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Vanguard Asset Management Ltd

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Company information
Vanguard Asset Management Ltd

Please note:  This section of the database is in beta and still under development

Information received directly from Fund Manager

Last amended date: Jul 2025

Assets under management
Total Screened Themed SRI Assets:
£48300.00m (as at: Mar 2025)
Total Responsible Ownership Assets:
£m
Total Assets Under Management:
£8023800.00m (as at: Mar 2025)
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Fund Management Company Information

About The Business
Responsible ownership / stewardship policy or strategy (AFM companywide)

Finds fund / asset management companies that have a published company wide stewardship, engagement and / or responsible ownership policy or strategy that covers all investments. Stewardship typically involves encouraging higher ESG standards through voting and dialogue.

ESG / SRI engagement (AFM companywide)

Find fund / asset management companies that actively encourage higher 'environmental, social and governance' and / or 'sustainable and responsible investment' practices across investee companies - typically where the aim is to encourage positive change that is aligned with the best interests of investors. Strategies vary. See additional information and options.

Vote all* shares at AGMs / EGMs (AFM companywide)

Find fund / asset managers that vote all* the shares they own at Annual General Meetings and Extraordinary General Meetings. A commitment to voting shares is a key indicator of 'responsible share ownership' demonstrating their support for or disagreement with management policy. (*situations can legitimately, occasionally occur where voting proves impossible, but in principle all shares should be voted.)

Responsible ownership policy for non SRI / sustainable options (AFM companywide)

Find options run by managers that apply Responsible ownership or 'Stewardship' policies to all or most of their investment assets. This means active involvement (e.g. voting, dialogue) with the companies across all or most funds, products and services.

Integrates ESG factors into all / most research (AFM companywide)

Find fund / asset management companies that consider environmental, social and governance (ESG) issues when deciding whether or not to invest in a company for all / almost all of their funds and other assets. This is increasingly seen as part of sound risk management.

In-house diversity improvement programme (AFM companywide)

Finds organisations / fund managers that have an in-house (company wide) diversity improvement programme - meaning that they are working to ensure that within their own businesses they employ people from diverse backgrounds - often typically focused on ethnicity and/or sex.

Diversity, equality & inclusion engagement policy (AFM companywide)

Find fund / asset management companies that encourage the companies they invest in to have strong diversity, race, gender and other equality policies across all assets held, not simply screened or themed SRI/ESG funds. (ie Asset Management company wide).

Vulnerable client policy on website (AFM companywide)

Fund / asset manager has information on their website that explains how they treat 'vulnerable clients' (as set out in FCA regulation)

Invests in newly listed companies (AFM companywide)

This fund / asset management company invests in companies which have recently listed on a stock exchange (which is important as it can help grow new businesses).

Invests in new sustainability linked bond issuances (AFM companywide)

Fund / asset management company has investments in bonds designed to meet sustainability requirements - however these assets may not be 'ringfenced' for this purpose. See website for details.

Collaborations & Affiliations
PRI signatory

Find fund / asset management companies that have signed up to the UN backed 'Principles of Responsible Investment'.

Investment Association (IA) member

Fund management entity is a member of the Investment Association https://www.theia.org/

Resources
In-house responsible ownership / voting expertise

Find fund / asset management companies that employ people to steer and support fund managers in voting shares at company AGM's and EGMs in ways that are consistent with encouraging higher ESG/sustainability standards.

Employ specialist ESG / SRI / sustainability researchers

Find a fund / asset management company that directly employs specialist ESG/SRI/sustainability researchers or analysts. This allows asset managers to discuss environmental, social and governance risks and opportunities directly with companies.

Use specialist ESG / SRI / sustainability research companies

Find fund / asset management companies that makes use of expert external research companies. This can help deliver specialist expertise and means resources are pooled with other investors.

Accreditations
PRI A+ rated (AFM companywide)

Finds organisations / fund managers that have an A+ PRI rating - meaning they are highly rated according to the 'Principles of Responsible Investment'

UK Stewardship Code signatory (AFM companywide)

Find fund / asset managers that are signatories to the FRC UK Stewardship Code, which sets out a framework for constructive investor / investee relations where managers are encouraged to behave like responsible, typically longer term 'company owners'.

