Mansard
Stewardship
S-26-01
Our first annual stewardship report
412 general meetings, 38 votes against management and the three companies we will keep pressing in 2026.
Léa Fournier
8 min
This is our first annual stewardship report. It covers the five funds and the 412 general meetings where we had a right to vote in 2025.
How we voted
We voted at 96% of meetings. We voted against management 38 times, most often on pay that rewarded size rather than returns on capital, and on directors who sat on too many boards.
Who we talked to
We held 54 meetings with companies on environmental and governance questions. We ask every holding the same questions every year, so that the answers can be compared.
What comes next
Three companies will hear from us again in 2026, on climate targets and on board independence. The full report and our voting policy are on the Documents page.
Léa Fournier, credit & ESG analyst
Past performance is not a reliable indicator of future results. This letter expresses the views of its author at the date of writing and is not investment advice.
