Impact investing is all about taking back control to create positive change. Active ownership means actively exercising one’s rights as a shareholder. This includes, in particular, shareholder engagement and voting. Active ownership allows shareholders to publicly pressure and push for change in existing companies and take back control through actively influencing the companies they are owners of.
We can only make real change happen if we get the business community to rethink. To achieve this, we need to take action and become responsible, active shareholders who exercise their voting rights and engage according to their values. We need to stop leaving funds and their proxies to do whatever they want and get closer to the companies we own. As an Inyova impact investor, you are taking responsibility for what our capital is doing and take back control by supporting our community’s shareholder initiatives.
Wondering exactly what Inyova is doing in regard to active ownership? Here are all of the Inyova community’s shareholder initiatives to date.
Overview:
The Inyova community’s shareholder initiatives 2025
Netflix
Together with the Benedictine Sisters of Mount Scholastica, we’ve re-filed a shareholder resolution at Netflix.
Our goal? To strengthen Netflix’s board-level gender equality governance – especially as a board member faces allegations of misconduct in this area.
Last year, our proposal gained enough support to re-file. This time, we’ve incorporated valuable feedback from larger investors and refined it to make it easier for them to back.
Netflix champions diversity on-screen, but its boardroom policies fall short – risking credibility, alienating talent, and losing audiences.
A shareholder resolution literally puts this issue on the agenda – but it’s more than a vote, it triggers crucial dialogue between major shareholders and the company. But filing a resolution isn’t easy, so we have partnered up with the sisters to enable the Inyova community to do so.
By pushing for change at the top together, we’re ensuring Netflix stays true to its values – both behind the scenes and on-screen. Find the resolution here (page 88).
How investments drive action: Shareholders for Change 2024 engagement report
The Shareholders for Change (SfC) network, which Inyova joined on behalf of its community, just released its 2024 engagement report and shows how investments are helping push companies in the right direction.
In 2024, 20 investor members of SfC, backed by a total of EUR 48 billion in assets under management, engaged with 172 companies and one institution, mostly in Europe. What does that mean? It means filing resolutions, voting at annual general meetings (AGMs), and asking the tough questions to hold companies accountable.
The report offers a great overview of the SfC network’s work, highlighting standout examples and listing every initiative at the end. We’re excited to see initiatives from the Inyova community of impact investors featured so prominently.
Change happens when investors work together. Alone, it’s hard to make companies listen. But with EUR 48 billion and the support of the Inyova community behind us, our collective voice is impossible to ignore. Read the report here.
The Inyova community’s shareholder initiatives 2024
Publicis Groupe / WPP
In 2023, Inyova launched the lighthouse engagement “Stop Greenwashing Ads”. We collected the support of 1,380 Inyova impact investors to convince advertising giant Publicis to stop working for fossil fuel companies. Building on this, we expanded the effort to WPP, the world’s largest PR and advertising firm.
Inyova united a strong alliance of investors, managing USD 132 billion in assets to drive this cause. By working with NGOs like Purpose Disruptors, we strengthened our case and our engagement has helped them secure new research funding.
And it’s making waves: UN Secretary-General António Guterres condemned PR firms for spreading climate misinformation, and the UNFCCC’s Race to Zero campaign is pushing advertising to reduce their climate impact and align with global climate goals.
Inyova, representing its impact investor community, will keep pushing major advertising companies to take responsibility for the climate impact and to stop ties with fossil fuel clients.
Advertising shapes public opinion and behaviour. Through initiatives like this, Inyova and its community are disrupting fossil fuel narratives, supporting NGO campaigns, and promoting responsibility within the advertising industry.Our impact work has been featured in reports by the Purpose Disruptors, InfluenceMap and Planet Tracker.
ShareAction’s Chemicals Decarbonisation working group: Air Liquide
In collaboration with ShareAction, a UK-based organisation championing responsible investment, Inyova impact investors successfully drove progress in the chemical sector.
Our engagement with Air Liquide, one of the world’s largest industrial gases companies, resulted in a Climate Transition Plan, with a commitment to carbon neutrality by 2050. Alongside this, we’ve also called on EU policymakers to tighten rules for “low carbon hydrogen,” ensuring only truly low-emission hydrogen qualifies as such.