Engagement Approach
Regularly lead collaborative ESG initiatives (AFM companywide)

Find fund / asset management companies that regularly initiate or run industry wide (collaborative) investor projects aimed at raising environmental, social and governance standards amongst investee companies.

Encourage responsible corporate taxation (AFM companywide)

Find fund / asset management companies that are working with the companies they invest in to encourage more responsible corporate taxation.

Engaging on climate change issues

Fund / asset manager has stewardship /responsible ownership strategy that is focused on addressing climate change with investee assets.

Engaging with fossil fuel companies on climate change

Fund / asset manager has a stewardship /responsible ownership strategy that involves working with fossil fuel companies on climate change related issues. See fund manager website for details.

Engaging to reduce plastics pollution / waste

Fund / asset manager has stewardship /responsible ownership strategy with involves encouraging investee asset to reduce plastic waste and pollution.

Engaging to encourage responsible mining practices

Fund / asset manager has a stewardship / responsible ownership policy that means they are working to encourage more responsible mining practices - where environmental and social issues are properly dealt with by the companies they invest in.

Engaging on biodiversity / nature issues

The fund / asset manager has a responsible ownership / stewardship strategy that focuses on biodiversity and nature issues relating to the assets they invest the aim of which will be to reduce harm and or deliver improvement. Strategies vary. https://tnfd.global

Engaging to encourage a Just Transition

Fund / asset manager has a responsible ownership / stewardship strategy which means they are working to encourage the shift to more sustainable business practices in ways that respect and are sensitive to social issues and the impact change has on people effected by the changes that are taking place. https://www.transitionpathwayinitiative.org/ https://transitiontaskforce.net/

Engaging on human rights issues

Fund / asset manager has responsible ownership / stewardship strategy in place which aims to address human rights issues in investee companies (and potentially their suppliers) with the aim of raising standards

Engaging on labour / employment issues

Fund / asset manager has responsible ownership / stewardship strategy in place that aims to improve labour standards for the benefit of employees in investee companies (and potentially their suppliers)

Engaging on diversity, equality & / or inclusion issues

Fund / asset management company has a stewardship strategy in place which involves working to raise diversity, equality and inclusion standards across investee assets

Engaging to stop modern slavery

Fund / asset manager is working with the assets they hold to help stamp out modern slavery - where direct or indirect company employees are exploited for business benefits.

Engaging on governance issues

Fund / asset managers have stewardship strategies in place that focus on improving governance standards across investee assets

Engaging on mental health issues

Fund / asset manager has stewardship strategy in place which involves discussing mental health issues with investee companies - with the aim of raising standards

Engaging on responsible supply chain issues

Has a stewardship / responsible ownership strategy that encourages responsible supply chain - ie the managers will discuss environmental, social and governance issues with investee companies with the aim of raising standards

Engaging to encourage more sustainable ‘diversifiers’ (e.g. derivatives)

Funds and other options may use assets that are not directly aligned with sustainability objectives in order to help manage investment risk. Requesting more sustainable options of this kind will aid alignment with fund objectives.

Engaging on the responsible use of AI

Working to address sustainability, ESG and related concerns around artificial intelligence.

Split voting policy

This fund / asset manager may vote differently for different clients or regions. See fund manager stewardship policy for further information.

Stewardship escalation policy

Escalation policies describe how a manager will proceed if stewardship / engagement activity is not successful in the short term.

Climate & Net Zero Transition
Publish 'CEO owned' Climate Risk policy (AFM companywide)

Find fund / asset management companies that have published a Climate Risk policy or statement that is signed / owned by their Chief Executive.

Net Zero - have set a Net Zero target date (AFM companywide)

This fund / asset management company has set a date by which they plan to achieve net zero greenhouse gas / CO2e emissions.

Encourage carbon / greenhouse gas reduction (AFM companywide)

Find fund / asset management companies that are working with the companies they invest in to encourage reductions in carbon dioxide and other greenhouse gas emissions.

Carbon transition plan published (AFM companywide)

Finds organisations / fund managers that have a company wide carbon transition plan - meaning that they have plotted a path to how they will move away from activities that produce or use carbon based energy sources (that emit greenhouse gases) towards clean, alternative, renewable energy sources.

Carbon offsetting – do NOT offset carbon as part of net zero plan (AFM companywide)

This fund / asset management company plans to achieve net zero greenhouse gas (CO2e) emissions by reducing their emissions. Calculations and scope vary.

In-house carbon / GHG reduction policy (AFM companywide)

Find fund / asset management companies that are working to reduce their own (fund management company) carbon/greenhouse gas emissions.

Working towards a ‘Net Zero’ commitment (AFM companywide)

Finds organisations / fund management companies that are in the process of working out how to make a ‘net zero commitment’ - meaning that when that is finalised they will have started the process of reducing their total greenhouse gas emissions to 'zero'.

Transparency
Publish responsible ownership / stewardship report (AFM companywide)

Find fund / asset management companies that publish a report detailing their responsible investment ownership - also known as 'Stewardship' - activity.

Full stewardship / responsible ownership policy information on company website

Find fund / asset management companies that publish information about their sustainable and responsible investment strategies on their company website.

Full stewardship / responsible ownership policy information available on request

Find fund / asset management companies that will supply information about their sustainable and responsible investment activity on request.

Publish full voting record (AFM companywide)

Fund / asset management companies that publish a full record of how they vote their shares at AGMs (annual general meetings) and EGMs (extraordinary general meetings). Voting strategies have an important role to play encouraging higher environmental, social and governance standards.

Resources, Affiliations & Corporate Strategies:

ESG resources, roles and responsibilities: Vanguard does not have one central ESG team. Instead, we have various teams and groups tackling the different aspects of ESG. Please see details below on some teams responsible for various ESG considerations at Vanguard:

ESG Team, Portfolio Review Department

Regional ESG teams act as centers of excellence that deploy subject matter expertise and partner across the Portfolio Review Department (PRD) and cross-functionally to drive the success of clients and the business in each region. Each region’s ESG team is responsible for broader ESG investing topics, such as regulatory impacts, ESG product methodology and ecosystem enhancements, and enterprise-wide ESG strategic initiatives. 

The regional teams stay connected on global initiatives such as ESG data and reporting, industry trends, and ESG product roadmaps. The teams closely collaborate with partners across PRD, including colleagues in manager search and oversight and other product category teams. Many members of these teams commit a significant portion of time to ESG efforts as well, such as assessing the ESG competitive product landscape to inform new ESG product design and evaluating active managers on their ESG integration approaches.

In addition to ESG-dedicated roles, Vanguard continues to embed ESG considerations into existing functions to ensure ESG factors are considered alongside other matters to improve the investment outcomes of our clients.  

For example:

  • Vanguard Fixed Income Group assesses the financial materiality of ESG risks to complement the standard credit assessment. FIG’s credit research analysts also regularly meet with issuers to discuss key credit risk topics and, where applicable, raise ESG concerns.
  • Vanguard Investment Management & Finance Risk (IMFR) team provides independent oversight and monitoring of sustainability risks.
  • Vanguard’s Investment Strategy Group (ISG) conducts research on both non-ESG and ESG topics which is then shared internally for education and to inform decision-making. This research may also be published.

ESG governance structure and responsibilities: In Europe, internal governance of Vanguard’s ESG-related policies and approaches, including its European Investment Sustainability Risk Policy occurs through an integrated structure of boards, senior leadership, committees and functions.

Vanguard’s European Boards oversee risk management (including ESG-risks) within Vanguard Europe’s overall business strategy, governance framework and risk appetite and across various departmental functions (including compliance, fund accounting, financial reporting, fund administration, investment management, investment stewardship, legal, and portfolio review).

At a functional level, the ESG SteerCo provides day-to-day oversight of ESG initiatives within the European business to ensure full compliance with ESG regulations and delivery of projects within its scope (including tracking progress, making key decisions, fielding escalations, providing guidance and approving reporting).

Affiliations, Membership and Involvement with Groups:

