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Fund EcoMarket

the sustainable, responsible and ethical investment information hub

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SRI Classification

SRI Attributes (primary entries only)

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Displaying 373 options from Fund EcoMarket
Print Fund Name SRI Style Product Region Asset Type Launch Date More info
Example Unclassified DFM/Portfolio Planner* Not Set Unclassified 01/01/1970 More Info (click to view)

SRI / Ethical Overview

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SRI Policies (Primary strategy in bold)

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SRI Features

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SRI / Ethical Policy

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Resources, Affiliations & Corporate Strategies

M&G Global Listed Infrastructure I Acc Unclassified OEIC/Unit Trust Global Equity 04/10/2017 More Info (click to view)

SRI / Ethical Overview

SRI Policies (Primary strategy in bold)

  • - No primary policy area

SRI Features

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Corporate Activity

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

Aviva Liontrust Sustainable Future Absolute Growth Pn S2 Sustainability Themed Pension Global Equity 05/04/2001 More Info (click to view)

SRI / Ethical Overview

This pension product is linked to the "Liontrust Sustainable Future Absolute Growth" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

SRI Policies (Primary strategy in bold)

  • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.

SRI Features

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Corporate Activity

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

Aviva Stewardship Income Ethically Balanced Life UK Equity Income 30/09/2003
Aviva Liontrust Sustainable Future European Growth Pn S2 Sustainability Themed Pension Europe Ex-UK Equity 05/04/2001 More Info (click to view)

SRI / Ethical Overview

This pension product is linked to the "Liontrust Sustainable Future European Growth" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing. 

SRI Policies (Primary strategy in bold)

  • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.

SRI Features

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Corporate Activity

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

L&G Kames Ethical Corporate Bond Pn G25 Negative Ethical Pension Europe >50% UK Fixed Interest 12/04/2006 More Info (click to view)

SRI / Ethical Overview

This pension product is linked to the "Kames Ethical Corporate Bond" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

SRI Policies (Primary strategy in bold)

  • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

SRI Features

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Corporate Activity

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

BlackRock Aquila Life Over 5 Year Index Linked Pn Nav Unclassified Pension UK Fixed Interest 31/08/1996
Aviva Threadneedle UK Social Bond PN Social Themed Pension UK Fixed Interest 01/10/2014
Zurich Jupiter Ecology CS1 Pn Environmentally Themed Pension Global Equity 26/07/2017
Aviva Stewardship Income Pn NGP Ethically Balanced Pension UK Equity Income 31/03/2005
Aviva Jupiter Ecology Pn S6 Environmentally Themed Pension Global Equity 06/04/2008 More Info (click to view)

SRI / Ethical Overview

This pension product is linked to the "Jupiter Ecology" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

SRI Policies (Primary strategy in bold)

  • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

Jupiter Ecology Inc Environmentally Themed OEIC/Unit Trust Global Equity 31/03/1988 More Info (click to view)

SRI / Ethical Overview

The Jupiter Ecology Fund invests in companies that are providing solutions to environmental problems.

The Fund focuses on companies which respond to environmental challenges by developing a product or service which provides sustainable long-term solutions.

SRI Policies (Primary strategy in bold)

  • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
  • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.
  • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
  • Animal welfare policy Find ethical fund options that have policies that require specific animal welfare standards to be adopted by investee companies in order for them to be considered for inclusion within the fund.
  • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.
  • Tobacco production avoided Find fund options that exclude manufacturers of tobacco (or related) products. This typically relates to ethical funds however funds from other SRI Styles commonly avoid this area also. Strategies vary and funds may invest in retailers of such products (e.g. supermarkets or hotels.) See fund information for further information.
  • Armaments manufacturers avoided Find ethical fund (and other SRI) options that avoid avoids companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non strategic military products. Read fund literature for specific details.
  • Measures positive impacts Find funds that measure the positive effect of their investment decision making on society and/or the environment. (This may involve eg carbon saved or jobs supported.) Managers aim to quantify the benefits they deliver (relative to other strategies or other benchmarks) to ensure they are delivering positive benefiting. This is a new and evolving area. See fund literature for information
  • Nuclear exclusion policy Find ethical funds (and other options) that have a published policy that sets out the fund's position on avoiding or limiting exposure to nuclear power. See fund literature for details of their policy.
  • Coal, oil &/or gas majors excluded Find sustainable investment and ethical fund options that avoid significant involvement in coal, oil and/or gas producing companies. Funds vary. See individual fund literature to confirm details.
  • Climate change / GHG policy Find sustainable investment and ethical fund options that pay significant attention to climate change related issues such as greenhouse gas/carbon emissions. Strategies vary, see fund literature for individual fund information.
  • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.

SRI Features

  • Positive selection bias Find funds where their main 'ethical approach' is to invest in companies that are considered to be positive/good or useful to people and/or the environment. The fund may also have negative avoidance criteria - see fund details to read more about fund strategies.
  • Eurosif transparency Find funds that meet the standards of the EUROSIF transparency Code. This means that they are a leading fund in terms of openness and transparency, publishing - for example - extensive information about where they invest and how they deal with companies.
  • Sustainability themed Find funds where there is a significant emphasis on sustainability issues either as its primary strategy or as a core strategy that compliments other criteria. (This may apply to a number of different SRI Styles). Such funds will consider environmental and social issues when making stock selection decisions. Read fund literature for further information.
  • Favours cleaner, greener companies Find funds that aim to nvest in companies with strong environmental policies and practices. This may mean it invests in smaller companies offering market leading environmental services or products and/or larger companies that are working towards the improved management of their negative impacts. Read fund literature for further information.
  • Strictly screened ethical fund Find funds that have a high level of negative ethical avoidance. These funds are likely to exclude more companies than other ethical (and SRI) fund options. Read fund literature for further information.

Corporate Activity

  • ESG/SRI engagement Find funds and fund management companies that actively encourages higher 'environmental, social and governance' and/or 'sustainable and responsible investment' practices amongst investee companies - when positive change is aligned with the best interest of investors. This may apply to a single fund or a group of funds. Read fund literature for further information.

SRI / Ethical Policy

The Jupiter Ecology Fund invests in three environmental investment themes:

Environmental Infrastructure: Companies which own or develop low environmental impact infrastructure in areas such as alternative energy, pollution abatement, waste management, utilities and transportation networks.

Resource efficiency: Companies which provide technologies, products and services aimed at improving the efficiency and long-term environmental impact of natural resources and energy.

Demographics: Companies which provide technology, products and services which enhance human well-being, consumer choice, communication and transportation whilst minimising environmental impacts. We believe that this represents an exciting and diversified long-term opportunity to invest in some of the most forward thinking and innovative companies in the world.

The Jupiter Ecology Fund also explicitly seeks to avoid investments in industrial activities, which do not fit with its environmental and social goals.

Examples of such negative activities include:

  • manufacturing of armaments, alcoholic drinks or tobacco products;
  • publication of pornographic material;
  • generation of nuclear power; and
  • operation of gambling facilities.

Resources, Affiliations & Corporate Strategies

Charlie Thomas has been the Lead Fund Manager of the Jupiter Ecology Fund since 2003.  Charlie works closely with Abbie Llewellyn-Waters, Assistant Fund Manager, and Jon Wallace, Environmental & Responsible Investment Analyst.

Ethical and environmental screening for the Jupiter Ecology Fund is undertaken by the Jupiter Sustainable Investment Team, a team of analysts specialising in the environmental performance of companies. The Team assesses companies against a set of ethical and environmental criteria.

Aviva Royal London Sustainable World Trust S4 Sustainability Themed Life Global Mixed Asset 22/11/2010
Aviva Liontrust Sustainable Future Global Growth S1 Sustainability Themed Life Global Equity 24/06/2001 More Info (click to view)

SRI / Ethical Overview

This life product is linked to the Liontrust Sustsainable Future Global Growth Fund. More detailed infromation on its SRI / Ethical approach can be found under that fund in the OEIC Product listing. 

SRI Policies (Primary strategy in bold)

  • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

FNW Kames Ethical Corporate Bond Negative Ethical Life UK Fixed Interest 20/07/2006
OMW EAB Old Mutual Ethical Negative Ethical Life Global Equity 13/01/2006
EQ Positive Impact Portfolios Sustainability Themed DFM/Portfolio Planner* Global Mixed Asset 30/08/2017 More Info (click to view)

SRI / Ethical Overview

The Positive Impact Portfolios have been created for clients who wish to have their money managed with the aim of creating a positive socio-environmental impact while benefiting from strategic or tactical capital allocation decisions.

It is not enough to simply limit damage to the environment and avoid causing social ills. We intentionally go further than that so our screening and research process actively selects funds which, in turn, actively allocate capital towards both social and environmental improvements.

 

Alongside our socio-environmental scoring processes, our investment management team apply their knowledge to find opportunities which they believe have the potential to beat equivalent but less responsibly managed funds in terms of the financial returns they can deliver.