We’ll keep monitoring Air Liquide’s progress.
The chemical sector is responsible for 6.3% of global greenhouse gas emissions – yet most companies lack credible plans to fix this. Air Liquide’s commitment sets a powerful example for others to follow. And with stricter rules on fossil-based hydrogen, we can accelerate the shift to climate-neutral production.
Ørsted
Ørsted, a Danish clean energy leader, has officially shut down its last coal-fired power plant. This marks the end of its reliance on coal and is a major step in its year-long transition to 100% clean energy. Ørsted was once called DONG, short for Danish Oil & Natural Gas, so it’s come a long way.
This was also thanks to pressure from the Inyova impact investor community. We joined the Shareholders for Change in engaging Ørsted and its majority owner, the Danish Energy Agency, to keep the pressure up after delays in their coal phase-out plan.
Coal is the most polluting way to produce electricity. An energy company phasing out coal is a big step towards a fossil-free future.
Banque Cantonale Vaudoise
When media reports revealed that Swiss cantonal bank Banque Cantonale Vaudoise (BCV) held shares in Elbit Systems, Inyova’s impact investors took important action. Elbit is a defence company criticised for its role in military conflicts. Our community flagged this issue, and our experts engaged BCV.
After our engagement, BCV confirmed that it no longer holds shares in Elbit Systems. This is an important step for a more ethical Swiss investment place and it shows how accountability is growing among financial institutions.
This change shows how Inyova’s community of impact investors can help uncover and clean up ethical breaches in the Swiss financial ecosystem.
Stora Enso
Harvesting operations of Sustainable Forestry champion Stora Enso were linked to damaging a rare, protected species of freshwater mussel in Finland.
On behalf of 3,300 impact investors we stepped in to get answers. Stora Enso didn’t just acknowledge the issue – they acted decisively and swiftly identified key areas for improvement:
- Stronger safeguards: Immediately halted harvesting in all restricted areas and updated operational guidelines.
- Better oversight: Strengthened monitoring, increased inspections, and introduced enhanced staff training.
- Full transparency: Reported findings to environmental authorities and worked with experts to restore the habitat.
Even sustainability leaders face setbacks. What sets them apart is how they respond.
Using the voices of our impact investors, we ensured Stora Enso took swift, decisive action – raising the bar for responsible forestry. This is what true corporate accountability looks like.
Influencing EUR 48 billion in sustainable finance: Inyova joins board of the Shareholders for Change
Andreas, Inyova’s Head of Impact, has been elected to the board of Shareholders for Change (SfC), a network of European asset managers using their collective power to drive sustainability since 2017.
SfC unites 20 members from across Europe – including the Ethos Foundation, GLS Investments, and Alternative Bank Schweiz – who collectively manage over EUR 48 billion in assets.
Power in numbers. That’s what makes investor networks like SfC so important. Alone, an investor can call for change. But together, with EUR 48 billion behind us, we make companies listen – and act.
Collaboration with other investors is a key part of our engagement strategy. The board position allows the Inyova community to shape the network’s direction.
Shareholders for Change board members Alix Roy, Ugo Biggeri, Andreas von Angerer
Insure Our Future – Helvetia Holding, Swiss Re, Zürich Insurance
Insurance companies play a key role in the transformation of the economy. Their risk modelling and coverage determines which projects are being realised and which are not. Unfortunately, insurance companies continue to insure and finance fossil fuel projects that are not aligned with a 1.5°C global warming pathway.
That’s why Inyova asked you, our community of impact investors, to co-sign a letter to three of the largest Swiss insurance companies: Helvetia Holding, Swiss Re, the Zurich Insurance Group. In the letter, we urged them to strengthen their policies on fossil fuels and to expand their coverage of green, clean and sustainable solutions. In the end, a total of almost 1,250 of your signatures backed our letters to these insurance giants.
Our progress
This allowed Inyova to have discussions with Zurich and Swiss Re, during which we addressed the questions outlined in our letters. These conversations provided us with valuable insights into the specific challenges and decision-making processes at both companies. Additionally, we have scheduled a call with Helvetia, who informed us that they plan to provide updates and increased disclosure on the topic throughout the year.
