Templeton Emerging Markets Sustainability Fund (FTF)

Sustainable, Responsible &/or ESG Policy:

The Fund’s sustainable investment objective is capital appreciation and reorientation of capital towards sustainability through investing in companies that demonstrate positive sustainable contribution to the positive outcome areas mentioned below.

In order to achieve this objective, the Fund seeks to invest in companies located or having their principal business activities in developing or emerging nations and which contribute to a positive social and/or environmental outcome. Specifically, only companies whose products and services which are aligned to one or more of the six positive outcome areas linked to the United Nations Sustainable Development Goals (the “UN SDGs”) are eligible.

The Fund seeks to achieve its objective through a policy of investing primarily in a diversified portfolio of equity securities of companies located or having their principal business activities in developing or emerging nations and which demonstrate good or improving sustainability criteria as defined by the Investment Managers’ binding ESG rating methodology described below.

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Methodology

The Fund conducts a rigorous and holistic 3-pillar ESG assessment on each investee company which measures:

• "Alignment Pillar": the alignment of products and/or services to positive environmental and/or social outcome areas. These are companies that contribute to one or more of six social or environmental positive outcomes areas linked to the UN SDGs:
  • Basic Needs (goods and services known to contribute significantly to development);
  • Wellbeing (enhanced health, education, justice, and equality of opportunity for all);
  • Decent Work (creation of secure, socially inclusive jobs and working conditions for all);
  • Healthy Ecosystems (maintenance of ecologically sound landscapes and seas for people and nature);
  • Climate Stability (solutions to curb the Earth’s temperature rise); and
  • Resource Security (preservation of natural resources through efficient and circular use)

Contribution is typically measured by revenue exposure or another relevant metric.

• "Intentionality Pillar": the intentionality to maintain or improve the ESG footprint of the company's operating model. The Investment Managers assess how company's practices are intended at improving or maintaining the ESG footprint of its operating model. The Investment Managers conduct a materiality based ESG assessment to assign a score. The following provides examples of ESG elements taken into consideration when assessing a company:
  • Environmental considerations include issues such as resource efficiency, carbon emissions management, waste prevention and recycling, pollution prevention and control.
  • Social considerations include issues such as labor standards, fair wages, diversity and gender balance, health & safety practices, and product safety.
  • Governance considerations include issues such as appropriate accounting practices, alignment of interests, board effectiveness, capital allocation, shareholder rights, and quality of disclosures.

• "Transition Pillar": the transition potential for improvement through the Investment Managers' engagement as active owners. These are targeted engagements with specific goals and objectives based on scope for improvement.

All companies in which the Fund invests undergo this 3-pillar ESG assessment and the Investment Managers assign an overall proprietary score for each company prior to investment.

A company can only be selected for the Fund if it scores a minimum percentage of net contribution on the "Alignment Pillar" as well as a minimum of A as per the 3-pillar ESG assessment (scale of CCC to AAA, AAA being the Highest).

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The Fund also applies specific ESG exclusions and does not invest in companies which according to the Investment Managers analysis:

• repeatedly and/or seriously violate the UNGC Principles, without positive perspective;
• manufacture or distribute nuclear weapons or controversial weapons defined as anti-personnel mines,biological & chemical weaponry, depleted uranium, and cluster munitions or those that manufacture components intended for use in such weapons. Companies that derive more than 5% revenue from any other weapons will also be excluded;
• manufacture tobacco or tobacco products; or those that derive revenue from such products that exceeds 5%;
• derive more than 5% of their revenue from thermal coal extraction or unconventional oil & gas extraction;
• derive more than 5% of their revenue from gambling or adult entertainment;
• which appears as excluded on the Norges Bank Investment Management (NBIM) exclusion list.

The 3 pillars of this ESG assessment along with additional ESG exclusions the Fund applies filters down the investment universe by typically at least 20%. The Fund’s investment universe is constituted of emerging market companies under research coverage by the investment team.

Process:

Summary

Our investment process leverages the strength of our investment team and is aligned to our dual purpose of delivering attractive risk-adjusted investment returns and positive outcomes for all stakeholders. The three broad stages comprise: idea generation, stock research, and portfolio construction and management. Our process is bottom-up with a low turnover approach.

