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: $95.8B
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 |
|---|---|
| Brazilian Electric Power Co | 29.1% |
| Exelon Corp | 9.4% |
| Enel SpA | 7.9% |
| Eneva SA | 5.3% |
| CLP Holdings Ltd | 5.3% |
| Vistra Corp | 4.2% |
| Dominion Energy Inc | 3.6% |
| OGE Energy Corp | 3.6% |
| Clearway Energy Inc | 2.9% |
| CMS Energy Corp | 2.3% |
| Holding Name | Contribution to Sector Production |
|---|---|
| Volkswagen AG | 34.8% |
| Mercedes Benz Group AG | 20.4% |
| General Motors Co | 19.4% |
| Suzuki Motor Corp | 7.1% |
| Geely Automobile Holdings Ltd | 4.5% |
| Ford Motor Co | 4.1% |
| Maruti Suzuki India Ltd | 1.8% |
| Toyota Motor Corp | 1.6% |
| Stellantis NV | 1.4% |
| Tesla Inc | 1.1% |
| Holding Name | Contribution to Sector Production |
|---|---|
| Glencore PLC | 56.0% |
| CONSOL Energy Inc | 17.4% |
| China Shenhua Energy Co Ltd | 14.1% |
| Warrior Met Coal Inc | 6.2% |
| Yankuang Energy Group Co Ltd | 1.7% |
| Peabody Energy Corp | 1.5% |
| Arch Resources Inc | 1.2% |
| Coal India Ltd | 1.2% |
| Adaro Energy Indonesia TBK PT | 0.6% |
| Alpha Metallurgical Resources Inc | 0.2% |
| Holding Name | Contribution to Sector Production |
|---|---|
| Petroleo Brasileiro SA Petrobras | 58.6% |
| EQT Corp | 10.6% |
| Antero Resources Corp | 2.6% |
| Southwestern Energy Co | 2.5% |
| BP PLC | 2.5% |
| Shell PLC | 2.3% |
| CNX Resources Corp | 2.2% |
| Range Resources Corp | 2.1% |
| Exxon Mobil Corp | 1.9% |
| Chesapeake Energy Corp | 1.9% |
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.
The Bank of New York Mellon (BNY Mellon) is made up of eight independently acting investment firms. In this assessment, it has been assessed independently and through scoring its largest and most relevant subsidiaries.
The online profile for Insight Investments, BNY Mellon’s largest subsidiary with USD$909bn AUM is available here. Mellon Investment Corporation (Mellon) has an AUM of USD$558bn as of September 2020 and can be found here. Finally, Newton Investment Management, a smaller but actively engaging asset manager, with an AUM of USD$105bn, can be found here.
The evidence provided below relates to BNY Mellon’s voting behavior for comparison against its subsidiaries. From 2018 to 2020 BNY Mellon supported 31%, 16.7% and 33.3% of annual general meeting (AGM) resolutions that InfluenceMap categorizes as in line with the Paris Agreement respectively. In 2021, BNY's support of climate-related resolutions increased to 51.6%. However, it split its vote on 2 resolutions. For example, voting for and against Shell to set and publish targets for GHG emissions.
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 Bank of New York Mellon (BNY Mellon) and its subsidiaries Insight Investment and Newton Investment Management have been engaged with sustainable finance policies in the US, EU, and UK, generally stating top-line support for sustainable finance policies while taking more mixed positions on specific regulations.
BNY Mellon has recognized the issue of short-termism in the financial sector but has stated that it is an “open question” as to whether financial markets can be restructured to address this issue. BNY Mellon has stated support for urgent action to tackle climate change, and subsidiaries Insight Investment and Newton Investment Management have signed on to the Net Zero Asset Managers Initiative, which advocates for net-zero by 2050 targets globally. BNY Mellon has stated broad support for sustainable finance regulation, “welcoming” sustainable finance initiatives in the EU and UK.
BNY Mellon has taken a mixed position on regulated corporate ESG disclosure, broadly supporting the need for disclosure but outlining objections to specifics of some policies. In its 2021 Climate Report, BNY Mellon welcomed efforts by governments to introduce formal climate disclosure requirements for companies. Insight Investment and Newton Investment Management signed on to the 2022 Global Investor Statement to Governments on the Climate Crisis, calling on policymakers to mandate TCFD-aligned reporting and require disclosure of 1.5C pathway-aligned transition plans. In 2022, head of Responsible Investment for Insight Investment welcomed the US Securities and Exchange Commission’s (SEC) efforts to require corporate climate disclosures. In September 2022, BNY Mellon, as constituents of the Financial Services Forum, met with the SEC to discuss concerns about the Commission’s proposed climate disclosure rule, including “burden and cost.” In comments on the UK Green Finance Strategy update in 2022, Insight Investment supported efforts to enhance regulated climate disclosures, but asserted that Scope 3 emissions disclosure should only be mandated after consistent methodologies and standards have been developed.