  • UN Principles for Responsible Investment (2014; Signatory) Vanguard’s most recent Public Transparency Report can be found on the UNPRI website.
  • Commonsense Corporate Governance Principles (2016; Open letter founding signatory)
  • International Financial Reporting Standards (IFRS) Sustainability Alliance [formerly the Sustainability Accounting Standards Board (SASB) Investor Alliance] (2016; Member)
  • International Sustainability Standards Board (ISSB) Investor Advisory Group (IIAG) [formerly the SASB Investor Advisory Group] (2016; Member)
  • The Investment Association (2016; Member)
  • Investor Stewardship Group (2017; Founding signatory)
  • Task Force on Climate-related Financial Disclosures (TCFD) (2017; Supporter)
  • CDP (2018; Capital markets signatory. Vanguard subscribes to data for CDP Climate Change, CDP Forests, and CDP Water)
  • International Corporate Governance Network (ICGN) (2019; Member)
  • Asian Corporate Governance Association (ACGA) (2021; Member)
  • Institutional Investors Group on Climate Change (IIGC) (2021; Member)
  • Investor Group on Climate Change (IGCC) (2021; Member)
  • Asia Investor Group on Climate Change (AIGCC) (2021; Member)
  • Stewardship Codes: The UK Stewardship Code (2021; Signatory)

Dialshifter:

Our organisation is helping to support the Paris Climate Agreement and the Race to Net Zero by…

Please refer to our website:

https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/we-care-about/sustainability.html

About The Business
Responsible ownership / stewardship policy or strategy (AFM companywide)

Finds fund / asset management companies that have a published company wide stewardship, engagement and / or responsible ownership policy or strategy that covers all investments. Stewardship typically involves encouraging higher ESG standards through voting and dialogue.

ESG / SRI engagement (AFM companywide)

Find fund / asset management companies that actively encourage higher 'environmental, social and governance' and / or 'sustainable and responsible investment' practices across investee companies - typically where the aim is to encourage positive change that is aligned with the best interests of investors. Strategies vary. See additional information and options.

Vote all* shares at AGMs / EGMs (AFM companywide)

Find fund / asset managers that vote all* the shares they own at Annual General Meetings and Extraordinary General Meetings. A commitment to voting shares is a key indicator of 'responsible share ownership' demonstrating their support for or disagreement with management policy. (*situations can legitimately, occasionally occur where voting proves impossible, but in principle all shares should be voted.)

Responsible ownership policy for non SRI / sustainable options (AFM companywide)

Find options run by managers that apply Responsible ownership or 'Stewardship' policies to all or most of their investment assets. This means active involvement (e.g. voting, dialogue) with the companies across all or most funds, products and services.

Integrates ESG factors into all / most research (AFM companywide)

Find fund / asset management companies that consider environmental, social and governance (ESG) issues when deciding whether or not to invest in a company for all / almost all of their funds and other assets. This is increasingly seen as part of sound risk management.

In-house diversity improvement programme (AFM companywide)

Finds organisations / fund managers that have an in-house (company wide) diversity improvement programme - meaning that they are working to ensure that within their own businesses they employ people from diverse backgrounds - often typically focused on ethnicity and/or sex.

Diversity, equality & inclusion engagement policy (AFM companywide)

Find fund / asset management companies that encourage the companies they invest in to have strong diversity, race, gender and other equality policies across all assets held, not simply screened or themed SRI/ESG funds. (ie Asset Management company wide).

Vulnerable client policy on website (AFM companywide)

Fund / asset manager has information on their website that explains how they treat 'vulnerable clients' (as set out in FCA regulation)

Invests in newly listed companies (AFM companywide)

This fund / asset management company invests in companies which have recently listed on a stock exchange (which is important as it can help grow new businesses).

Invests in new sustainability linked bond issuances (AFM companywide)

Fund / asset management company has investments in bonds designed to meet sustainability requirements - however these assets may not be 'ringfenced' for this purpose. See website for details.

Collaborations & Affiliations
PRI signatory

Find fund / asset management companies that have signed up to the UN backed 'Principles of Responsible Investment'.

Investment Association (IA) member

Fund management entity is a member of the Investment Association https://www.theia.org/

Resources
In-house responsible ownership / voting expertise

Find fund / asset management companies that employ people to steer and support fund managers in voting shares at company AGM's and EGMs in ways that are consistent with encouraging higher ESG/sustainability standards.

Employ specialist ESG / SRI / sustainability researchers

Find a fund / asset management company that directly employs specialist ESG/SRI/sustainability researchers or analysts. This allows asset managers to discuss environmental, social and governance risks and opportunities directly with companies.

Use specialist ESG / SRI / sustainability research companies

Find fund / asset management companies that makes use of expert external research companies. This can help deliver specialist expertise and means resources are pooled with other investors.