The idea generation phase primarily utilizes the access and experience of our analysts and portfolio managers across emerging markets, managing a wide range of global, regional, and single country strategies. The strategy seeks structural opportunities in emerging markets in companies with sustainable earnings power at a discount to intrinsic worth and contribute to positive social and/or environmental areas. Our stock research approach is rigorous, fundamental, and bottom-up, utilizing a variety of company/industry reports, proprietary models, and extensive company meetings. Finally, the third stage of portfolio construction and management seeks to build a high conviction, well-diversified portfolio with low directional bias and driven by stock-specific risk, not style or top-down factors. We also employ strict buy and sell discipline as long-term investors. We describe each of the three stages in more detail as follows:

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1.Idea Generation

As part of the broader FTEME platform, analysts, and portfolio managers across a wide range of global, regional, and single country strategies play a central role in idea generation for the strategy. Their experience and expertise allow them to identify trends they may want to explore further through company research. In addition, our local presence, network and understanding of local dynamics may help us identify trends and opportunities that other market participants may filter out through standard quantitative screens. FTEME analysts speak the local language and are part of the local culture/fabric of the countries where they conduct research.

FTEME has management and industry relationships cultivated over years and decades. We enjoy timely and ongoing access to insights from company management, business leaders, government officials and central banks due to our resource, experience, and history. Our analysts can identify investment opportunities beyond the mainstream, often before they are recognized by the broader market.

Research coverage is mutually decided by the analyst and the Director of Research/portfolio managers and is focused on identifying sustainable earnings power at a discount. The goal is to leverage analysts’ knowledge and expertise and provide them with the freedom to satisfy their intellectual curiosity and entrepreneurialism in identifying research candidates that may serve as investable ideas for the strategies under management. At the same time, we aim to ensure appropriate coverage of the investment universe in aggregate at the platform and strategy levels, and diversification in terms of country, sector, and investment themes. As such, before initiating coverage on a new name, analysts undertake a ‘First Look', and socialize information such as background and preliminary investment thesis with the portfolio managers. This ensures coverage is aligned with portfolio needs and allows analysts to gather early feedback before conducting in-depth analysis on new names.

Both quantitative and qualitative resources also support analysts in their efforts to search the investment universe for compelling opportunities. We also comprehensively evaluate the emerging markets investment universe. On occasion, we use quantitative and fundamental techniques to support the idea generation process. This is aligned to seek businesses fitting the tenets of our investment philosophy, helping the investment team identify companies that meet our earnings sustainability, earnings power and valuation criteria. The purpose of the screen is to provide reference and context to the research team, rather than to drive decisions on research coverage.

The idea generation process is ongoing and dynamic, as analysts continually monitor their countries and industries for new opportunities.

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2.Stock Research

FTEME analysts conduct rigorous analysis to assess whether a company has sustainable earnings power, and to establish a proprietary estimate of its intrinsic worth. By integrating ESG analysis with traditional business and financial analysis we also seek to gain insights into the quality and risks of companies we invest in. Our research platform currently has coverage of over 700 companies across emerging markets using our proprietary and rigorous bottom-up research approach, along with extensive knowledge of the wider universe.

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Fundamental Research Focus

Our research efforts are focused on identifying sustainable earnings power at valuation levels that are at a discount to their intrinsic value based on long-term earnings estimates. Stock characteristics we seek are focused on (i) sustainable, (ii) earnings power, and (iii) discount to intrinsic worth, which we define below:

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(i) Sustainable

We look for evidence of earnings sustainability by evaluating a wide range of criteria, including but not limited to:

• Sound business models
• Sustainable competitive advantages
• Management foresight
• Low leverage

As part of assessing a company’s sustainability, we seek to develop a deep understanding of a company’s environmental, social, and governance (ESG) practices. This supports the identification of business models that are most likely to sustain high returns and resist competitive pressure over time. ESG factors can have a material impact on a company’s current and future corporate value; as such, ESG considerations are an embedded component of the rigorous fundamental bottom-up research the team conducts.

(ii) Earnings Power

Earnings power is the demonstrated ability to generate sustainable economic profit into the future in areas which could be beyond the current scope of operations.

• We look for real earnings growth by focusing on economic earnings and cash flows rather than reported EPS and differentiating between operational earnings and financial earnings.
• We evaluate internal versus external drivers to earnings and prefer companies with internal drivers which can be affected through management action.

