IMPAX Asset Management

In November 2023, Texas placed IMPAX on its List of Financial Companies that Boycott Energy Companies list, which is based on ESG data, public commitments, and public pledges. These companies meet the Global Industrial Classification System (GICS) and Bloomberg Industrial Classification System (BICS) standard for being publicly traded financial companies in the financial sub-industries relevant to state oversight, scored higher than their peer group on the MSCI ESG Ratings Service Data, made public pledges to Climate Action 100 +, and made public pledges to either the Net Zero Banking Alliance or the Net Zero Asset Managers Initiative. However, in February 2026, a federal judge in Austin issued a ruling prohibiting enforcement of SB 13, the law that allowed the Texas Comptroller to create and maintain its Financial Companies that Boycott Energy Companies list. The court held that the law infringed upon First and Fourteenth Amendment protections. The plaintiffs argued that SB 13 unlawfully penalized financial firms for engaging in protected speech and investment decisions related to ESG policies, effectively compelling viewpoint-based certifications to do business with the state. The State of Texas, however, contended that SB 13 represented a lawful exercise of its authority to direct state investments and contracting decisions and to protect the state’s energy industry from what it characterized as discriminatory financial practices. In February 2026, the Texas Comptroller’s Office and the Texas Attorney General’s Office appealed the ruling to the Fifth Circuit Court of Appeals. The case remains pending (1)(2)(3)(4)(5). The company is a signatory of the Principles for Responsible Investment, incorporating ESG issues into investment analysis, decision-making, and other business practices (6)(7). In August 2022, Texas placed one or more funds from Impax Asset Management on its List of Financial Companies that Boycott Energy Companies list. The Comptroller’s office examined publicly available data, including licensed information from Bloomberg, LSEG Workspace, and MSCI, to identify U.S.-based funds that appear to restrict or prohibit investments in energy companies. However, in February 2026, a federal judge in Austin issued a ruling prohibiting enforcement of SB 13, the law that allowed the Texas Comptroller to create and maintain its Financial Companies that Boycott Energy Companies list. The court held that the law infringed upon First and Fourteenth Amendment protections. The plaintiffs argued that SB 13 unlawfully penalized financial firms for engaging in protected speech and investment decisions related to ESG policies, effectively compelling viewpoint-based certifications to do business with the state. The State of Texas, however, contended that SB 13 represented a lawful exercise of its authority to direct state investments and contracting decisions and to protect the state’s energy industry from what it characterized as discriminatory financial practices. In February 2026, the Texas Comptroller’s Office and the Texas Attorney General’s Office appealed the ruling to the Fifth Circuit Court of Appeals. The case remains pending (8)(9)(10)(11)(12). The company integrates ESG into its business practices tying DEI metrics to “executives’ annual performance scorecards.” DEI is also central to its “investment and engagement process: through consideration of diversity indicators in our fundamental research” (13). IMPAX promotes divisive sex and gender policies. Its Supplier Code of Conduct requires international vendors to include sexual orientation in their nondiscrimination policy (14).

IMPAX offers unconscious bias training to its employees (1). The company appears to prioritize diversity over merit in its recruitment, hiring, and promotions. From its IMPAX Equity, Diversity & Inclusion Report: “As part of our overall E,D&I strategy,
we remain focused on increasing the number of women in our business,
and are focused particularly on promotion pathways to the senior
staff (Director) level ” (2). IMPAX appears to prioritize diversity over merit in its business structure through the establishment of gender and racial targets for its recruitment, hiring, and leadership composition. The company is seeking total company: female – 48-52%, total company: Asian, Black, and additional ethnic groups – 28-32%, Senior staff: female – 38-42%, Senior staff: Asian, Black, and additional ethnic groups – 14-18% (3). IMPAX does not provide viewpoint protections for its employees (4).

IMPAX is committed to net zero carbon emissions by 2050 (1)(2). The company was part of the Net Zero Asset Managers initiative prior to NZAM’s suspension in 2025. Its membership indicated a commitment to carbon neutrality with its investments by 2050 (3)(4)(5). Impax Asset Management is a signatory of the 2026 relaunch of the Net Zero Asset Managers Initiative, which provides resources to asset managers to aid in setting climate goals. Based on the company’s NZAM profile page, it has individually committed to “Aim for 100% of committed AUM being climate resilient and within the categories ‘transition aligned’ or ‘transition aligning’ related to climate management and processes by 2030” (6)(7)(8). IMPAX supports DEI within its business practices. From its Equity, Diversity, and Inclusion page:  “Equity, diversity & inclusion are critical to the success of the companies in which we invest, to our own organizational excellence, and in creating opportunity in the communities in which we operate” (9). Otherwise, there are no publicly known cases of IMPAX using its reputation to advance ideological causes or policies (10).

IMPAX does not operate a PAC or report on its lobbying at this time (1)(2)(3).