Standard Life Impax Global Equity Opportunities Pn
SRI Style:
Sustainable Style
SDR Labelling:
-
Product:
Pension
Fund Region:
Global
Fund Asset Type:
Equity
Launch Date:
28/03/2024
Last Amended:
Jul 2026
Dialshifter (
):
Fund/Portfolio Size:
£1.00m
(as at: 31/03/2026)
ISIN:
GB00BFCNPH34
Objectives:
Global Opportunities is an all-cap global equities strategy that fully integrates analysis of sustainability risks and opportunities and invests in high quality companies in the pursuit of long-term capital growth.
Impax believes that capital markets often underappreciate and mis-price the investment opportunities arising from the transition to a sustainable economy (TSE). We are guided by the conviction that this miscalculation of risk and opportunity is at the heart of alpha generation across our investment strategies. Companies well-positioned in this regard can deliver long-term outperformance.
The Global Opportunities strategy is intentionally focused on areas of the market expected to benefit from the transition to a more sustainable economy. The combination of the Impax Sustainability Lens, Sector Expert Groups, and Impax’s proven investment process and integrated Corporate Resilience Analysis directs Impax towards companies with long-term opportunities in sectors that are less exposed to TSE disruption and risk.
Sustainable, Responsible
&/or ESG Overview:
Global Opportunities is an all-cap global equities strategy that fully integrates analysis of sustainability risks and opportunities and invests in high quality companies in the pursuit of long-term capital growth.
- Investment universe formation – Impax seeks to invest in companies that are well positioned in the transition to a more sustainable economy.
- Corporate Resilience (CR) analysis and evaluation –proprietary analysis based on a materiality approach assesses companies across five pillars: 1) governance structures, 2) environmental and social policies, processes and disclosures, which involves identifying the most material risks, 3) climate, both physical and transition risk, 4) human capital management and equity, diversity an inclusion and 5) controversies. Ultimately, all companies must be approved on both a financial and a resilience basis before being added to the investable universe as part of Impax’s research and approval process.
- Stewardship – engaging with investee companies to mitigate risk and to enhance value and investment opportunities.
Primary fund last amended:
Jul 2026
Information directly from fund manager.
Fund Filters
Ethical Values Led Exclusions
Companies are excluded if they make more than 5% of their revenue from the manufacture, sale or distribution of tobacco products including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Excludes companies which make controversial weapons such as landmines, cluster munitions and chemical weapons.
Gilts & Sovereigns
Does not invest in / excludes 'sovereigns' - debt issued by governments. See eg https://www.investopedia.com/terms/s/sovereign-debt.asp
Impact Methodologies
Policy explains the ways in which the manager believes things need to change in order to deliver a more sustainable future, which they are working to help achieve.
Unscreened Assets & Cash
Only invests in cash to aid the practical management (buying and selling) of assets and so do not use additional financial instruments.
Intended Clients & Product Options
Designed to meet the needs of individual investors with an interest in sustainability issues.
Fund Management Company Information
About The Business
Find fund / asset management companies that are smaller or specialise in particular areas - notably, ideally ESG related. Strategies vary.
Find fund / asset management companies (or subsidiaries) that specialise in - or focus entirely on - investing in assets that are helping to deliver positive environmental and / or social impacts.
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.
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.
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.)
Find fund / asset managers that consider responsible ownership and ESG to be a key differentiator for their business.
The leadership team of this fund / asset manager have performance targets linked to environmental goals.
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.
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.
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).
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
Find fund / asset management companies that have signed up to the UN backed 'Principles of Responsible Investment'.
Find fund / asset management companies that are members of UKSIF - the UK Sustainable Investment and Finance association
A member of the Taskforce for Nature Related Financial Disclosures group which aims to aid risk management and shift money towards nature-positive outcomes.
Fund management entity is a member of the Investment Association https://www.theia.org/
Resources
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.
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.
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.
Finds organisations / fund managers that have one or more ESG/sustainability experts on all investment teams or 'desks' (all asset types)
Accreditations
Finds organisations / fund managers that have an A+ PRI rating - meaning they are highly rated according to the 'Principles of Responsible Investment'
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
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.
Find fund / asset management companies that are working with the companies they invest in to encourage more responsible corporate taxation.
Fund / asset manager has stewardship /responsible ownership strategy that is focused on addressing climate change with investee assets.
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.
Fund / asset manager has stewardship /responsible ownership strategy with involves encouraging investee asset to reduce plastic waste and pollution.
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
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/
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
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)
Fund / asset management company has a stewardship strategy in place which involves working to raise diversity, equality and inclusion standards across investee assets
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.
Fund / asset managers have stewardship strategies in place that focus on improving governance standards across investee assets
Fund / asset manager has stewardship strategy in place which involves discussing mental health issues with investee companies - with the aim of raising standards
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
Working to address sustainability, ESG and related concerns around artificial intelligence.
Escalation policies describe how a manager will proceed if stewardship / engagement activity is not successful in the short term.
Company Wide Exclusions
Find fund / asset management companies (not funds) that avoid investment in 'controversial weapons' across all of their funds and other investment vehicles.
Find funds / asset managers that are reviewing, or have reviewed, their exposure to carbon intensive industries including (but not only) mining, oil and gas companies. (Typically with reference to climate change.)
Climate & Net Zero Transition
Fund / asset management organisations that have pledged to reduce their greenhouse gas emissions to ‘net zero’. Strategies vary - this area is changing rapidly.
Fund / asset manager AGM / EGM voting strategy has processes in place that mean they will normally be expected to vote in a way that will encourage the transition to net zero greenhouse gas emissions.
