Engagement Report 2025

In a world marked by growing volatility and fragmentation, long-term investors are navigating unprecedented complexity. Climate change, biodiversity loss, resource constraints, geopolitical tensions and the rapid deployment of artificial intelligence are no longer isolated challenges: they interact and reshape the conditions of economic stability. In this context, engagement has become a strategic lever to support the transformation of the real economy. 

This 2025 Engagement Report builds on a strong conviction: active ownership is essential to align capital with a sustainable, resilient future. Today, our focus is increasingly on outcomes, transition pathways and systemic impact, reflecting the growing responsibility of finance in a world under pressure. 

Beyond risk management, investors seek capital allocation that contributes meaningfully to climate stability, nature preservation and social cohesion, while remaining financially resilient. That is why our engagement strategies are designed to address this dual objective, by engaging directly with issuers and asset operators on governance, strategy and capital allocation, where long-term value is effectively created. 

A defining feature of our approach is its cross-asset scope, spanning listed equities and bonds as well as private assets such as energy transition infrastructure, natural capital and private equity. Listed assets allow us to engage with systemically important actors and contribute to the evolution of market standards; Private assets enable deeper, more structural engagement, embedded operational practices from the outset. Together, they allow us to influence the trajectory of the real economy rather than isolated pockets of portfolios. 

This approach is continuously strengthened by academic research, notably through Mirova Research Center’s partnership with ENSAE, supporting a rigorous assessment of engagement effectiveness and helping ground our stewardship practices in robust empirical analysis. 

This year’s report reflects a clear evolution in how we report on engagement. It is guided by three principles: 

• a stronger orientation towards results and progress, 
• increased transparency on both achievements and limits, 
• a clear positioning of engagement as a tool of transition finance. 

Looking ahead to 2026, our stewardship vision is shaped by two core convictions. First, the just transition has become a prerequisite for economic stability: transition pathways that overlook social dimensions create fragilities that ultimately undermine long-term performance. Second, engagement has emerged as a strategic alternative to purely binary debates. Staying invested and engaged where credible transition pathways exist remains essential to drive change in high impact sectors, while maintaining clarity on expectations and accountability. 

By combining listed and private assets, supported by research and transparent reporting, Mirova’s stewardship aims to contribute to tangible change. Engagement alone cannot solve systemic challenges, but when strategically deployed, it can help steer capital towards the long-term transformation of the economy in the interest of our clients and, more broadly, society.