Sustainable, Responsible &/or ESG Policy:

At Fidelity, we believe that sustainable investment makes good business sense and helps to protect and enhance investment returns. Consequently, our investment process takes ESG factors into account as these can have a material impact on investment performance. Our ESG integration occurs across all sectors and markets in which we invest.

The fund seeks to integrate ESG issues in its investment and risk monitoring process to help achieve an overall sustainable investment approach. The product is a pure-play in water and waste management and seeks to actively engage with companies on ESG issues with continued impact monitoring. Ultimately, we believe that by investing in sustainable companies the fund can generate a positive impact for its investors as well as the wider global economy.

The fund is subject to a firm-wide exclusion list, which includes, but is not limited to, companies involved in the production and/or distribution of cluster munitions and anti-personnel landmines. Besides our firm-wide Exclusion Policy, norms-based screening is performed and includes issuers which the Portfolio Managers consider have failed to conduct their business in accordance with accepted international norms, including as set out in the United Nations Global Compact. The fund also excludes production and/or distribution of tobacco, weapons and thermal coal at the 5% revenue level.

Through the investment management process, the Portfolio Managers aim to ensure that investee companies follow good governance practices.

The fund is part of Fidelity’s Sustainable Family range of funds and adopts a sustainable thematic strategy, under which a minimum of 90% of the fund’s net assets will be analysed as to whether they maintain sustainable characteristics and a minimum of 70% of the fund’s net assets will be invested in securities which are deemed to maintain sustainable characteristics, as described in the section entitled 'Sustainable investing framework' in the prospectus. When selecting investments, the fund’s investment universe, as represented by the index (for the purpose of this calculation), will be reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.

A maximum of 30% of the fund’s net assets are allowed in issuers that are not deemed to maintain sustainable characteristics in accordance with the criteria above, but which demonstrate improving sustainable indicators.

Process:

Investment process

The multi-stage investment process of the fund consists of: 

• Investment universe continually monitored and updated
• Themes evolution continuously monitored
• Shortlist of high quality, names we would like to own, monitored and updated
• Idea generation out of universe/ shortlist
• Stock research and validation
• Portfolio construction and risk management
• Portfolio monitoring and oversight

Idea generation

Idea generation stems primarily from the Fidelity research platform. Fidelity has developed one of the industry’s largest research operations with 136* equity research professionals spread across various locations covering approximately 95% of the global equity universe by market cap.

Our analyst team provides both proprietary fundamental and sustainability analysis which allows us to create an investible universe for the strategy consisting of over 300 companies involved in the water and waste value chains and related services or industries. The Portfolio Managers look at companies’ core business models, focusing not only on sales and profits but also on how much of their value is exposed to the global water and waste investment theme definition. The fund’s ESG focus leads to superior sustainable characteristics of the overall portfolio.

Currently, the portfolio’s exposure is approximately 60% water and 40% waste. This is only an outcome of the stock selection process and there are no specified targets for the split. This allocation to the themes will change over time depending on the bottom-up stock selection process.

The fund’s comparative market index is the MSCI All Country World Index (Net). The fund is not restricted to investment in market index holdings; however, it does need to adhere to the investment objective.

From the initial investment universe, the fund uses specific ESG criteria to ensure the fund is in line with the Fidelity Sustainable Fund Family investment framework. All ESG internal and external ratings are readily available to each analyst and Portfolio Manager to ensure complete transparency to the investment process.

A minimum of 70% of the fund’s net assets are invested in securities deemed to maintain sustainable characteristics. Sustainable characteristics are defined by reference to a combination of different measurements such as ESG ratings provided by external agencies or Fidelity ESGRatings. Further details on the methodology applied are set out at https://fidelityinternational.com/sustainable-investing-framework and may be updated from time to time.

A maximum of 30% of the fund’s net assets are allowed in issuers that are not deemed to maintain sustainable characteristics in accordance with the criteria above, but which demonstrate improving sustainable indicators.

*Source: Fidelity International, as at 31 March 2023.

Stock research and selection

The Portfolio Managers apply a purity factor to identify over 300 companies. They look at companies’ core business models focusing not only on sales and profits but also on how much of their value is exposed to the global water and waste investment theme definition. From a purity point of view over 40% purity can be expected at stock level. At the portfolio level, they target to have more than 80% of core exposure to water and waste (weighted equity value of consolidated constituents).

Using a combination of our research, third-party research including thematic research, expert calls, ESG calls and industry conferences, inputs from quantitative screens (HOLT) and company meetings, including direct engagement, the Portfolio Managers further narrow the universe.

The Portfolio Managers identify companies with structural growth drivers, operating in industries with high barriers to entry, attractive competitive dynamics, attractive returns, appropriate leverage and ability to compound. They measure best in class quality on growth, profitability, cash generation and financial strength.

Stocks which satisfy the investment philosophy and offer meaningful upside over a five-year period are considered for further analysis.

Stock research and validation will consist of detailed financial model and industry analysis, carried out in conjunction with the relevant Fidelity analyst, with a view to gain a fundamental edge in understanding the business and the industry it operates in. The Portfolio Management Team undertakes valuation work using a range of valuation metrics to identify mispricing, and help assess the upside potential for each stock, its relative attractiveness versus history, versus other potential investment candidates, as well as the existing portfolio holdings.

They use five-year target prices as a guideline and a trigger to re-evaluate the investment thesis. The Portfolio Managers continuously re-evaluate the investment thesis and upside potential of each holding in the portfolio. They exit stocks when the mispricing becomes appreciated by the market or when the thesis is broken. They also carry out an in-depth assessment of the potential risks associated with each stock.

Portfolio construction and risk management

The portfolio typically consists of 35–55 stocks. Position sizes are determined based on factors such as upside/downside, growth duration, conviction, risks to fundamentals, valuation levels, intra-portfolio correlations, volatility, liquidity and risk contribution. These are managed dynamically, as remaining upside and stock volatility evolve over time. The Portfolio Managers focus on businesses which can be broadly classified in three buckets. The common feature across buckets is exposure to structural growth driven by water and waste themes as well as attractive industry dynamics. In the first bucket, the focus is on companies with stable underappreciated structural growth, limited competition and low cyclicality. They tend to have underappreciated duration of growth, limited competition, long duration drivers. Examples include regulated water utilities and municipal waste collection businesses. The second bucket consists of companies with structural growth in more cyclical industries. Examples include industrials businesses providing water treatment equipment to diversified end markets. The third bucket consists of companies with underappreciated rate of growth - either because of lower, and therefore under-researched, exposure to the structural growth theme or because they are new business models, new technologies / solutions with significant headroom for growth. Examples include recycling solutions.

Typically, position sizes reflect risk characteristics of the buckets with larger sizes in the first two buckets and smaller in the third one due to the early-stage nature of these businesses. While bottom-up opportunities determine overall exposure, we expect the first two buckets to form approximately 80–90% of the portfolio and the third bucket the remaining 10–20%. The size of each bucket also depends on the point in the business cycle. The holding period of any stock is also impacted by the speed at which market consensus adjusts and the longevity of market cycles. Typically, the holding period for first and third bucket will be 3–5 years and the second 1–3 years. Stocks are exited when the investment thesis has changed materially or proven wrong, when the company fundamentals move from reflecting structural growth to being more cyclical with the maturity of the theme, or the mispricing becomes appreciated by the market.

The Portfolio Managers continuously review the stock theses and price targets, and adherence to investment guidelines as well as the ESG characteristics of holdings within the fund. This includes actively engaging with companies, meeting with management and voting at the relevant company annual general meeting.

Portfolio monitoring and oversight

At the stock level, the Portfolio Managers undertake a thorough analysis of the fundamental risk of the company and the investment thesis. They also monitor all ongoing developments with the help of our analysts. At the portfolio level, they assess intra-stock correlations and focus on calibrating position sizes in order to avoid unintended factor exposures or concentration risks. They also manage the portfolio’s style exposure with a view to delivering strong relative returns across a range of market environments.

The Portfolio Managers participate in a Quarterly Fund Review (QFR) chaired by the relevant Chief Investment Officer (CIO), which is also attended by a member of the Portfolio Construction and Risk Team. This review covers portfolio construction, liquidity, positions, trading activity, characteristics, style and risk in considerable detail.

Our risk oversight process now includes a Quarterly Sustainability Review (QSR) for sustainable funds. This review is supported an approximately 20-page data pack covering a range of ESG datapoints, including; rating profiles and disparities (Fidelity and MSCI), engagement, voting, exclusions, carbon and climate data and Principle Adverse Impacts (PAIs). The QSR discussion is currently led by the Sustainable Investing Team, in active dialogue with our portfolio managers, our Chief Investment Officer, the Investment Director, and data analysts.

