Publication / 9 March 2023

Action rather than words please! Dutch pension funds and climate voting

Authors note rectification 13 April 2023

Dutch pension funds manage very large amounts of pension savers money and invest a significant part of this – sometimes through an asset manager – in fossil fuel companies.

To make the transition to renewable energy and keeping global warming within 1.5°C, pension funds need to urgently take the first major step and divest from all fossil fuel companies. Some have already done so, others have pledged that they will in the near future, and some say that as a shareholder they can steer fossil fuel companies towards a focus on renewable energy. But are they actually doing this? To know this, we analysed how effectively Dutch pension funds and asset managers use their voting power for climate resolutions.


With this report, we hope to increase understanding, stimulate debate and ultimately influence pension funds to taking stronger action in their investment policies, which we believe is in line with what is needed to address the urgent climate crisis.

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