FinanceMap scores this financial institution in the following areas. Please navigate to the relevant tab for in-depth analysis
FinanceMap assesses these portfolios for this financial institution. Please navigate to the relevant tab for in-depth analysis.
Fossil fuel production companies are defined as those with primary sector of operations in the up-, mid-, and/or downstream segments of fossil fuel production. Green companies are defined as companies having over 75% revenue deriving from Substantial Contribution to Mitigation activities under the EU Taxonomy.
Portion of AUM Assessed: $27.5B
Sector Paris Alignment scores for the sectors in which the asset manager has shareholdings. FinanceMap Paris Alignment analysis is limited to the automotive, upstream fossil fuel, and power sectors.
| Holding Name | Contribution to Sector Production |
|---|---|
| Iberdrola SA | 35.7% |
| Enel SpA | 15.1% |
| Corporacion Acciona Energias Renovables SA | 9.6% |
| SSE PLC | 7.3% |
| Neoen SA | 5.0% |
| EDP Energias de Portugal SA | 4.6% |
| Nextera Energy Inc | 3.9% |
| EDP Renovaveis SA | 3.7% |
| ERG SpA | 3.2% |
| China Longyuan Power Group Corp Ltd | 2.2% |
| Holding Name | Contribution to Sector Production |
|---|---|
| Stellantis NV | 67.3% |
| General Motors Co | 11.0% |
| Ford Motor Co | 7.5% |
| Mazda Motor Corp | 2.2% |
| Toyota Motor Corp | 2.1% |
| Dongfeng Motor Group Co Ltd | 2.0% |
| Honda Motor Co Ltd | 1.8% |
| Bayerische Motoren Werke AG | 1.4% |
| Renault SA | 1.3% |
| Volkswagen AG | 0.9% |
| Holding Name | Contribution to Sector Production |
|---|---|
| Exxaro Resources Ltd | 47.0% |
| Banpu PCL | 23.4% |
| Alpha Metallurgical Resources Inc | 13.0% |
| Whitehaven Coal Ltd | 12.5% |
| Washington H Soul Pattinson and Company Ltd | 4.1% |
| Holding Name | Contribution to Sector Production |
|---|---|
| BP PLC | 40.8% |
| Shell PLC | 13.4% |
| EQT Corp | 10.4% |
| APA Corp (US) | 5.8% |
| Serica Energy PLC | 5.6% |
| TotalEnergies SE | 4.8% |
| Petroleo Brasileiro SA Petrobras | 2.8% |
| Chevron Corp | 1.7% |
| Repsol SA | 1.6% |
| EOG Resources Inc | 1.3% |
All equity funds that FinanceMap has identified as being managed by this asset manager. Click through to a fund's profile page to view in-depth analysis.
AXA Investment Managers (AXA) appears to be a leading engager with companies around climate. The asset manager has a clear climate engagement framework including expectations for investee companies on climate and has announced a new focus list for engagements with climate and transition ‘laggards’. It also uses a defined structure for tracking engagement progress including clear objectives and timelines. The asset manager has defined penalties based on engagement outcomes as well as a ‘three strikes’ policy for companies labeled climate laggards.
AXA is actively engaging with companies to transition in line with the Paris Agreement. It has engaged with companies in the oil and gas sector and with coal exposure on developing credible transition plans using SBTs. The asset manager appears to be engaging with companies on climate lobbying. Additionally, it is a member of several climate-related investor initiatives such as NZAOA, NZAMI, and CA100+, and is a lead engager for CA100+ at two companies: Saudi Aramco and Renault.
AXA has provided strong details on its various stewardship governance committees as well as its stewardship review processes. The asset manager is fully transparent about its engagements, providing a full list of companies engaged with as well as several named case studies and outcomes. It also discloses its full proxy voting record as well as voting rationale when it has voted against management.
AXA has demonstrated willingness to use shareholder authority on climate and announced it would support a vote of no confidence at Chevron against directors and a vote against the chairman on climate grounds.