 

SRI / themed / ethical assets under management – overview

  • Fund Size (GBP):   About £50 million
  • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management:   Over £100 million
  • Total value of assets covered by responsible ownership policy:   Over £100 million
  • Total assets under management:   £700 million

 

 

 

SRI Policies (Primary strategy in bold)

  • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
  • Health & wellbeing policies Find ethical or sustainable investment fund options that have a policy which supports (ie aims to invest in) companies that are viewed as offering positive lifestyle, health or wellbeing related benefits.
  • Limits exposure to carbon intensive industries Find environmental, sustainable investment, ethical fund and other options that aim to significantly reduce or limit exposure to carbon intensive industries (ie sectors which are major contributors to climate change). Funds vary - strategies may involve excluding sectors such as coal, oil & gas, mining or airlines - or may indicate a 'best in sector' approach is taken. See fund literature for details.
  • Measures positive impacts Find funds that measure the positive effect of their investment decision making on society and/or the environment. (This may involve eg carbon saved or jobs supported.) Managers aim to quantify the benefits they deliver (relative to other strategies or other benchmarks) to ensure they are delivering positive benefiting. This is a new and evolving area. See fund literature for information
  • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
  • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.
  • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.
  • Governance policy Find fund options that have policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices.
  • Animal welfare policy Find ethical fund options that have policies that require specific animal welfare standards to be adopted by investee companies in order for them to be considered for inclusion within the fund.
  • Nuclear exclusion policy Find ethical funds (and other options) that have a published policy that sets out the fund's position on avoiding or limiting exposure to nuclear power. See fund literature for details of their policy.
  • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.
  • Tobacco production avoided Find fund options that exclude manufacturers of tobacco (or related) products. This typically relates to ethical funds however funds from other SRI Styles commonly avoid this area also. Strategies vary and funds may invest in retailers of such products (e.g. supermarkets or hotels.) See fund information for further information.
  • Armaments manufacturers avoided Find ethical fund (and other SRI) options that avoid avoids companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non strategic military products. Read fund literature for specific details.
  • Coal, oil &/or gas majors excluded Find sustainable investment and ethical fund options that avoid significant involvement in coal, oil and/or gas producing companies. Funds vary. See individual fund literature to confirm details.
  • Climate change / GHG policy Find sustainable investment and ethical fund options that pay significant attention to climate change related issues such as greenhouse gas/carbon emissions. Strategies vary, see fund literature for individual fund information.
  • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.
  • Alcohol production excluded This filter helps you to find ethical funds - and other options - that avoid investment in alcohol production. See fund literature for further information.
  • Fracking and tar sands excluded Find fund options that avoid companies involved in fracking and tar sands - which are widely regarded as more controversial methods of oil and gas extraction.
  • Gambling avoidance policy Find ethical fund options (and other options) that avoid companies with significant involvement in the gambling industry. See fund policy for details.
  • Pornography avoidance policy Find ethical fund option - and in some cases other options - that avoid companies that derive significant income from pornography. See fund details for further information.

SRI Features

  • Positive selection bias Find funds where their main 'ethical approach' is to invest in companies that are considered to be positive/good or useful to people and/or the environment. The fund may also have negative avoidance criteria - see fund details to read more about fund strategies.
  • Over 50% large cap Find funds that invests more than half of their money into what are commonly regarded as 'large companies'. This will typically mean that the market capitalisation (or value) of the companies they hold is in excess of £5 to £10 billion.
  • Sustainability themed Find funds where there is a significant emphasis on sustainability issues either as its primary strategy or as a core strategy that compliments other criteria. (This may apply to a number of different SRI Styles). Such funds will consider environmental and social issues when making stock selection decisions. Read fund literature for further information.
  • Favours cleaner, greener companies Find funds that aim to nvest in companies with strong environmental policies and practices. This may mean it invests in smaller companies offering market leading environmental services or products and/or larger companies that are working towards the improved management of their negative impacts. Read fund literature for further information.
  • Favours companies with strong social policies Find funds that invest in line with positive strategies that relate to 'people' issues - such as having strong human rights, labour standards and equal opportunities practices. Such funds are likely to invest in companies that have market leading standards with regard to employee and supplier practices. Read fund literature for further information.
  • Aims to generate positive impacts Find funds that aim to help deliver positive social or environmental impacts or outcomes through their investment decisions - which typically involves holding companies that are viewed as being necessary or beneficial. Strategies and approaches vary. A small number of funds have recently started to measure outcomes (see 'Measures Impacts' in the Policy filter). This is a new area - so most funds do not do this yet. See fund literature for further information.
  • Available via an ISA Find funds that are available via a tax efficient ISA product wrapper
  • Clean energy themed Find funds that in clean technology / clean energy companies. See fund information for further details.
  • Over 50% small/mid cap Find funds where more than half of the funds' assets are invested in smaller or medium sized companies (ie below around £5 -10 billion).

Corporate Activity

  • ESG/SRI engagement Find funds and fund management companies that actively encourages higher 'environmental, social and governance' and/or 'sustainable and responsible investment' practices amongst investee companies - when positive change is aligned with the best interest of investors. This may apply to a single fund or a group of funds. Read fund literature for further information.
  • Review(ing) carbon/fossil fuel exposure for all funds Find funds / fund managers that are reviewing or have reviewed their exposure to carbon intensive industries including (but not only) mining, oil and gas companies. This work is being carried out in the context of climate change related concerns, and may often reference international agreements.
  • Boutique/specialist fund manager Find options offered by smaller, more specialist fund management companies with a significant (or entire) emphasis on sustainable, responsible, ethical, ESG or responsible ownership related investment strategies. Note - strategies vary significantly. Check fund manager supplied links for further information.

SRI / Ethical Policy

The process really starts with the search for companies whose products and services will make a positive impact to the society. We are using the UN Sustainable Development Goals as a framework to focus on the key issues that need to be tackled. Launched following the 2015 UN Summit in Paris, the 17 Sustainable Development Goals address the issues the UN sees as most challenging to our world; environmental, social and economic between now and 2030.

It is also important to screen out the most controversial sectors such as tobacco, armaments, gambling or pornography. So, at EQ Investors, we have developed a proprietary GreenCard scoring system, which focuses on companies providing solutions to a range of social and environmental problems while screening out companies responsible for creating these problems.

 

As a result of this screening process, some of the Sustainable Development Goals align with significant investment opportunities for the Positive Impact Portfolios such as good health and well-being or affordable and clean energy while others do not represent realistic investment opportunities at all.

 

To measure the impact achieved by the portfolios, we have produced an impact report  that details how the companies we invest in align to the UN Sustainable Development Goals. We have also measured the impact generated by measuring a number of key performance indicators.

 

Finally, it is worth mentioning that a bespoke version of the Positive Impact Portfolios are available where a focus can be made on specific Sustainable Development Goals.

 

Resources, Affiliations & Corporate Strategies

EQ Investors and its employees have been involved for several years in impact investing and this experience led us to the creation of the Positive Impact Portfolios, with the objective of making impact investing available to mainstream investors.

We are a team of 10, comprising:

-        4 full time investment analysts with different sector coverage

-        2 portfolio managers with sector coverage as well

-        3 investment managers

-        2 directors involved in strategic investment decisions

All the research is carried out internally and we use a few third party providers to help us with data collection.

Newton SRI for Charities Unclassified OEIC/Unit Trust Global Mixed Asset 16/05/2010
Standard Life Inv European Ethical Equity Ret Negative Ethical OEIC/Unit Trust Europe Ex-UK Equity 23/09/2007 More Info (click to view)

SRI / Ethical Overview

The European Ethical Equity Fund aims to provide long-term growth by investing in a diversified portfolio of European (excluding UK) equity assets that meet the strict ethical criteria determined by ongoing ethical investor research. The Fund is actively managed by our investment team, utilising a bottom-up, fundamental investment process that is both research intensive and risk aware. The Portfolio Manager excludes companies that fail to meet our ethical criteria while seeking to include companies whose business activities are regarded as making a positive contribution to society. These criteria are agreed with the Standard Life Ethical Funds Advisory Group and may be amended from time to time.

 

SRI / themed / ethical assets under management – overview :

  • Fund Size (GBP): £174.9 million as of 31 March 2017
  • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management: £2,571.2 million as of 31 March 2017
  • Standard Life Investments has a total of £277,929.6 million assets under management as of 31 December 2016

 

SRI Policies (Primary strategy in bold)

  • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
  • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.
  • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
  • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.
  • Governance policy Find fund options that have policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices.
  • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.
  • Tobacco production avoided Find fund options that exclude manufacturers of tobacco (or related) products. This typically relates to ethical funds however funds from other SRI Styles commonly avoid this area also. Strategies vary and funds may invest in retailers of such products (e.g. supermarkets or hotels.) See fund information for further information.
  • Armaments manufacturers avoided Find ethical fund (and other SRI) options that avoid avoids companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non strategic military products. Read fund literature for specific details.
  • Health & wellbeing policies Find ethical or sustainable investment fund options that have a policy which supports (ie aims to invest in) companies that are viewed as offering positive lifestyle, health or wellbeing related benefits.
  • Nuclear exclusion policy Find ethical funds (and other options) that have a published policy that sets out the fund's position on avoiding or limiting exposure to nuclear power. See fund literature for details of their policy.
  • Climate change / GHG policy Find sustainable investment and ethical fund options that pay significant attention to climate change related issues such as greenhouse gas/carbon emissions. Strategies vary, see fund literature for individual fund information.
  • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.
  • Alcohol production excluded This filter helps you to find ethical funds - and other options - that avoid investment in alcohol production. See fund literature for further information.
  • Fracking and tar sands excluded Find fund options that avoid companies involved in fracking and tar sands - which are widely regarded as more controversial methods of oil and gas extraction.
  • Gambling avoidance policy Find ethical fund options (and other options) that avoid companies with significant involvement in the gambling industry. See fund policy for details.
  • Pornography avoidance policy Find ethical fund option - and in some cases other options - that avoid companies that derive significant income from pornography. See fund details for further information.
  • Human rights Find funds that consider human rights practices when approving companies for investment. Such funds will require decent standards of human rights to be demonstrated - which typically means adherence to international norms as a minimum standard.