This fund / asset management company has set a date by which they plan to achieve net zero greenhouse gas / CO2e emissions.
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.
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.
Finds organisations / fund managers that have published ‘forward looking climate metrics’ e.g. 'implied temperature rise' data that are a total of the asset management company's share (% owned) of all the investee company emissions of the assets they manage, as well as their own direct and other indirect emissions.
This fund / asset management company plans to achieve net zero greenhouse gas (CO2e) emissions by reducing their emissions. Calculations and scope vary.
Find fund / asset management companies that are working to reduce their own (fund management company) carbon/greenhouse gas emissions.
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
Find fund / asset management companies that publish a report detailing their responsible investment ownership - also known as 'Stewardship' - activity.
Find fund / asset management companies that publish information about their sustainable and responsible investment strategies on their company website.
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.
This fund / asset management company has published a plan that explains how they will align to the climate change commitments made at the Paris Climate Talks, COP21.
This fund / asset management company has published a plan that explains how they are going to achieve net zero greenhouse gas / CO2e emissions.
Sustainable, Responsible &/or ESG Policy:
Impax believes strong investment outcomes can be generated by investors who better understand the opportunities and risks associated with the transition to a more sustainable economy. Our investment philosophy emphasises the identification and analysis of powerful secular forces – such as advancements in technology, changes in policy and regulation, and evolving social trends. These enduring and dynamic trends are not only reshaping the global economy, but are also accelerating the transition to a more sustainable economy, creating significant opportunities and challenges for investors.
Our fundamental research-driven approach to investing adds value by recognising these trends and cycles may follow non-linear paths. The combination of our proprietary knowledge and insights into the transition to a more sustainable economy – together with fundamental and macroeconomic research, quantitative insights, stewardship and engagement and a disciplined focus on valuation – comprehensively shapes our investment approach across asset classes. Recognising that each asset class has distinct characteristics, our philosophy is thoughtfully adapted to ensure our approach remains effective and relevant across the investment spectrum.
Impax views sustainability (responsible investment) as having a focus on the business activity of an investee company i.e. “what” a company does. Impax views Corporate Resilience (CR) as a framework for analysing “how” a company operates and manages environmental and social operational risks, as well as corporate governance. At Impax, both Sustainability and CR or IR are core parts of the investment process.
Proprietary in-house Corporate Resilience (CR) analysis is the responsibility of the lead analysts of investee companies, while the wider Sustainability Centre team leads the oversight, development and implementation of Impax’s Sustainability approach and Responsible Investment policies.
The Sustainability Centre acts as a sounding board for lead analysts when completing company reviews; for instance, in identifying the most material sustainability risks, country-specific aspects of governance structures as well as highlighting company-specific engagement priority areas following the completion of analysis, where sustainability strengths and potential weaknesses have been uncovered.
The SC is responsible for the consistent and timely maintenance of companies’ CR scores and reviews on “Portal”, Impax’s proprietary data and research platform. The SC also ensures the investment team is informed of changes to sustainability policies, methodologies, significant changes to CR scoring, proxy voting issues or engagement outcomes in companies, through regular investment team meetings, such as Investment Committee and daily Morning Meetings. The SC also attend Portfolio Review Meetings (PRMs) and A-list introduction meetings, providing sustainability perspectives.
Strategic (or thematic) engagement programmes are also initiated and coordinated by the Global Head of Sustainability & Stewardship, and led in conjunction with the stock’s lead analysts.
In addition, the Sustainability Centre leads the continual development and training of the Impax investment team on sustainability competency.
Process:
Investment universe formation
Impax has been investing in ‘environmental markets’ since 1998. In 2015, the Firm developed the Lens, comprised of eight categories of opportunity and nine categories of risk, to help analyse the broader economy.
The Lens is a top-down proprietary framework for consistently assessing sustainability opportunities and risks at a GICs sub-industry level. It is driven by fundamental insights from Impax’s Sector Expert Groups and the Sustainability Centre. It provides the Equity Team with a forward-looking perspective on investment opportunities and risks arising from the Transition to a Sustainable Economy. It ranks all economic (GICS) sub-industries by the opportunities and risks related to the long-term transition to a more sustainable economy.
The pairing of the Lens’ medium to long-term TSE opportunities and risks with the nearer dated views of Sector Expert Groups provides a dynamic and holistic top-down and bottom-up picture to the Investment Platform, feeding into Idea Generation and Fundamental Analysis. Portfolios Managers use the Lens framework in combination with other inputs to assess and screen strategy-relevant stock opportunities.
Impax scores each MSCI GICS sub-industry against these 17 categories to produce composite opportunity and risk scores, and, based on these scores, sub-industries are ranked as high, neutral, or low for both opportunity and risk. These rankings help the Firm’s investment team in their search for corporate issuers in durable businesses.
The rankings for risk and opportunity for each sector are allocated following a peer group review process led by Impax expert working groups. These groups, which are subsets of the investment team with sector and sustainability expertise, meet quarterly to review the most material social and environmental risks facing each sub-industry. The working groups use a combination of third party and internal research to aid their analysis.
Examples of higher priority sectors include:
- healthcare equipment suppliers that are well-positioned to serve a growing, ageing population who demand personalised healthcare services.
- financial services companies that are providing products and services that increase financial inclusion and meet basic protection needs of individuals.
- energy efficiency companies that are providing products and services that address climate change.
Low priority sectors include extractive industries such as coal and oil which are likely to suffer materially from the transition to a lower carbon intensity energy system in the medium term, as well as operational health and safety risks today.
