrat administration.
Bossing it (or not)
Gender parity in British boardrooms is making strides, but the journey to the CEO chair for women remains sluggish. Research conducted by the 25x25 initiative highlights concerns regarding the slow advancement of female CEOs, attributing it to a lack of diversity in the UK executive pipeline. This initiative, backed by various major multinationals (Home Page | 25x25), reveals that women occupy only 19% of FTSE 100 divisional head positions – a pivotal factor in the selection of chief executives. Currently, a mere 9% of FTSE 100 CEOs are women, a figure significantly lower than the representation of women in other leadership roles, such as MPs (35%), permanent secretaries (47%) and judges (42%).
The study finds that 19% of chief executives were previously CFOs, with women representing only 25% of these roles. Furthermore, 14% came from operations and supply positions, where women make up 21% of the workforce. The absence of a clear correlation between the number of women in an organisation and their presence in senior executive positions challenges the assumption that a higher number of talented women will naturally ascend to top roles. The 25x25 initiative underscores that the current situation points to structural or cultural issues within organisations.
The research also highlights that 13% of current chief executives held the same position at another company. Strikingly, no female FTSE 100 CEO previously occupied such a role elsewhere. Companies are increasingly promoting CEOs from within boardrooms, hiring former non-executive directors for chief executive positions.
And finally, the great Chieftain of the (sustainable) pudding race…
I hope while you were tucking into your haggis, neeps and tatties last night – along with a wee dram (Preserving the aqua vitea – Scotch whisky’s surprising ESG story) –for the annual Burns night celebration, you gave a thought to you gave a thought to Scotland’s fine sustainable history – and the fact that Scotland’s national dish actually originated as a way to reduce food waste. Haggis (and this may put you off eating it again) is largely made up of offal, oatmeal and spices encased in an animal stomach. There are two reasons for this: offal has a shorter shelf life and because hunters were very aware of not allowing any part of that animal to go to waste. So you can burnish that halo knowing that you have helped the sustainable cause…while enjoying your Burns night supper.
This material is provided by Aegon Asset Management (Aegon AM) as general information and is intended exclusively for institutional and wholesale investors, as well as professional clients (as defined by local laws and regulation) and other Aegon AM stakeholders.
This document is for informational purposes only in connection with the marketing and advertising of products and services, and is not investment research, advice or a recommendation. It shall not constitute an offer to sell or the solicitation to buy any investment nor shall any offer of products or services be made to any person in any jurisdiction where unlawful or unauthorized. Any opinions, estimates, or forecasts expressed are the current views of the author(s) at the time of publication and are subject to change without notice. The research taken into account in this document may or may not have been used for or be consistent with all Aegon AM investment strategies. References to securities, asset classes and financial markets are included for illustrative purposes only and should not be relied upon to assist or inform the making of any investment decisions. It has not been prepared in accordance with any legal requirements designed to promote the independence of investment research, and may have been acted upon by Aegon AM and Aegon AM staff for their own purposes.
The information contained in this material does not take into account any investor's investment objectives, particular needs, or financial situation. It should not be considered a comprehensive statement on any matter and should not be relied upon as such. Nothing in this material constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to any particular investor. Reliance upon information in this material is at the sole discretion of the recipient. Investors should consult their investment professional prior to making an investment decision. Aegon Asset Management is under no obligation, expressed or implied, to update the information contained herein. Neither Aegon Asset Management nor any of its affiliated entities are undertaking to provide impartial investment advice or give advice in a fiduciary capacity forpurposes of any applicable US federal or state law or regulation. By receiving this communication, you agree with the intended purpose described above.
Past performance is not a guide to future performance. All investments contain risk and may lose value. This document contains "forward-looking statements" which are based on Aegon AM's beliefs, as well as on a number of assumptions concerning future events, based on information currently available. These statements involve certain risks, uncertainties and assumptions which are difficult to predict. Consequently, such statements cannot be guarantees of future performance, and actual outcomes and returns may differ materially from statements set forth herein.
The following Aegon affiliates are collectively referred to herein as Aegon Asset Management: Aegon USA Investment Management, LLC (Aegon AM US), Aegon USA Realty Advisors, LLC (Aegon RA), Aegon Asset Management UK plc (Aegon AM UK), and Aegon Investment Management B.V. (Aegon AM NL).Each of these Aegon Asset Management entities is a wholly owned subsidiary of Aegon Ltd. In addition, Aegon Private Fund Management (Shanghai) Co., a partially owned affiliate, may also conduct certain business activities under the Aegon Asset Management brand.
Aegon AM UK is authorised and regulated by the Financial Conduct Authority (FRN: 144267) and is additionally a registered investment adviser with the United States (US) Securities and Exchange Commission (SEC). Aegon AM US and Aegon RA are both US SEC registered investment advisers.