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: $185B
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 |
|---|---|
| Exelon Corp | 15.0% |
| Engie SA | 13.2% |
| AES Corp | 11.7% |
| Duke Energy Corp | 10.9% |
| NRG Energy Inc | 9.7% |
| Iberdrola SA | 9.4% |
| RWE AG | 5.6% |
| Enel SpA | 5.4% |
| American Electric Power Company Inc | 4.5% |
| China Longyuan Power Group Corp Ltd | 2.6% |
| Holding Name | Contribution to Sector Production |
|---|---|
| Renault SA | 43.2% |
| Great Wall Motor Co Ltd | 19.7% |
| Tesla Inc | 17.9% |
| Subaru Corp | 5.5% |
| Mahindra and Mahindra Ltd | 5.4% |
| Ford Motor Co | 5.2% |
| Maruti Suzuki India Ltd | 1.3% |
| BYD Co Ltd | 0.9% |
| Volkswagen AG | 0.5% |
| Suzuki Motor Corp | 0.2% |
| Holding Name | Contribution to Sector Production |
|---|---|
| Glencore PLC | 100.0% |
| Holding Name | Contribution to Sector Production |
|---|---|
| BP PLC | 13.8% |
| Petroleo Brasileiro SA Petrobras | 13.2% |
| Conocophillips | 11.9% |
| Chesapeake Energy Corp | 11.7% |
| Canadian Natural Resources Ltd | 10.1% |
| Shell PLC | 8.6% |
| Diamondback Energy Inc | 6.1% |
| TotalEnergies SE | 5.6% |
| Equinor ASA | 5.1% |
| EOG Resources Inc | 2.9% |
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.
Wellington Management appears to be engaging with companies around climate, however it is unclear whether its engagements and strategies are in line with limiting warming to 1.5°C. The asset manager has a framework informing its climate engagement strategy, highlighting its key priorities of financial disclosures, transition-risk mitigation, and physical-risk adaptation. There appears to be a defined structure for engagement activities and escalation monitored by its engagement tracker tool, although it is unclear how it prioritizes issues for escalation.
Wellington Management appears to be actively engaging companies around climate, outlining recent case studies on emissions reductions targets. For example, it advised Chevron on its emissions reduction plan, as well as successfully encouraged American Tower Corp. to set Science Based Targets. Wellington Management also appears to have expectations set for companies around indirect policy influence and has supported proposals around disclosure and lobbying alignment with the Paris Agreement, although it is unclear if the asset manager is actively engaging with companies on lobbying. The asset manager is involved with several collaborative initiatives and has particularly noted examples of several collaborative engagements via CA100+.
Wellington Management has described its stewardship governance structure and appears to regularly seek clients’ and beneficiaries’ views. Additionally, the asset manager is fully transparent about its current engagements and publishes quarterly reports that include all companies they have engaged with, the topics they engaged on, and case studies on select engagements. Wellington Management provides a detailed description of its review process for proxy advisors, and lists all proxy voting data on its website, however it does not provide rationale for voting decisions.
The asset manager does not appear to have actively participated in filing or co-filing climate-related shareholder resolutions, however, it appears to be using its shareholder authority to vote against directors on climate grounds.
Insightia data suggests that Wellington has mixed support of AGM resolutions InfluenceMap categorizes as in line with the Paris Agreement, supporting 12.5% in 2019 but showing increased support in recent years with 57.9% in 2020, 60.4% in 2021, and 49.1% in 2022.
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.
Wellington Management (Wellington) appears to have had mostly positive but somewhat limited engagement on sustainable finance policies, supporting regulated corporate ESG disclosures and opposing efforts to limit ESG investing.
Wellington has stated support for limiting temperature rise to 1.5C and in December 2020 joined the Net Zero Asset Managers initiative as a founding member, supporting efforts to achieve net zero emissions by 2050. In an October 2022 report, Wellington appeared supportive of the EU’s sustainable finance regulatory framework.
Wellington appears strongly supportive of regulated corporate ESG disclosure. In its June 2021 response to the Securities and Exchange Commission’s (SEC) request for input, Wellington called on the SEC to mandate corporate climate disclosure, including Scopes 1, 2, and 3 emissions disclosure requirements. After the SEC released its proposal in June 2022, Wellington offered its strong support for the rule, advocating for increased ambition with regard to emissions disclosure requirements. Wellington also supported the International Sustainability Standards Board’s proposed climate disclosure framework in July 2022, and in August 2022 encouraged the European Financial Reporting Advisory Group to align its European Sustainability Reporting Standards with the ISSB framework, supporting the ISSB’s use of “enterprise value” to determine materiality, which is less ambitious than the EU’s “double materiality” approach.
In an August 2022 letter to the SEC, Wellington objected to the Commission’s proposed expansion of the Names Rule to funds with names that suggest particular strategies, including ESG strategies. However, the bulk of Wellington’s opposition centered around expansion to funds with names that use “growth” and “value” terms.
In 2020, Wellington opposed Trump-era regulations at the Department of Labor that sought to limit ESG investing and shareholder rights. In an August 2022 insights paper, Wellington appeared supportive of the EU Sustainable Finance Disclosure Regulation (SFDR).
Wellington lacks a dedicated, clearly identifiable disclosure of its engagement with industry associations. Wellington is a member of associations that are engaged on sustainable finance policy including the Securities Industry and Financial Markets Association (SIFMA) and Invest Europe.
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)
Wellington Management International is a member of The Investment Association, which is a national association member of EFAMA (last checked September 2023).
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Wellington Management International is a member of The Investment Association, which is a national association member of EFAMA (last checked September 2023).
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Wellington is a member of Invest Europe (last checked September 2023).
not specified
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InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Wellington is a member of Invest Europe (last checked September 2023).
not specified
--no extract--
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