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A key element of earnings power is therefore quality, as signified by:

• Products and services, and low regulatory and macro risk. We focus on the crucial intangibles that create lasting value, strong brands, excellent people, established systems and procedures, proprietary technologies, and low-cost operations.
• Financial strength, as exhibited by strong balance sheets, conservative accounting, and high economic value added.

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Management as indicated by:

• Strong execution track record.
• Ability to maintain highest standards in their area of operations.
• Ability/willingness to return cash to investors if there are no identified profitable investment opportunities.

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(iii) Discount to Intrinsic Worth

FTEME seeks to determine the intrinsic worth of a company by building robust models that capture our qualitative and quantitative assessment of current business characteristics and changes in the business profile over time.

Each research recommendation may incorporate several valuation methods including discounted cash flows, sum of the parts, net asset value, and a wide range of relative valuation metrics, as deemed appropriate by the analyst. Explicit cash flow forecasting typically extends over a three- to five-year horizon. We aim to clarify the risk/reward balance of a company by conducting sensitivity analysis, stress-testing, and scenario analysis.

As part of its assessment of value, FTEME focuses on understanding margin of safety. We seek to explicitly identify what the market consensus expectations are for a stock and how our fundamental view may differ.

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ESG Research Focus

Sustainability considerations form a core and necessary part of each company’s investment thesis. ESG factors provide a measure of sustainability, and this assessment of a company is carried out alongside traditional financial and economic analysis. We apply a rigorous and holistic 3-pillar ESG assessment on each company which measures: (i) Alignment of its products and/or services to positive outcome areas linked to UN SDGs, (ii) Intentionality to maintain or improve the ESG footprint of its operating model, and (iii) Transition potential for improvement through our engagement as active owners.

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(i) Alignment

We seek companies whose products and services are aligned to one or more of the six positive outcome areas linked to the UN Sustainable Development Goals (SDGs). The six positive outcome areas are: Basic Needs (goods and services known to contribute significantly to development), Wellbeing (enhanced health, education, justice and equality of opportunity for all), Decent Work (creation of secure, socially inclusive jobs and working conditions for all), Healthy Ecosystems (maintenance of ecologically sound landscapes and seas for people and nature), Climate Stability (solutions to curb the Earth’s temperature rise), and Resource Security (preservation of natural resources through efficient and circular use).

• We assign a score between 0-3 (3 being the highest) based on the business materiality to each of these categories. A company’s revenues (or by other relevant metrics such as loan book for financial companies) will form the basis of the analysis and will then be converted into a score based on our exposure score guide: 50+% / 3, 25-49% / 2, 10-24% /1.
• Companies can only be selected in this portfolio if they score a minimum of 2 on Alignment based on the exposure score guide.

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(ii) Intentionality

We will assess and assign a score between 0-3 (3 being the highest) on how a company’s practices are intended at improving or maintaining the ESG footprint of its operating model. Here, our analysts conduct a materiality based ESG assessment to assign a score. With support from FTEME’s dedicated ESG analysts, our analysts seek to identify material ESG issues and are guided by ESG Sector Framework Guides prepared by Franklin Templeton’s Global Sustainability Strategy Team (GSST). The frameworks have been informed by Sustainability Accountings Standards Board (SASB) and identify a minimum set of ESG issues most likely to materially impact the operating performance or financial condition of a typical company in its industry group. The following ESG elements can be taken into consideration when assessing a company:

• Environmental considerations can include issues such as resource efficiency, carbon emissions management, waste prevention and recycling, and pollution prevention and control.
• Social considerations can include issues such as labor standards, fair wages, diversity and gender balance, health & safety practices, and product safety.
• Governance considerations can include issues such as appropriate accounting practices, alignment of interests, board effectiveness, capital allocation, shareholder rights, and quality of disclosures.

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(iii) Transition

Finally, we will assess the potential for improvement in the two aforementioned pillars through engagement as active owners. These will be targeted engagements with specific goals and objectives. Again, we will assign a score of between 0-3 (3 being the highest).

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Final ESG Score

Overall, a company can have a minimum combined score of 0 or a maximum of 6 due to the combination of the three pillars (with Intentionality and Transition typically having a maximum combined score of 3 due to the inherent reciprocity). This overall numeric score of 0 to 6 is translated as an alphabetical rating guide of CCC to AAA.