The Lens is overseen by the Impax Lens Committee (“ILC”). The ILC is responsible for guidance and oversight of the Lens risk and opportunity analysis and ensuring that the portfolio reflects Impax’s investment philosophy as expressed within the Lens.
The ILC includes the Chief Executive, the Co-Chief Investment Officers (CIO) and Deputy CIO of Listed Investments, co-heads of the Sustainability Centre, Head of Investment Process and Risk Advisory, Global Head of Marketing, Global Head of Product Strategy and strategy team members. The ILC meets on a quarterly basis to review the focus and ratings of the Lens across different economic subsectors in light of current risks and opportunities. Under the ILC, there are specialist sector working groups who act to incorporate sudden as well as anticipated changes, as well as conduct regular reviews.
This means that any adjustment to the Lens’s perspective on an emerging sustainability theme is directly reflected in the tool used daily by fundamental analysts and portfolio managers to prioritise the universe for investment ideas.
Corporate Resilience analysis
Sustainability and Corporate Resilience (CR) analysis is an integral part of the Impax investment process at the company or issuer level and enables a deeper and broader understanding of investee companies, their corporate structures, oversight mechanisms, risk management capabilities, processes, and transparency.
In its active strategies, Impax seeks to understand the character of companies and issuers through proprietary, fundamental CR analysis, and the insights gained are then utilised to establish the priorities for engagement.
All companies must meet financial and CR criteria before entering Impax’s investable universe. The investment team members are responsible for sustainability and CR analysis, which is fully integrated into the investment process for actively managed listed equities and fixed income via the following steps:
Screening
Compliance with international standards and norms is an investment requirement. Global standards screening assesses the extent to which a company causes, contributes or is linked to violations of international norms and standards. This assessment covers the UN’s Global Compact Principles, as well as the OECD Guidelines for Multinational Enterprises, the International Labour Organisation’s (ILO) Conventions and the UN Guiding Principles on Business and Human Rights (UNGPs). Impax seeks to exclude companies with involvement in controversial weapons from investment. If Impax determines a company is not compliant with international standards and norms, it will be excluded from the investable universe. Where a company is flagged for potential breaches, Impax will monitor and seek to engage where appropriate. We seek to review our company universe for compliance with international sanctions.
Corporate-level Resilience analysis
Impax conducts detailed, proprietary analysis of new companies and issuers considered for the investable universe and reviews the analysis periodically. The CR analysis is based on a materiality approach and assesses companies across five key pillars analysis: assesses companies across five key pillars: 1) governance structures, 2) environmental and social policies, processes and disclosures, which involves identifying the most material risks, 3) climate, both physical and transition risk, 4) human capital management and equity, diversity an inclusion and 5) exposure to and response to past controversies. The lead analysts of companies are responsible for the CR analysis and work in an integrated way with the Sustainability Centre, who complete peer reviews and finalise the scoring of the CR analysis.
Scoring
The five pillars are each scored based on tiering of performance, management, and disclosures. Guidance documents outline what drives scoring, ranging from best practices (first tier) to significantly lagging global practice (lowest tier). The pillar weights are adjusted where relevant for materiality. Based on the five pillar scores, companies are assigned an overall CR rating: Excellent, Good, Average, Fair and Excluded. The Impax scoring system is “absolute” (not a sector relative best-in-class approach) and is intended to enable a comparison of CR quality across countries, sectors, company sizes, etc.
Companies categorised as ‘Excluded’ are not eligible for investment, while those categorised as ‘Fair’ are prioritised for engagement, for risk management purposes. Impax does not seek to exclude a certain number or percentage of companies but rather seeks an absolute level of quality in companies/issuers eligible for investment (the “A-List” for active listed equities). An improving CR rating trajectory can give the investment team and portfolio managers further conviction in a company.
Engagement
Engagement is fully integrated into the investment process. Engagement is used to both mitigate risk and enhance value and investment opportunities.
Engagement allows Impax’s investment team to:
- manage risks by proactively identifying and mitigating issues
- understand a company’s character better, which lends insight to its quality and resilience
- strengthen companies over time by improving quality, processes, transparency, and resilience
Engagements are identified as part of our Corporate Resilience Analysis, top down thematic research and from proxy voting activities. They are are conducted by the Impax investment team, as part of regular meetings with company management teams, or through additional conference calls, meetings, email exchanges or as part of joint communications with the investment community.
Where engagements are not progressing as anticipated, Impax may utilise escalation processes, which include seeking meetings with alternative contacts at investee companies, including board directors, seeking engagement together with other shareholders, industry organisations, standard-setters or regulators, as well as filing or co-filing shareholder resolutions.
Collaborative engagements may be prioritised where outreach may particularly benefit from multiple shareholders’ involvement or where an issue is being escalated. Collaborative engagements are conducted across various material sustainability issues and specific sectors and companies. Impax does not participate in collaborative engagements that could be interpreted as investors acting in concert.
Impax will also consider systematic engagements, which may require or particularly benefit from simultaneous engagement with standard-setters, regulators or policy makers, to remove barriers or impediments preventing companies from developing more resilient processes and transparency.
Impax Investment Committee meetings have a monthly standing agenda item “Sustainability and Stewardship” to continuously inform and discuss stewardship issues across the investment team. Members of the Sustainability Centre regularly attend Portfolio Review Meetings to discuss company-specific stewardship priorities and issues with lead analysts and portfolio managers.
Please refer to Impax’s Stewardship policy for further details on engagement activity and company examples.
