• Amid the macroeconomic challenges and ESG risks in China, there are also huge opportunities for positive impact aligned with sustainable value creation over the long term.
• A bottom-up approach is needed to identify Chinese companies showing positive momentum that are mitigating material ESG risks and are open to positive shareholder engagement.
• Across the portfolio as a whole, they have continued to use their voting power to communicate our expectations to companies, voting against management at 51% of meetings over the last 12 months.
• In this issue they also outline their work on establishing a climate risk framework and profile the Brazilian railway company Rumo, a new addition to the portfolio which is making a crucial contribution to the country’s net-zero transition.
• They also share reflections on the 28th United Nations Climate Change conference (COP28) in Dubai and the implications for emerging markets.

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