Insightia data suggests that AXA has mixed support of AGM resolutions InfluenceMap categorizes as in line with the Paris Agreement, supporting 58.7% in 2019, 58.6% in 2020 and improving its voting support in 2021 to 79.1%. However, its voting support decreased in 2022 to 60.3%.
FinanceMap's methodology to measure the engagement process on climate was developed in consultation with several of the world's leading asset managers and uses key aspects of the UK Financial Reporting Council's 2020 Stewardship Code . The Stewardship Code was chosen to benchmark engagement quality as it provides an ambitious framework and detailed definitions of what constitutes effective engagement. FinanceMap defines the term ‘engagement’ as referring to all investor actions undertaken to influence the management strategy of the companies they own including private communications with corporate management and appointed advisors; questions at AGMs/other company meetings; comments on the company in the media; escalation and the shareholder resolution process (filing, voting behavior). FinanceMap’s methodology breaks the engagement process down into a set of sub-activities and looks for evidence associated with these across publicly available data sources.
Climate-relevance categorization of shareholder resolutions is based on the IPCC’s Special Report on 1.5°C and its concluded need for “rapid and far-reaching transitions in land, energy, industry, buildings, transport, and cities.” FinanceMap scored voting on any resolution where the intent and likely outcome is consistent with this IPCC stated need. The voting data is drawn from asset managers' disclosures to the US Security Exchange Commission (SEC), asset manager websites (including third-party websites they link to), directly from the asset managers, and through specialist voting data provider Insightia. The full list of resolutions assessed is available here.
The following table outlines the key queries and data sources, which FinanceMap uses to assess financial institutions’ sustainable finance policy engagement. Every evidence piece is assessed on a five-point scale of -2,-1,0,1,2 or NA (not applicable)/NS (not scored). All queries, data sources, and evidence pieces are weighted against one another in a matrix system to arrive at a final top-level score. Clicking on specific cells will load the underlying evidence and information on how it has been assessed.
AXA and its subsidiary, AXA Investment Managers (AXA IM), appear to have had significant engagement on sustainable finance policy, with mostly positive positions.
AXA has advocated for action to achieve net-zero by 2050 and has expressed support for reform of the financial sector to address short-termism in markets. In 2022, AXA signed a joint statement advocating for the post-2020 global biodiversity framework to mandate the alignment of financial flows with biodiversity goals. AXA and AXA IM have stated support for the EU’s Action Plan on Sustainable Finance in their sustainability reporting.
AXA and AXA IM appear supportive of improving regulated corporate disclosure on both climate and biodiversity. AXA stated broad support for increased ambition on mandatory sustainability reporting in its 2022 Climate and Biodiversity Report. During COP15 in December 2022, AXA signed a joint statement calling on the post-2020 global biodiversity framework to include disclosure of nature-related impacts and dependencies. AXA IM has stated support for the EU’s Non-Financial Reporting Directive (NFRD) in its website and co-signed an investor statement urging EU policymakers to increase the ambition of the Corporate Sustainability Reporting Directive (CSRD) in 2021. AXA IM further supported mandatory implementation of the TCFD for occupational pension schemes in response to the UK Department for Work and Pensions’ consultation in 2021.
In 2021, AXA IM stated broad support for the EU taxonomy on its website. AXA has also supported the taxonomy, and advocated for the extension of the taxonomy to include ‘transition’ efforts in its 2022 Climate and Biodiversity Report. However, it is sometimes unclear whether AXA is advocating to widen the 'transition' category in the current 'green' framework, which would weaken the policy, or whether advocating for a separate category, which would be aligned with the position of the Platform on Sustainable Finance. In a media article in 2021, AXA’s CEO Thomas Buberl, appeared to endorse the possibility of the taxonomy criteria to include nuclear energy as ‘green’. However, in 2022, Euractiv reported that AXA was opposing this weakening of the criteria.
In its 2018 Responsible Investment Review, AXA IM appeared to support the need for green bond standards.
In its 2021 Article 173/TCFD report, AXA IM stated broad support for the EU’s Sustainable Finance Disclosure Regulation (SFDR). In AXA’s 2022 Climate and Biodiversity Report, it described the SFDR without taking a clear position.