We also spoke on behalf of the Inyova impact investors at the AGMs of Zurich and Swiss Re
At the Zurich AGM, there were many questions about their involvement with fossil fuels. Michel Lies, chairman of the board of the Zürich Insurance Group, declined to provide detailed responses to our questions, stating that everything had already been addressed. Nonetheless, when it was our turn, we used the opportunity to re-emphasize the importance of the issues raised and defended the number of questions from shareholders.
At Swiss Re’s AGM, on the other hand, the CEO responded to our questions with a completely different tone and thorough answers. He detailed the challenges in setting targets for “insured emissions” across all business lines, noting that the methodologies are still under development.
Concrete outcomes
Zurich has announced that they will tighten their oil and gas policies by no longer insuring new oil and gas projects. Meanwhile, Swiss Re plans to enhance transparency regarding their progress in the transition to sustainable practices.
Our continuous efforts and the commitment of the Inyova community are making an impact. We will maintain our dialogue with these insurance giants and continue to push for concrete changes.
Netflix
In 2024, we achieved a major milestone in our engagement with Netflix. Inyova’s goal was to thoroughly investigate the allegations against their prominent board member, Mathias Döpfner. To this end, we co-filed a shareholder resolution to enhance the Netflix Code of Ethics, which currently does not address the alleged conduct by Döpfner. Additionally, we called for a report that documents how Netflix board members comply with the amended code.
To file the resolution, we teamed up with the Benedictine Sisters of Mount Scholastica, who are known for their shareholder activism, particularly in engaging arms manufacturers in the US.
Inyova also published a detailed investor briefing that explains the background of the resolution. Additionally, we have actively reached out (Proxy Statement, page 92) to fellow Netflix shareholders about the resolution, which will be up for a vote on 6 June 2024 at the Netflix AGM.
We will continue to pursue our engagement with Netflix and advocate for stricter codes of conduct to foster a culture of transparency and integrity.
Beiersdorf
As part of a collaboration with the Dutch Association of Investors for Sustainable Development (VBDO), Inyova engaged Beiersdorf to reflect on and reduce their use of plastic packaging.
In a recent call, Beiersdorf agreed to present their strategy and answer our questions. The targets of the company include:
- 50% reduction in fossil-based virgin plastics in packaging by 2025 (compared to the 2019 baseline)
- 30% recycled material in plastic packaging by 2025 (compared to the 2019 baseline)
- 100% of packaging refillable, reusable, or recyclable by 2025
To date, they have achieved:
- A 16% reduction in fossil-based virgin plastics
- 12% recycled material
- 80% of their packaging is designed for recycling, with 67% globally recyclable
Inyova was impressed by the strategy Beiersdorf presented. The VBDO expert also agreed and praised the progress. They emphasised that Beiersdorf’s lobbying supports important regulations like the Global Plastics Treaty.
We will continue to stay engaged and closely monitor Beiersdorf’s developments to ensure that the ambitious goals are achieved.
BMW
In November 2023, German broadcasters NDR, WDR, and the Sueddeutsche Zeitung reported on environmental pollution and poor working conditions at a cobalt supplier of BMW in Morocco. According to these reports, the mine contaminates nearby water sources with arsenic.
In response, we, in collaboration with Shareholders for Change, a network of European investors focused on shareholder engagement, reached out to BMW to inquire about their investigation into these claims. BMW informed us that they are conducting an on-site audit and will share the results with us.
However, to our disappointment, we had to learn about the results through the news. Consequently, we addressed the lack of satisfactory communication at their 2024 AGM, posing additional questions about the audit findings. In response, BMW’s CEO committed that it cannot be fully excluded that the pollution is coming from the mine.
Inyova remains engaged with BMW and will continue to monitor its supply chain management and electrification strategy to ensure such issues are addressed and sustainable practices are promoted.
Swiss Re
In November 2023, Swiss Re hit the headlines for its practices in Brazil. Swiss Re was reportedly offering insurance to farms involved in the illegal deforestation of the Amazon rainforest.
We reached out to Swiss Re along with Ethius, Forma Futura and GLS Investments, three fellow members of Shareholders for Change, to learn more about their response to this controversy.
Inyova did not receive satisfactory answers in a first call, but in a second exchange relevant questions were answered and measures to avoid such cases in the future were explained. We will continue to monitor Swiss Re’s progress moving forward.