Accreditations
PRI A+ rated (AFM companywide)

Finds organisations / fund managers that have an A+ PRI rating - meaning they are highly rated according to the 'Principles of Responsible Investment'

UK Stewardship Code signatory (AFM companywide)

Find fund / asset managers that are signatories to the FRC UK Stewardship Code, which sets out a framework for constructive investor / investee relations where managers are encouraged to behave like responsible, typically longer term 'company owners'.

Engagement Approach
Regularly lead collaborative ESG initiatives (AFM companywide)

Find fund / asset management companies that regularly initiate or run industry wide (collaborative) investor projects aimed at raising environmental, social and governance standards amongst investee companies.

Encourage responsible corporate taxation (AFM companywide)

Find fund / asset management companies that are working with the companies they invest in to encourage more responsible corporate taxation.

Engaging on climate change issues

Fund / asset manager has stewardship /responsible ownership strategy that is focused on addressing climate change with investee assets.

Engaging with fossil fuel companies on climate change

Fund / asset manager has a stewardship /responsible ownership strategy that involves working with fossil fuel companies on climate change related issues. See fund manager website for details.

Engaging to reduce plastics pollution / waste

Fund / asset manager has stewardship /responsible ownership strategy with involves encouraging investee asset to reduce plastic waste and pollution.

Engaging to encourage responsible mining practices

Fund / asset manager has a stewardship / responsible ownership policy that means they are working to encourage more responsible mining practices - where environmental and social issues are properly dealt with by the companies they invest in.

Engaging on biodiversity / nature issues

The fund / asset manager has a responsible ownership / stewardship strategy that focuses on biodiversity and nature issues relating to the assets they invest the aim of which will be to reduce harm and or deliver improvement. Strategies vary. https://tnfd.global

Engaging to encourage a Just Transition

Fund / asset manager has a responsible ownership / stewardship strategy which means they are working to encourage the shift to more sustainable business practices in ways that respect and are sensitive to social issues and the impact change has on people effected by the changes that are taking place. https://www.transitionpathwayinitiative.org/ https://transitiontaskforce.net/

Engaging on human rights issues

Fund / asset manager has responsible ownership / stewardship strategy in place which aims to address human rights issues in investee companies (and potentially their suppliers) with the aim of raising standards

Engaging on labour / employment issues

Fund / asset manager has responsible ownership / stewardship strategy in place that aims to improve labour standards for the benefit of employees in investee companies (and potentially their suppliers)

Engaging on diversity, equality & / or inclusion issues

Fund / asset management company has a stewardship strategy in place which involves working to raise diversity, equality and inclusion standards across investee assets

Engaging to stop modern slavery

Fund / asset manager is working with the assets they hold to help stamp out modern slavery - where direct or indirect company employees are exploited for business benefits.

Engaging on governance issues

Fund / asset managers have stewardship strategies in place that focus on improving governance standards across investee assets

Engaging on mental health issues

Fund / asset manager has stewardship strategy in place which involves discussing mental health issues with investee companies - with the aim of raising standards

Engaging on responsible supply chain issues

Has a stewardship / responsible ownership strategy that encourages responsible supply chain - ie the managers will discuss environmental, social and governance issues with investee companies with the aim of raising standards

Engaging to encourage more sustainable ‘diversifiers’ (e.g. derivatives)

Funds and other options may use assets that are not directly aligned with sustainability objectives in order to help manage investment risk. Requesting more sustainable options of this kind will aid alignment with fund objectives.

Engaging on the responsible use of AI

Working to address sustainability, ESG and related concerns around artificial intelligence.

Split voting policy

This fund / asset manager may vote differently for different clients or regions. See fund manager stewardship policy for further information.

Stewardship escalation policy

Escalation policies describe how a manager will proceed if stewardship / engagement activity is not successful in the short term.

Climate & Net Zero Transition
Publish 'CEO owned' Climate Risk policy (AFM companywide)

Find fund / asset management companies that have published a Climate Risk policy or statement that is signed / owned by their Chief Executive.

Net Zero - have set a Net Zero target date (AFM companywide)

This fund / asset management company has set a date by which they plan to achieve net zero greenhouse gas / CO2e emissions.

Encourage carbon / greenhouse gas reduction (AFM companywide)

Find fund / asset management companies that are working with the companies they invest in to encourage reductions in carbon dioxide and other greenhouse gas emissions.

