What's takeaway 1 on Making active ownership count?

Nordea ranks 8th in global asset management for active ownership, leading in Nordic markets.

What's takeaway 2 on Making active ownership count?

Focus on responsible investing is increasingly intertwined with broader investment strategies amid market volatility.

What are the market implications for Making active ownership count?

Investors should keep an eye on the EUR/USD pair, particularly around the 1.075 level, as this may serve as a psychological barrier influenced by ESG momentum. Additionally, upcoming corporate earnings releases could reflect the financial performance of firms leveraging active ownership principles.

What are the risks to this view on Making active ownership count?

A shift in investor sentiment away from ESG priorities or negative corporate governance outcomes could undermine positive perceptions of firms like Nordea, potentially leading to a significant revaluation of price targets extrapolated from their active ownership strategies.

Making active ownership count

What the desk is arguing

Nordea's recognition as a leading practitioner of active ownership serves as a pivotal example of how ESG commitments can influence investment strategies. According to the Voting Matters report, Nordea's commitment to environmental governance has positioned them as a frontrunner, particularly in the Nordics.

The report underscores the importance of shareholder voting rights, with Nordea and other firms advocating for enhanced corporate governance to mitigate risks associated with climate change. Notably, their emphasis on aligning with the Paris Agreement indicates a shift towards sustainability-focused investment frameworks aiming to safeguard long-term value.

Where it sits in our coverage

Our current consensus target for the EUR/USD pair stands at 1.075, with a range of 1.04 to 1.12. Among key players:

jpmorgan targets 1.10 for March 2026.
bofa has a counter stance with a target of 1.04 for the same period.

The desk's call aligns closely with our jpmorgan estimate, suggesting that as active ownership practices gain traction, this could strategically position shares in favor of firms like Nordea that excel in ESG metrics.

How other firms see it

Aligned firms like jpmorgan echo a positive outlook towards companies with robust active ownership strategies, while contrary views as presented by bofa suggest caution against overestimating the benefits of such positioning in uncertain markets.

Furthermore, the trajectory of the EUR/USD pair is expected to intersect with upcoming economic indicators tied to ESG performance, making it crucial to observe any corporate governance developments in parallel with central bank policies.

Responsible investments Making active ownership count 11-03-2024 Nordea gets high recognition for how we practise active ownership in a recent independent report where we are compared to peers. The Voting Matters report is evaluating how large asset managers are exercising their shareholder voting rights to positively influence environmental and social issues. The organisation behind the annual report is ShareAction , a non-profit organisation working globally to raise the standards for responsible investments.

Cecilia Fryklöf, Head of Active Ownership. In their latest report Nordea is ranked number 8 among the 69 largest asset managers in the world. “We welcome the report and are proud to be in top 10 and number 1 in the Nordics,” says Cecilia Fryklöf, Head of Active Ownership at Nordea. “Nordea believes in active ownership and it’s an important part of delivering on our promise to be a responsible investor. Our customers expect us to invest in companies that manage their ESG risks well and that we act as active owner to ensure the companies align with our expectations when it comes to environmental and social issues.” Action on climate change In environmental matters Nordea expects companies to align with the goals of the Paris Agreement since unmanaged transitions and physical risks might impact shareholder value across sectors.

As a member of The Net Zero Asset Managers initiative and Climate Action 100+ Nordea also supports initiatives that drive positive action on climate change. Katarina Hammar, Head of Corporate Governance. At Nordea the actual voting is performed by our corporate governance team.

Spring is normally the time when most AGMs take place and provide an opportunity to make our voice heard. It is a busy period, but it’s not only about the number of shareholder proposals we support, explains Katarina Hammar, Head of Corporate Governance: “It’s important to remember that our success is measured by how we contribute to shareholder value and not by the number of proposals supported. We assess all proposals on a case-by-case basis.

The content of the proposals is key and we will support the proposals that we believe are in the best interest of our unitholders.” Voting a tool in driving change Voting at annual general meetings (AGMs) can be used by shareholders as a method to practise active ownership . Active ownership is when shareholders engage in a company they have invested in to influence the company’s strategy and actions. Being an active owner is a part of Nordea’s responsible investment strategy and how we work with environmental, social and governance (ESG) risks.

On a yearly basis, we’re voting at around 4,000 AGMs. In Nordea’s Voting Portal you can see how we’re voting across regions, sectors and companies. Our votes are published within 24 hours so everyone can follow how we vote and act.

Joining forces To make an impact Nordea also often joins forces with other asset managers, like in the Oil and Gas Methane Partnership 2.0 (OGMP 2.0), which we ask companies to join to reduce and improve their handling of methane emissions. One of the companies that Nordea has been in close dialogue with is Coterra Energy. Nordea recently met with the company in Texas and Coterra Energy has now decided to join the partnership.

At their latest AGM Nordea voted for a proposal on making a public report on how the company measures their emissions, so often we try to influence companies both through dialogue and voting. A similar case is the one of TotalEnergies. A company that we engage with indirectly via the Climate Action 100+ initiative, which they have also decided to join, and directly at their AGM where we voted for a proposal on alignment of their targets for indirect scope 3 emissions with the Paris Agreement.

Complying with international labour rights When it comes to social matters, Nordea expects companies to comply with international norms and principles. We engage in and support social shareholder resolutions on for example freedom of association ( ILO principles ). Companies that breach international norms and principles risk losing their licence to operate, which could have a negative impact on shareholder value.

As a shareholder in Amazon we have for example voted for commissioning a third-party assessment of the company’s commitment to freedom of association and collective bargaining. “Engagement with the companies and industries where we are invested is a backbone of our responsible investment strategy. Besides our voting activity, our team of ESG analysts conducts around 1,000 company dialogues a year to discuss topics such as climate change, biodiversity, human rights and good governance. To us active ownership is a powerful way to protect shareholder value, enhance long-term returns and foster positive change in society,” concludes Cecilia Fryklöf.

What does the Voting Matters report cover? The report analyses the voting performance of 69 of the world’s largest asset managers. Asset managers are selected based on their assets under management with a regional focus on the geographies of ShareAction, which are Europe and the UK.

Asset managers were ranked and analysed based on their voting across 257 environmental and social-related shareholder resolutions. Responsible investments Sustainable banking ESG Sustainability Insights Share on Facebook Share on Threads Share on Linkedin 25-11-2025 Sustainable banking Nordea recognised as climate transition leader in new Morningstar Sustainalytics report Morningstar Sustainalytics has recently published a new report identifying companies that are taking steps to reduce emissions, set actionable targets and implement good governance practices. Nordea is highlighted for its significant progress in reducing emissions and its comprehensive climate targets.

Read more 19-11-2025 Sustainable banking Nordea at the forefront of joint investor appeal to the EU Nordea Asset Management is part of a coalition of 44 institutional investors and asset managers urging EU decision-makers to uphold the EU's methane emissions regulation. Read more 03-10-2025 Sustainable banking Nature credits – Nordea’s perspectives on an evolving market The growing global focus on nature loss presents both challenges and opportunities for the financial sector. As more nature-positive solutions are requested, Nordea has been actively exploring the emerging nature credit market – a trading system for positive biodiversity impacts.

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