Manulife

Manulife Financial Corporation (Manulife) appears to have had limited but generally positive engagement on sustainable finance policies, generally supporting the need for regulated corporate climate disclosures and opposing efforts to limit shareholder rights.

Manulife has recognized the risk climate change poses to the financial system, but it is unclear whether it supports systemic reforms to address this. In 2022, Manulife signed onto The Investor Agenda’s Global Investor Statement to Governments on the Climate Crisis, calling on governments to take action to limit temperature rise to 1.5C. Manulife Investment Management appears supportive of sustainable finance regulation in its 2022 Stewardship Report.

Manulife has been supportive of the need for disclosure regulation, while taking more mixed positions on specific policies. In its Climate Change Statement Manulife stated support for mandatory climate disclosure in line with the TCFD, and in its 2022 Stewardship Report supported the establishment of the International Sustainability Standards Board and a global baseline for sustainability disclosures. In response to the Securities and Exchange Commission’s (SEC) request for input on climate change disclosure in June 2021, Manulife called on the Commission to mandate disclosure, advocating for a phase-in of Scope 3 emissions disclosure requirements. After the SEC released its climate disclosure proposal, Manulife outlined general support for the rule but again advocated for delaying implementation of Scope 3 requirements. In its 2022 CDP Response Manulife reported that it is encouraging its industry associations to take a “forward looking approach” to climate disclosure policies.

In 2020, Manulife opposed a Trump-era Department of Labor rule that sought to limit shareholder rights. Manulife also signed onto comment letters spearheaded by the Canadian Coalition for Good Governance that opposed a Trump-era rule that sought to limit ESG investing and strongly supported the Biden-era Department of Labor regulation that reversed earlier rules and permitted the use of ESG factors in fiduciaries’ decision making and exercise of shareholder rights.

Manulife has disclosed its industry association membership and given some details of its engagement with these groups on sustainable finance policies, but does not appear to have assessed whether these industry groups are aligned with Manulife’s positions or 1.5C.