The Inyova community’s shareholder initiatives 2023
Ørsted
In October 2023, Inyova joined forces with Shareholders for Change members Ethius and GLS Investment to confront Ørsted over its delayed coal phase-out. The Danish Energy Agency, which is the majority shareholder of the company, had instructed Ørsted to continue operating the coal-fired power plants. Inyova therefore also reached out to the agency and asked it to prevent further delays in the phase-out.
Both Ørsted and the agency gave assurances that the coal phase-out would be completed by September 2024. This response has satisfied Inyova for the time being and there is currently no need for further action. Nevertheless, Inyova will closely monitor compliance with the promised phase-out and intervene again if there are any signs of delays.
Beiersdorf
In May 2023, Inyova co-signed an investor statement to major fast-moving consumer goods companies and retailers regarding their use of plastic packaging. The initiative was joined by investors managing about USD 10 trillion in assets and was covered by the Financial Times. As part of this initiative, the coalition has reached out to 36 companies, including Beiersdorf.
Beiersdorf is part of the plastic value chain and contributes to the plastic waste generation. While the company is moving in a good direction with regards to the aforementioned initiatives, more efforts are needed to reduce plastic packaging and waste.
Inyova is therefore leading the efforts in engaging with Beiersdorf and has taken over communication with the company. As part of this, we sent a letter to Beiersdorf on 10 August 2023, urging for immediate action to diminish plastics from significant users of plastic packaging.
Read more on the initiative here.
BMW
In 2022, the Inyova community launched a successful engagement initiative with BMW to address the company’s insufficient electrification strategy and a lack of diversity on their board.
Since we started our Shareholder Impact Initiative, the car manufacturer has made significant progress in its commitment to electric mobility and expanded its BEV offerings across all segments. However, there are still areas of concern. Despite the electric push, BMW continues to invest in the development of combustion engines.
Following up on this initiative, Inyova’s Head of Impact delivered a live speech at the company’s AGM on 11 May 2023. We were able to pose critical questions concerning the proportion of BMW’s investments in combustion engines versus electric vehicles and will continue to push for more positive change at BMW.
Netflix
In addition to his role as CEO at Axel Springer, Mathias Döpfner is a member of the Board of Directors at Netflix. Since October 2021, media reported allegations of inappropriate behaviour by Döpfner, related to a misconduct scandal at Bild, Axel Springer’s largest media house.
In response to these allegations, Inyova attempted to start an engagement with Netflix in 2022, but could not establish a dialogue with the company. So in 2023, Inyova decided to file a recommendation to vote against Döpfner as a board member of Netflix at their 2023 AGM citing concerns over his alleged behaviour and potential impact on Netflix’s reputation.
While Döpfner was re-elected (receiving about 18% of AGAINST votes), various media outlets (here, here and here) covered Inyova’s concerns, thereby increasing the public pressure on Netflix to respond.
Publicis
Early 2023, over 2,000 Inyova impact investors joined the Shareholder Impact Initiative calling on Publicis Groupe to stop working with fossil fuel clients. The Inyova community has been engaging with Publicis regarding the climate impact of their advertising services, especially when provided to high-carbon emitting clients such as fossil fuel companies.
In close collaboration with NGOs such as Clean Creatives, InfluenceMap and Purpose Disruptors and an investor alliance that combined manages more than EUR 16 billion in assets, we were able to raise the issue live at the Publicis’ AGM in May 2023. Based on their response, Inyova will now continue to try to deepen the conversation around the climate impacts of their services.
Our next steps will include a follow up to our second letter to seek dialogue with the decision makers of Publicis as well as further work with NGOs and other companies to continue raising awareness and applying pressure.
ABB
In December 2022, ABB was ordered to pay USD 460 million total to US authorities to settle criminal and civil charges relating to a corruption scheme in South Africa. Based on the news, Inyova reached out to ABB to learn more about the actions taken to avoid such misconduct in the future.
They let us know that they self-reported the issue to authorities once they had discovered it. ABB also took further steps to ensure compliance in the future, such as the termination of all employees involved in the misconduct, enhanced internal accounting controls around public tenders, and the introduction of a new code of conduct.
Veolia
In October 2022, one of our data providers flagged that Veolia is involved in nuclear weapons. Via a joint venture, Veolia provides bespoke on-board and shipyard logistics for the maintenance and repair of French submarines that carry nuclear warheads.