The QSR is designed to further strengthen the authentic integration of sustainability throughout our range of strategies, by providing a regular and structured forum for each fund to thoughtfully discuss and debate key sustainability aspects of the portfolio and its holdings, including whether the fund is meeting its sustainability objectives and how the strategy may seek to improve and monitor its outcomes.

Although not the primary point of compliance or regulatory monitoring, the QSR provides an avenue for additional checks on and discussion of these issues. The QSR works as part of our established QFR process.

The risk management processes described above are further bolstered by independent risk oversight checks and controls. These include daily monitoring of portfolio guidelines and constraints (considering regulatory requirements) by the Compliance function, and monthly Investment Risk Committees' (IRCs') evaluations of portfolio risk exposures and their alignment with expectations.

Resources, Affiliations & Corporate Strategies:

At Fidelity, we are dedicated to achieving the best possible risk-adjusted returns for our investors. We believe that high standards of corporate responsibility generally make good business sense and have the potential to protect and enhance investment returns. Consequently, we integrate ESG issues into our research and investment decision-making process; we believe it has the potential to affect the long-term value of the investment.

Our integrated ESG approach is relevant across all asset classes, sectors and markets in which we invest.

ESG integration is carried out at the fundamental research analyst level within our investment teams, primarily through the implementation of Fidelity's proprietary ESG Rating. This rating leverages our internal research capabilities and our engagement with companies to inform our view on a company’s sustainability credentials. Please refer to our response to question B6 for detailed information on Fidelity’s proprietary ESG Rating and other proprietary tools that support our internal research process.

The cornerstone of our investment approach is bottom-up research. As well as studying financial results, our portfolio managers and analysts are dedicated to carrying out additional qualitative analysis of potential investments. They visit companies in person, examining everything that could have an effect on its business, from the shop floor to the boardroom. Customers and suppliers also come in for scrutiny. In this way we can develop a 360-degree view of every company in which we invest and ESG factors are regularly considered in this research process.

Our approach to integrating ESG aspects into our investment processes is detailed in the following policies, with all documents accessible via the following website: https://professionals.fidelity.co.uk/sustainable-investing/our-policies-and-reports:

Sustainable Investing Principles: The document sets out the guiding principles and minimum requirements for Fidelity’s sustainable investing activities across asset classes and geographies. The Sustainable Investing Principles build on our beliefs to set out our sustainable investing frameworks, our approach to sustainable client solutions, exclusions, investment stewardship and engagement, the integration of ESG risks and opportunities across our investment management process, and an overview of compliance with regional sustainability regulations.

Exclusion Framework: Our Exclusion Policy forms part of our sustainable investment policy and defines the main requirements for an effective exclusion framework applicable throughout the organisation.

Engagement Policy: Our Engagement Policy sets out how Fidelity undertakes stewardship and shareholder engagement across our listed equity and fixed income holdings.

Voting Policy: Our sustainable investing voting principles and guidelines document provides information on how we exercise ownership rights through voting to improve sustainable business behaviour and client returns.

Climate Investing Policy: Our Climate Investing Policy details how we plan to work with stakeholders to reduce climate risk across all investment strategies in a way that aligns with our foundation in active, bottom-up research.

We use a combination of internal and external resources.

Internal

The bulk of the engagement and analysis is carried out by our research analysts who strive to go beyond studying just financial results and look to incorporate ESG and other factors into a measured viewpoint. They are supported by our team of 38* sustainable investing specialists who engage with companies on issues like corporate governance (for example, board structure, executive remuneration), shareholder rights (for example, election of directors, capital amendments), changes to regulation (for example, green house gas emissions restrictions, governance codes), physical threats (for example, extreme weather, climate change, water shortages), and so on. Our sustainable investing specialists engage with senior management of investee companies as well as their Socially Responsible Investment (SRI) / ESG professionals. They access external ESG-themed research as well as the company ratings based on ESG factors that an external vendor produces.

Fidelity has developed a proprietary ESG Rating Framework, leveraging our internal research and interactions with issuers. The rating is designed to generate a forward-looking and holistic assessment of ESG risks and opportunities. Analysts qualify the direction of change of companies’ ESG performance (positive, neutral or negative trajectory). The ESG ratings and full company reports are accessible on our centralised research management system, Fidelity Insight, so that each analyst has a first-hand view of how each company under their coverage is rated according to ESG factors. In addition, ESG ratings are included on our analyst research notes. These notes are published internally on Fidelity Insight and form an important part of our investment decision.