AXA appears to have had limited engagement on incorporating ESG issues into risk management regulation, but appears broadly supportive where it has engaged. In its 2022 Climate and Biodiversity Report, AXA appeared to state broad support for climate stress tests in the UK and EU. AXA IM signed an Investor Agenda statement in 2022 that called for “coordinating and driving consistency across global financial regulation in the areas of mandatory climate risk disclosure and prudential risk supervision”.
AXA lacks a clear dedicated disclosure of its positions, but has listed policies it is engaged on its 'Public Affairs' webpage and has separately provided details of some policy positions in its 2022 Climate and Biodiversity Report. AXA IM has provided a clearer overview of its public policy advocacy in its 2022 Stewardship Report.
AXA has listed some of its industry association memberships on its website, with no further detail on indirect governance. The list provided is non-exhaustive and does not cover memberships to associations including Insurance Europe, the Association of British Insurers and the American Council of Life Insurers
InfluenceMap’s methodology for assessing lobbying on sustainable finance policy closely follows InfluenceMap’s established methodology on climate policy engagement, which is used extensively by investors, including via the Climate Action 100+ investor engagement process. Our full methodology can be found here.
Under our assessment of sustainable finance lobbying, InfluenceMap considers engagement on all financial policies which intersect with climate and/or other sustainability issues. The analysis takes into account both the engagement of the financial institution and the activities of industry associations they hold membership of.
InfluenceMap’s methodology covers seven publicly available data sources, searching for evidence of engagement and corporate positioning since 2017. To determine the policy issues within the scope of the analysis, InfluenceMap breaks down sustainable finance policy engagement into a series of subcategories, or 'queries'. These are designed to cover high-level issues relating to the importance of sustainable finance, as well as more specific areas of sustainable finance policymaking. InfluenceMap’s research process searches for evidence of an organization's engagement with each sustainable finance policy issue, across each of the data sources.
The following table outlines the key queries and data sources, which FinanceMap uses to assess asset managers' corporate engagement programs. Every evidence piece is assessed on a five-point scale of -2,-1,0,1,2 or NA (not applicable)/NS (not scored). All queries, data sources, and evidence pieces are weighted against one another in a matrix system to arrive at a final top-level score. Clicking on specific cells will load the underlying evidence and information on how it has been assessed.
In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party.
In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Thomas Buberl is on the board of the IIF (last checked March 2023)
Thomas Buberl (Chief Executive Officer, AXA Group)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
AXA Investment Managers is a member of the Sustainable Finance Working Group (SFWG) at the IIF
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
AXA is a member of the IIF
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Thomas Buberl is on the board of the IIF (last checked March 2023)
Thomas Buberl (Chief Executive Officer, AXA Group)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
AXA Investment Managers is a member of the Sustainable Finance Working Group (SFWG) at the IIF
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
AXA is a member of the IIF
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
David Baker is member of the board at ABI and chair of the Audit and Risk Committee (last checked September 2023).
David Baker (Audit and Risk Committee Chief Risk Officer, AXA UK & Ireland)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Claudio Gienal is a board member at the ABI (last checked March 2023)
Claudio Gienal (Chief Executive of AXA UK and Ireland)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
David Baker is member of the board at ABI and chair of the Audit and Risk Committee (last checked September 2023).
David Baker (Audit and Risk Committee Chief Risk Officer, AXA UK & Ireland)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Claudio Gienal is a board member at the ABI (last checked March 2023)
Claudio Gienal (Chief Executive of AXA UK and Ireland)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
AXA Investment Managers is a member of EFAMA (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
Stéphane JANIN is on the EFAMA board of directors. As of January 2022, Stéphane JANIN is no longer a member of the board.
Stéphane JANIN (AXA Investment Managers)
InfluenceMap Data Point on Corporate - Influencer Relationship
AXA Investment Managers is a member of EFAMA (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
Stéphane JANIN is on the EFAMA board of directors. As of January 2022, Stéphane JANIN is no longer a member of the board.