BNY Mellon has expressed positive positions toward a EU taxonomy on its website, but in 2021, Insight Investment’s head of responsible investment research told FTAdviser that the EU’s version of a green taxonomy was overly complicated and should be more “flexible.”
BNY Mellon has expressed support for policy on ESG labels. In 2021 Insight Investment stated support for the UK’s new green gilt framework, and in 2022 welcomed the FCA’s proposed sustainable product labels.
BNY Mellon has taken mixed positions on policies to incorporate ESG factors into investor duties.. In 2020, BNY Mellon did not support a Trump Administration-era Department of Labor rule that sought to limit ESG investing, and strongly supported the 2021 reversal of this rule, advocating for further clarity around the ability to use ESG factors in decision-making. However, in comments to the Department of Labor in May 2022, Insight did not support requiring retirement plans to disclose climate-related data, and in comments to the UK Department for Work and Pensions in January 2022, Insight suggested it was “premature” to require trustees to report on the Paris-alignment of their pension schemes.
The 2022 Global Investor Statement, signed by Insight and Newton, calls for increased ambition in incorporating ESG factors into prudential risk supervision. A memo from the SEC shows that BNY Mellon, as constituents of the Bank Policy Institute, met with the Office of the Comptroller of the Currency to discuss “challenges” with the Office’s draft principles for climate-related financial risk management.
BNY Mellon and its subsidiaries have disclosed memberships to industry associations, and have listed some details of engagement with these associations on sustainable finance policy across reports, but without a full assessment of the sustainable finance policy positions of these organizations or any action taken to address misalignment.
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)
Robin Vince is on the board of the IIF.
Robin Vince (CEO, BNY Mellon)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
BNY Mellon is a member of the IIF.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Todd Gibbons is on the board of IIF.
Thomas (Todd) Gibbons (CEO, BNY Mellon)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Robin Vince is on the board of the IIF.
Robin Vince (CEO, BNY Mellon)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
BNY Mellon is a member of the IIF.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Todd Gibbons is on the board of IIF.
Thomas (Todd) Gibbons (CEO, BNY Mellon)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
BNY Mellon is a member of BPI.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Robin Vince is on the board of BPI.
Robin Vince (CEO, BNY Mellon)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
BNY Mellon is a member of BPI.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Robin Vince is on the board of BPI.
Robin Vince (CEO, BNY Mellon)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
BNY Mellon is a member of AFME (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Dan Watkins is on the board of AFME (last checked September 2023).
Dan Watkins (Head of Markets EMEA, BNY Mellon Markets)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
BNY Mellon is a member of AFME (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Dan Watkins is on the board of AFME (last checked September 2023).
Dan Watkins (Head of Markets EMEA, BNY Mellon Markets)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Insight Investment is a member of the Sustainable Investment Committee and Member of Climate Change Working Group (Insight Responsible Stewardship Report 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
BNY Mellon Investment Management, Newton Investment Management, Insight Investment Funds Management and Insight Investment Funds Management (Global) 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)
Insight Investment is a member of the Sustainable Investment Committee and Member of Climate Change Working Group (Insight Responsible Stewardship Report 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
BNY Mellon Investment Management, Newton Investment Management, Insight Investment Funds Management and Insight Investment Funds Management (Global) 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)
Claire Santaniello is on the board of SIFMA.
Claire Santaniello (Managing Director, Head of Operations, BNY Mellon / Pershing)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
BNY Mellon is a member of SIFMA.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
James T. Crowley is on the board of SIFMA. As of January 2023, Crowley no longer appears to be on the board of SIFMA.
James T. Crowley (CEO, BNY Mellon Pershing)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Claire Santaniello is on the board of SIFMA.
Claire Santaniello (Managing Director, Head of Operations, BNY Mellon / Pershing)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
BNY Mellon is a member of SIFMA.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
James T. Crowley is on the board of SIFMA. As of January 2023, Crowley no longer appears to be on the board of SIFMA.
James T. Crowley (CEO, BNY Mellon Pershing)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Robin Vince is a member of the Financial Services Forum.
Robin Vince (CEO, BNY Mellon)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Robin Vince is a member of the Financial Services Forum.
Robin Vince (CEO, BNY Mellon)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Robin Vince is a member of Business Roundtable.
Robin Vince (CEO, BNY Mellon)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Todd Gibbons is a member of Business Roundtable.
Todd Gibbons (CEO, BNY Mellon)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Robin Vince is a member of Business Roundtable.
Robin Vince (CEO, BNY Mellon)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Todd Gibbons is a member of Business Roundtable.
Todd Gibbons (CEO, BNY Mellon)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
BNY Mellon is a member of UK Finance 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)
BNY Mellon is a member of UK Finance 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)
BNY Mellon Investment Management and Insight Investment are members of the IIGCC.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
BNY Mellon Investment Management and Insight Investment are members of the IIGCC.
not specified
--no extract--
Open PDF file of Data Source
Open PDF file of Data Source