Fidelity has also developed an SDG mapping tool, which provides the percentage of an entity’s or portfolio’s alignment with each SDG, and where relevant the underlying targets and indicators. This provides a quantitative, transparent, and consistent approach to measuring the alignment of portfolios against the underlying targets and indicators behind the SDGs.

Additionally, we have been developing our proprietary Climate Rating which utilises our fundamental research capabilities to identify climate risks, net zero investments and targets for transition engagement within the Fidelity investment universe. It assesses which companies are in the best position to transition to net zero, or have a positive trajectory towards transition.

The Climate Rating is designed to complement our broader ESG Ratings, which already incorporate climate change factors.

Climate Ratings have been assigned to over 2,000 issuers so far, with the objective to further scale up this coverage over time. We will use various approaches, including the Climate Rating, to set individual fund decarbonisation targets appropriate to each fund’s investment strategy and universe. We will gradually increase targets to reach 100% alignment with the Paris Agreement in every fund by 2050.

Carbon emissions data is available via Insight and is accessible to all analysts and portfolio managers. This data includes (but is not limited to) portfolio carbon emissions and intensity, weighted average carbon intensity, top emitting holdings, emissions attribution analysis, scenario analysis, physical risk assessment, fossil fuel reserves and green/brown share of electricity generation (from held utilities).

*Source: Fidelity International, as at 31 March 2024. Excludes China AMC resources.

External

Fidelity is a signatory to many industry initiatives such as the Principles for Responsible Investing (PRI), UK Stewardship Code and the Japanese Stewardship Code. We are also active members of the Asian Corporate Governance Association, Assogestioni, the UK Sustainable Investment and Finance Association, the UK Investor Forum and many other trade and industry bodies around the world.

Fidelity uses a number of external research sources globally that provide ESG-themed reports, research, ratings and data on themes such as corporate involvement in verified or alleged failures to respect international norms, for example the Ten Principles of the United Nations Global Compact (UNGC) as well as on carbon emission, fossil fuel and power generation. The coverage of companies varies by provider and the providers currently cover more than 10,000 companies globally.

We also subscribe to a number of corporate governance and voting advisory services, including products supported by Institutional Shareholder Services (ISS) and Glass Lewis, to MSCI for ESG data and to ISS for carbon footprint metrics.

We constantly explore new data sets and approaches that can provide enhanced insights into companies.

Sustainable Investing Team

Fidelity has a Sustainable Investing Team, which includes sustainability and stewardship professionals covering various subject matter areas and competencies. The Sustainable Investing Team is part of Fidelity’s Investment Team and it supports Fidelity’s investment analysts and portfolio managers to monitor, analyse, and engage with investee companies.

Fidelity’s Sustainable Investing Team has expanded to 38* members (2020: 13 members) to meet the growing demands for sustainable research, thought leadership and support for analysts and portfolio managers. The scope of the team’s work now covers a broad array of activities related to ESG integration, engagement, policy, product development and sales and marketing, as well as proxy voting.

Located in seven locations across Europe and the Asia Pacific region the Sustainable Investing Team covers a broad range of skills, including research, policy, climate science and governance. The team has a broad range of professional experience and diversity of tenure. Some specialists of the team have worked in similar roles throughout their career, while others have transitioned to sustainability over the course of their career development. The team is also diverse in terms of gender and national origin. When adding new members to the team, we have prioritised improving the team’s skillset to support our organisational stewardship objectives, as well as supporting the development of young talent in the firm, through our graduate intake.

The continued build out of our Sustainable Investing Team ensures that we remain able to meet the evolving needs of our clients and other stakeholders. New members have brought skills to complement and add to the existing capabilities of the team, including legal expertise, thematic expertise (for example, climate), client and distribution expertise and additional governance expertise.

The team will continue to evolve based on our sustainable investing strategy and aim to service all areas of the business. For example, we are planning to hire experienced asset class leads, growing the breadth and depth of our sustainable investing process and product offering. Fidelity’s investment analysts are responsible for researching companies under their coverage, leveraging the expertise of the Sustainable Investing Team as appropriate. Under this approach, ESG is fully integrated in the investment process. This collaboration has improved quality and outcomes of engagement across asset classes.

*Source: Fidelity International, as at 31 March 2024. Excludes China AMC resources.

