Institution Theme Category Industry
  • BlackRock
  • Environmental
  • Climate
  • Automotive
Company Year Market Link
Volkswagen AG 2020 N/A

We believe that as companies face material climate risks, they must demonstrate that management has assessed how climate may impact operations and have determined an appropriate business strategy. As we describe in our commentaries, BIS’ Approach to Engagement on Climate Risk and Emissions, Engagement, and Transition to a Low-Carbon Economy, we expect robust disclosures of climate-related risks and opportunities in line with the recommendations of the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD). Greater transparency will contribute to improved market-level data, better engagements with shareholders, and more informed voting decisions aligned with long-term value creation. As a fiduciary on behalf of our clients, BIS has engaged with VW over the past several years on a range of governance and material sustainability topics, including climate-related disclosures. In December 2017 we wrote a letter to the then Chairman of VW’s Board of Management asking the company to closely review the TCFD framework and to consider reporting in alignment with its recommendations.4 As part of our engagement and voting process, we reviewed relevant company disclosures ahead of this year’s annual general meeting. VW makes comprehensive climate-related disclosures and implements the recommendations of the TCFD in its 2019 Annual Report5 and its 2019 Sustainability Report.
A key pillar of VW’s current strategy is the decarbonization of its portfolio. Targets include:
• One in four new Volkswagen Group vehicles worldwide having a purely electric drive by 2025
• Customers worldwide being offered up to 75 completely battery electric vehicles and approximately 60
hybrid models by 2029
• Electrification of entire model portfolio by 2030
• Completely carbon neutral vehicle fleet by 20507
VW’s disclosures are consistent with our expectations of large carbon emitters with a previous history of engagement with BIS on the topic. We will continue to engage with the company and closely monitor the delivery against the targets it is has set out to date. We will hold Management and Supervisory Board members to account for progress on their delivery, through future voting on director elections, where appropriate.


  • Proponent
  • N/A
  • Resolution
  • Discussion on climate risk
  • Vote
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  • Rationale
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  • Details
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