SRI Features

  • Positive selection bias Find funds where their main 'ethical approach' is to invest in companies that are considered to be positive/good or useful to people and/or the environment. The fund may also have negative avoidance criteria - see fund details to read more about fund strategies.
  • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
  • Balances company 'pros and cons'/best in sector Find ethical funds and other options that consider both the 'positive' things companies do and the 'negative' things they do in order to make balanced, often complex decisions about where they might invest. Such funds often invest in the best/most ethical companies across most industries ('best in sector'), rather than excluding entire sectors. The fund manager may combine this with 'responsible engagement' activity to encourage better business practices. See fund literature for specific policy explanations.
  • Eurosif transparency Find funds that meet the standards of the EUROSIF transparency Code. This means that they are a leading fund in terms of openness and transparency, publishing - for example - extensive information about where they invest and how they deal with companies.
  • Over 50% large cap Find funds that invests more than half of their money into what are commonly regarded as 'large companies'. This will typically mean that the market capitalisation (or value) of the companies they hold is in excess of £5 to £10 billion.
  • Favours cleaner, greener companies Find funds that aim to nvest in companies with strong environmental policies and practices. This may mean it invests in smaller companies offering market leading environmental services or products and/or larger companies that are working towards the improved management of their negative impacts. Read fund literature for further information.
  • Favours companies with strong social policies Find funds that invest in line with positive strategies that relate to 'people' issues - such as having strong human rights, labour standards and equal opportunities practices. Such funds are likely to invest in companies that have market leading standards with regard to employee and supplier practices. Read fund literature for further information.
  • Strictly screened ethical fund Find funds that have a high level of negative ethical avoidance. These funds are likely to exclude more companies than other ethical (and SRI) fund options. Read fund literature for further information.
  • Aims to generate positive impacts Find funds that aim to help deliver positive social or environmental impacts or outcomes through their investment decisions - which typically involves holding companies that are viewed as being necessary or beneficial. Strategies and approaches vary. A small number of funds have recently started to measure outcomes (see 'Measures Impacts' in the Policy filter). This is a new area - so most funds do not do this yet. See fund literature for further information.
  • Available via an ISA Find funds that are available via a tax efficient ISA product wrapper

Corporate Activity

  • ESG/SRI engagement Find funds and fund management companies that actively encourages higher 'environmental, social and governance' and/or 'sustainable and responsible investment' practices amongst investee companies - when positive change is aligned with the best interest of investors. This may apply to a single fund or a group of funds. Read fund literature for further information.
  • Integrates ESG factors into all/most fund research Find fund management companies that research environmental, social and governance (ESG) issues when deciding whether or not to invest in a company. This typically applies to all funds, not only those which are promoted as being 'ethical' or 'SRI themed'. This is increasingly often used as a risk management tool.
  • Vote all shares at AGMs/EGMs This fund manager always votes the shares they own at annual general meetings (and extraordinary general meetings). This is a key indicator of 'responsible share ownership' and companies taking an interest in the future of the companies they part own.
  • In house responsible ownership/voting expertise Find fund / fund management companies where there is in-house expertise that enables the fund manager to make their own decisions on issues such as shareholder voting, setting of in-house guidelines - for example - particularly with regard to environmental, social and governance (ESG) issues.
  • UK Stewardship Code signatory Find fund managers that are signatories to the FRC UK Stewardship Code, which sets out a framework for constructive investor / investee relations where fund managers are encouraged to behave as responsible 'company owners'.
  • Publish full voting record Find fund management companies that publishes a full record of how they vote at AGMs and EGMs. This information is publicly available.
  • PRI signatory Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment' initiative.

SRI / Ethical Policy

Standard Life Investments recognises that the world faces significant environmental and social challenges. Our Ethical Funds seek to invest in companies that are supporting the solutions to these challenges and uphold the highest standards of corporate responsibility. The criteria of the ethical investment policy aim to reflect this.

Positive Criteria

Using positive criteria, we favour companies that are involved in activities that benefit society and the environment. We use the UN Global Compact to define the four areas where we seek positive business practices and services.

  • Environment: We seek to invest in companies that have a positive impact on the environment, and contribute to environmental protection and enhancement through its products and services.
  • Human Rights & Community: We seek companies that respect and support the human rights of those affected by its business, offer products and services that provide access to some of the world’s most basic rights, and have strong relationships within their communities.
  • Employment: We seek to invest in companies that have strong labour practices, and implement strong safety, health and welfare policies.
  • Anti-bribery & Corruption: We favour investment in companies that uphold the highest standards of business ethics and demonstrate strong anti-corruption policies, and adopted and embed a code which encourages employees to follow principles of good business behaviour and positive corporate culture.

Corporate Governance

The funds adopt a formal corporate governance policy. We actively vote at the AGMs of the companies held in the funds. Due consideration is given to issues such as board independence, excessive remuneration and audit issues. Voting is conducted within the terms of the Ethical Funds Investment Policy and in the best of interests of the investors in the funds.

In addition, the funds will adopt a policy of voting:

  • against the Chairman of any company where the board fails to have set policy, have oversight or take responsibility for environmental, social, health & safety and human rights issues.
  • against members of any health, safety and environment committee where insufficient oversight has resulted in poor performance in these areas.

Engagement

The fund pursues an active engagement policy. We engage with companies on a range of environmental and social issues with the aim that good corporate behaviour is adopted by the companies in which the funds invest. Where engagement proves ineffective and concerns remain over corporate behaviour and oversight of these issues, we will disinvest from a company. It is our ambition that this active engagement will challenge and encourage companies in which the funds invest to improve their environmental and social performance and practices.

Negative Criteria

If a company is involved in the activities listed below, the funds will avoid investment in them.

  • Environmental damage and pollution
  • Weapons
  • Human rights abuses
  • Nuclear
  • Alcohol production
  • Animal  testing
  • Animal husbandry
  • Fur
  • Pornography
  • Marketing breast milk substitutes
  • Tobacco
  • Gambling
  • Poor business practices

 Fracking is not explicitly excluded, though is unlikely to pass our environmental screen

The funds will also avoid companies that have failed one or more of the ten principles of the UN Global Compact.

    Resources, Affiliations & Corporate Strategies

    Standard Life Investments has had a long history of taking ESG issues into account. We have heavily invested in resources dedicated to the analysis of ESG themes. In particular, we have two teams focusing on the integration of these issues into our investment process:

    1) our Governance & Stewardship Team, who analyses how a company is governed and implements an active voting process, and

    2) our Responsible Investment Team, who assess companies on sustainability issues. 

    Within our regional equity teams, fund management and research is a combined role, whereby each equity manager is individually accountable for stocks held in their portfolios, while at the same time working as a team through review and debate of investment ideas based on the research they have conducted in each sector. Each of our regional equity teams (UK, Europe, North America and GEM/Asia) is organised in this way, creating a common research platform for all equity products where analysis and resources are freely shared.

    The vast majority of our investment ideas are generated from information and analysis from one-on-one company meetings. Collectively, more than 3,000 company meetings are conducted annually across Standard Life Investments. These meetings are used to ascertain the company’s own views and expectations of the future prospects for their company and the markets in which they invest. External secondary research is also generated to gain insight on the consensus view and supplement our own proprietary research. This includes the use of industry experts such as Gerson Lehrman Group (GLG), and the Coleman Research Group, to challenge and test our theses in specialist products or developing new areas. The sell-side research available in the market provides a useful gauge as to what is already known or priced in by the markets.

    In addition, both our Governance & Stewardship and Responsible Investment Teams have a systematic programme of ongoing engagement with companies to encourage and monitor sustainability practices, and to discuss a range of relevant corporate governance issues such as Board balance and composition, remuneration policies, and audit and risk issues. These Teams are closely integrated with our asset class teams and regularly attend company meetings together, providing analysis from both a financial and ESG perspective to get a comprehensive view of the company. Our main ESG data providers are Sustainalytics, Bloomberg, GMI, Institutional Shareholder Services (ISS) and IVIS. Additionally, EIRiS, an independent research agency, is a key system used to determine which companies comply with our strict ethical criteria within our Ethical Funds. We input our negative and positive criteria into the EIRiS web-based database system, which then generates lists of the companies that pass or fail the criteria. We also use the system to identify which companies are rated as “preferred” on the basis of their positive criteria. These ratings are added to our proprietary quantitative model, which used by our regional equity investors as a screening input and decision support tool to their stock analysis process using normal investment criteria.

    Ultimate accountability for the investment decisions within the portfolio is the responsibility of the appointed Portfolio Manager.

    Aviva Royal London Select Portfolio (20-60% Shares) Sustainability Themed Life Europe >50% UK Mixed Asset 05/04/2006
    Phoenix Wealth AXA IM Ethical Distribution P Acc Negative Ethical Pension UK Mixed Asset 30/08/2009 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "AXA Ethical Distribution" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

    -

    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Aberdeen Responsible UK Equities Ret Acc Ethically Balanced OEIC/Unit Trust UK Equity 08/05/2006
    Standard Life Vanguard SRI Global Stock Pn S4 [note limited exclusions] Negative Ethical Pension Global Equity 05/05/2013 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Vanguard SRI Global Stock Fund (UCITS)" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "Vanguard SRI European Stock Fund (UCITS)" Product listing. 

    A 'limited avoidance' fund. 

    SRI Policies (Primary strategy in bold)

    • - No primary policy area

    SRI Features

    • Norms focus Find funds that use internationally agreed standards, conventions and 'norms' to help direct where the fund can and cannot invest (e.g. the UN Global Compact, UN Sustainable Development Goals). Read fund literature for further information.
    • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
    • *Limited/few ethical exclusions Funds with this label tend to avoid fewer companies than other ethical funds or other options with avoidance criteria. Strategies vary. The fund may only avoid companies in one or two areas (eg only exclude tobacco or armaments companies) or they may exclude only the very worst companies when measured against internationally accepted standards (across potentially a range of areas). Read fund literature for further information.

    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    SLFC Green Pn Environmentally Themed Pension Global Equity 25/06/1992
    Aviva Investors Responsible Ownership Corporate Activity Not Set Unclassified 01/01/1970 More Info (click to view)

    SRI / Ethical Overview

    Aviva engage on all equity and mixed assets in all geographic regions.

    SRI Policies (Primary strategy in bold)

    -

    SRI Features

    -

    Corporate Activity

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    Links

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    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Wesleyan Ethical Shares Pn Negative Ethical Pension UK Equity 19/12/2011 More Info (click to view)

    SRI / Ethical Overview

    SRI Policies (Primary strategy in bold)

    • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.

    SRI Features

    -

    Corporate Activity

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    Links

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    SRI / Ethical Policy

    Invests via Kames Ethical Equity fund

    Resources, Affiliations & Corporate Strategies

    Zurich Henderson Global Care Growth G4 AL Sustainability Themed Life Global Equity 29/01/2001
    Aviva F&C Responsible UK Growth AP Ethically Balanced Pension UK Equity 13/05/2007 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "BMO (F&C) Responsible UK EQuity Growth" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

    -

    Corporate Activity

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    Links

    -

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Aviva Royal London Select Portfolio (40-85% Shares) Sustainability Themed Life Europe >50% UK Mixed Asset 05/04/2006
    Jupiter Responsible Ownership Corporate Activity Not Set Unclassified 01/03/2013 More Info (click to view)

    SRI / Ethical Overview

    Jupiter engage on all equity and mixed assets in all geographic regions.

    SRI Policies (Primary strategy in bold)

    -

    SRI Features

    -

    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Royal London Sustainable Leaders Trust Sustainability Themed OEIC/Unit Trust Global Equity 28/05/1990 More Info (click to view)

    SRI / Ethical Overview

    RLAM’s investment philosophy is to take the principle of sustainability and apply it across different geographies and asset classes. We define sustainable investing as investing in companies that have a net positive benefit to society either through the products and services they offer or in the way they conduct their business. In doing this we support companies having a positive impact on society whilst at the same time growing investor capital.

     

    Although the Trust adopts positive screening as its primary method of investment selection, it also offers reassurance from a number of areas of avoidance.

     

    SRI / themed / ethical assets under management – overview

     

    • Fund Size (GBP):   £551.01 as of 31 May 2017.
    • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management:    £11,793.22m as of 31 May 2017.
    • Total value of assets covered by responsible ownership policy:   £1,416.04m as of 31 May 2017        (Please note that this figure only includes our sustainable range, however, RLAM’s Responsible Investment Policy will detail how this is an over-arching approach across most of the firm’s assets).
    • Total assets under management:   £104,507.32m as of 31 May 2017.

     

    SRI Policies (Primary strategy in bold)

    • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
    • Limits exposure to carbon intensive industries Find environmental, sustainable investment, ethical fund and other options that aim to significantly reduce or limit exposure to carbon intensive industries (ie sectors which are major contributors to climate change). Funds vary - strategies may involve excluding sectors such as coal, oil & gas, mining or airlines - or may indicate a 'best in sector' approach is taken. See fund literature for details.
    • Measures positive impacts Find funds that measure the positive effect of their investment decision making on society and/or the environment. (This may involve eg carbon saved or jobs supported.) Managers aim to quantify the benefits they deliver (relative to other strategies or other benchmarks) to ensure they are delivering positive benefiting. This is a new and evolving area. See fund literature for information
    • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.
    • Governance policy Find fund options that have policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices.
    • Nuclear exclusion policy Find ethical funds (and other options) that have a published policy that sets out the fund's position on avoiding or limiting exposure to nuclear power. See fund literature for details of their policy.
    • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.
    • Tobacco production avoided Find fund options that exclude manufacturers of tobacco (or related) products. This typically relates to ethical funds however funds from other SRI Styles commonly avoid this area also. Strategies vary and funds may invest in retailers of such products (e.g. supermarkets or hotels.) See fund information for further information.
    • Armaments manufacturers avoided Find ethical fund (and other SRI) options that avoid avoids companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non strategic military products. Read fund literature for specific details.
    • Alcohol production excluded This filter helps you to find ethical funds - and other options - that avoid investment in alcohol production. See fund literature for further information.
    • Fracking and tar sands excluded Find fund options that avoid companies involved in fracking and tar sands - which are widely regarded as more controversial methods of oil and gas extraction.
    • Gambling avoidance policy Find ethical fund options (and other options) that avoid companies with significant involvement in the gambling industry. See fund policy for details.
    • Pornography avoidance policy Find ethical fund option - and in some cases other options - that avoid companies that derive significant income from pornography. See fund details for further information.
    • Human rights Find funds that consider human rights practices when approving companies for investment. Such funds will require decent standards of human rights to be demonstrated - which typically means adherence to international norms as a minimum standard.

    SRI Features

    • Positive selection bias Find funds where their main 'ethical approach' is to invest in companies that are considered to be positive/good or useful to people and/or the environment. The fund may also have negative avoidance criteria - see fund details to read more about fund strategies.
    • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
    • Balances company 'pros and cons'/best in sector Find ethical funds and other options that consider both the 'positive' things companies do and the 'negative' things they do in order to make balanced, often complex decisions about where they might invest. Such funds often invest in the best/most ethical companies across most industries ('best in sector'), rather than excluding entire sectors. The fund manager may combine this with 'responsible engagement' activity to encourage better business practices. See fund literature for specific policy explanations.
    • Over 50% large cap Find funds that invests more than half of their money into what are commonly regarded as 'large companies'. This will typically mean that the market capitalisation (or value) of the companies they hold is in excess of £5 to £10 billion.
    • Sustainability themed Find funds where there is a significant emphasis on sustainability issues either as its primary strategy or as a core strategy that compliments other criteria. (This may apply to a number of different SRI Styles). Such funds will consider environmental and social issues when making stock selection decisions. Read fund literature for further information.
    • Favours cleaner, greener companies Find funds that aim to nvest in companies with strong environmental policies and practices. This may mean it invests in smaller companies offering market leading environmental services or products and/or larger companies that are working towards the improved management of their negative impacts. Read fund literature for further information.
    • Aims to generate positive impacts Find funds that aim to help deliver positive social or environmental impacts or outcomes through their investment decisions - which typically involves holding companies that are viewed as being necessary or beneficial. Strategies and approaches vary. A small number of funds have recently started to measure outcomes (see 'Measures Impacts' in the Policy filter). This is a new area - so most funds do not do this yet. See fund literature for further information.
    • Available via an ISA Find funds that are available via a tax efficient ISA product wrapper

    Corporate Activity

    • ESG/SRI engagement Find funds and fund management companies that actively encourages higher 'environmental, social and governance' and/or 'sustainable and responsible investment' practices amongst investee companies - when positive change is aligned with the best interest of investors. This may apply to a single fund or a group of funds. Read fund literature for further information.
    • Vote all shares at AGMs/EGMs This fund manager always votes the shares they own at annual general meetings (and extraordinary general meetings). This is a key indicator of 'responsible share ownership' and companies taking an interest in the future of the companies they part own.
    • In house responsible ownership/voting expertise Find fund / fund management companies where there is in-house expertise that enables the fund manager to make their own decisions on issues such as shareholder voting, setting of in-house guidelines - for example - particularly with regard to environmental, social and governance (ESG) issues.
    • UK Stewardship Code signatory Find fund managers that are signatories to the FRC UK Stewardship Code, which sets out a framework for constructive investor / investee relations where fund managers are encouraged to behave as responsible 'company owners'.
    • Publish Responsible Ownership/Stewardship report Find fund management companies that publish information on their approach to responsible investment ownership - also known as 'Stewardship' - following the introduction of 'the Stewardship Code'. This sets out their approach to voting, dialogue with company management and any related activity. This is publicly available.
    • Publish full voting record Find fund management companies that publishes a full record of how they vote at AGMs and EGMs. This information is publicly available.
    • Regularly lead collaborative ESG initiatives Find funds managed by fund management companies that regularly initiate or help run industry wide (collaborative) investor projects aimed at raising environmental, social and governance standards amongst investee companies.
    • PRI signatory Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment' initiative.

    SRI / Ethical Policy

    Although the Trust adopts positive screening as its primary method of investment selection, it also offers reassurance from a number of areas of avoidance. In particular the portfolio avoids investment in any company that is or is likely to be exposed to:

     

    • Human rights abuses
    • Tobacco and armaments manufacture
    • Products which involve experiments on animals, except for those conducted for the benefit of human or animal health
    • The generation of nuclear power

     

    The Trust also avoids investments in companies which derive a material proportion (Over 10%) of their business from:

     

    • Animal fur products
    • Pornography
    • Irresponsible gambling
    • Irresponsible drinking
    • Worker exploitation or exploitative consumer practices.

     

    If a company breaches this threshold, then it is likely that that company’s involvement in that excluded sector is a noteworthy part of their business and strategy.

     

    Also, this threshold is deemed to be realistic and appropriate in terms of assessing a company, given that it may not be possible to always pinpoint the exact turnover derived from an excluded activity. This threshold ensures that a minimum of 90% of each holding meets the ethical criteria.

     

    Finally, the Trust avoids investments in companies that have unacceptable corporate governance and mismanage social, ethical and environmental risk.

    Resources, Affiliations & Corporate Strategies

    The core of our process is the team of five ESG investment specialists. Although each team member is capable of working across the spectrum of financial and ESG analysis required to enact our investment process, there are specialisms. We have two fund managers, one corporate governance specialist and two analysts capable of researching companies on a global basis across the spectrum of financial and ESG issues. The team has a high level of experience and have honed and improved the process over the 14 years since it was implemented. We have a very disciplined approach to investing, based around clear principles and a framework to ensure that that individually and as a team we make consistently high quality investment decisions on behalf of our clients.

     

    An external advisory committee supplements this internal expertise. Not only do they provide external, independent oversight as to the adherence to the principles and ethos of the investment process, they are also invaluable in adding to the knowledge base, which exists internally. The advisory committee consists of members from the corporate, academic, investment and charities arenas.

     

    We supplement this resource with the effective use of systems. Starting with a global universe of over 18,000 companies it is important we focus our work on those areas most likely to yield strong investment ideas. It particular we use MSCI to identity companies with strong ESG performance, and CSFB Holt to identify companies with inherent value creation and strong competitive advantage. Both these tools allow us to identify where and how best to use our internal resource. At this point we will conduct our own analysis as to the suitability of a potential investment.

     

    It is worth emphasising that, whether primary inputs have been internally derived or otherwise, we will never delegate the final decision as to whether a security is selected in our portfolios, given our very different philosophical approach to valuation.

     

    RLAM Voting Policy:   

     

    Rathbone Active Income For Charities Negative Ethical OEIC/Unit Trust Global Mixed Asset 01/07/2012
    Aviva AXA Ethical Distribution EP Negative Ethical Pension UK Mixed Asset 02/01/2008 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "AXA Ethical Distribution" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

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    Corporate Activity

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    Links

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    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Aviva Liontrust Sustainable Future Global Growth Pn S2 Sustainability Themed Pension Global Equity 05/04/2001 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Liontrust Sustainable Future Global Growth" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing. 

    SRI Policies (Primary strategy in bold)

    • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.

    SRI Features

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    Corporate Activity

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    Links

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    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Aviva L&G Ethical UK Equity Index Pn Sustainability Themed Pension UK Equity 31/05/2011 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "L&G Ethical" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing. 

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

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    Corporate Activity

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    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Aviva F&C Responsible Income EP Ethically Balanced Pension UK Equity Income 01/02/2007 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "BMO (F&C) Responsible UK Income" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

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    Corporate Activity

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    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Scottish Widows ThreadneedleUK Social Bond Social Themed Life UK Fixed Interest 14/11/2016
    Aviva HSBC Amanah Global Equity Index Pn Faith Based Pension Global Equity 01/12/2004
    OMW F&C Responsible UK Equity Growth Pn Ethically Balanced Pension UK Equity 15/11/2006 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "BMO (F&C) Responsible UK Equity Growth" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

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    Corporate Activity

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    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Social Freehold A gr Acc Social Themed OEIC/Unit Trust Global Property 17/05/2017 More Info (click to view)

    SRI / Ethical Overview

    SRI Policies (Primary strategy in bold)

    • - No primary policy area

    SRI Features

    -

    Corporate Activity

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    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    EFA Eden SRI A Acc - Way Fund Mgrs Unclassified OEIC/Unit Trust Global Mixed Asset 01/09/2013 More Info (click to view)

    SRI / Ethical Overview

    The fund strategy is based purely on positive criteria.  There are no stated avoidance criteria although the fund does invest in ethical funds if focusing on providing sustainable solutions to global social and environmental challenges.

    The Fund Investment type is a Global Mixed Asset “Fund of Funds”.

    It offers both accumulation and income units. The Fund Manager is Paul Warner of Minerva Fund Managers. Way administer the fund.

    SRI Policies (Primary strategy in bold)

    • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.

    SRI Features

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    Corporate Activity

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    Links

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Aviva Kames Ethical Equity EP Negative Ethical Pension UK Equity 04/11/2009 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Kames Ethical Equity" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

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    Corporate Activity

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    Links

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    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    L&G Ethical UK Equity Index PMC PN G17 Sustainability Themed Pension UK Equity 12/05/2004
    Canlife F&C Responsible UK Income LS4 Acc Ethically Balanced Life UK Equity Income 01/12/2005
    Aviva Ethical Distribution AP Acc Negative Ethical Pension UK Mixed Asset 30/04/1998 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "AXA Ethical Distribution" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

     

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

    -

    Corporate Activity

    -

    Links

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    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    L&G F&C Responsible UK Equity Growth Pn G25 Ethically Balanced Pension UK Equity 17/04/2006 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "BMO (F&C) Responsible UK Equity Growth" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

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    Corporate Activity

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    Links

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    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Aberdeen Ethical World A Acc Ethically Balanced OEIC/Unit Trust Global Equity 30/04/1999 More Info (click to view)

    SRI / Ethical Overview

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

    • RSMR Rated Find funds that are rated by research agency 'Rayner Spencer Mills Research' (awarded 'RSMR SRI Rated' status). Read fund literature on contact RSMR for further information.

    Corporate Activity

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    Links

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    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Scot Eq Henderson Global Care Managed Pn Ethically Balanced Pension Global Mixed Asset 30/10/2009 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Henderson Global Care Managed" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.

    SRI Features

    -

    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Canlife F&C Responsible Sterling Bond LS4 Ethically Balanced Life UK Fixed Interest 01/12/2005
    LV= Jupiter Ecology Pn Environmentally Themed Pension Global Equity 30/11/2007 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Jupiter Ecology" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing. 

    SRI Policies (Primary strategy in bold)

    • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.

    SRI Features

    -

    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    RLP Jupiter Ecology Pn Environmentally Themed Pension Global Equity 26/03/2010
    SLFC Green Environmentally Themed Life Global Equity 25/06/1992
    OMW EdenTree Amity UK Pn Ethically Balanced Pension UK Equity 16/10/2008 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "EdenTree Amity UK" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing. 

    SRI Policies (Primary strategy in bold)

    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

    -

    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies

    Stewart Investors Global Emerging Markets Sustainability A GBP Acc Sustainability Themed OEIC/Unit Trust Emerging Markets Equity 07/04/2009 More Info (click to view)

    SRI / Ethical Overview

    The Stewart Investors sustainability portfolios aim to generate long-term, risk-adjusted returns for clients by investing in companies which are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate. Investment decisions around sustainability are based on three key points: Identifying companies who manage sustainability risks and opportunities and those with a positive sustainability impact; Inclusion of environmental, social and corporate governance matters in investment research; Engaging directly with companies on identified sustainability issues. At the heart of the Stewart Investors philosophy is the principle of stewardship. We are active owners and stewards of the companies in which we invest.

     

    Our emphasis is on sustainable development and not ‘green’, ‘clean tech’ or ‘ethical’ investing and while we do no formal negative screening, we are unlikely to invest in companies operating in high risk sectors, because of their poor long-term sustainable development positioning.

     

    SRI / themed / ethical assets under management – overview

     

    • Fund Size (GBP):   £388 million as at 31 March 2017
    • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management:   £13 billion managed by the Stewart Investors Sustainable Funds Group
    • Total value of assets covered by responsible ownership policy:   n/a
    • Total assets under management:   £23.8 billion as at 31 March 2017

     

    SRI Policies (Primary strategy in bold)

    • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
    • Human rights Find funds that consider human rights practices when approving companies for investment. Such funds will require decent standards of human rights to be demonstrated - which typically means adherence to international norms as a minimum standard.

    SRI Features

    • RSMR Rated Find funds that are rated by research agency 'Rayner Spencer Mills Research' (awarded 'RSMR SRI Rated' status). Read fund literature on contact RSMR for further information.
    • Sustainability themed Find funds where there is a significant emphasis on sustainability issues either as its primary strategy or as a core strategy that compliments other criteria. (This may apply to a number of different SRI Styles). Such funds will consider environmental and social issues when making stock selection decisions. Read fund literature for further information.
    • Aims to generate positive impacts Find funds that aim to help deliver positive social or environmental impacts or outcomes through their investment decisions - which typically involves holding companies that are viewed as being necessary or beneficial. Strategies and approaches vary. A small number of funds have recently started to measure outcomes (see 'Measures Impacts' in the Policy filter). This is a new area - so most funds do not do this yet. See fund literature for further information.
    • Available via an ISA Find funds that are available via a tax efficient ISA product wrapper

    Corporate Activity

    • ESG/SRI engagement Find funds and fund management companies that actively encourages higher 'environmental, social and governance' and/or 'sustainable and responsible investment' practices amongst investee companies - when positive change is aligned with the best interest of investors. This may apply to a single fund or a group of funds. Read fund literature for further information.
    • Integrates ESG factors into all/most fund research Find fund management companies that research environmental, social and governance (ESG) issues when deciding whether or not to invest in a company. This typically applies to all funds, not only those which are promoted as being 'ethical' or 'SRI themed'. This is increasingly often used as a risk management tool.
    • Vote all shares at AGMs/EGMs This fund manager always votes the shares they own at annual general meetings (and extraordinary general meetings). This is a key indicator of 'responsible share ownership' and companies taking an interest in the future of the companies they part own.
    • PRI signatory Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment' initiative.

    SRI / Ethical Policy

    The principle of stewardship is central to Stewart Investors’ investment philosophy and has been since 1988. All the Stewart Investors’ investment strategies strive to integrate sustainability considerations into every investment decision. It is not treated as an optional bolt-on. The Sustainable Funds Group within the wider investment team takes this one step further by focusing on long-term sustainable development as a key driver of the investment process. Sustainability is an integral component of the investment process, and is viewed as a driver of returns in common with consideration of other investment factors.

     

    We believe our job is to entrust our clients’ capital to good quality companies with strong management teams and sound long-term growth prospects.

     

    Each investment is a decision to purchase not a piece of paper or an electronic Bloomberg ticker, but part of a real business with all the rights and responsibilities that go with this ‘share’ of the ownership of the company. We take these rights and responsibilities seriously. We also believe the way we behave as investment professionals and the role we play in the broader industry are important for our own sustainability.

    We seek to invest only in good quality companies. We focus on the quality of management, franchise and financials. By analysing the sustainable development performance and positioning of companies we can better measure less tangible elements of quality and identify less obvious risks. We invest in those companies we believe are particularly well positioned to deliver positive long-term returns in the face of the huge sustainable development challenges facing all countries today. Our emphasis is on sustainable development and not ‘green’, ‘clean tech’ or ‘ethical’ investing.

     

    We are long-term investors. We strive to make investment decisions with a minimum five-year time horizon. We have an absolute return mind-set, defining risk as losing client money, rather than deviation from any benchmark index. We focus as much on the potential downside of our investment decisions as on the anticipated upside. The identification of long-term sustainable development risks thus becomes an extremely important way of managing risk. In addition, our willingness to differ substantially from index weightings, both country and company, means we are not obliged to be invested in any company or country if we have particular sustainability concerns.

     

    Resources, Affiliations & Corporate Strategies

    The emphasis is very much on the Stewart Investors team of analysts to identify and analyse companies, and sustainability and investment issues. The primary source of sustainability related information is one-on-one meetings with senior management. We undertake approximately 1300 such meetings each year across Stewart Investors. We are particularly interested in companies which embrace the underlying spirit of sustainability, rather than simply taking a compliance driven, box-ticking approach. Assessing the attitude and priorities of senior management is crucial.

     

    We augment internal research with the use of external research. We are now able to drive and tender research to a range of researchers, from investment banks to non-government organisations (NGOs) and independent consultants that we believe will contribute to and enhance our investment decision making over time. Some themes that we have tendered include:

     

    • Diversity in corporate Asia;
    • Sales practices of Asian pharmaceuticals;
    • GEM leaders in packaging solutions;
    • US remuneration practices;
    • ESG leaders in mining; and
    • Fossil fuel dependent capital equipment companies.

     

    Our current and previous tenders can be viewed on our website. http://www.stewartinvestors.com/en/research-tenders/

    Vanguard SRI Global Stock Fund (UCITS) [note limited exclusions] Negative Ethical SICAV/Offshore* Not Set Unclassified 23/10/2011 More Info (click to view)

    SRI / Ethical Overview

    Limited avoidance / few negative screens

    SRI Policies (Primary strategy in bold)

    • - No primary policy area

    SRI Features

    • Norms focus Find funds that use internationally agreed standards, conventions and 'norms' to help direct where the fund can and cannot invest (e.g. the UN Global Compact, UN Sustainable Development Goals). Read fund literature for further information.
    • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
    • *Limited/few ethical exclusions Funds with this label tend to avoid fewer companies than other ethical funds or other options with avoidance criteria. Strategies vary. The fund may only avoid companies in one or two areas (eg only exclude tobacco or armaments companies) or they may exclude only the very worst companies when measured against internationally accepted standards (across potentially a range of areas). Read fund literature for further information.

    Corporate Activity

    -

    Links

    -

    SRI / Ethical Policy

    UCITS structure (not OEIC). Domiciled in Ireland with GBP share class.

    Resources, Affiliations & Corporate Strategies

    Charity Assets Trust Acc Ethically Balanced OEIC/Unit Trust Global Mixed Asset 08/03/2012
    Kames Ethical Cautious Managed A Acc Negative Ethical OEIC/Unit Trust UK Mixed Asset 01/03/2007 More Info (click to view)

    SRI / Ethical Overview

    We launched our first ethical equity fund in 1989. Since then, we have broadened our ethical capabilities to include ethical corporate bond and cautious managed funds. Today we are distinctive among fund providers in offering such a broad suite of ethical products. Some of the characteristics of our ethical proposition are:

    • We are committed to ethical investing
    • Ethical companies make good investments.
    • ‘Dark green’ funds operate strict ethical principles.
    • Our ethical funds are rated by Morningstar OBSR.
    • A 2014 survey named Kames Capital as one of only three ethical investment providers to be used by over 70% of financial advisers which are members of the Ethical Investment Association. 

     

    SRI / themed / ethical assets under management – overview

    • Fund Size (GBP): £601.49 million as at 31/05/2017
    • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management: £1,748.84 million as at 31/05/2017
    • Total assets under management: £45,335 million as at 31/03/2017

     

    SRI Policies (Primary strategy in bold)

    • Alcohol production excluded This filter helps you to find ethical funds - and other options - that avoid investment in alcohol production. See fund literature for further information.
    • Gambling avoidance policy Find ethical fund options (and other options) that avoid companies with significant involvement in the gambling industry. See fund policy for details.
    • Pornography avoidance policy Find ethical fund option - and in some cases other options - that avoid companies that derive significant income from pornography. See fund details for further information.
    • Human rights Find funds that consider human rights practices when approving companies for investment. Such funds will require decent standards of human rights to be demonstrated - which typically means adherence to international norms as a minimum standard.
    • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.

    SRI Features

    • RSMR Rated Find funds that are rated by research agency 'Rayner Spencer Mills Research' (awarded 'RSMR SRI Rated' status). Read fund literature on contact RSMR for further information.
    • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
    • Strictly screened ethical fund Find funds that have a high level of negative ethical avoidance. These funds are likely to exclude more companies than other ethical (and SRI) fund options. Read fund literature for further information.

    Corporate Activity

    • PRI signatory Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment' initiative.

    SRI / Ethical Policy

    All three of Kames Capital’s ethical funds apply the same ‘negative’ screen. This means that we screen companies out of the potential investment universe based on certain unacceptable activities. Because we apply stringent screening criteria, our funds are considered ‘dark green’. We do not screen out whole sectors, but some may largely be excluded because of the nature of their business activities.

    Our screening criteria are clear and explicit. Certain ethical issues, however, are not black or white. Our 20 years’ experience of managing ethical investments means we can consider these issues appropriately when they arise.

    We do not apply ‘positive screening’ criteria like some other funds. The funds may invest in themes that could be considered ‘socially responsible’, like alternative energy or social housing companies, but only if these companies pass our negative screens.

    We aim for transparency in our screening process. This means it is easy for clients to understand the types of companies we exclude. Our underlying philosophy is to avoid companies that cause significant negative effects in society or the environment. 

    We use both external screening databases and in-house research to ensure companies meet our ethical criteria and are suitable for investment. Our Corporate Governance team focuses on the screening and research, freeing our fund managers to focus solely on stock selection and portfolio construction.

    Our ‘dark green’ screen is ideally suited to investors looking for a more stringent ethical philosophy. It adopts a negative approach that screens companies out of our funds’ potential investment universe if they engage in certain unacceptable activities. Examples of our screening process are shown below:

    • Animal Welfare
    • Military
    • Nuclear power
    • Environment
    • Political Donations
    • Genetic Engineering
    • Gambling
    • Alcohol
    • Tobacco
    • Pornography
    • Banks
    • Oppressive Regimes

    Kames Capital aims to be a responsible investor. We ensure that we identify and understand the key environmental, social and governance (ESG) risks for each of the companies, industries and sectors that we invest in. We do this because evidence suggests that companies who rank among the leaders in governance and sustainability tend to outperform as investments over the long term.

    Our approach to responsible investment is consistent with the UK Stewardship Code. The Code sets out good practice Principles on engagement with investee companies which UK-based institutional investors should aspire to. You can download our compliance statement from our website.

    We are also a signatory to the United Nations Principles for Responsible Investment (UN PRI). The UN PRI is the principal international investor initiative to drive the integration of environmental, social and governance issues into investment decision making. The initiative places a formal requirement on signatories to be active, responsible shareholders and report annually on activities and progress in a transparent manner. 

    Resources, Affiliations & Corporate Strategies

    Our corporate governance team is responsible for the analysis of relevant environmental, social and governance (ESG) issues. They are responsible for identifying the key ESG risks for each of the companies, industries and sectors that we invest in and in turn providing our fund managers with succinct, relevant data that could have investment consequences. Our corporate governance team is linked to equivalent individuals in other Aegon Asset Management country offices.

    We use a range of data sources for ESG research purposes and these resources have increased significantly in the last few years as the quality of the data available has improved.  Resources currently include:

    • MSCI ESG Manager – company ESG research platform
    • EIRIS Portfolio Manager – company ESG research platform
    • ASSET4 assetmasterProfessional –  company ESG research platform
    • RiskMetrics ProxyExchange – proxy voting research and processing
    • The Association of British Insurers (ABI) IVIS proxy voting research service 
    • BoardEx - corporate board and remuneration database
    • Specialist databases, such as UN Principles for Responsible Investment (UNPRI), Carbon Disclosure Project (CDP) and Extractives Industry Transparency Directive (EITI)
    • Specialist research from brokers and academics
    • Various specialist journal subscriptions

    A strong relationship exists between our corporate governance team and our fund managers, which enables material non-financial information to be incorporated into our investment processes. ESG research reports produced by our corporate governance team sit alongside all the other existing investment research undertaken by our fund managers on a given security. The corporate governance team also provide relevant news-flow and commentary on ESG issues to our fund managers that they might not receive from other sources.  

    Our fund managers consider ESG research alongside other relevant financial and non-financial factors in the investment decision-making process. The importance that the fund manager attaches to ESG issues is in proportion to their ability to influence security prices.

     

    Zurich Mercer Sustainable Global Equity Sustainability Themed Pension Global Equity 03/09/2017
    ReAssure HL Global Socially Responsible Pn 1 Unclassified Pension Global Equity 22/08/2004
    Abundance Generation (Debentures) Environmentally Themed Other Not Set Unclassified 19/04/2012
    Aviva Liontrust Sustainable Future UK Growth S1 Sustainability Themed Life UK Equity 24/06/2001
    Standard Life Ethical Pn S1 Negative Ethical Pension Europe >50% UK Mixed Asset 29/06/1998
    Vanguard SRI European Stock Fund (UCITS) [note limited exclusions] Negative Ethical SICAV/Offshore* Europe Equity 23/10/2011 More Info (click to view)

    SRI / Ethical Overview

    A 'limited avoidance' fund. 

    The Vanguard SRI European Stock Fund employs a passive management or indexing investment strategy designed to achieve the performance of the index, by investing in all, or a representative sample of, index securities that satisfy the application of a screening process for socially responsible investing. The fund will not hold stocks of companies in the index that do not meet specific socially responsible criteria. The Investment Manager will hold each, or a representative sample, of those index securities meeting socially responsible criteria in approximate proportion to its weighting in the index, optimising the fund to match the risk factors and performance of the index.

    SRI Policies (Primary strategy in bold)

    • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.

    SRI Features

    • Norms focus Find funds that use internationally agreed standards, conventions and 'norms' to help direct where the fund can and cannot invest (e.g. the UN Global Compact, UN Sustainable Development Goals). Read fund literature for further information.
    • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
    • *Limited/few ethical exclusions Funds with this label tend to avoid fewer companies than other ethical funds or other options with avoidance criteria. Strategies vary. The fund may only avoid companies in one or two areas (eg only exclude tobacco or armaments companies) or they may exclude only the very worst companies when measured against internationally accepted standards (across potentially a range of areas). Read fund literature for further information.

    Corporate Activity

    -

    SRI / Ethical Policy

    Objective

    The fund seeks to provide long-term growth of capital by seeking to achieve the performance of the index that measures the performance of large- and mid-sized common stocks of companies in developed countries.

