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 companies are those whose primary sector falls within coal mining and services, or up-, mid-, and downstream oil and gas sectors. 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: $16.9B
| Holding Name | Contribution to Sector Production |
|---|---|
| Korea Electric Power Corp | 34.1% |
| Vistra Corp | 9.7% |
| NTPC Ltd | 5.8% |
| Reliance Power Ltd | 5.6% |
| Energy of Minas Gerais Co | 4.9% |
| Electric Power Development Co Ltd | 4.2% |
| AGL Energy Ltd | 3.0% |
| Companhia Paranaense de Energia | 2.7% |
| Evergy Inc | 2.5% |
| NRG Energy Inc | 2.4% |
| Holding Name | Contribution to Sector Production |
|---|---|
| Volkswagen AG | 38.7% |
| Kia Corp | 20.6% |
| Dongfeng Motor Group Co Ltd | 16.8% |
| Renault SA | 6.9% |
| Bayerische Motoren Werke AG | 3.4% |
| Mazda Motor Corp | 2.8% |
| Mercedes-Benz Group AG | 2.3% |
| General Motors Co | 1.6% |
| Hyundai Motor Co | 1.3% |
| BAIC Motor Corp Ltd | 1.2% |
| Holding Name | Contribution to Sector Production |
|---|---|
| Coal India Ltd | 34.1% |
| Peabody Energy Corp | 25.5% |
| Warrior Met Coal Inc | 14.3% |
| Arch Resources Inc | 8.8% |
| Alamtri Resources Indonesia Tbk PT | 5.2% |
| Glencore PLC | 4.1% |
| Exxaro Resources Ltd | 2.6% |
| Bukit Asam Tbk PT | 2.3% |
| China Shenhua Energy Co Ltd | 1.4% |
| United Tractors Tbk PT | 0.9% |
| Holding Name | Contribution to Sector Production |
|---|---|
| PetroChina Co Ltd | 52.7% |
| Petroleo Brasileiro SA Petrobras | 21.4% |
| China Petroleum & Chemical Corp | 14.6% |
| CNX Resources Corp | 3.1% |
| Oil and Natural Gas Corporation Ltd | 2.4% |
| Antero Resources Corp | 2.3% |
| PTT PCL | 0.8% |
| Suncor Energy Inc | 0.7% |
| KoreaGasCorp | 0.2% |
| National Fuel Gas Co | 0.2% |
PIMCO appears to be actively engaging with companies around climate. The majority of PIMCO’s strategies are fixed income focused. Therefore, queries related to ownership driven engagement will not be scored on this profile.
The asset manager has set several climate engagement priorities, including net zero portfolio alignment for banks, methane emissions for energy companies, and climate disclosure and strategy for national oil companies. PIMCO has developed a framework to align fixed income portfolio to net zero but is unclear how it monitors or prioritizes engagements and whether it uses milestones to measure engagement progress. It appears to have an engagement escalation strategy, which includes restricting further purchases, informing issuers of the change and divestment.
PIMCO is engaging with companies on climate change, for example, it has engaged with Nationwide Building Society on net zero portfolio emissions and EQT on methane reduction targets and disclosures. Evidence suggests the asset manager has previously engaged with companies on climate policy, including pushing companies to support carbon pricing, however, there are no examples in its 2021 ESG Investing Report. It collaboratively engages around various sustainability and climate-related initiatives including CA100+, CDP, IIGCC, TCFD and TNFD.
The asset manager has described stewardship-related roles and responsibilities, but processes around how it assesses the effectiveness of stewardship activities lack detail. PIMCO is transparent about its engagements, providing named case studies in its reporting including details on the background, engagement and progress to date with the company.
Given that PIMCO is primarily a fixed income investor, the asset manager has not been scored on InfluenceMap's queries on climate-relevant voting, voting transparency, and use of shareholder authority.
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 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.
