The climate ambivalence of Amundi’s votes

Reclaim Finance analysed the 2024 AGM votes of Amundi, the largest European asset manager, across six major oil and gas companies. The analysis finds that Amundi consistently supports the financial accounts of these firms and the re-election of most directors despite their climate strategies being incompatible with a 1.5°C trajectory. The report highlights a particular lack of scrutiny for TotalEnergies, where Amundi is the largest shareholder and voted in favour of all resolutions. While Amundi voted against some chairs and remuneration packages at Shell and BP, it provided no public climate-related justification for these decisions, leading to ambiguity regarding its motivations.

• Amundi's voting practices at 2024 AGMs failed to establish fossil fuel expansion as a 'red line' for sanctioning company strategies, notably voting in favour of every resolution proposed by TotalEnergies.
• The asset manager approved the financial accounts of all six assessed oil and gas companies, despite these accounts failing to properly integrate climate change risks and the potential for stranded assets.
• Amundi demonstrated inconsistency in its approach to energy transition plans, voting against Shell's plan, abstaining on Repsol's, and voting in favour of TotalEnergies', despite none of the three aligning with a 1.5°C trajectory.
• Although Amundi voted against the re-election of board chairs at BP and Shell and against certain remuneration packages, it provided no public justification, leaving it unclear if these votes were based on climate or governance concerns.

APA

Martin, L. (2024). The climate ambivalence of Amundi’s votes. Reclaim Finance. https://reclaimfinance.org/site/en/2024/06/27/the-climate-ambivalence-of-amundis-votes/

Chicago

Martin, Léo. The climate ambivalence of Amundi’s votes. Reclaim Finance, 2024. https://reclaimfinance.org/site/en/2024/06/27/the-climate-ambivalence-of-amundis-votes/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=The climate ambivalence of Amundi’s votes |publisher=Reclaim Finance |date=27 June 2024 |url=https://reclaimfinance.org/site/en/2024/06/27/the-climate-ambivalence-of-amundis-votes/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2024climate, author = {Martin, Léo}, title = {{The climate ambivalence of Amundi’s votes}}, publisher = {Reclaim Finance}, year = {2024}, month = jun, url = {https://reclaimfinance.org/site/en/2024/06/27/the-climate-ambivalence-of-amundis-votes/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }