Abstract
Pension funds are the largest combined institutional investors in the world. The integration of ESG (Environmental, Social and Governance) criteria into defined contribution (DC) pension investments by pension funds can result in sustainable pensions that are in line with pension beneficiary preferences and help achieve Sustainable Development Goals. In many cases, ESG investment choice decisions are taken on behalf of pension beneficiaries. This raises important questions such as whether pension beneficiary and pension fund and asset manager investment decisions align on ESG and remuneration preferences and what is the impact of any mismatch? To answer these questions, this research sets out to analyse pension beneficiary ESG voting preferences on ESG polls presented to them. The results suggest that there are differences between the pension beneficiary ESG preferences and those recommended. Pension beneficiaries are vocal in wishing to influence their pension investments; shareholder activism is evident; however, management recommendations dominate.