Investors managing $14 trillion in assets on Friday said they wanted all companies to set a climate transition plan and allow them to vote on it, ahead of next year's season for annual general meetings.
The 53 investors, including UBS Asset Management, DWS and Legal & General Investment Management, said they were setting new expectations for companies as more firms publish plans to transition to a low-carbon economy.
Currently, around a fifth of the world's 2,000 largest companies have done so, the investors said.
Ahead of the next round of climate talks in Scotland in November, countries the world over are committing to reach net-zero greenhouse gas emissions by the middle of this century in an attempt to stop catastrophic climate change.
The investor group's statement, through the Institutional Investors Group on Climate Change, calls for all companies to produce a net-zero transition plan in line with the Taskforce on Climate-Related Financial Disclosures reporting framework.
In addition, companies need to identify which board directors, in addition to the chair, would lead the efforts and be the focal point for engagement by investors, and who would be voted against if the plan was considered inadequate.
The investors also said, where applicable with local law, they wanted companies to provide an advisory vote on the plan's implementation, Failing that, investors could look to express their opinion by voting on other resolutions, such as the re-election of board members.
"Transparency and accountability are critical to the effective delivery of net-zero commitments. Putting corporate net-zero alignment plans to the vote will allow shareholders to send a clear message to the Board on the scale and pace of implementation,” said Stephanie Maier, global head of sustainable and impact investment, Gam Investments.
The push for a vote follows the launch of a 'Say on Climate' campaign by hedge fund billionaire Chris Hohn last year and similar votes in this year's AGM season at companies including Shell and Unilever.
Victoria Barron, head of sustainable investment, BT Pension Scheme Management added: "This statement emphasises that investors want to see net-zero strategies, they want to have the right to vote on them and they want clear accountability, metrics, and targets.”
MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Scoreline:
Cardiff City 0
Liverpool 2
Wijnaldum 57', Milner 81' (pen)
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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