Carbon transition plan published (AFM companywide)

Finds organisations / fund managers that have a company wide carbon transition plan - meaning that they have plotted a path to how they will move away from activities that produce or use carbon based energy sources (that emit greenhouse gases) towards clean, alternative, renewable energy sources.

Carbon offsetting – do NOT offset carbon as part of net zero plan (AFM companywide)

This fund / asset management company plans to achieve net zero greenhouse gas (CO2e) emissions by reducing their emissions. Calculations and scope vary.

In-house carbon / GHG reduction policy (AFM companywide)

Find fund / asset management companies that are working to reduce their own (fund management company) carbon/greenhouse gas emissions.

Working towards a ‘Net Zero’ commitment (AFM companywide)

Finds organisations / fund management companies that are in the process of working out how to make a ‘net zero commitment’ - meaning that when that is finalised they will have started the process of reducing their total greenhouse gas emissions to 'zero'.

Transparency
Publish responsible ownership / stewardship report (AFM companywide)

Find fund / asset management companies that publish a report detailing their responsible investment ownership - also known as 'Stewardship' - activity.

Full stewardship / responsible ownership policy information on company website

Find fund / asset management companies that publish information about their sustainable and responsible investment strategies on their company website.

Full stewardship / responsible ownership policy information available on request

Find fund / asset management companies that will supply information about their sustainable and responsible investment activity on request.

Publish full voting record (AFM companywide)

Fund / asset management companies that publish a full record of how they vote their shares at AGMs (annual general meetings) and EGMs (extraordinary general meetings). Voting strategies have an important role to play encouraging higher environmental, social and governance standards.

ESG resources, roles and responsibilities: Vanguard does not have one central ESG team. Instead, we have various teams and groups tackling the different aspects of ESG. Please see details below on some teams responsible for various ESG considerations at Vanguard:

ESG Team, Portfolio Review Department

Regional ESG teams act as centers of excellence that deploy subject matter expertise and partner across the Portfolio Review Department (PRD) and cross-functionally to drive the success of clients and the business in each region. Each region’s ESG team is responsible for broader ESG investing topics, such as regulatory impacts, ESG product methodology and ecosystem enhancements, and enterprise-wide ESG strategic initiatives. 

The regional teams stay connected on global initiatives such as ESG data and reporting, industry trends, and ESG product roadmaps. The teams closely collaborate with partners across PRD, including colleagues in manager search and oversight and other product category teams. Many members of these teams commit a significant portion of time to ESG efforts as well, such as assessing the ESG competitive product landscape to inform new ESG product design and evaluating active managers on their ESG integration approaches.

In addition to ESG-dedicated roles, Vanguard continues to embed ESG considerations into existing functions to ensure ESG factors are considered alongside other matters to improve the investment outcomes of our clients.  

For example:

  • Vanguard Fixed Income Group assesses the financial materiality of ESG risks to complement the standard credit assessment. FIG’s credit research analysts also regularly meet with issuers to discuss key credit risk topics and, where applicable, raise ESG concerns.
  • Vanguard Investment Management & Finance Risk (IMFR) team provides independent oversight and monitoring of sustainability risks.
  • Vanguard’s Investment Strategy Group (ISG) conducts research on both non-ESG and ESG topics which is then shared internally for education and to inform decision-making. This research may also be published.

ESG governance structure and responsibilities: In Europe, internal governance of Vanguard’s ESG-related policies and approaches, including its European Investment Sustainability Risk Policy occurs through an integrated structure of boards, senior leadership, committees and functions.

Vanguard’s European Boards oversee risk management (including ESG-risks) within Vanguard Europe’s overall business strategy, governance framework and risk appetite and across various departmental functions (including compliance, fund accounting, financial reporting, fund administration, investment management, investment stewardship, legal, and portfolio review).

At a functional level, the ESG SteerCo provides day-to-day oversight of ESG initiatives within the European business to ensure full compliance with ESG regulations and delivery of projects within its scope (including tracking progress, making key decisions, fielding escalations, providing guidance and approving reporting).

