Meridian Capital — Annual Report · 2025 12 / 15
Stewardship & Engagement
Ownership is a responsibility, not a by-product
An asset manager that holds a share holds a voice, and Meridian Capital uses it. Our starting point is unfashionable but evidence-based: engage before you divest. Selling a position transfers the problem to a less demanding owner; a well-prepared dialogue, backed by the credible willingness to vote against and, ultimately, to leave, changes companies.
In 2025 we engaged 412 companies on climate transition plans, board independence and pay alignment — our three priority themes. Of the engagements begun since 2023, 68% showed measurable progress within 24 months. We voted at 98% of the 2,340 general meetings where we held voting rights, opposed management on 12% of resolutions, and escalated 41 dialogues, co-filing nine shareholder resolutions. We conduct this work as members of Climate Action 100+ and Swiss Sustainable Finance — and we publish every vote.
The 2025 stewardship record
Engagements by theme
Breakdown of the 412 company dialogues conducted in 2025.
Engagement case studies
| Company type | Theme | Our ask | Outcome |
|---|---|---|---|
| European industrial | Climate | Transition plan with interim targets | Plan published in Q3 2025 |
| Swiss pharmaceutical | Governance | Separation of chair and CEO roles | Committed for the 2026 AGM |
| US technology company | Pay | Link variable pay to ESG milestones | Adopted in the 2025 pay policy |
| Asian utility | Climate | Coal phase-out date before 2035 | Escalated — resolution co-filed |
| UK consumer group | Governance | Independent board majority | Two new independent directors elected |
Anatomy of an escalation
A letter to the chair
After two years of inconclusive dialogue with a European utility, we formalise our expectation: a transition plan with interim targets.
Meeting with the board
A meeting with the chair of the sustainability committee. A timetable is promised — without any commitment on targets.
Vote against
We vote against the re-election of the committee chair and explain publicly why.
Resolution co-filed
Together with fellow Climate Action 100+ investors, we co-file a shareholder resolution requesting interim targets.
Plan published
The company publishes a transition plan with 2030 targets. We will monitor delivery before the 2026 AGM.
Divestment is one email. Change is eighteen months of meetings, a vote against, and the patience to check whether the promise was kept. We are paid for the second kind of work.
