The annual reports of the Swiss and International Ethos Engagement Pools outline the engagement activities carried out in 2025 with listed companies on ESG issues. The summary reports are available on the Ethos website, the detailed reports are reserved for members of both pools.
In 2025, the Ethos Engagement Pool (EEP) Switzerland carried out over 700 engagement activities, including 134 direct contacts, with the country’s 150 largest listed companies with a view to encouraging them to improve their ESG practices. Internationally, over 700 engagement activities were also carried out under the auspices of the EEP International, most often in collaboration with other international investors. In total, more than 2000 companies representing 59% of the MSCI World Index were targeted.
“While environmental transparency and diversity programmes have come under repeated attack in recent months, particularly at the instigation of the US administration, the progress made by the companies targeted by the Swiss and international EEPs demonstrates that shareholder dialogue is more essential than ever,” emphasises Vincent Kaufmann, CEO of Ethos. “For us, this approach is not a matter of ideology, but a pragmatic strategy to protect policyholders’ retirement capital in the face of systemic risks such as climate change, social inequality and poor corporate governance practices.”
Climate and biodiversity at the heart of engagement activities
The environmental pillar, and in particular issues related to climate change and biodiversity loss, remained at the heart of the two pools’ engagement activities in 2025. Some progress can be noted in this regard: for example, 47 of the 150 targeted Swiss companies have now set science-based targets (SBTi) for reducing their greenhouse gas emissions, compared with 33 a year earlier. However, significant efforts are still required, particularly regarding the management of Scope 3 emissions (value chain), which often account for most of the climate impact of companies such as Nestlé or Novartis.
At the international level, climate change also remains a central focus of the dialogue, with ten dedicated campaigns targeting nearly 1500 companies in 2025 and 77% of the absolute emissions from Scopes 1 and 2 of the MSCI World Index. Deforestation, plastic pollution, water management and human rights were also priorities, addressed through direct dialogue as well as collaborative international campaigns.
At the same time, Ethos has stepped up its work on nature and biodiversity by publishing an ‘Engagement Paper’ in October 2025, which sets out specific expectations for companies regarding biodiversity and their impact on nature. Members of EEP Switzerland and the international network are also participating in the international “Nature Action 100” campaign, which targets 100 companies, including three Swiss firms (Nestlé, Novartis and Roche), to raise their awareness of the financial risks associated with the decline in ecosystem services.
Finally, regarding the social and governance pillars, issues relating to diversity and equality (particularly pay equality) remain a priority. Ethos is convinced that these topics represent a key driver of corporate performance. It should also be noted that discussions with companies continue to focus heavily on issues relating to the composition of boards of directors and remuneration.
Continued rise in membership
“The results presented in these 2025 reports demonstrate the strength of the collective. By uniting our voices, we are transforming ESG risks into fundamental pillars of stable and prosperous economic development in the interests of all stakeholders and future generations,” concludes Matthias Narr, Head of Engagement at Ethos.
EEP Switzerland had 195 members at the end of 2025, six more than a year earlier. These members represented over CHF 400 billion in assets under management. EEP International, for its part, had 132 members, also six more than at the end of 2024.
EEP Switzerland: Activity report summary 2025 (in French)
EEP International: Activity report summary 2025 (in French)
EEP Switzerland: Activity report summary 2025 (in German)