Resources, Affiliations & Corporate Strategies:
The Sustainability Centre (SC), under the joint leadership of Lisa Beauvilain and Chris Dodwell, focuses on two core areas that deliver meaningful impact: investment sustainability & stewardship, and client advisory, reporting & advocacy.
Investment Sustainability & Stewardship:
The SC enhances the investment process by identifying financially material sustainability factors for consideration in the investment decision-making process. This work includes:
- Sustainable and thematic investment research and idea generation: Informing the investment process with sustainability research and idea generation, leveraging Impax proprietary Sustainability Lens and Thematic Taxonomies.
- Corporate & Issuer Resilience methodology and analysis: Providing oversight of our proprietary resilience framework (formerly ESG) as part of Impax's fundamental research.
- Stewardship: Engaging with companies and exercising proxy voting to manage risk and drive improved outcomes for investee companies.
- Sector & Policy Intelligence: providing sector and policy insights to inform investment perspectives and strategic positioning.
Client Advisory, Reporting & Advocacy:
The SC partners with clients and industry associations to bring our sustainability expertise to life for clients and the broader market. This work includes:
- Client advice and partnerships: Collaborating with clients on bilateral projects and through industry working groups
- Sustainability reporting: Producing innovative, forward-looking sustainability reporting
- Industry associations and initiatives: Engaging in policy advocacy to address systemic risks and support enabling policy environments
- Published thought leadership: Delivering investment-relevant sustainability thought leadership.
Fund Holdings
Voting Record
Disclaimer
Important Information
This document (the “Document”) contains information that has been provided at the specific request of the intended recipient and is for discussion purposes only. This Document has been issued by Impax Asset Management (“Impax”) which means one of the following entities depending on the location of the recipient:
- For recipients based outside the European Economic Area (the “EEA”): Impax Asset Management Limited (FRN 197008) and/or Impax Asset Management (AIFM) Limited (FRN 613534) which are authorised and regulated by the Financial Conduct Authority.
- For recipients based inside the EEA: Impax Asset Management (Ireland) Limited which is authorised and regulated by the Central Bank of Ireland (Reference No: C186651).
The information and any opinions contained in this Document have been compiled in good faith, but no representation or warranty, express or implied, is made to their accuracy, completeness or correctness. Impax, its officers, employees, representatives and agents expressly advise that they shall not be liable in any respect whatsoever for any loss or damage, whether direct, indirect, consequential or otherwise however arising (whether in negligence or otherwise) out of or in connection with the contents of or any omissions from this Document. The information in the Document has not been independently verified and is subject at all times to the conditions, caveats and limitations described in the Document. All opinions, projections and estimates constitute the judgment of Impax as of the date of the Document and are subject to change without notice.
This Document does not constitute an offer to sell, purchase, subscribe for or otherwise invest in units or shares of any fund managed by Impax. It may not be relied upon as constituting any form of investment advice and prospective investors are advised to ensure that they obtain appropriate independent professional advice before making any investment. This information is in no way indicative of how the strategy will perform and is not intended as a statement as to the likelihood of Impax achieving particular results in the future. Past performance of a strategy is no guarantee as to its performance in the future. This Document is not an advertisement and is not intended for public use or distribution.
The information contained in the Document is not investment, tax, accounting or legal advice and does not take into consideration the investment objectives, financial situation or particular needs of the recipient. Investing entails certain risks, including the possible loss of the entire principal amount invested. The recipient of this Document should seek its own financial, tax, accounting and legal advice in connection with any proposed investment.
The Document is strictly confidential and is only intended for the intended recipient(s) and must not be forwarded by such intended recipient to anyone else. It must not be copied, reproduced or distributed in whole or in part at any time. The Document may contain proprietary information and any further confidential information made available to the recipient must be held in complete confidence and documents containing such information may not be reproduced, used or disclosed without the prior written consent of Impax.
The Document is not intended to be distributed in any jurisdiction where such distribution is not permitted by the local law.
EEA – The Document is only being made available to and is only directed at persons in member states of the EEA who are professionals, defined as Eligible Counterparties, or Professional Clients, as defined by the applicable jurisdiction. Under no circumstances should any information contained in this document be regarded as an offer or solicitation to deal in investments in any jurisdiction.
UK – The Document is only being made available to and is only directed at persons in the United Kingdom who are professionals, defined as Eligible Counterparties, or Professional Clients, within the meaning of the rules of the Financial Conduct Authority. Under no circumstances should any information contained in this Document be regarded as an offer or solicitation to deal in investments in any jurisdiction. In the United Kingdom, this material is a financial promotion and has been approved by Impax Asset Management Limited OR Impax Asset Management (AIFM) Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority.
Australia – This Document has been prepared and is being made available by Impax Asset Management Limited. Impax Asset Management Limited is exempt from the requirement to hold an Australian financial services license in respect of the financial services it provides to wholesale investors in Australia and is regulated by the Financial Conduct Authority of the United Kingdom under the laws of the United Kingdom which differ from Australian laws. This document is only to be made available to 'wholesale investors' under the Corporations Act 2001 (Cth) receiving this document in Australia. Impax Asset Management Limited is exempt from the requirement to hold an Australian financial services license by operation of ASIC Class Order 03/1099: UK FCA regulated financial service providers, as modified by ASIC Corporations (Repeal and Transitional) Instrument 2016/396.
Impax is trademark of Impax Asset Management Group Plc. Impax is a registered trademark in the UK, EU, US, Hong Kong, Canada, Japan and Australia. © Impax Asset Management LLC, Impax Asset Management Limited and/or Impax Asset Management (Ireland) Limited. All rights reserved.