Stéphane JANIN (AXA Investment Managers)
InfluenceMap Data Point on Corporate - Influencer Relationship
AXA representatives sit on Insurance Europe's Economics & Finance Committee and Financial Reporting Working Group
Alban de Mailly Nesle (Group chief risk & investment officer) & Sophie Massol (Head of group accounting policies)
InfluenceMap Data Point on Corporate - Influencer Relationship
AXA is a member of the France Assureurs which is a national association member of Insurance Europe.
InfluenceMap Data Point on Corporate - Influencer Relationship
Alban de Mailly Nesle is the Chair of the Economics & finance committee at Insurance Europe
Alban de Mailly Nesle (Group chief risk & investment officer Axa Group)
InfluenceMap Data Point on Corporate - Influencer Relationship
AXA is a member of the Fédération Française de l'Assurance (FFA) which is a national association member of Insurance Europe. As of January 2022, FFA does not longer appear to be a member of Insurance Europe.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
Thomas Buberl (CEO, Axa) is on the strategic board of Insurance Europe
Thomas Buberl
InfluenceMap Data Point on Corporate - Influencer Relationship
AXA representatives sit on Insurance Europe's Economics & Finance Committee and Financial Reporting Working Group
Alban de Mailly Nesle (Group chief risk & investment officer) & Sophie Massol (Head of group accounting policies)
InfluenceMap Data Point on Corporate - Influencer Relationship
AXA is a member of the France Assureurs which is a national association member of Insurance Europe.
InfluenceMap Data Point on Corporate - Influencer Relationship
Alban de Mailly Nesle is the Chair of the Economics & finance committee at Insurance Europe
Alban de Mailly Nesle (Group chief risk & investment officer Axa Group)
InfluenceMap Data Point on Corporate - Influencer Relationship
AXA is a member of the Fédération Française de l'Assurance (FFA) which is a national association member of Insurance Europe. As of January 2022, FFA does not longer appear to be a member of Insurance Europe.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
Thomas Buberl (CEO, Axa) is on the strategic board of Insurance Europe
Thomas Buberl
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
AXA Investment Managers is a member of the IIGCC (last checked September 2023)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
AXA Investment Managers is a member of the Policy Advisory Group at IIGCC. Scoring Note: Membership not scored, as the IIGCC does no longer appear to disclose advisory group structures (last checked September 2023)
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
AXA Investment Managers is a member of the IIGCC (last checked September 2023)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
AXA Investment Managers is a member of the Policy Advisory Group at IIGCC. Scoring Note: Membership not scored, as the IIGCC does no longer appear to disclose advisory group structures (last checked September 2023)
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
AXA Investment Managers and AllianceBernstein are members of the Investment Association (last checked September 2023)
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
AXA Investment Managers and AllianceBernstein are members of the Investment Association (last checked September 2023)
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
AXA is a member of the French Banking Federation, which is a national association member of EBF (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
AXA is a member of the French Banking Federation, which is a national association member of EBF (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
AXA Investment Managers is a member of the French Association of Financial Management (AFG) which is a national association member of PensionsEurope (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
AXA Investment Managers is a member of the French Association of Financial Management (AFG) which is a national association member of PensionsEurope (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Axa Invesetment Managers and Axa Wealth Management is a direct member of JSDA.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Axa Invesetment Managers and Axa Wealth Management is a direct member of JSDA.
not specified
--no extract--
AXA's board and board committees review the group’s strategy on climate change and ensure climate integration across all asset classes. Meanwhile, management-level positions and committees are assigned clear climate-related responsibilities, and there are processes in place to ensure the board is informed of climate-related issues.
The organization considers climate-related risks and opportunities in its investment business activities and appears to consider these over different time horizons. However, it has not defined which climate-related risks and opportunities over different time horizons are relevant to its business.
AXA is transparent about the impact of climate-related risks and opportunities on its corporate strategy and financial planning and has provided numerous examples in its climate strategy, integrated report, climate reports, and green business report.
It appears to have tested the resilience of various elements of its business strategy using climate scenarios, including those consistent with a 2°C outcome. It is combining multiple data sources and methodologies to assess various asset classes. For example, AXA IM measures transition risks using tools developed by Carbon Delta and has evaluated its real assets portfolio exposure to physical climate risks.
