In den letzten Jahren haben Investoren verstärkt Gebrauch von ihren Rechten als Anleger gemacht, um Einfluss auf die Geschäftsaktivitäten oder das Verhalten der in ihrem Portfolio gehaltenen Unternehmen zu nehmen. Man spricht in diesem Fall auch von Active Ownership. Tatsächlich zählen die aktive Ansprache von Unternehmen und die Wahrnehmung von Stimmrechten heutzutage zu den am häufigsten verfolgten Strategien des verantwortlichen Investierens nach der Filterung anhand von Ausschlusskriterien. Zum einen sieht die Regulatorik eine stärkere Offenlegung von Dialog- und Stewardship-Initiativen vor. Aber auch die Anleger sind sich darin einig, dass das Antizipieren möglicher nachhaltigkeitsbezogener Risiken und Chancen zur langfristigen Wertschöpfung von Unternehmen beiträgt.
Stimmrechte als Hebel zur Einflussnahme auf die Unternehmensstrategie
Dementsprechend sind Anlegerkampagnen bei Hauptversammlungen (HV) und Aktionärsanträge keine Seltenheit mehr. Investoren nutzen vermehrt ihre Stimmrechte nicht nur, um Governance-Praktiken zu billigen, sondern auch um Unternehmen in Nachhaltigkeitsthemen kritisch zu begleiten. Mehr denn je werden Hauptversammlungen auch als Gelegenheit gesehen, Fragen an die Unternehmensleitung zu stellen und den Dialog zwischen Anlegern und Portfoliounternehmen zu verbessern, insbesondere in sensiblen Themenfeldern. Beispielsweise platzierten bei der HV-Saison 2022 der im französischen CAC40-Index vertretenen Unternehmen über 35 Investoren rund 200 Fragen zu diversen ESG-Themen.
Nachhaltigkeit stets ein Thema
Sicherlich hat die COVID-19-Krise auch der Erkenntnis Vorschub geleistet, dass ESG-Risiken – wie Pandemien oder der Klimawandel – auch Anlagerisiken darstellen. Der Druck durch das Finanzsystem hat das Bewusstsein dafür geschärft, dass Nachhaltigkeit in der Unternehmensstrategie und in den Plänen der Unternehmensleitung Berücksichtigung finden muss. Abzulesen ist dies an vermehrten nachhaltigkeitsbezogenen Anträgen sowie Gegenstimmen gegen Vorstände und Verwaltungsräte, die diese Themen nicht ausreichend adressiert hatten. In diesem Zusammenhang ist auch die Vergütung von Führungskräften in den Blickpunkt gerückt: die Legitimität der Zuteilung variabler Gehaltskomponenten und die Einbeziehung von Nachhaltigkeitszielen sind sensible Themen. Das zeigt auch ein Blick auf die Hauptversammlungen von Unternehmen aus dem STOXX 600 im Jahr 2021: 34% der Beschlussvorschläge, die mehr als 10% Gegenstimmen erhielten, betrafen die Vergütung von Führungskräften.
Klimawandel feste Größe auf der Agenda
Allerdings sind Anträge zur Mitsprache in Vergütungsfragen (say on pay) bereits seit vielen Jahren gängige Praxis. Das Konzept der Mitsprache in Klimafragen (say on climate) ist noch verhältnismäßig neu in Europa, wo Stakeholder in Umweltfragen Druck ausüben. Tatsächlich spielt der Klimawandel eine wichtige Rolle in den Engagement-Maßnahmen der Anleger. So werden die Unternehmen aufgefordert, glaubwürdige Pläne zur Abstimmung vorzulegen, wie sie den Übergang zu Netto-Null-Emissionen gestalten wollen. Selbst wenn es noch keine sehr verbreitete Praxis ist, beginnen Unternehmen doch bereits, hierzu Berichte vorzulegen. Und die Anleger würdigen das entsprechend: Derartige Vorschläge fanden bei den Aktionären 2021 durchschnittlich eine Zustimmung von mehr als 90%.
Gleichwohl bieten diese Beschlüsse nicht immer hinreichend Informationen, um sich wirklich ein angemessenes Bild von den Zielen der Unternehmensstrategie zum Thema Klima zu verschaffen, was unter den Aktionären für Frustration sorgt. Eine Lösung wären standardisierte Vorgaben, was die Beschlussvorschläge des Managements zu beinhalten haben. Die Regulierung wird sich sicherlich in diese Richtung bewegen. Bis es aber so weit ist, bleibt die Vorlage zur Abstimmung über Klimastrategien ein zentrales Instrument, um mehr Transparenz zu schaffen und die Unternehmen dazu anzuhalten, sich öffentlich gegenüber den Stakeholdern zu verpflichten.
Auch wenn „Say on Climate“ in der Praxis noch am Anfang steht und es noch an einem einheitlichen Rahmen fehlt, gibt es schon jetzt verschiedene Möglichkeiten, um Stellung zu beziehen. Die großen Anbieter von Stimmrechtsvertretungs-Diensten beziehen bereits das Klimarisikoprofil und die Klimastrategie von Unternehmen in den Abstimmungsempfehlungen mit ein und stellen damit erste positive Weichen für die künftige Abstimmungspolitik in Klimafragen.
Abschließend lässt sich sagen, dass Active Ownership eine zentrale Säule ist, um sich bei Unternehmen für eine langfristige nachhaltige Strategie einzusetzen. Zwar ist es noch ein weiter Weg bis zur Bewältigung des Klimawandels, aber ein aktivistischer Ansatz – so unsere Überzeugung – ist eine der wirksamsten Methoden, um zu versuchen darauf hinzuwirken.
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08/22/2022
ODDO BHF Asset Management
Active Ownership: Dem Klima eine Stimme geben
Active Ownership ist eine zentrale Säule, um sich bei Unternehmen für eine langfristige nachhaltige Strategie einzusetzen.
Rachida Mourahib, Global Head of ESG Research
