AllianzGI to support shareholder resolution to reduce Chevron’s Scope 3 Greenhouse Gas Emissions
11.05.2023 | Allianz Global Investors (AllianzGI), one of the world’s leading active investment managers, has announced today that it will support a shareholder resolution at the Chevron Annual General Meeting urging the company to extend its climate action plan to cover Scope 3 greenhouse gas (GHG) emissions of the use of its energy products consistent with the goal of the Paris Climate Agreement.
Matt Christensen, Global Head of Sustainable and Impact Investing at AllianzGI commented:
“Ahead of the upcoming annual general meeting of the shareholders of Chevron Corporation on 31 May 2023, we intend to cast our proxy vote in support of item 6, requesting the Company to set a medium-term reduction target covering the GHG emissions of the use of its energy products (scope 3) consistent with the goal of the Paris Climate Agreement.
AllianzGI believes that the setting of scope 3 targets, when material, is an important element of climate strategies. Whilst companies have control over their direct emissions, they also have influence throughout their value chain and that is especially true for large companies such as Chevron.
Chevron has made progress in recent years in areas such as methane emissions, better transparency, and supply chain emission intensity targets. Setting scope 3 absolute reduction targets in our view is an important additional step to take. It would provide valuable information to enhance our understanding of the company’s long-term value creation paradigm. Far from prescribing business shrinking, a key ambition would be for Chevron to write its own long-term growth story of the business as customers transition to low carbon and growingly fossil free energy supplies.”
Clarity of transition stories is something AllianzGI seeks in many cases in order to meet commitments to AllianzGI clients and manage portfolios towards net zero. One example of such clarity, is set out by the recently published Position on the Oil and Gas Sector written by the members of the UN-convened Net-Zero Asset Owner Alliance.1
Earlier this year AllianzGI published its annual analysis of how it voted at AGMs in 2022 around the globe, based on its participation in 10,205 shareholder meetings and voting in more than 100,000 shareholder and management proposals. AllianzGI voted against, withheld or abstained from at least one agenda item at 69% (2021: 68%) of all meetings globally. We generally support shareholder resolutions that ask companies, for example, to report on their climate change strategy in alignment with the Paris Agreement or seek information on climate-related financial, physical or regulatory risks and how the company manages such risks. Globally, we supported 80% of all climate-related shareholder resolutions..
AllianzGI specifically targets high emitting companies lacking credible net zero targets. AllianzGI continues to utilise its proxy voting power to influence companies. This remains one of the most powerful tools available to asset managers to effect change. This form of influence will help to shape a more sustainable future for companies and society.
Notes for the editorial offices:
For more information on AllianzGI’s approach to active stewardship, please visit:
For further information please contact
Tel. +44 7500 785667
Tel. +33 68515 7454
About Allianz Global Investors:
Allianz Global Investors is a leading global active asset manager. Our range includes equity, fixed income, private market and multi-asset strategies. Our expertise ranges from developed to emerging markets, from single country to global strategies, from thematic to sector portfolios. Through active asset management, we want our clients to feel well taken care of - everywhere and regardless of their investment needs.
Active is: Allianz Global Investors
Investing involves risk. The value of an investment and the income from it will fluctuate and investors may not get back the principal invested.[*] Past performance is not indicative of future performance. This is a marketing communication. It is for informational purposes only. This document does not constitute investment advice or a recommendation to buy, sell or hold any security and shall not be deemed an offer to sell or a solicitation of an offer to buy any security.
The views and opinions expressed herein, which are subject to change without notice, are those of the issuer or its affiliated companies at the time of publication. Certain data used are derived from various sources believed to be reliable, but the accuracy or completeness of the data is not guaranteed and no liability is assumed for any direct or consequential losses arising from their use. The duplication, publication, extraction or transmission of the contents, irrespective of the form, is not permitted. This material has not been reviewed by any regulatory authorities. In mainland China, it is for Qualified Domestic Institutional Investors scheme pursuant to applicable rules and regulations and is for information purpose only. This document does not constitute a public offer by virtue of Act Number 26.831 of the Argentine Republic and General Resolution No. 622/2013 of the NSC. This communication's sole purpose is to inform and does not under any circumstance constitute promotion or publicity of Allianz Global Investors products and/or services in Colombia or to Colombian residents pursuant to part 4 of Decree 2555 of 2010. This communication does not in any way aim to directly or indirectly initiate the purchase of a product or the provision of a service offered by Allianz Global Investors. Via reception of his document, each resident in Colombia acknowledges and accepts to have contacted Allianz Global Investors via their own initiative and that the communication under no circumstances does not arise from any promotional or marketing activities carried out by Allianz Global Investors. Colombian residents accept that accessing any type of social network page of Allianz Global Investors is done under their own responsibility and initiative and are aware that they may access specific information on the products and services of Allianz Global Investors. This communication is strictly private and confidential and may not be reproduced. This communication does not constitute a public offer of securities in Colombia pursuant to the public offer regulation set forth in Decree 2555 of 2010. This communication and the information provided herein should not be considered a solicitation or an offer by Allianz Global Investors or its affiliates to provide any financial products in Brazil, Panama, Peru, and Uruguay. In Australia, this material is presented by Allianz Global Investors Asia Pacific Limited (“AllianzGI AP”) and is intended for the use of investment consultants and other institutional/professional investors only, and is not directed to the public or individual retail investors. AllianzGI AP is not licensed to provide financial services to retail clients in Australia. AllianzGI AP is exempt from the requirement to hold an Australian Foreign Financial Service License under the Corporations Act 2001 (Cth) pursuant to ASIC Class Order (CO 03/1103) with respect to the provision of financial services to wholesale clients only. AllianzGI AP is licensed and regulated by Hong Kong Securities and Futures Commission under Hong Kong laws, which differ from Australian laws. This document is being distributed by the following Allianz Global Investors companies: Allianz Global Investors GmbH, an investment company in Germany, authorized by the
German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin); Allianz Global Investors (Schweiz) AG; in HK, by Allianz Global Investors Asia Pacific Ltd., licensed by the Hong Kong Securities and Futures Commission; in Singapore, by Allianz Global Investors Singapore Ltd., regulated by the Monetary Authority of Singapore [Company Registration No. 199907169Z]; in Japan, by Allianz Global Investors Japan Co., Ltd., registered in Japan as a Financial Instruments Business Operator [Registered No. The Director of Kanto Local Finance Bureau (Financial Instruments Business Operator), No. 424], Member of Japan Investment Advisers Association, the Investment Trust Association, Japan and Type II Financial Instruments Firms Association; in Taiwan, by Allianz Global Investors Taiwan Ltd., licensed by Financial Supervisory Commission in Taiwan; and in Indonesia, by PT. Allianz Global Investors Asset Management Indonesia licensed by Indonesia Financial Services Authority (OJK).
*Subject to change – depends on the content of the material which may mention certain investment instruments that involve particular risk