AXA

AXA assigns oversight for its sustainability strategy to its highest governance body and responsibility for implementing this strategy is delegated to various functions, teams, or committees. It discloses a list of trade associations it is a member of and outlines its positions on lobbying and political engagement related to sustainability. In addition, AXA discloses the amount linked to high-emitting and fossil fuel sectors. Key sectors, clients, and investees for climate engagement are transparently identified. The aggregate amount devoted to nature-positive solutions is disclosed, and the institution engages with clients and investees to support strategies for nature protection and restoration. Partnerships are formed to influence these sectors.

The financial institution also monitors its scope 1-2 emissions and emissions from associated financing activities (Scope 3 category 15).

AXA publishes an annual sustainability risk assessment; however, it is unclear whether this assessment employs objective criteria for prioritizing impacts. Additionally, AXA has committed to disclosing its double materiality approach in 2025. While AXA’s stewardship policy engages on climate and market issues, it is unclear on other sustainability topics. AXA discloses lobbying on the EU Transparency Register but lacks a commitment to avoid adverse sustainability impacts through political influence. AXA has reduced fossil fuel investments and has ceased underwriting oil sands projects, it provides no evidence of fully avoiding support for new fossil fuel initiatives.

Despite meeting its €26 billion sustainable investment target, no updated goals are disclosed, and biodiversity metrics are limited. Moreover, a comprehensive transition plan covering operations, supply chain, and portfolio, aligned with interim emission reduction targets, is recommended. Finally, AXA’s risk assessments address ILO rights in investments but there is no evidence of the insurance operations. Processes for identifying social risks and examples of actions on human rights issues are also recommended.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.