A company can only be selected for the strategy if it scores a minimum of a 2 on the Alignment pillar, and a 4 (A) or above on the combined total score. All companies selected for the strategy will have undergone this assessment and pass the criteria set. Given the bottom-up and high conviction approach undertaken, the portfolio will typically have a higher weighting to companies scoring AA or AAA based on this assessment.

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Team Discussion/Review

Analysts have extensive informal and formal interactions with the team, director of research, and lead portfolio managers. Analysts’ views are probed and challenged during these interactions, primarily on stock specifics, but also potentially impactful macro or sector issues or model assumptions, thereby helping the analyst refine the investment thesis. We encourage team dialogue, healthy debate and “challenge,” harnessing insights across our globally diverse research team in the pursuit of better investment decisions. This applies to all daily investment meetings, as well as smaller individual and group settings.

Analysts are responsible for final stock recommendations. Oversight is provided by the Chief Investment Officer, the Director of Research, and the directors who form the senior leadership team, which safeguards the research and investment process and sets the investment direction of FTEME.

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Research Methods

Our research analysts form detailed views of companies by collecting and analyzing a variety of information including, but not limited to:

• Regular meetings with company management.
• Local intelligence including competitors, customers, independent industry professionals.
• Public records financial releases (including cross-referencing onshore and offshore filings that might be in different languages/released at different times).
• Third-party data, analytics, research.
• Cross-border corroboration and proprietary insights from our global research team.

The team conducts detailed quantitative financial analysis by building in-depth company models to evaluate financial strength and profitability, and to project future earnings and cash flow. Industry demand and supply models are incorporated in the analysis, as well as country and currency macro considerations.

We have a strong emphasis on qualitative assessment. Specifically, we:

• Conduct in-depth analysis of market opportunity, business model, strategy, competitive advantages.
• Perform assessment of management’s ability to identify opportunities and create value consistently.
• Carry out comprehensive industry perspective and outlook, enriched by our global insights.
• Evaluate regulatory and policy risk at the company, industry, and country level.

Every stock researched by the analysts is thoroughly vetted at regular investment team meetings. This analysis is available to all investment team members on common platforms. The high degree of interaction helps each member share and learn from the team’s collective experience and expertise.

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ESG Resources

Rather than create a niche ESG research function in a separate silo, one of our key strategies for effective integration is to keep ESG consideration embedded in the work of our mainstream research teams. In addition to our analysts’ research, our dedicated ESG analysts support the team anticipating and translating ESG risks and opportunities, along with wider support around universal sustainability topics via Franklin Templeton’s Investment Sustainability Solutions Team (ISST). Additionally, we are supported by independent risk consultants in our Investment Risk Management Group to provide a top-down, portfolio level perspective on ESG issues.

Our primary sources for gathering information on ESG is through engagement with management, financial statement analysis, corporate reports, and reference to third party providers of dedicated ESG research, such as MSCI and Sustainalytics. In addition, we are supported by independent risk consultants in our Investment Risk Management Group, as well as our ISST.

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Voting and Engagement

We conduct a significant number of company meetings—typically over 2,000 a year—using our industry-leading research footprint of over 70 investment professionals in 14 countries where we seek to gain a number of fundamental and ESG insights. We view this along with voting and engagement as part of our broader objective of responsible stewardship on behalf of our clients.

As active owners we seek to engage with companies on material issues via several approaches including management and board meetings, letter writing, proxy voting, and shareholder resolution filing.

Our approach to voting is designed to enhance shareholders' long-term economic interests. All our voting decisions are made in-house by our analysts/portfolio managers and are undertaken in accordance with our FTEME Corporate Governance Principles and in line with our clients’ best interests.

Our engagement efforts are not just limited to companies. We also use our wide footprint and relationships with countries to foster positive outcomes. Notable efforts in this arena include pushing for better standards of corporate governance and reforms as part of our management of a large mandate for the Romanian government listed on the local stock exchange. We believe these improvements should in turn help boost economic growth and profitability for listed companies in the country.

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3.Portfolio Construction and Management

Our portfolio construction and management process seeks to build a high-conviction stock-centric portfolio that is primarily driven by company-specific factors and focused on the long term. We assume a bottom-up approach to stock selection, with country and sector allocations a residual of this process.

• We aim to build a portfolio that is primarily driven by stock selection while seeking sufficient diversification at the portfolio level with low country, currency, and style tilt factors. We expect the dominant driver of the portfolio to be stock-specific risk, aligned with our philosophy of investing in companies with sustainable earnings power at a discount to intrinsic worth.
• We leverage the best available ideas utilizing the full coverage of FTEME and consider the risk and reward parameters associated with individual securities. Given our wide research footprint, we have over 700 companies covered in our internal research database, of which typically around 150 to 200 companies are included in the coverage for this strategy. Given the minimum ESG assessment and additional ESG exclusions, the coverage universe is typically reduced by at least 20%.
• We explicitly consider and manage risk at the portfolio level to ensure diversified economic drivers and to understand portfolio exposure to broader market events and macro factors.

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General Guidelines

General portfolio construction guidelines of our strategy include:

• Number of holdings: 30-50
• Sector and geographic diversification
• Companies that score a minimum combined rating of ‘A’ as per our 3-pillar ESG assessment
• ESG exclusions including weapons, tobacco, coal, unconventional oil & gas, UNGC violators
• Companies with sustainable earnings power at a discount to intrinsic value
• Stock weightings: 50bps-6% typical active weighting
• Country weightings: +/-10% typical active weighting
• Sector weightings: +/-10% typical active weighting
• Typically fully invested
• Typically no active use of derivatives
• Long-term investment horizon implying a low turnover approach

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Security Sizing

To ensure diversification and manage risk, our position sizes are carefully managed, with a typical active weighting of 50bps - 6%. This serves to diversify the portfolio across a wide number of investment opportunities—allowing each to contribute to the performance of the portfolio in a meaningful way—while also limiting the potential downside impact of any single security. We are bottom-up stock pickers and our risk aware approach is designed to ensure client portfolios have sufficient diversification to protect against downside risk. In addition, individual stock weightings are determined by the liquidity in the stock and the respective market. We are comfortable investing in less liquid companies that meet our investment criteria and building the position over time. However, we also aim to ensure that there is sufficient liquidity to decisively exit that name if fundamentals deteriorate due to unforeseen events impacting the company.

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Security sizing is determined by:

• Stock-specific considerations including risk profile, analyst and portfolio manager conviction, and liquidity.
• Portfolio context and considerations, including the marginal risk and return of adding the position to the portfolio, overarching investment themes, and what makes sense for the portfolio at a given point in time.
• Validation via independent risk analysis to assess risk/return tradeoff. This serves as an additional input and check aimed at corroborating or challenging our sizing decisions relative to the upside determined by the analyst, and the specific risk of the stock.

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Country and Sector Sizing

Sector and country weightings are a residual of our bottom-up stock selection process. Allocations to individual countries and sectors have a typical range of +/-10% active weight compared to the benchmark. We do not limit the number of countries in the portfolio or the number of issues in each country.

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Portfolio Style and Characteristics

The strategy typically displays the following characteristics as a result of our investment philosophy and process:

• Alignment to positive outcomes and UN SDGs: All companies selected for the strategy will have undergone our 3-pillar ESG assessment and contribute to one or more positive outcome areas linked to UN SDGs. Given the bottom-up and high conviction approach undertaken, the portfolio will typically have a higher weighting to companies scoring AA or AAA based on this assessment.
• Higher quality, with attractive growth and valuation characteristics: Our philosophy of finding and investing in businesses with sustainable earnings power trading at a discount to intrinsic worth typically leads to a higher quality portfolio, with attractive growth and valuation characteristics.
• High conviction portfolio: Concentrated and high conviction portfolio with 30-50 stocks of best ideas supported by our extensive research capability and risk-aware approach. Our strategy’s active risk is primarily driven by stock selection, not style or top-down factors. Our positive outcome areas and universe are intentionally broad in order to invest in best ideas from the bottom-up with a flexible and long-term valuation-aware approach. Active share is typically greater than 75%, with a significant number of holdings distinct from both competitor strategies and the index.
• Low turnover: Our bottom-up, high conviction and long-term approach means that typically our turnover is less than 20%, with our holding period around five years.

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Buy and Sell Discipline

As long-term investors our strategy tends to have low portfolio turnover given our high conviction and rigorous research process. Our buy discipline is primarily designed to ensure we buy when we have both conviction in a business and it is trading below its intrinsic value; our sell discipline is designed to capture the opposite.

Buy decisions typically take into consideration:

• Analyst rating upgrade driven by an increase in the margin of safety or conviction in the company.
• Portfolio manager increase in conviction and portfolio context, including rebalancing and risk management.
• Sell decisions typically are driven by:
• Analyst downgrade driven by a deterioration in fundamentals, or the stock reaches intrinsic value.
• More attractive opportunities on a relative basis.
• Other factors including risk considerations such as excessive volatility, ESG risk, or exposure to a given stock, country, sector, or theme.

All holdings are regularly reviewed to ensure that analyst recommendations are up to date and accurately reflect any changes in company fundamentals. In this way, our ongoing fundamental research drives all buy and sell decisions.

Resources, Affiliations & Corporate Strategies:

At Franklin Templeton, our sustainability expertise can be found within a multitude of roles and councils across the organization. Anne Simpson is our Global Head of Sustainability and is responsible for driving the firm’s strategic direction on stewardship and sustainability. We have a firmwide Stewardship and Sustainability Council (SSC) and a Sustainable Investment Governance Committee (SIGC) as well as subject matter experts within our Investment Sustainability Solutions Team (ISST). In addition, many of our investment teams have dedicated stewardship and sustainability analysts. Anne Simpson is the Chair of the Franklin Templeton Sustainable Investment Governance Committee, a member of the SSC, and works closely with ISST leadership and the Franklin Templeton Institute.

To leverage the wealth of expertise across our investment teams, in 2021 we established a firm-wide SSC, which provides a forum for dialogue and sharing of best practices around sustainable investing. The Council is supported by the dedicated ISST. The ISST is a multidisciplinary group of sustainable investment professionals with expertise in sustainability data, stewardship and engagement, and sustainability policy and reporting within Public Market Investments. It comprises 12 professionals as of December 31, 2024. The team is led by Dr. Jennifer Willetts, Head of Investment Sustainability Solutions, with David Sheasby serving as Strategic Advisor alongside his main responsibilities as Head of Stewardship, Sustainability, and Impact at Martin Currie. David has an additional role as Co-Chair of the SSC. The ISST provides guidance and services to our investment teams and other key stakeholders across the firm through their sustainability subject matter expertise. Their role is to support the needs and priorities of our investment teams, and their clients, in their consideration and integration of investment sustainability as required.

Franklin Templeton is a member of, supporter of, or signatory to the following initiatives. This is not exhaustive, and our Specialist Investment Managers (SIMs) may engage with additional initiatives at the SIM level:

• United Nations Principles for Responsible Investment (PRI)
• The Institutional Investors Group on Climate Change (IIGCC)
• Asia Investor Group on Climate Change (AIGCC)
• Asian Corporate Governance Association (ACGA)
• CDP (formerly Carbon Disclosure Project)
• The Taskforce on Climate Related Financial Disclosures (TCFD)
• UK Sustainable Investment and Finance Association (UKSIF)
• Foro de Inversión Sostenible de España (Spainsif)
• Council of Institutional Investors (CII)
• European Sustainable Investment Forum (Eurosif)
• IFRS Sustainability Alliance - ISSB International Sustainability Standards (incl SASB standards)
• International Corporate Governance Network (ICGN) – 2013

Franklin Templeton is a signatory to the following stewardship codes:

• UK Stewardship Code
• Japan Stewardship Code
• Singapore Stewardship Principles
• Australia: Principles of Internal Governance and Asset Stewardship
• Italian Stewardship Principles for the exercise of administrative and voting rights in listed companies – Assogestioni
• Hong Kong: Hong Kong principle of responsible ownership, Securities and Future Commission
• Sweden: Guidelines for fund management companies' shareholder engagement, issued by Swedish Investment Fund Association in Feb 2002 and revised in May 2019.
• Malaysian Code for Institutional Investor (MCII)

Franklin Templeton also actively participates in industry associations including:

• European Fund and Asset Management Association (EFAMA)
• European Securities and Markets Authority (ESMA)
• Investment Association (IA)
• Responsible Investment Association (RIA)
• Responsible Investment Association (RIA) Canada
• Responsible Investment Association Australasia (RIAA)
• IAA (Investment Adviser Association)
• ASIFMA AMG (Asia Securities Industry & Financial Markets Association) (Asset Management Group)
• Confederation of British Industry (CBI)
• GPCA (Global Private Capital Association)

SDR Labelling:

Not eligible to use label (out of scope)