M&G is planning to give shareholders a say on its climate change plans from next year.
Shareholders will be asked to approve the asset manager’s climate transition report through a ‘say on climate’ resolution at its AGM in 2022.
Ahead of this meeting M&G will provide investors with details of its roadmap to meeting its net zero target by 2030.
The firm has also committed to reducing carbon emissions across portfolios by 2050, in alignment with the Paris Agreement.
The £367bn firm’s climate transition plan will include measures consistent with the task force on climate-related financial disclosures.
Fiona Clutterbuck, interim chairwoman of M&G, said: “We believe that sustainably run businesses deliver stronger and more resilient long term returns for investors.
“As a major investor, we are asking companies to allow their shareholders to vote on their plans to be transparent about how business is addressing the climate emergency; we look forward to discussing our own climate transition plans with our shareholders.”
A number of asset managers have set net zero emissions targets as scrutiny around environmental impacts has intensified.
In February, Scottish Widows announced it was setting a net zero target across its £170bn fund range.
Jon Yarker is a freelance reporter for FTAdviser