Oversight of ESG at Fidelity

The following individuals and teams are responsible for maintaining and integrating Fidelity’s ESG policies:

• The board members of FIL Limited (the ultimate holding company of the group that trades as Fidelity International) have oversight and accountability for sustainable investing. The Sustainable Investing Team reports to the board on its activities at least once per year. The board approves any changes or amendments to our Sustainable Investing Principles, including our voting guidelines.
• A Sustainable Investing Operating Committee (SIOC) was formed in 2017. The purpose of the group is to ensure a comprehensive oversight of all ESG matters within the company across all jurisdictions and business areas. The group is comprised of members of our senior management team representing all asset classes. The SIOC meets monthly to review any ESG company policy changes, industry developments, client requirements, new product innovations and regulatory updates, and will ensure the alignment of all active ESG initiatives across the company. Ad-hoc meetings may be called to address pressing issues that may arise that need addressing in advance of the next scheduled meeting.
• Andrew McCaffery, our Global Co-Chief Investment Officer Fixed Income, Multi Asset and Private Assets (and a member of our Global Operating Committee (GOC)) also has oversight and accountability for our sustainable investing strategy and activities globally.
• Jenn-Hui Tan, our Chief Sustainability Officer, oversees Fidelity’s strategy and policies on engagement, voting and ESG integration across our active product range. He manages our dedicated Sustainable Investing Team that is comprised of 38* sustainable investing specialists, based in London, Singapore, Hong Kong, Shanghai, Melbourne, Sydney and Tokyo, who work closely with the investment management teams globally across all asset classes. They are responsible for consolidating our approach to ESG integration, engagement and voting.
• Our heads of research are also directly involved in the implementation of sustainable investing principles and procedures in the company. Specifically, our global head of research has final approval on which external ESG research vendors we engage.
• Fidelity’s research analysts have overall responsibility for analysing and rating the ESG performance of the companies and buildings in which we invest. Our portfolio managers are also active in analysing the potential effects of these factors when making investment decisions, ensuring that each stock in the final portfolio adheres to the strategy’s and clients’ ESG requirements.
• The Compliance Monitoring Team monitors the portfolios with screening criteria systematically through hard-coded restrictions in the investment guidelines.

*Source: Fidelity International, as at 31 March 2024. Excludes China AMC resources.

Industry collaboration

Fidelity recognises the importance of networks and information platforms to share tools, pool resources, and make use of investor reporting as a source of learning. Fidelity is a member or signatory to the following:

• #10000 Black Interns
• 30% Club Australia
• 30% Club Hong Kong
• 30% Club Investors Group
• 30% Club Japan
• 40:40 Vision
• Asia Investor Group on Climate Change (AIGCC)
• Asia Securities Industry and Financial Markets Association (ASIFMA)
• Asia Research & Engagement (ARE)
• Asian Corporate Governance Association (ACGA)
• Assogestioni
• BBBA Talent Accelerator
• Black North Initiative
• Black Young Professionals
• Bright Network Women in Leadership
• Catalyst After School Programme (CASP)
• CDP (formerly Carbon Disclosure Project)
• Climate Bonds Initiative (CBI)
• Climate Investment Summit (CIS)
• Coalition for Climate Resilient Investment (CCRI)
• Corporate Governance Forum (CGF)
• Council for Sustainable Business (CSB)
• Disability:IN
• Diversity Project
• Edinburgh Airport Sustainability Pledge
• Environment management system standard ISO 14001
• European Public Real Estate Association (EPRA)
• European Sustainable Investment Forum (EUROSIF)
• Farm Animal Investment Risk and Return (FAIRR)
• Finance for Biodiversity
• Finance for Biodiversity Pledge
• Glasgow Financial Alliance for Net Zero (GFANZ)
• Global Standard on Responsible Corporate Climate Lobbying
• Green Finance Industry Taskforce Singapore
• Green Praxis biodiversity
• Hong Kong Green Finance Association (HKGFA)
• Hong Kong Principles of Responsible Ownership (Stewardship code)
• Inspiring More Sustainability (IMS)
• Institutional Investors Group on Climate Change (IIGCC)
• International Corporate Governance Network (ICGN)
• International Regulatory Strategy Group (IRSG)
• Investment Association (IA)
• Investor Agenda
• Investor Forum (in the UK)
• Investor Group on Climate Change (IGCC)
• Investors Against Slavery and Trafficking Asia-Pacific (IAST Asia Pacific)
• Japanese Stewardship Code
• LGBT Great
• Lord Mayor's Appeal
• Lord Mayor's Appeal - We Can Be (Previously 'She Can Be')
• Maastricht University & (GRESB)
• Mental Health First Aid Training (MHFA)
• MSDUK
• (Minority Supplier Development UK)
• Natural Capital Investment Alliance (NCIA - part of Sustainable Markets Initiative)
• Net Zero Asset Managers Initiative (NZAMI) (led by IIGCC)
• One Planet Asset Manager initiative (OPAM) [One Planet Sovereign Wealth Fund (OPSWF)]
• OutBritain
• Partnership for Carbon Accounting Financials (PCAF)
• Point Zero Carbon Programme
• Powering Past Coal Alliance (PPCA)
• President’s Challenge Enabling Employment Pledge and Enabling Mark
• Principles for Responsible Investing (PRI)
• Purposeful Company
• Race at Work Charter
• Responsible Investment Association Australasia (RIAA)
• Social Enterprise UK (SEUK)
• Social Mobility Foundation (SMF)
• Stonewall
• Sustainable Trading
• Taiwan Stock Exchange’s Stewardship Principles for Institutional Investors
• Taskforce on Nature-related Financial Disclosures (TNFD) Forum
• Trans in the City - Campaign Trans Rights are Human Rights
• Transition Pathway Initiative (TPI)
• World Benchmarking Alliance (WBA)
• UK Stewardship Code
• (Financial Reporting Council (FRC))
• UK Sustainable Investment and Finance Association (UKSIF)
• European Sustainable Investment Forum (EUROSIF)
• UN Climate Change Conference (COP26)
• UNFCCC - Signatory to COP26 Financial Sector Commitment on Eliminating Agricultural Commodity-Driven Deforestation
• (Initiative re-named to Forest Sector Deforestation Action FSDA)
• Valuable 500
• Veteran Owned UK
• WeConnect International (Social Enterprise UK)
• WEF Stakeholder Capitalism Metrics
• Women in Finance Charter
• Women on Boards
• WorkWell Leaders