AXA references some processes for identifying and assessing climate-related risks. For example, ESG-integrated internal credit ratings are assigned to AXA’s credit portfolio, which covers more than 85% of the group’s credit portfolio. Additionally, quantitative ESG-specific tools assess risks across various asset classes, including corporate issuers and sovereign issuers.
The organization outlines various processes for managing climate-related risk, including a responsible investment policy for AXA as an asset owner. Within AXA IM, climate topics are managed using a well-defined control framework. Moreover, the organization outlines how products or investment strategies might be affected by the transition to a lower-carbon economy.
AXA appears to integrate climate-related risks into its overall risk management; for example, ESG and climate change are integrated into the organization’s responsible investment policy as well as in portfolio management for investment business activities. Additional areas are described in detail in its 2021 Climate Report.
The organization is transparent about the key metrics used to measure and manage climate-related risks and opportunities. The organization uses various metrics to assess the impact of climate-related risks on its sovereign debt, corporate bonds and equity (including non-financial), and real assets portfolios, etc.
AXA is transparent about Scope 1, Scope 2 emissions data and discloses business travel and other Scope 3 emissions in its CDP response. Additionally, it has quantified its Scope 3 portfolio impacts using carbon footprint and warming potential methodologies. It has also disclosed absolute emissions data for some portfolios.
In November 2019, AXA was announced as a member of the UN-convened Net Zero Asset Owners Alliance. It has set a net zero by 2050 target and an interim target to reduce emissions investments by 20% between 2019 and 2025. It is also a member of the Net-Zero Asset Management Initiative and the Net-Zero Insurance Alliance, and it is working on setting interim targets through these initiatives.
AXA is partially aligned with TCFD guidance on the role for coal in the energy mix up to 2050. It is phasing out support for the coal industry and aims to reduce exposure to the thermal coal industry to zero by 2030 in the EU and OECD countries and by 2040 for the rest of the world. In addition, it has outlined restrictions in investing and underwriting for various coal-related activities.
With regard to oil and gas, the organization has divested from activities related oil sands as well as restricted insurance coverage for oil sands-related assets and oil and gas extraction in the Arctic region. However, the organization appears to otherwise invest in and provide insurance for other oil and gas activities.
AXA has communicated support for a low-carbon economy and has scaled up its green investment target which includes the financing of renewables. The organization has also pledged to achieve net zero by 2050 for its investment portfolios but has not yet aligned its energy portfolio with IPCC guidance.
FinanceMap’s Climate Governance and Policies analysis assesses statements financial institutions (FIs) are making on how they are incorporating climate issues into their decision-making and operations using FinanceMap’s matrix methodology. This methodology is adapted from the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations and guidelines, Net-Zero Banking Alliance (NZBA) or equivalent Glasgow Financial Alliance for Net-Zero (GFANZ) initiative reporting, and IPCC and IEA technology statements. The TCFD provide guidance on 11 recommendations across four areas which are reflected in our matrix: Governance, Strategy, Risk Management, and Metrics and Targets. Additional benchmarks have been introduced to strengthen the ambition of scoring criteria in the assessment of targets, which are supplemented by guidance from the NZBA or equivalent GFANZ initiatives.
Additionally, Science-Based Policy (SBP) benchmarks are used to measure alignment of an FIs technology positions with the science of climate change. These benchmarks are applied to an FIs internal policies on technologies including coal, oil, gas, nuclear, and renewables and also assesses its engagement with broader climate and energy policy issues such as advocacy on the role and importance of different strategy types in the future energy mix.
For each TCFD recommendation and technology, FIs statements are applied to a five point scoring scale ranging from +2 to -2, measuring alignment with the relevant benchmarks. The detailed scores for this FI are displayed below within each matrix cell.
The following table outlines the key queries and data sources, which FinanceMap uses to assess financial institutions climate governance, targets and policies. Every evidence piece is assessed on a five-point scale of -2,-1,0,1,2 or NA (not applicable)/NS (not scored). All queries, data sources, and evidence pieces are weighted against one another in a matrix system to arrive at a final top-level score. Clicking on specific cells will load the underlying evidence and information on how it has been assessed.
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