    Vanguard SRI Funds Investment Strategies

    SRI Investment Philosophy

    In tracking their target indices, Vanguard’s SRI funds will not hold stocks of companies in the indices that do not meet specific “socially responsible” criteria. The investment manager will hold each, or a representative sample, of those index securities meeting socially responsible criteria in approximate proportion to their weightings in the index, optimising the funds to match the risk factors and performance of the index.

    Although the funds will refrain from holding stocks of companies contained in the indices but excluded by the SRI screening process, they will seek to perform consistently with the unscreened indices. To accomplish this objective, the funds use an optimiser to select securities. Each fund selects a representative sample of the securities meeting the SRI screening process that approximates the full index in terms of key risk factors and other characteristics. These factors include price/earnings ratio, industry weights, country weights, market capitalisation, dividend yield and other financial characteristics.

    Each fund attempts to minimise deviations in currency, country and sector exposures relative to its index. However, it is possible that, if a large index constituent is excluded, there may be a lack of substitutes within the same country and sector, which would result in a potential mismatch of the fund’s weightings relative to the Index. Because the funds will not hold stocks of companies that do not meet socially responsible criteria, they may not track the performance of their target indices as closely as Vanguard’s other index funds.

    Negative screen

    Vanguard SRI funds use negative screening (exclusion) - in tracking their target indices Vanguard’s SRI funds will not hold stocks of companies in the indices that do not meet specific “socially responsible” criteria as outlined below.

    There are five major areas that FTSE uses to exclude securities:

    • Human Rights – Failure to adhere to the Universal Declaration of Human Rights
    • Labour Standards – Violations of the International Labor Organisation’s Declaration on Fundamental Principles and Rights at Work
    • Environment – Violations of the Rio Declaration on Environment and Development
    • Anti-corruption Principles – Failure to adhere to the United Nationals Convention Against Corruption
    • Military Weapons – Production of landmines, cluster bombs, chemical and biological weapons, nuclear weapons

    Negative screening produces a more diversified investment universe, making these funds suitable as a core holding in any portfolio. Best-in-class positive index inclusions tend to be less diversified, and thus suitable only as satellite investments.

    The screening process is expected to remove 5-10% of the market capitalisation of each fund’s target index. The portfolio manager will use a sampling approach to security selection on the remaining 90-95% of the market capitalisation. Using sophisticated computer programs, the portfolio manager will select securities for the funds that approximate the fundamental and statistical risk factors of the unscreened index, such as country weights, market capitalisation profile, P/B ratio, and volatility.

    SRI Engagement

    Vanguard will follow its published proxy voting policy with respect to securities held in the SRI funds, and does not intend to take a more “socially responsible” or “activist” role in proxy voting with the SRI funds than it does with its other funds.

    We believe that it is important for company officials to communicate regularly with shareholders regarding areas of interest or concern. In addition, shareholders should be provided with channels through which they may communicate with the board. While boards get shareholder "feedback" through the proxy voting process, a "yes/no" vote provides only limited insight into shareholder views.

    We have found, through hundreds of meetings and discussions annually, that we can often accomplish more through dialogue than through the ballot. Please note that both proxy voting and engagement activities are focused on Governance, rather than Environmental or Social themes.

    Third-party SRI screening agencies employed by FTSE conduct a rigorous analysis of all companies in each benchmark, assign SRI ratings to the companies and make regular re-assessments. Companies that fail to pass the screening are excluded from the universe of securities that are otherwise included in the index. The screening process is expected to remove 5% to 15% of the market capitalisation of each fund’s target benchmark.

    Risk characteristics (In Line with the benchmark)

    Although the funds will refrain from holding stocks of companies contained in the indices but excluded by the SRI screening process, they will seek to perform consistently with the unscreened indices, aiming to provide you as an investor with the same beta. To accomplish this objective we use an optimisation technique to invest in the securities that pass the SRI screens. Using sophisticated computer programs, we allocate the fund’s investments to securities in weightings that cause the portfolio to resemble the fundamental and statistical risk characteristics of the target index. These factors include price/earnings ratio, industry weights, country weights, market capitalisation, dividend yield and other financial characteristics of stocks.

    Each fund will attempt to minimise deviations in currency, country and sector exposures as compared with that of its index. However, it is possible that, if a large index constituent is excluded, there may be a lack of substitutes within the same country and sector, which would result in a potential mismatch of the fund’s weighted holdings relative to the Index.

    Stewardship Policy

    Vanguard Asset Management, Limited and Vanguard Investments UK, Limited are committed to sound principles of corporate governance and efficient exercise of their governance responsibilities in the context of their activities as an investment manager. VAM acts as a discretionary investment manager for separately managed accounts(accounts) and for certain UK domiciled collective investment schemes and VIUK acts as authorised corporate director/manager (as appropriate) for such schemes (together the Funds).

    The Vanguard Group, Inc. is the ultimate parent company of VIUK and VAM (together the UK Companies). The UK Companies place reliance on VGI to administer the proxy voting and stewardship requirements of the Funds and any relevant accounts as proxy voting agent (where clients have extended the ability to vote to Vanguard).

    The UK Companies’ approach to stewardship reflects the above arrangements.

    The UK Stewardship Code sets out seven principles (collectively, the Principles), which investment managers, such as the UK Companies, are required to comply with or explain why they do not do so. The Principles state that institutional investors should:

    • Publicly disclose their policy on how they will discharge their stewardship responsibilities
    • Have a robust policy on managing conflicts of interest in relation to stewardship and this policy should be publicly disclosed
    • Monitor their investee companies
    • Establish clear guidelines on when and how they will escalate their activities as a method of protecting and enhancing shareholder value
    • Be willing to act collectively with other investors where appropriate
    • Have a clear policy on voting and disclosure of voting activity
    • Report periodically on their stewardship and voting activities

    The UK Companies’ Stewardship Policy is part of its broader corporate governance policy. The following overview summarises this policy and voting guidelines, and explains how the UK Companies’ Stewardship Policy addresses each Principle:

    Principle 1: Publicly disclose their policy on how they will discharge their stewardship responsibilities.

    The UK Companies’ and VGI’s duty to shareholders of the Funds is to maximise the long-term value of the investments held by our Funds. Vanguard advocates effective corporate governance by the companies in which Vanguard funds invest because Vanguard believes that it is an important way to enhance shareholder value.

    The board of the Funds and of each of the UK Companies (the Board) has adopted proxy voting procedures and guidelines to govern proxy voting by each such Fund. The Board has delegated oversight of proxy voting to the Proxy Oversight Committee (the Committee), comprising senior officers of VGI. This Committee will report directly to the Board. The UK Companies are subject to these guidelines to the extent the guidelines call for VGI to administer the voting process and implement the resulting voting decisions, and for that purpose, have been approved by the Board of Directors of VGI.

    The overarching objective in voting is simple: to support proposals and director nominees that maximise the value of a fund’s/an account’s investments – and those of fund shareholders – over the long term. While the goal is simple, the proposals that the Funds receive are varied and frequently complex. As such, the guidelines adopted by the Board provide a rigorous framework for assessing each proposal. Under the guidelines, each proposal must be evaluated on its merits, based on the particular facts and circumstances as presented.

    For ease of reference, the procedures and guidelines often refer to all Funds. However, our policies and practices seek to ensure that proxy voting decisions are suitable for individual Funds. For most proxy proposals, particularly those involving corporate governance, the evaluation will result in the same position being taken across all of the Funds. In some cases, however, funds may vote differently, depending upon the nature and objective of each fund, the composition of its portfolio, and other factors. Accounts will be handled in a similar manner (subject to the specific terms as agreed).

    The guidelines incorporate factors the Committee should consider in each voting decision because
    many factors bear on each decision. A Fund/account may refrain from voting if that would be in the
    Fund’s and its shareholders’/such account’s best interests.

    These circumstances may arise, for example, when the expected cost of voting exceeds the expected benefits of voting, or when exercising the vote results in the imposition of trading or other
    restrictions. 

    In evaluating proxy proposals, VGI considers information from many sources, including but not limited to, the investment adviser, management or shareholders of a company presenting a proposal, and independent proxy research services. We will give substantial weight to the recommendations of the company’s board, absent guidelines or other specific facts that would
    support a vote against management. In all cases, however, the ultimate decision rests with the
    members of the Committee, who are accountable to each Fund’s Board or the Board of the UK
    Companies (as appropriate) for accounts.

    While serving as a framework, the voting guidelines cannot contemplate all possible proposals with which a Fund/account may be presented. In the absence of a specific guideline for a particular proposal (e.g., in the case of a transactional issue or contested proxy), the Committee will evaluate the issue and cast the Fund’s vote in a manner that, in the Committee’s view, will maximise the value of the investment, subject to the individual circumstances of the Fund/account.

    Principle 2: Have a robust policy on managing conflicts of interest in relation to stewardship and this policy should be publicly disclosed.

    The UK Companies and VGI maintain a rigorous policy so that conflicts of interest in the proxy voting and corporate governance programme are addressed. The Board has delegated the day-to-day operations of the Funds’ proxy voting process to the VGI Proxy Voting Group, which the Committee oversees. While most votes will be determined, subject to the individual circumstances of each Fund, by reference to the guidelines as separately adopted by each of the Funds, there may be circumstances when the Proxy Voting Group will refer proxy issues to the Committee for
    consideration.

    Among the Proxy Voting Group’s functions is to determine and address potential or actual conflicts of interest that may be presented by a particular proxy and elevate such potential or actual conflicts to the Proxy Oversight Committee.

    The Proxy Oversight Committee, whose members are senior officers of VGI, does not include anyone whose primary duties include external client relationship management or sales. This clear separation between the proxy voting and client relationship functions is intended to eliminate any potential conflict of interest in the proxy voting process.

    In the unlikely event that a member of the Committee believes he or she might have a conflict of interest regarding a proxy vote, that member must recuse himself or herself from the committee meeting at which the matter is addressed and not participate in the voting decision.

    Principle 3: Monitor their investee companies.

    VGI engages with the boards and management of investee companies with the objective of maximising long-term shareholder value and the UK Companies will monitor this as part of their ongoing oversight of VGI’s investment activity.

