Eight new asset owners sign statement outlining asset manager climate expectations

In January this year, when the Net Zero Asset Managers initiative suspended its activities, a coalition of asset owners in the UK published a statement communicating their climate stewardship expectations. The Asset Owner Statement on Climate Stewardship was co-authored by an asset owner coalition led by Brunel Pension Partnership, The People’s Pension and Scottish Widows in February 2025.

The People’s Pension has now announced that eight new asset owners have signed the statement, bringing its collective representation to over $2tn in savings.

“It is fantastic news that the AO Statement on Climate Stewardship has garnered additional support over the past few months. Increased support of the statement will help to raise the collective asset owner voice as owners of capital and strengthen the asset owner-fund manager relationship”, says Leanne Clements, head of responsible investment at People’s Partnership.

Clements, who is also the statement lead, notes that the statement's context adds to its significance. “Asset owners continuing to set the bar on climate expectations, especially in this challenging external landscape, is extremely critical in the lead up to 2030, for the ultimate benefit of its members”, she commented.

New voices

The new signatories include French investors Caisse des Dépôts and Fonds de Réserve pour les Retraites, French public pension funds IRCANTEC and ERAPF, French insurers Mutuelle assurance des instituteurs de France and Malakoff Humanis, Swiss pensions provider Sammelstiftung Vita and the United Nations Joint Staff Pension Fund.

For these asset owners, the statement is a vehicle through which they intend to communicate their expectations regarding the not only climate stewardship but also the financial materiality of climate change.

“ERAFP is convinced that climate change – together with nature loss – is a key risk for financial stability and financial returns in the long term. As such, and in accordance with its long-term investment horizon and its fiduciary duty, ERAFP is committed to fighting climate change”, says Pierre Devichi, ERAFP’s head of responsible investment.

Devichi notes that evidence supports the role stewardship in steering corporate decarbonisation.

“With this statement, ERAFP wants to highlight best practices and clearly set its expectations, aligned with those of many peers, to prompt asset managers to significantly bolster their action in this critical component of sustainable investing in order to effectively serve asset owners’ needs – and ultimately, those of beneficiaries”, Devichi adds.

Devichi’s reasoning reflects common consensus amongst the new signatories.

Sammelstiftung Vita’s Vita Collective Foundation monitors external managers to ensure that the investment process reflects sustainability factors. The UNJSPF implements part of its climate engagement in public equity and fixed income through Federated Hermes’ stewardship offering. IRCANTEC also continually monitors asset manager mandates to ensure alignment with its climate-related goals.

The statement, which is increasingly attracting asset owner interest, allows this consensus to shape asset owner alignment.

Faith Ward, chief responsible investment officer at Brunel Pension Partnership said, “this statement isn’t just a marker of intent; it’s a springboard for honest and constructive dialogue between asset owners and managers on alignment of expectations and stewardship delivery”.