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Quarter 2 2025: Our active stewardship illustrated

Published on
September 1, 2025
Read time
1 minute(s) read

As a long-term investor, we engage in regular dialogue with the companies in which we invest to encourage them to improve their practices for taking environmental, social and governance (ESG) criteria into account. Find out how our active approach to stewardship was borne out in Q2 2025.

36
Engagements held
94%
of meetings voted in Q2 2025
59%
of meetings where Carmignac voted against management at least once*

*This data refers to the number of meetings where Carmignac took a vote position against the recommendation of the board. In practice, this refers to votes cast against management-led resolutions and, in most cases, votes cast for shareholder-led resolutions (unless the shareholder-led resolution is supported by management).

Carmignac is committed to aligning its dialogue strategy with five types of engagement: engagement on ESG ratings, thematic engagement, impact engagement, engagement on controversial behaviour, and engagement on proxy voting decisions.

Q2 engagement activity (in %)

In Q2 2025, we initiated dialogue with investee companies 36 times and across four types of engagement. No impact engagement was undertaken in Q2 2025.

Our engagements cover a full spectrum of environmental, social and governance topics. Engagements may be relevant to more than one category at the same time. The proportion of our engagements which had environmental, social and governance relevance in Q2 2025 was as follows.

Q2 2025 Engagement Topics (in %)

We engaged with our investee companies in a variety of ways, including direct engagement, as part of a group, and via email.

Q2 2025 Engagement Method (in %)

In Q2 2025, Carmignac voted against the management of our investee companies at least once at 59% of meetings voted.

Meetings voted for/against management (in %)

Find out how we specifically engaged with one of our investee companies in Q2 2025.

DiDi Global Inc.

Sector: Internet, media & services
Region: China

The company is an equity holding in our funds1.

We engaged with the company due to a difference in ESG scoring between our proprietary system, START (rated C on a scale of A-E) and our external provider MSCI (rated B on a scale of AAA to CCC).

We specifically engaged with the company to ask them to:

  • Disclose employee Health & Safety (H&S) data;
  • Disclose year on year trends in emissions;
  • Set climate emissions reduction targets.

In May 2025, we met with the company’s Investor Relations representatives.

We discussed a number of different topics with the company.

  • Historic controversies relating to user data: Following the government investigation, the company has formulated an internal management mechanism for data security and storage, algorithm transparency and users’ right of free choice, so as to enhance employees’ attention to and awareness of these matters.
  • Climate Change: The company discussed challenges for setting climate targets and science-based targets. Given their geographical location, they are required to ensure that any targets set are in line with China’s decarbonisation plans and therefore require government approval. However, they reiterated that this was an area the company is looking into.
  • Reporting: We highlighted areas in which we believed the company’s reporting could improve, such as presenting year-on-year emission data and reporting on employee injury rates. The company said that they were open to investor feedback and would try to incorporate the changes requested.

In the company’s 2024 sustainability report published during H2 2025, the company implemented our requests, and reported on employee injury rates for the first time, as well as presenting year-on-year greenhouse gas (GHG) emission data for the first time.
Considering the company’s business activities and the absence of absolute GHG emission reduction targets, the current START rating of C is considered suitable . We do not believe that the company’s B rating on MSCI is justified, as MSCI categorised it as a ‘Road and Rail Transportation’ company, despite being a technology company and therefore, the same ESG risks do not apply to it.

We will continue engaging with the company on climate change and view positively the recent enhancements in reporting practices.

1As of 30th June 2025: Carmignac China New Economy, Carmignac Emergents, Carmignac Portfolio Emerging Patrimoine, Carmignac Portfolio Evolution, Carmignac Investissement, Carmignac Investissement Latitude, Carmignac Multi Expertise FP Carmignac Emerging Markets. The portfolios of Carmignac funds are subject to change without prior notice.

To find out more on our responsible investment philosophy, please visit our Sustainable Investment section:

Sustainable Investment

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CARMIGNAC GESTION 24, place Vendôme - F-75001 Paris - Tél : (+33) 01 42 86 53 35 Investment management company approved by the AMF Public limited company with share capital of € 13,500,000 - RCS Paris B 349 501 676.

CARMIGNAC GESTION Luxembourg - City Link - 7, rue de la Chapelle - L-1325 Luxembourg - Tel : (+352) 46 70 60 1 Subsidiary of Carmignac Gestion - Investment fund management company approved by the CSSF Public limited company with share capital of € 23,000,000 - RCS Luxembourg B 67 549.