Impax Asset Management makes its investment and related decisions pursuant to its independently determined policies and practices that seek to serve the risk management objectives and interests of its investors. Any and all engagement by Impax Asset Management with issuers and other market participants on sustainability issues are pursuant to, and consistent with, those independently determined policies and practices.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Important information on engagement
Impax exercises its proxy voting rights and conducts its global stewardship activities on an independent basis on behalf and in the best interests of its clients, in accordance with Impax investment policies regarding good corporate governance applicable for all investee companies and not to foster a control transaction for any particular company. The application of these policies is predicated on the acquisition and ownership of securities in the ordinary course of business and were and are not acquired or held for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities, and such securities were and are not acquired in connection with or as a participant in any transaction having such purpose or effect.
Where Impax participates in collaborative engagement activities with other shareholders it does so on an independent basis and in accordance with its own policies. The purpose of such collaborative engagements is to facilitate an independent and free exchange of ideas and views among shareholders that relate to seeking improvement of the long-term performance of investee companies and/or changes in investee company practices, without the purpose of acquiring, holding or disposing of securities to effect or influence a change of control in investee companies or as a participant in any transaction having such purpose or effect.
While Impax may consult with other market participants on certain engagement efforts, Impax unilaterally determines whether and to what extent to engage with other stakeholders and all of Impax’s investment decisions are independent and based on its own, unilateral strategy for maximising return on investment.
| Fund Name | SRI Style | SDR Labelling | Product | Region | Asset Type | Launch Date | Last Amended |
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Standard Life Impax Global Equity Opportunities Pn |
Sustainable Style | - | Pension | Global | Equity | 28/03/2024 | Jul 2026 | |
ObjectivesGlobal Opportunities is an all-cap global equities strategy that fully integrates analysis of sustainability risks and opportunities and invests in high quality companies in the pursuit of long-term capital growth. Impax believes that capital markets often underappreciate and mis-price the investment opportunities arising from the transition to a sustainable economy (TSE). We are guided by the conviction that this miscalculation of risk and opportunity is at the heart of alpha generation across our investment strategies. Companies well-positioned in this regard can deliver long-term outperformance. The Global Opportunities strategy is intentionally focused on areas of the market expected to benefit from the transition to a more sustainable economy. The combination of the Impax Sustainability Lens, Sector Expert Groups, and Impax’s proven investment process and integrated Corporate Resilience Analysis directs Impax towards companies with long-term opportunities in sectors that are less exposed to TSE disruption and risk. |
Fund/Portfolio Size: £1.00m (as at: 31/03/2026) ISIN: GB00BFCNPH34 |
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Sustainable, Responsible &/or ESG OverviewThis product is linked to the "Impax Global Equity Opportunities " fund. The following information refers to the primary fund. Global Opportunities is an all-cap global equities strategy that fully integrates analysis of sustainability risks and opportunities and invests in high quality companies in the pursuit of long-term capital growth.
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Primary fund last amended: Jul 2026 |
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Information received directly from Fund Manager |
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Fund FiltersEthical Values Led Exclusions
Tobacco & related products - avoid where revenue > 5%
Companies are excluded if they make more than 5% of their revenue from the manufacture, sale or distribution of tobacco products including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Controversial weapons exclusion
Excludes companies which make controversial weapons such as landmines, cluster munitions and chemical weapons. Gilts & Sovereigns
Does not invest in sovereigns
Does not invest in / excludes 'sovereigns' - debt issued by governments. See eg https://www.investopedia.com/terms/s/sovereign-debt.asp Impact Methodologies
Publish ‘Theory of Change’ explanation
Policy explains the ways in which the manager believes things need to change in order to deliver a more sustainable future, which they are working to help achieve. Unscreened Assets & Cash
No ‘diversifiers’ used other than cash
Only invests in cash to aid the practical management (buying and selling) of assets and so do not use additional financial instruments. Intended Clients & Product Options
Intended for clients interested in sustainability
Designed to meet the needs of individual investors with an interest in sustainability issues. Fund Management Company InformationAbout The Business
Boutique / specialist fund management company
Find fund / asset management companies that are smaller or specialise in particular areas - notably, ideally ESG related. Strategies vary.
Specialist positive impact fund management company
Find fund / asset management companies (or subsidiaries) that specialise in - or focus entirely on - investing in assets that are helping to deliver positive environmental and / or social impacts.
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 / ESG a key differentiator (AFM companywide)
Find fund / asset managers that consider responsible ownership and ESG to be a key differentiator for their business.
Senior management KPIs include environmental goals (AFM companywide)
The leadership team of this fund / asset manager have performance targets linked to environmental goals.
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).
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'.
UKSIF member
Find fund / asset management companies that are members of UKSIF - the UK Sustainable Investment and Finance association
TNFD forum member (AFM companywide)
A member of the Taskforce for Nature Related Financial Disclosures group which aims to aid risk management and shift money towards nature-positive outcomes.
Investment Association (IA) member
Fund management entity is a member of the Investment Association https://www.theia.org/
Net Zero Asset Managers (NZAM) signatory
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.
ESG specialists on all investment desks (AFM companywide)
Finds organisations / fund managers that have one or more ESG/sustainability experts on all investment teams or 'desks' (all asset types) 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 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 on the responsible use of AI
Working to address sustainability, ESG and related concerns around artificial intelligence.
Stewardship escalation policy
Escalation policies describe how a manager will proceed if stewardship / engagement activity is not successful in the short term. Company Wide Exclusions
Controversial weapons avoidance policy (AFM companywide)
Find fund / asset management companies (not funds) that avoid investment in 'controversial weapons' across all of their funds and other investment vehicles.