We reached out to Veolia to start a dialogue with them about the issue, and to ask them to provide a plan to cease the controversial business. We received an unsatisfactory response which lacked a clear timeline and didn’t eliminate the possibility of the company getting involved with nuclear weapons in the future. Further emails remained unanswered despite following up several times. After we notified them that we’re going to sell all our Veolia shares, the company was still unable to assure us they would discontinue their involvement. Given Inyova’s zero-tolerance policy towards any involvement with weapons of mass destruction, we divested all our holdings in Veolia.
The Inyova community’s shareholder initiatives 2022
BMW
In February 2022, Inyova started to engage BMW on their electrification strategy and board diversity. BMW was regarded as a laggard when it comes to electro mobility and they were missing diversity and specific expertise on sustainable mobility on their supervisory board.
The idea was to provide BMW with a list of female mobility experts to diversify their board and to strengthen their positioning amid the mobility transition. However, BMW was not interested in our list of candidates, that’s why we nominated an expert in sustainable mobility for the board: Susan Shaheen, a Professor in Civil and Environmental Engineering at UC Berkeley.
While Susan was not elected to the board, the initiative received major media attention (see here, here, here and here) and fellow shareholders of BMW addressed all the issues Inyova had raised in their Investor Briefing during the 2022 AGM of BMW.
In addition to the nomination, Inyova’s Head of Impact also made a video statement pointing out the current weakness at BMW in terms of electrification and board diversity, which also received broad media coverage (see here, here and here) and increased the public pressure on BMW to change.
Read more on the initiative here.
Adecco
In March 2022, Adecco acquired a majority stake in Akka Technologies, a technology consulting firm that also provides engineering and test services for missiles carrying nuclear warheads. Inyova contacted Adecco and learned that they have no plans to withdraw from this harmful business in the short term. Thus, we divested all our holdings in Veolia.
After divestment, Adecco informed us that they implemented a controversial weapons policy that prohibits them from entering into contracts that involve any service for controversial weapons such as nuclear weapons. They also told us that they are renegotiating the affected contracts of Akka Technologies. Inyova will monitor developments closely.
Netflix
After several investigative media reports (New York Times, Financial Times and Der Spiegel) on alleged misbehaviour of Netflix board member Mathias Döpfner, Inyova decided to reach out to Netflix to ask them to investigate these allegations. As we did not receive any response from Netflix, we planned to file a shareholder resolution in collaboration with As You Sow, an NGO specialised in active ownership in the US.
The idea was to file a resolution that asks Netflix to publish a policy on non-discrimination that includes a prohibition of harassment and abusive behaviour or complicity therein and details on whistleblower protection (e.g. by adding such a policy to their existing code of ethics). Netflix should require each board member to sign this policy and should establish relevant means (e.g. audits) to ensure each board member’s compliance with this policy, including all of their roles, not only as a board member of Netflix, and report on results. We were optimistic that such a resolution will shine light on the allegations regarding Mathias Döpfner’s conduct at Bild and Axel Springer and might trigger investigations on whether he is fit for the role at Netflix.
However, we failed to meet all formalities to file the resolution. We’ll aim for another shot in 2023.
Spotify
Early 2022, Inyova reached out to Spotify multiple times regarding how the spread of misinformation related to Covid-19 had been handled on their platform. We wanted to learn more about measures to systematically screen for and control the spread of misinformation on the platform.
Unfortunately, we did not receive any response.
LTG
We engaged with them after we found out about their involvement in nuclear weapons testing via a new acquisition. At the time, they could not provide plans to sell off this controversial company anytime in the near future – so we divested.
However, after only 6 months, they informed us that they had taken action and sold their stake in the nuclear weapons testing. This was a perfect example of how addressing crucial issues through an engagement dialogue, can create real change at a company.
Zur Rose / DocMorris
In November 2021, Inyova organised a public shareholder engagement event with Walter Oberhänsli, CEO of DocMorris (formerly, Zur Rose). In our engagement talk, we took a close look at Zur Rose and their overall sustainability strategy.
Members of the Inyova impact investor community also had the opportunity to raise questions directly. Here’s the engagement report that includes all details.
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