We regularly assess how sustainability is implemented by the fund managers that manage our investment assets. We have surveyed fund managers’ responsible investment practices since 2023.
In the 2026 survey, we placed greater emphasis than before on how fund managers put sustainability into practice. Among other areas, the survey examined how they manage climate- and nature-related risks, engage with investee companies, assign leadership responsibilities and resources, and ensure adequate documentation and transparency.
– Responsible investment is moving from the assessment of individual risks towards a more holistic view. At Varma, we believe it is essential to understand how the risks affecting companies’ operating environment are interconnected. These risks may also amplify one another, which makes understanding the bigger picture more important than ever, says Hanna Kaskela, Senior Vice President, Sustainability & Communications at Varma.
Around 90 per cent have a responsible investment policy
The survey results indicate that fund managers are well acquainted with responsible investment practices. Around 90 per cent of respondents had a responsible investment policy approved by their management, and almost all considered sustainability factors in their investment decisions.
At the same time, the survey highlighted areas for further development. Although sustainability was widely integrated into investment processes, only around half of the fund managers had linked employee incentives to sustainability. Incentives can strengthen the connection between sustainability targets, individual responsibilities and investment decisions in practice.
Around 40 per cent of respondents have set climate targets
In their responses on climate-related issues, fund managers emphasised risk management and the monitoring of targets. More than 80 per cent of respondents said they assess climate-related risks and opportunities in their investment decisions. Even so, a majority of fund managers, 58 per cent, had not set climate targets of their own.
Only one in ten respondents had set nature-related targets aimed at safeguarding biodiversity. However, the assessment of nature-related risks is becoming more common, with almost 70 per cent of fund managers reporting that they assess nature-related risks and opportunities as part of their investment analysis.
Geopolitical risks, technology-related risks and energy security are becoming part of responsible investment
Geopolitical risks, technology-related risks and energy security are becoming increasingly closely linked to responsible investment. However, fund managers did not assess these risks as systematically as climate- and nature-related risks.
Just over a quarter of respondents, 28 per cent, said they had integrated these risks into their investment decisions. Climate- and nature-related risks can no longer be viewed in isolation, as they are often linked, for example, to security of supply and geopolitical tensions affecting the global economy. Going forward, it will be increasingly important to identify and analyse broad, interconnected changes in the operating environment.
A regular survey makes progress visible
The asset managers and fund managers covered by the survey managed investments worth approximately EUR 31.6 billion. This represented around 44 per cent of Varma’s investments. The figures are based on reported data for the second quarter of 2026.
Varma intends to repeat the survey regularly to ensure continued monitoring. This will enable us to track how fund managers’ practices develop and assess whether responsible investment is delivering the intended outcomes. The survey also increases the transparency of our fund investments.