Review(ing) carbon / fossil fuel exposure for all funds (AFM companywide)
Find funds / asset managers that are reviewing, or have reviewed, their exposure to carbon intensive industries including (but not only) mining, oil and gas companies. (Typically with reference to climate change.) Climate & Net Zero Transition
Net Zero commitment (AFM companywide)
Fund / asset management organisations that have pledged to reduce their greenhouse gas emissions to ‘net zero’. Strategies vary - this area is changing rapidly.
Voting policy includes net zero targets (AFM companywide)
Fund / asset manager AGM / EGM voting strategy has processes in place that mean they will normally be expected to vote in a way that will encourage the transition to net zero greenhouse gas emissions.
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.
‘Forward Looking Climate Metrics’ published / ITR (AFM companywide)
Finds organisations / fund managers that have published ‘forward looking climate metrics’ e.g. 'implied temperature rise' data that are a total of the asset management company's share (% owned) of all the investee company emissions of the assets they manage, as well as their own direct and other indirect emissions.
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.
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.
Paris Alignment plan publicly available (AFM companywide)
This fund / asset management company has published a plan that explains how they will align to the climate change commitments made at the Paris Climate Talks, COP21.
Net Zero transition plan publicly available (AFM companywide)
This fund / asset management company has published a plan that explains how they are going to achieve net zero greenhouse gas / CO2e emissions. Sustainable, Responsible &/or ESG Policy:Impax believes strong investment outcomes can be generated by investors who better understand the opportunities and risks associated with the transition to a more sustainable economy. Our investment philosophy emphasises the identification and analysis of powerful secular forces – such as advancements in technology, changes in policy and regulation, and evolving social trends. These enduring and dynamic trends are not only reshaping the global economy, but are also accelerating the transition to a more sustainable economy, creating significant opportunities and challenges for investors. Our fundamental research-driven approach to investing adds value by recognising these trends and cycles may follow non-linear paths. The combination of our proprietary knowledge and insights into the transition to a more sustainable economy – together with fundamental and macroeconomic research, quantitative insights, stewardship and engagement and a disciplined focus on valuation – comprehensively shapes our investment approach across asset classes. Recognising that each asset class has distinct characteristics, our philosophy is thoughtfully adapted to ensure our approach remains effective and relevant across the investment spectrum. Impax views sustainability (responsible investment) as having a focus on the business activity of an investee company i.e. “what” a company does. Impax views Corporate Resilience (CR) as a framework for analysing “how” a company operates and manages environmental and social operational risks, as well as corporate governance. At Impax, both Sustainability and CR or IR are core parts of the investment process. Proprietary in-house Corporate Resilience (CR) analysis is the responsibility of the lead analysts of investee companies, while the wider Sustainability Centre team leads the oversight, development and implementation of Impax’s Sustainability approach and Responsible Investment policies. The Sustainability Centre acts as a sounding board for lead analysts when completing company reviews; for instance, in identifying the most material sustainability risks, country-specific aspects of governance structures as well as highlighting company-specific engagement priority areas following the completion of analysis, where sustainability strengths and potential weaknesses have been uncovered. The SC is responsible for the consistent and timely maintenance of companies’ CR scores and reviews on “Portal”, Impax’s proprietary data and research platform. The SC also ensures the investment team is informed of changes to sustainability policies, methodologies, significant changes to CR scoring, proxy voting issues or engagement outcomes in companies, through regular investment team meetings, such as Investment Committee and daily Morning Meetings. The SC also attend Portfolio Review Meetings (PRMs) and A-list introduction meetings, providing sustainability perspectives. Strategic (or thematic) engagement programmes are also initiated and coordinated by the Global Head of Sustainability & Stewardship, and led in conjunction with the stock’s lead analysts. In addition, the Sustainability Centre leads the continual development and training of the Impax investment team on sustainability competency. Process:Investment universe formation Impax has been investing in ‘environmental markets’ since 1998. In 2015, the Firm developed the Lens, comprised of eight categories of opportunity and nine categories of risk, to help analyse the broader economy. The Lens is a top-down proprietary framework for consistently assessing sustainability opportunities and risks at a GICs sub-industry level. It is driven by fundamental insights from Impax’s Sector Expert Groups and the Sustainability Centre. It provides the Equity Team with a forward-looking perspective on investment opportunities and risks arising from the Transition to a Sustainable Economy. It ranks all economic (GICS) sub-industries by the opportunities and risks related to the long-term transition to a more sustainable economy. The pairing of the Lens’ medium to long-term TSE opportunities and risks with the nearer dated views of Sector Expert Groups provides a dynamic and holistic top-down and bottom-up picture to the Investment Platform, feeding into Idea Generation and Fundamental Analysis. Portfolios Managers use the Lens framework in combination with other inputs to assess and screen strategy-relevant stock opportunities.
