Our online help service is available to answer your question. Please don't mention your account numbers or any critical data at this point, and only if you're asked by Amundi Client Service.

Select your profile* : Individuals investor Financial professionals		* Required fields


		The Captcha field is wrong or empty
The personal data collected above are intended for AMUNDI ASSET MANAGEMENT and are for the sole purpose of enabling you to receive a response to your request for information. AMUNDI ASSET MANAGEMENT undertakes to keep your personal data for the duration of our exchanges. In accordance with the European Regulation on the processing of personal data (RGPD 2016/679), you have the right to access, rectify, and delete your data by writing to AMUNDI ASSET MANAGEMENT BSC/SEC/PCA - 90, bd Pasteur - CS 21564 - 75730 Paris – FRANCE or by e-mail to dpo@amundi.com. By checking the box above, you declare that you understand and accept these conditions.

Important legal information.
Please read these terms and conditions carefully

This part of our website is for the attention of “Professional” investors. In the European Union, it is not for non-professional investors as defined in the MIFID or in each local regulation for the general public and nor for "US Person". This website is solely for information purposes. There is no guarantee that any targeted performance or forecast will be achieved. Amundi owns the copyright and all other intellectual property rights in the website.

By choosing “I Accept” you represent that you understand and agree to all the legal terms and conditions of Amundi’s website

Do universal owners vote to curb negative corporate externalities? An empirical analysis of shareholder meetings

Abstract

This paper tests whether very diversified and patient investors, also known as universal owners, tend to vote in favor of shareholder resolutions instructing corporations to reduce or communicate on the negative externalities they produce.

Our sample includes 213 US fund families that voted on 13,108 different shareholder resolutions at 2,352 companies over the period from 2013 to 2016. We find that, contrary to the common ownership logic, universal owners’ support for issues related to externalities is lower than the one of otherwise similar fund families.

Instead, support is positively associated with the proportion of socially responsible investment funds in the family. We discuss various practical implications of our results.

BRIERE Marie , Head of the Investor Research Center

POUGET Sébastien , Toulouse School of Economics (University of Toulouse)

URECHE-RANGAU Loredana , University of Picardie Jules Verne

Download this article in PDF format