    As discussed by VGI in “Our views on corporate governance,” VGI believes that it is important for company officials to communicate regularly with shareholders regarding areas of interest or
    concern. In addition, shareholders should be provided with channels through which they may
    communicate with the board. While boards get shareholder “feedback” through the proxy voting
    process, a “yes/no” vote provides only limited insight into shareholder views. We have found,
    through hundreds of meetings and discussions annually, that we can often accomplish more through dialogue than through the ballot.

    Principle 4: Establish clear guidelines on when and how they will escalate their activities as a method of protecting and enhancing shareholder value.

    It has not been VGI’s practice to make a public statement in advance of the AGM or an EGM, submitting resolutions at shareholders’ meetings, or requisition an EGM as it is, generally speaking, beyond each Fund’s/ account’s investment mandate as a passive, index funds/accounts to engage in such activities. That said, VGI actively engages with boards and management on corporate governance matters appearing on AGM and EGM ballots.

    Matters discussed include executive compensation, governance structures and practices, and
    pending transactions and contests for board seats.

    Principle 5: Be willing to act collectively with other investors where appropriate.

    The UK Companies and VGI act by reference to the investment strategy of the Funds/accounts and their own investment management policies. The decisions taken within that strategy and those
    policies may be the same as those taken by other institutional investors in one or more respects, but VGI has not collaborated with other institutional investors and VIUK/VAM would not require it to do so. The UK Companies and VGI are willing to listen to other investors’ positions on particular matters and regularly analyse and vote on shareholder proposals. Occasionally, shareholder proposals against management’s recommendations may be supported when the UK Companies and VGI believe such votes are in the Funds’/accounts’ best interests. Although this approach is driven principally by the investment strategy and the investment management policies, it also avoids the risks of acting in concert with other institutional investors.

    Principle 6: Have a clear policy on voting and disclosure of voting activity.

    VGI will provide the UK Companies (as appropriate) with the Fund’s (or the accounts, where appropriate) proxy voting records each August for the 12 months ended 30 June. The UK Companies will review this information and may ask for further details where it considers that to be
    appropriate. For the policy on voting, please see the explanations provided above.

    Principle 7: Report periodically on their stewardship and voting activities.

    VIUK will report to the Board of each Fund annually with a summary provided by VGI of the Fund’s stewardship and voting activities for the 12 months ended 30 June. The board of each of the UK Companies will receive a summary provided by VGI of stewardship and voting activities for each account as appropriate, for the 12 months ended 30 June.

    Resources, Affiliations & Corporate Strategies

    SRI Screening

    The index provider (FTSE) has developed a customised SRI screening process designed to analyse companies issuing securities in the index. FTSE has contracted with several independent third-party researchers to analyse and rate each company in the standard benchmark, based on the customised SRI screening criteria. Their independent research is overseen by FTSE’s Responsible Investing Unit.

    FTSE based the screening process on internationally accepted principles of corporate responsibility, as laid out in the United Nations Global Compact (UNGC) and the Oslo convention on controversial weapons manufacturers. The UNGC is a strategic policy initiative for businesses that are committed to aligning their operations and strategies with universally accepted principles in the areas of human rights, labour, the environment and anti-corruption.

    There are five major areas that FTSE uses to exclude securities:

    • Human Rights – Failure to adhere to the Universal Declaration of Human Rights
    • Labour Standards – Violations of the International Labor Organisation’s Declaration on Fundamental Principles and Rights at Work
    • Environment – Violations of the Rio Declaration on Environment and Development
    • Anti-corruption Principles – Failure to adhere to the United Nationals Convention Against Corruption
    • Military Weapons – Production of landmines, cluster bombs, chemical and biological weapons, nuclear weapons

    A quarterly comprehensive review of all index constituents is conducted to determine whether they
    will be excluded from the funds’ holdings.

    While Vanguard has selected FTSE, after evaluating its screening process and criteria, we will not be directly involved in decisions to exclude or include specific companies from the fund on the basis of social responsibility.

    This strict segregation of duties avoids conflict of interest and ensures that investment implications will not drive in- or exclusion in any way. Given the investment policy of providing a return close to market return, the fund aims to be sector neutral despite certain excluded securities.

    WHEB Listed Equity ESG Integration Corporate Activity Global Equity 29/01/2016 More Info (click to view)

    SRI / Ethical Overview

    The answers to these questions relate to 100% of WHEB Asset Management LLP’s Assets Under Management, which were £121m as at the end of December 2015.

    What differentiates our fundamental analysis from our competitors’ is that we integrate sustainability and financial analysis of companies at every stage of the analytical process.  We single investment team which carries out a holistic analysis of potential investments and do not rely on an outsourced data provider for an ESG rating score.  We believe this enables us to identify qualities, trends, risks and opportunities which are under-researched by mainstream analysts.  The team applies such ‘integrated analysis’ when assessing a company as a potential long term investment within a framework focused on market attractiveness, competitive position, value chain analysis, growth strategy and management quality.  Our analysis considers the range of environmental, social and governance factors together with strategic and financial analysis to derive a score which reflects a company’s business strength, its quality (both sustainable and financial) and its market position.  The stock profile and company score is used as a basis for the team to debate individual and comparative stock fundamentals.

    Our integrated company analysis helps us to protect the fund from companies that are poorly positioned to deliver market out-performance over the long-term. Our research considers the robustness of risk management systems, governance processes, the extent of any involvement in controversial issues or activities and overall company alignment with sustainability issues and themes. Based on this analysis, we are able to form a view of a company’s quality and suitability for the fund. If the company is, in our view, exposed to excessive reputational risk, or has significant activity in areas that are not consistent with the philosophy of the fund, then it is unlikely to be selected for investment. 

    The overview slide below provides a summary of the integrated framework that we employ to conduct fundamental bottom up research, as described above.  Factors commonly considered in traditional financial analysis are highlighted in blue, with those often labelled ESG factors in green. We believe that this more holistic assessment and understanding potential investments provide a stronger basis on which to shape our opinion on valuation and risk.

    More information on our approach to ESG issues and to broader positive ‘impact’ is available in our Impact Report at http://www.whebgroup.com/media/2015/04/WHEB-Insight_Impact-Report_2015.pdf


    Our ESG integration principles apply to equity assets in all geographic regions.

    SRI Policies (Primary strategy in bold)

    • Alcohol production excluded This filter helps you to find ethical funds - and other options - that avoid investment in alcohol production. See fund literature for further information.

    SRI Features

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    Corporate Activity

    • ESG/SRI engagement Find funds and fund management companies that actively encourages higher 'environmental, social and governance' and/or 'sustainable and responsible investment' practices amongst investee companies - when positive change is aligned with the best interest of investors. This may apply to a single fund or a group of funds. Read fund literature for further information.
    • Responsible Ownership policy for non SRI funds Find funds run by fund managers that apply Responsible Ownership or 'Stewardship' policies to all or most of their investment assets. This means that active involvement (e.g. voting, dialogue) with the companies they invest in across funds (not normally limited to ethical or SRI options.) Read fund literature for further information.
    • Integrates ESG factors into all/most fund research Find fund management companies that research environmental, social and governance (ESG) issues when deciding whether or not to invest in a company. This typically applies to all funds, not only those which are promoted as being 'ethical' or 'SRI themed'. This is increasingly often used as a risk management tool.
    • Vote all shares at AGMs/EGMs This fund manager always votes the shares they own at annual general meetings (and extraordinary general meetings). This is a key indicator of 'responsible share ownership' and companies taking an interest in the future of the companies they part own.
    • In house responsible ownership/voting expertise Find fund / fund management companies where there is in-house expertise that enables the fund manager to make their own decisions on issues such as shareholder voting, setting of in-house guidelines - for example - particularly with regard to environmental, social and governance (ESG) issues.
    • Responsible Ownership/ESG a key differentiator The fund managers have said they consider this area to be a key differentiator for their business
    • UK Stewardship Code signatory Find fund managers that are signatories to the FRC UK Stewardship Code, which sets out a framework for constructive investor / investee relations where fund managers are encouraged to behave as responsible 'company owners'.
    • Publish Responsible Ownership/Stewardship report Find fund management companies that publish information on their approach to responsible investment ownership - also known as 'Stewardship' - following the introduction of 'the Stewardship Code'. This sets out their approach to voting, dialogue with company management and any related activity. This is publicly available.
    • Publish full voting record Find fund management companies that publishes a full record of how they vote at AGMs and EGMs. This information is publicly available.
    • Review(ing) carbon/fossil fuel exposure for all funds Find funds / fund managers that are reviewing or have reviewed their exposure to carbon intensive industries including (but not only) mining, oil and gas companies. This work is being carried out in the context of climate change related concerns, and may often reference international agreements.
    • Regularly lead collaborative ESG initiatives Find funds managed by fund management companies that regularly initiate or help run industry wide (collaborative) investor projects aimed at raising environmental, social and governance standards amongst investee companies.
    • PRI signatory Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment' initiative.

    SRI / Ethical Policy

    Information on these topics can be found on the FP WHEB Sustainability Fund entry in the OEIC/Unit Trust product category.

    Resources, Affiliations & Corporate Strategies

    We have a single, integrated investment team.  ESG research is carried out as a part of investment analysis by all members of the team.

    We use ESG data from Sustainalytics as an input into the research process.  This is just one source of ESG data, alongside data directly sourced from company management reports or website, NGOs, and other networks.

     

    Phoenix Wealth Jupiter Ecology P 1 Environmentally Themed Pension Global Equity 23/07/2006 More Info (click to view)

    SRI / Ethical Overview

    This pension product is linked to the "Jupiter Ecology" fund. More detailed information on its SRI / Ethical approach can be found under that fund in the "OEIC" Product listing.

    SRI Policies (Primary strategy in bold)

    • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.

    SRI Features

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    Corporate Activity

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    Links

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    SRI / Ethical Policy

    Resources, Affiliations & Corporate Strategies