Impax scores each MSCI GICS sub-industry against these 17 categories to produce composite opportunity and risk scores, and, based on these scores, sub-industries are ranked as high, neutral, or low for both opportunity and risk. These rankings help the Firm’s investment team in their search for corporate issuers in durable businesses. The rankings for risk and opportunity for each sector are allocated following a peer group review process led by Impax expert working groups. These groups, which are subsets of the investment team with sector and sustainability expertise, meet quarterly to review the most material social and environmental risks facing each sub-industry. The working groups use a combination of third party and internal research to aid their analysis. Examples of higher priority sectors include:
Low priority sectors include extractive industries such as coal and oil which are likely to suffer materially from the transition to a lower carbon intensity energy system in the medium term, as well as operational health and safety risks today. The Lens is overseen by the Impax Lens Committee (“ILC”). The ILC is responsible for guidance and oversight of the Lens risk and opportunity analysis and ensuring that the portfolio reflects Impax’s investment philosophy as expressed within the Lens. The ILC includes the Chief Executive, the Co-Chief Investment Officers (CIO) and Deputy CIO of Listed Investments, co-heads of the Sustainability Centre, Head of Investment Process and Risk Advisory, Global Head of Marketing, Global Head of Product Strategy and strategy team members. The ILC meets on a quarterly basis to review the focus and ratings of the Lens across different economic subsectors in light of current risks and opportunities. Under the ILC, there are specialist sector working groups who act to incorporate sudden as well as anticipated changes, as well as conduct regular reviews. This means that any adjustment to the Lens’s perspective on an emerging sustainability theme is directly reflected in the tool used daily by fundamental analysts and portfolio managers to prioritise the universe for investment ideas. Corporate Resilience analysis Sustainability and Corporate Resilience (CR) analysis is an integral part of the Impax investment process at the company or issuer level and enables a deeper and broader understanding of investee companies, their corporate structures, oversight mechanisms, risk management capabilities, processes, and transparency. In its active strategies, Impax seeks to understand the character of companies and issuers through proprietary, fundamental CR analysis, and the insights gained are then utilised to establish the priorities for engagement. All companies must meet financial and CR criteria before entering Impax’s investable universe. The investment team members are responsible for sustainability and CR analysis, which is fully integrated into the investment process for actively managed listed equities and fixed income via the following steps: Screening Compliance with international standards and norms is an investment requirement. Global standards screening assesses the extent to which a company causes, contributes or is linked to violations of international norms and standards. This assessment covers the UN’s Global Compact Principles, as well as the OECD Guidelines for Multinational Enterprises, the International Labour Organisation’s (ILO) Conventions and the UN Guiding Principles on Business and Human Rights (UNGPs). Impax seeks to exclude companies with involvement in controversial weapons from investment. If Impax determines a company is not compliant with international standards and norms, it will be excluded from the investable universe. Where a company is flagged for potential breaches, Impax will monitor and seek to engage where appropriate. We seek to review our company universe for compliance with international sanctions. Corporate-level Resilience analysis Impax conducts detailed, proprietary analysis of new companies and issuers considered for the investable universe and reviews the analysis periodically. The CR analysis is based on a materiality approach and assesses companies across five key pillars analysis: assesses companies across five key pillars: 1) governance structures, 2) environmental and social policies, processes and disclosures, which involves identifying the most material risks, 3) climate, both physical and transition risk, 4) human capital management and equity, diversity an inclusion and 5) exposure to and response to past controversies. The lead analysts of companies are responsible for the CR analysis and work in an integrated way with the Sustainability Centre, who complete peer reviews and finalise the scoring of the CR analysis. Scoring The five pillars are each scored based on tiering of performance, management, and disclosures. Guidance documents outline what drives scoring, ranging from best practices (first tier) to significantly lagging global practice (lowest tier). The pillar weights are adjusted where relevant for materiality. Based on the five pillar scores, companies are assigned an overall CR rating: Excellent, Good, Average, Fair and Excluded. The Impax scoring system is “absolute” (not a sector relative best-in-class approach) and is intended to enable a comparison of CR quality across countries, sectors, company sizes, etc. Companies categorised as ‘Excluded’ are not eligible for investment, while those categorised as ‘Fair’ are prioritised for engagement, for risk management purposes. Impax does not seek to exclude a certain number or percentage of companies but rather seeks an absolute level of quality in companies/issuers eligible for investment (the “A-List” for active listed equities). An improving CR rating trajectory can give the investment team and portfolio managers further conviction in a company. Engagement Engagement is fully integrated into the investment process. Engagement is used to both mitigate risk and enhance value and investment opportunities. Engagement allows Impax’s investment team to:
Engagements are identified as part of our Corporate Resilience Analysis, top down thematic research and from proxy voting activities. They are are conducted by the Impax investment team, as part of regular meetings with company management teams, or through additional conference calls, meetings, email exchanges or as part of joint communications with the investment community. Where engagements are not progressing as anticipated, Impax may utilise escalation processes, which include seeking meetings with alternative contacts at investee companies, including board directors, seeking engagement together with other shareholders, industry organisations, standard-setters or regulators, as well as filing or co-filing shareholder resolutions. Collaborative engagements may be prioritised where outreach may particularly benefit from multiple shareholders’ involvement or where an issue is being escalated. Collaborative engagements are conducted across various material sustainability issues and specific sectors and companies. Impax does not participate in collaborative engagements that could be interpreted as investors acting in concert. Impax will also consider systematic engagements, which may require or particularly benefit from simultaneous engagement with standard-setters, regulators or policy makers, to remove barriers or impediments preventing companies from developing more resilient processes and transparency. Impax Investment Committee meetings have a monthly standing agenda item “Sustainability and Stewardship” to continuously inform and discuss stewardship issues across the investment team. Members of the Sustainability Centre regularly attend Portfolio Review Meetings to discuss company-specific stewardship priorities and issues with lead analysts and portfolio managers. Please refer to Impax’s Stewardship policy for further details on engagement activity and company examples. Resources, Affiliations & Corporate Strategies:The Sustainability Centre (SC), under the joint leadership of Lisa Beauvilain and Chris Dodwell, focuses on two core areas that deliver meaningful impact: investment sustainability & stewardship, and client advisory, reporting & advocacy.
