Starting on 2026, Ethos will provide its clients with detailed analyses of agenda items and voting recommendations for the general meetings of around 20 Swiss real estate investment foundations. This new offering will enable pension funds to exercise their voting rights voluntarily in investment vehicles that represent a significant portion of the second pillar investments in Switzerland. Specific voting guidelines have been established to take into account the characteristics of these structures.
Following its analysis of Swiss listed companies (SPI index) and large international capitalisations, Ethos is extending its general meeting (GM) analysis service to the largest Swiss real estate investment foundations. In 2026, Ethos will offer detailed analyses and voting recommendations for the GMs of around twenty real estate investment foundations, with a gradual extension planned for the following years.
This service is based on specific voting guidelines (in French or German), which are unprecedented in Switzerland. It will enable institutional investors to exercise their voting rights in an informed, structured and independent manner, taking into account the quality of governance, financial transparency, climate issues relating to the real estate portfolio and alignment with best market practices.
This expansion is in response to the growing demand from pension funds, which are increasingly investing in real estate companies and foundations. “Real estate investments often account for nearly a third of pension fund portfolios”, says Vincent Kaufmann, CEO of Ethos. “A significant portion of these investments are made through investment vehicles that allow for the pooled management of real estate portfolios. However, governance and transparency practices in this segment remain very heterogeneous, to say the least.”
Strong potential for improvement
In an environment where the rules applicable to unlisted companies are less strict than for listed companies, the exercise of voting rights is all the more important in promoting good environmental, social and governance (ESG) practices. For example, unlisted companies are not required to submit remuneration, annual board elections or sustainability reports to a shareholder vote, nor are they required to publish detailed information on governance or capital structure. Nor do they always offer the option of postal voting, which limits participation.
However, there is nothing to prevent them from adopting high standards of governance, transparency and climate strategy standards. This is all the more important given that the real estate sector alone accounts for more than 22% of greenhouse gas emissions in Switzerland (2023).
Voting as a tool for influence
Ethos launched its AGM analysis and voting service in 2000. Initially covering the largest listed Swiss companies, it was extended in 2014 to include all of the nearly 200 companies in the Swiss Performance Index (SPI). For many years, Ethos has also covered the main European, North American and Asian capitalisations, representing around 600 companies.
For Ethos, active ownership, including exercising voting rights and engaging in dialogue, is one of the most effective ways of encouraging companies to progress on their ESG issues and supporting the proper functioning of financial markets. Ethos' analyses and voting recommendations are based on the main codes of good governance, supplemented by the Ethos Charter, which emphasises a sustainable and long-term vision for companies.
Voting guidelines for real estate investment foundations 2026 (in French)
List of real estate investment foundations covered in 2026 (in French)
