Chief Investment Officer
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Stewardship Report 2025: Unwavering commitment to drive change
There remain challenges for sustainable investing, but we retain our unwavering commitment to drive change, as investors continue to adopt a more pragmatic approach. That’s the key message that Robeco again has for investors as we publish our annual Stewardship Report highlighting our sustainability and active ownership activities in 2025.
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まとめ
- Stewardship Report highlights five focus areas from climate to exclusions
- Ten case studies on engagement and another 16 on voting on corporate issues
- Commitment to sustainability remains undimmed despite ESG backlash
The comprehensive report details how we continue to integrate environmental, social and governance (ESG) factors into our entire range of investment strategies, despite an ongoing backlash against ESG investing, and as climate commitments by governments continue to be downsized.
We highlight our five main focus areas on climate, nature, social, governance, and controversies and exclusions, and provide a full summary of Robeco’s voting and engagement activities in 2025, along with a summary of expectations for 2026. There are 10 case studies discussing how engagement with companies works in practice, and 16 on how we voted for or against companies on specific sustainability issues.
“Sustainable investing faced some significant headwinds in 2025,” says Robeco’s Chief Investment Officer, Anton Eser, in the introduction to the report. “We saw increasing regional divergence, slowdown in climate momentum, and continued uncertainty about regulation. In this challenging environment, Robeco is staying the course, as we firmly believe that doing so is in the best long-term interest of our clients.”
“We have critically assessed our engagement program, engagement outlook, as well as our voting approach, to make sure that we are utilizing our resources efficiently and effectively. Practically, this has resulted in closing some engagement cases where the prospects for progress had genuinely diminished. In terms of our stewardship beliefs and approach, these have not changed. We remain unwavering in our commitment to SI and stewardship.”
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Why stewardship matters
As a pioneer of sustainable investing, Robeco still strongly believes that our voting and engagement efforts with investee companies on financially material sustainability issues have a positive impact on our investment results, and on society. This is central to a core belief that active ownership – using our position as a shareholder or bondholder to bring positive change – is essential if you want to call yourself a true sustainable investor.
“Our approach is deliberately relational and based on building a relationship with the company under engagement,” Eser says. “We speak to different agents in the company: investor relations, but also topic owners, board members and operations. This way we can catalyze change by supporting the sustainability champions in the companies in making their case for change.”
Robeco’s Active Ownership team celebrated its 20th anniversary in 2025, a milestone that reflects both continuity and evolution. In 2025, the team worked closely with academia to deepen its understanding of what drives successful engagement outcomes and to make sure stewardship remains a driving force.
Our commitment remains undimmed
“Robeco’s steadfast commitment to climate action amid rising geopolitical challenges and regulatory pushback remains undimmed,” Eser says. “In 2025, Robeco has reaffirmed its commitment through its updated Climate and Nature Transition Plan, leveraging forward-looking analytics to distinguish leaders from laggards and drive credible transitions toward net-zero emissions and nature restoration through our stewardship activities.”
“Over the past two decades, active ownership and sustainable investing have evolved from niche practices into core components of the global investment landscape, with Robeco at the forefront since 2005, despite varying regional approaches and recent ESG pushback.”
“Growing investor and public awareness underscores the long-term value of integrating sustainability beyond short-term profit, with active ownership serving as a key tool for fulfilling fiduciary duties, influencing corporate behavior, and generating both shareholder value and real-world impact.”
重要事項
当資料は情報提供を目的として、ロベコ・ジャパン株式会社（以下「当社」）が独自に作成、または当社のグループ会社（Robeco Institutional Asset Management B.V.およびその関連会社を含む）から提供された資料を当社が編集・翻訳したものです。資料中の個別の金融商品の売買の勧誘や推奨等を目的とするものではありません。記載された情報は十分信頼できるものであると考えておりますが、その正確性、完全性を保証するものではありません。意見や見通しはあくまで作成日における弊社の判断に基づくものであり、今後予告なしに変更されることがあります。運用状況、市場動向、意見等は、過去の一時点あるいは過去の一定期間についてのものであり、過去の実績は将来の運用成果を保証または示唆するものではありません。また、記載された投資方針・戦略等は全ての投資家の皆様に適合するとは限りません。当資料は法律、税務、会計面での助言の提供を意図するものではありません。 ご契約に際しては、必要に応じ専門家にご相談の上、最終的なご判断はお客様ご自身でなさるようお願い致します。 運用を行う資産の評価額は、組入有価証券等の価格、金融市場の相場や金利等の変動、及び組入有価証券の発行体の財務状況による信用力等の影響を受けて変動します。また、外貨建資産に投資する場合は為替変動の影響も受けます。運用によって生じた損益は、全て投資家の皆様に帰属します。したがって投資元本や一定の運用成果が保証されているものではなく、投資元本を上回る損失を被ることがあります。弊社が行う金融商品取引業に係る手数料または報酬は、締結される契約の種類や契約資産額により異なるため、当資料において記載せず別途ご提示させて頂く場合があります。具体的な手数料または報酬の金額・計算方法につきましては弊社担当者へお問合せください。 当資料及び記載されている情報、商品に関する権利は弊社に帰属します。したがって、弊社の書面による同意なくしてその全部もしくは一部を複製またはその他の方法で配布することはご遠慮ください。 商号等： ロベコ・ジャパン株式会社 金融商品取引業者 関東財務局長（金商）第２７８０号 加入協会： 一般社団法人 資産運用業協会