Dialshifter

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

We take a pro-active approach to minimising our own environmental footprint. We are committed to achieving net zero emissions by 2030 for Fidelity International’s operational emissions (including all Scope 1, 2 and 3 emissions we have direct control over). Our focus will be on the reduction of emissions through operational changes and investment in operational efficiencies, on-site renewals and purchasing of renewable energy whilst offsetting those we are unable to eradicate.

The goal at Fidelity is to conduct current and future business operations in a sustainable manner which helps create a better future for the environment. Fidelity ensures Environmental Sustainability is managed as any other critical business activity in an integrated, systematic way. The framework is designed to ensure Pollution Prevention, Carbon Reduction, Waste minimisation, responsible use of resources and compliance with legislation through good practice and continuous improvement.

Fidelity’s Commitment: 

• Manage Environmental Sustainability requirements in a systematic way aligned to the environmental management system standard ISO 14001;
• Develop carbon, Natural Resources and Waste data systems to effectively monitor and analyse performance; 
• Continuous improvement through setting realistic objectives to ensure sustainability management is improved in line with resources;
• Complying with legal and other mandatory requirements in relation to sustainability issues;
• Providing adequate control of environmental risks arising from our work activities and operations, including Pollution Prevention;
• Develop an environmentally sustainable culture where every employee can contribute towards Fidelity International goal to create a better future for the environment;
• Ensure effective communication and consultation on Environmental Sustainability with employees keeping them informed, motivated, and suitably trained;
• Ensure that business strategies, via the Environmental Sustainability Group, integrate Environmental Sustainability requirements;
• Reduce our consumption of resources (energy, water, materials, packaging), where feasible;
• Minimise Waste through a commitment to the Waste hierarchy to reduce, re-use, recover or recycle Waste, where feasible;
• To pursue Energy Efficiency in the design, maintenance, management and operation of our owned/operated buildings;
• Seek to use products that have the least possible environmental impact; and
• Reviewing and revising this policy, as necessary, at regular intervals.

Reports on environmental performance are produced covering a range of areas including energy management, carbon footprint, waste reduction, water usage and recycling. This data is collated on a monthly basis and communicated to Senior Management on a regular basis.

Our environmental management policy is based around our ability to obtain regular, accurate information on our environmental performance, not only in energy use and waste management, but also areas such as monitoring our carbon emissions in (for instance) air travel.

We receive regular reports from our incumbent service providers, and collate these for review. We then hold regular meetings with them to investigate areas for improvement. Where the meetings produce ideas which may help reduce the environmental impact of our operations, they are implemented and monitored. Where successful, they are incorporated into our procedures.

Fidelity’s corporate sustainability team have initiated carbon footprinting for a number of offices in recent years and are consolidating that in 2020 to produce global carbon emissions for Fidelity’s activities.

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