L&G’s fund management division says some of the biggest global companies it backs are making progress on their net zero ambitions, despite an ESG backlash in the US and corporates retreating from climate-focused initiatives.

The £1.1tn asset manager’s 2025 Climate Impact Pledge report showed a 46% drop in the number of companies where it could have potentially voted against board members at this year’s AGM season due to a lack of progress on meeting net zero targets.