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#Aviva investors series#
The letter from Aviva Investors says boards should consider a series of actions amid the cost-of-living crisis, such as paying a living wage, offering additional support to the most vulnerable workers, engaging with unions and showing restraint over executive pay. In the UK, the consumer price index peaked at 11.1 percent last October, a 41-year high, before dropping to 10.1 percent in January this year. Households around the world have suffered significant falls in real earnings as a result of decades-high inflation. ‘Furthermore, businesses have a responsibility to protect their most vulnerable stakeholders during this period of extreme stress.’ ‘Multi-stakeholder management is not a zero-sum game we will look unfavorably on any attempts to protect profitability and shareholder returns through the disproportionate and excessive transfer of costs to employees, suppliers and customers. ‘But this must not come at the expense of the most vulnerable stakeholders within a corporate’s business model and value chain. ‘We expect management to explore all opportunities to deliver cost efficiencies, delay non-essential spending and leverage their pricing power where appropriate,’ says Versey. The letter, written by CEO Mark Versey, also highlights the energy transition and biodiversity as focal points for stewardship activities this year. One of the UK’s largest asset managers has identified the cost-of-living crisis as a major focus for its engagement with companies in 2023.Īviva Investors, which manages £232 bn ($277 bn) in assets, says in its annual letter to board chairs that issuers face tough decisions on costs but must bear in mind their responsibility to all stakeholders.
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