Investment Sustainability & Stewardship: The SC enhances the investment process by identifying financially material sustainability factors for consideration in the investment decision-making process. This work includes:
Client Advisory, Reporting & Advocacy: The SC partners with clients and industry associations to bring our sustainability expertise to life for clients and the broader market. This work includes:
Fund HoldingsVoting RecordDisclaimerImportant Information This document (the “Document”) contains information that has been provided at the specific request of the intended recipient and is for discussion purposes only. This Document has been issued by Impax Asset Management (“Impax”) which means one of the following entities depending on the location of the recipient:
The information and any opinions contained in this Document have been compiled in good faith, but no representation or warranty, express or implied, is made to their accuracy, completeness or correctness. Impax, its officers, employees, representatives and agents expressly advise that they shall not be liable in any respect whatsoever for any loss or damage, whether direct, indirect, consequential or otherwise however arising (whether in negligence or otherwise) out of or in connection with the contents of or any omissions from this Document. The information in the Document has not been independently verified and is subject at all times to the conditions, caveats and limitations described in the Document. All opinions, projections and estimates constitute the judgment of Impax as of the date of the Document and are subject to change without notice. This Document does not constitute an offer to sell, purchase, subscribe for or otherwise invest in units or shares of any fund managed by Impax. It may not be relied upon as constituting any form of investment advice and prospective investors are advised to ensure that they obtain appropriate independent professional advice before making any investment. This information is in no way indicative of how the strategy will perform and is not intended as a statement as to the likelihood of Impax achieving particular results in the future. Past performance of a strategy is no guarantee as to its performance in the future. This Document is not an advertisement and is not intended for public use or distribution. The information contained in the Document is not investment, tax, accounting or legal advice and does not take into consideration the investment objectives, financial situation or particular needs of the recipient. Investing entails certain risks, including the possible loss of the entire principal amount invested. The recipient of this Document should seek its own financial, tax, accounting and legal advice in connection with any proposed investment. The Document is strictly confidential and is only intended for the intended recipient(s) and must not be forwarded by such intended recipient to anyone else. It must not be copied, reproduced or distributed in whole or in part at any time. The Document may contain proprietary information and any further confidential information made available to the recipient must be held in complete confidence and documents containing such information may not be reproduced, used or disclosed without the prior written consent of Impax. The Document is not intended to be distributed in any jurisdiction where such distribution is not permitted by the local law. EEA – The Document is only being made available to and is only directed at persons in member states of the EEA who are professionals, defined as Eligible Counterparties, or Professional Clients, as defined by the applicable jurisdiction. Under no circumstances should any information contained in this document be regarded as an offer or solicitation to deal in investments in any jurisdiction. UK – The Document is only being made available to and is only directed at persons in the United Kingdom who are professionals, defined as Eligible Counterparties, or Professional Clients, within the meaning of the rules of the Financial Conduct Authority. Under no circumstances should any information contained in this Document be regarded as an offer or solicitation to deal in investments in any jurisdiction. In the United Kingdom, this material is a financial promotion and has been approved by Impax Asset Management Limited OR Impax Asset Management (AIFM) Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Australia – This Document has been prepared and is being made available by Impax Asset Management Limited. Impax Asset Management Limited is exempt from the requirement to hold an Australian financial services license in respect of the financial services it provides to wholesale investors in Australia and is regulated by the Financial Conduct Authority of the United Kingdom under the laws of the United Kingdom which differ from Australian laws. This document is only to be made available to 'wholesale investors' under the Corporations Act 2001 (Cth) receiving this document in Australia. Impax Asset Management Limited is exempt from the requirement to hold an Australian financial services license by operation of ASIC Class Order 03/1099: UK FCA regulated financial service providers, as modified by ASIC Corporations (Repeal and Transitional) Instrument 2016/396. Impax is trademark of Impax Asset Management Group Plc. Impax is a registered trademark in the UK, EU, US, Hong Kong, Canada, Japan and Australia. © Impax Asset Management LLC, Impax Asset Management Limited and/or Impax Asset Management (Ireland) Limited. All rights reserved. Impax Asset Management makes its investment and related decisions pursuant to its independently determined policies and practices that seek to serve the risk management objectives and interests of its investors. Any and all engagement by Impax Asset Management with issuers and other market participants on sustainability issues are pursuant to, and consistent with, those independently determined policies and practices. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. Important information on engagement Impax exercises its proxy voting rights and conducts its global stewardship activities on an independent basis on behalf and in the best interests of its clients, in accordance with Impax investment policies regarding good corporate governance applicable for all investee companies and not to foster a control transaction for any particular company. The application of these policies is predicated on the acquisition and ownership of securities in the ordinary course of business and were and are not acquired or held for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities, and such securities were and are not acquired in connection with or as a participant in any transaction having such purpose or effect. Where Impax participates in collaborative engagement activities with other shareholders it does so on an independent basis and in accordance with its own policies. The purpose of such collaborative engagements is to facilitate an independent and free exchange of ideas and views among shareholders that relate to seeking improvement of the long-term performance of investee companies and/or changes in investee company practices, without the purpose of acquiring, holding or disposing of securities to effect or influence a change of control in investee companies or as a participant in any transaction having such purpose or effect. While Impax may consult with other market participants on certain engagement efforts, Impax unilaterally determines whether and to what extent to engage with other stakeholders and all of Impax’s investment decisions are independent and based on its own, unilateral strategy for maximising return on investment. |
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