In our previous article "Phasing out hazardous chemicals", we outlined our approach to investing in chemical companies and shared some notable engagement stories from 2022. Continuing into 2023, we maintained our role as lead investors for Shin-Etsu and Evonik, and as supporting investors for Akzo Nobel. It is gratifying to see that all three notably improved their score. There is room for further improvement, however, as they are still way off the maximum score.

In the sections below, we summarise some engagement highlights from our conversations with Evonik and Shin-Etsu, companies where we are lead investors.


Overall, we recognise the advancements these companies have achieved, as reflected in our dialogues with them last year, demonstrating their willingness to enhance their strategies and/or transparency. However, there's still potential for further advancement. Eliminating hazardous chemicals necessitates a collaborative effort from all parties involved: consumers, regulators and investors. It's vital for consumers to understand the risks associated with hazardous chemicals to both health and the environment. Regulators should enforce stringent control and usage of these chemicals globally. Meanwhile, investors must persist in raising awareness and advocating for greater transparency and the development of alternative solutions. We will therefore continue this engagement project.