Affiliations, Membership and Involvement with Groups:

  • UN Principles for Responsible Investment (2014; Signatory) Vanguard’s most recent Public Transparency Report can be found on the UNPRI website.
  • Commonsense Corporate Governance Principles (2016; Open letter founding signatory)
  • International Financial Reporting Standards (IFRS) Sustainability Alliance [formerly the Sustainability Accounting Standards Board (SASB) Investor Alliance] (2016; Member)
  • International Sustainability Standards Board (ISSB) Investor Advisory Group (IIAG) [formerly the SASB Investor Advisory Group] (2016; Member)
  • The Investment Association (2016; Member)
  • Investor Stewardship Group (2017; Founding signatory)
  • Task Force on Climate-related Financial Disclosures (TCFD) (2017; Supporter)
  • CDP (2018; Capital markets signatory. Vanguard subscribes to data for CDP Climate Change, CDP Forests, and CDP Water)
  • International Corporate Governance Network (ICGN) (2019; Member)
  • Asian Corporate Governance Association (ACGA) (2021; Member)
  • Institutional Investors Group on Climate Change (IIGC) (2021; Member)
  • Investor Group on Climate Change (IGCC) (2021; Member)
  • Asia Investor Group on Climate Change (AIGCC) (2021; Member)
  • Stewardship Codes: The UK Stewardship Code (2021; Signatory)

Our organisation is helping to support the Paris Climate Agreement and the Race to Net Zero by…

Please refer to our website:

https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/we-care-about/sustainability.html

Funds

Disclaimer

Important Information

Confidentiality

The information contained in this document, including attachments, is confidential information and property of Vanguard Asset Management, Limited, The Vanguard Group, Inc. and their affiliates. The information may not be divulged or communicated to any third parties without the prior written consent of Vanguard Asset Management, Limited, unless it is needed for the execution of the present document or when divulgation is required by law.

Investment Risk Information

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

Some funds invest in emerging markets which can be more volatile than more established markets. As a result the value of your investment may rise or fall.

ETF shares can be bought or sold only through a broker. Investing in ETFs entails stockbroker commission and a bid-offer spread which should be considered fully before investing.
Funds investing in fixed interest securities carry the risk of default on repayment and erosion of the capital value of your investment and the level of income may fluctuate. Movements in interest rates are likely to affect the capital value of fixed interest securities. Corporate bonds may provide higher yields but as such may carry greater credit risk increasing the risk of default on repayment and erosion of the capital value of your investment. The level of income may fluctuate and movements in interest rates are likely to affect the capital value of bonds.

The funds may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the funds’ net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index.

Some funds invest in securities which are denominated in different currencies. Movements in currency exchange rates can affect the return of investments.
For further information on risks please see the “Risk Factors” section of the prospectus on our website at https://global.vanguard.com.

Disclaimer

This document is directed at professional investors and should not be distributed to, or relied upon by retail investors.

For further information on the funds’ investment policies and risks, please refer to the prospectus of the UCITS and to the Key Investor Information Document (“KIID”) before making any final investment decisions. The KIID for this fund is available, alongside the prospectus via Vanguard’s website https://global.vanguard.com/

This document is designed for use by, and is directed only at, persons resident in the UK.

The information contained in this document is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information in this document is general in nature and does not constitute legal, tax or investment advice. Potential investors are urged to consult their professional advisers on the implications of making an investment in, holding or disposing of units/shares of, and the receipt of distribution from any investment.

Vanguard Investment Series plc & Vanguard Funds plc have been authorised by the Central Bank of Ireland as a UCITS and have been registered for public distribution in certain EEA countries and the UK. Prospective investors are referred to the funds' prospectus for further information. Prospective investors are also urged to consult their own professional advisers on the implications of making an investment in, and holding or disposing shares of the funds and the receipt of distributions with respect to such shares under the law of the countries in which they are liable to taxation.

The Manager of Vanguard Investment Series plc is Vanguard Group (Ireland) Limited. Vanguard Asset Management, Limited is a distributor of Vanguard Investment Series plc.

The Manager of Vanguard Funds plc is Vanguard Group (Ireland) Limited. Vanguard Asset Management, Limited is a distributor for Vanguard Funds plc.

The Indicative Net Asset Value (iNAV) for Vanguard’s ETFs is published on Bloomberg or Reuters. Refer to the Portfolio Holdings Policy at https://global.vanguard.com/portal/site/portal/ucits-documentation for holdings information.

The Manager of the Ireland-domiciled funds may determine to terminate any arrangements made for marketing the shares in one or more jurisdictions in accordance with the UCITS Directive, as may be amended from time-to-time.

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