European asset managers care more about climate change: study

European asset managers are more likely to seek to hold companies to account over global warming than their US counterparts, British-based pressure group ShareAction revealed Monday.

ShareAction, a non-governmental organisation (NGO) that campaigns for responsible and sustainable finance, examined votes cast by investors in 57 of the world's biggest asset management companies on proposals related to climate change.

The group studied various proposals including climate reporting and governance, corporate lobbying and emissions reduction targets.

"Analysis ... reveals that the largest US asset managers are reluctant to challenge company management on climate issues with their voting decisions," it concluded.

"Conversely, the most active and responsible stewards are based in the UK and Europe." All of the top ten investment groups who were the most likely to vote down climate change resolutions were based in the US.

The ten included BlackRock, JPMorgan Asset Management, Vanguard, and ...