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Fund EcoMarket

the sustainable, responsible and ethical investment information hub

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Displaying 393 options from Fund EcoMarket
Print Fund Name SRI Style Product Region Asset Type Launch Date More info
Example Unclassified Other Not Set Unclassified 30/11/-0001 More Info (click to view)

SRI / Ethical Overview

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SRI Policies (Primary strategy in bold)

  • - No primary policy area

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

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Resources, Affiliations & Corporate Strategies

Aviva Conscience Pn (xNM) Ethically Balanced Pension UK Equity 01/09/1987
OMW EdenTree Amity European Pn Ethically Balanced Pension Europe Ex-UK Equity 17/10/2008 More Info (click to view)

SRI / Ethical Overview

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

SRI Policies (Primary strategy in bold)

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

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

Zurich UK Opportunities 2 EP Unclassified Pension UK Equity 01/01/1996 More Info (click to view)

SRI / Ethical Overview

SRI Policies (Primary strategy in bold)

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

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

Invests in what fund managers consider to be 'well governed' companies

Resources, Affiliations & Corporate Strategies

Standard Life Inv Ethical Corporate Bond Ret Acc Negative Ethical OEIC/Unit Trust UK Fixed Interest 02/11/2005 More Info (click to view)

SRI / Ethical Overview

Standard Life Investments’ Ethical Corporate Bond Fund aims to provide high, stable income by investing predominantly in investment grade bonds that meet our strict ethical criteria. The Fund is actively managed by our investment team, focusing on bottom-up security selection while adjusting the overall risk and themes through a careful assessment of macro and geopolitical drivers. The Portfolio Manager excludes companies that fail to meet our ethical criteria while seeking to include companies whose business activities make a positive contribution to society. These criteria are
agreed with the Standard Life Ethical Funds Advisory Group and may be amended occasionally.

 

SRI / themed / ethical assets under management – overview: 

  • Fund Size (GBP): £310.2 million as of 31 March 2017
  • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management:  £2,571.2 million as of 31 March 2017
  • Standard Life Investments has a total of £277,929.6 million assets under management as of 31 December 2016

 

 

SRI Policies (Primary strategy in bold)

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

SRI Features

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

Corporate Activity

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

SRI / Ethical Policy

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

Positive Criteria

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

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

Corporate Governance

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

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

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

Engagement

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

Negative Criteria

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

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

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

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

Resources, Affiliations & Corporate Strategies

Our investment process is research-intensive and built around our core approach of ‘stock selection tailored to the overall environment’. This enables us to focus on bottom-up credit selection and add value predominately from idiosyncratic credit risk whilst adjusting the overall risk and themes within the portfolio through a careful assessment of macro and geopolitical drivers.  This approach enables us to outperform across different market environments and deliver consistent excess returns.

Fundamental research is a key component of our corporate bond process and drives our stock selection views.  There are three broad areas in which we focus to help form our fundamental views:

  • Idiosyncratic Risk – This is company specific and determines whether profits or the balance sheet are expected to change due to factors such as self-help; good or bad management; relatively poor or strong business models.
  • Cyclical/Sector Themes - In particular, we look to assess how well positioned the company is to cyclical or sector pressures relative to its peers. Here we break companies down into either stable or beta companies, where beta companies are those most positively geared to a changing sector theme.
  • Systemic Risk - we look to identify how the company would be impacted from broader based themes,  such as regulatory or rating agency changes

Within our Credit Team, We take a non-segregated approach to research and where appropriate an individual may have both portfolio management and research responsibilities. This provides added value in portfolio construction by giving managers intimate knowledge of the securities in which they invest and practical experience of putting ideas to work within a portfolio. Furthermore analysts value investment ideas within the context of the wider market to identify relative value and ensure portfolios are constructed from the best risk adjusted opportunities. This flat structure ensures joint accountability and full engagement of analysts.

Central to our process is understanding the companies which we invest in. Our Corporate Bond Portfolio Managers and sector specialists conduct meetings in conjunction with our Equity Analysts/Portfolio Managers.  These joint equity meetings help guarantee access to senior company management and provide valuable cross capital insights. Our Corporate Bond Team leverage from the extensive company research generated by our 72 strong Equity Team.

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

Aviva Liontrust Sustainable Future Managed S1 Sustainability Themed Life Global Mixed Asset 25/06/2001
EdenTree Amity UK A Ethically Balanced OEIC/Unit Trust UK Equity 01/03/1988 More Info (click to view)

SRI / Ethical Overview

The Amity UK Fund aims to achieve long-term capital appreciation and a reasonable level of income by investing principally in UK companies. These Funds seek to invest in a portfolio of companies which make a positive contribution to society and the environment through sustainable and socially responsible practices. These Funds seek to avoid investment in certain areas such as companies which have a material involvement in alcohol, tobacco and weapon production, gambling and publication of violent or explicit materials.

 

SRI / themed / ethical assets under management – overview

  • Fund Size (GBP):   £152.53m as at 31/05/2017
  • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management:   £550m as at 31 December 2016
  • Total value of assets covered by responsible ownership policy:   100%
  • Total assets under management:   £2.5bn as at 31/05/2017

 

SRI Policies (Primary strategy in bold)

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

SRI Features

  • RSMR Rated Find funds that are rated by research agency 'Rayner Spencer Mills Research' (awarded 'RSMR SRI Rated' status). Read fund literature on contact RSMR for further information.
  • Positive selection bias Find funds where their main 'ethical approach' is to invest in companies that are considered to be positive/good or useful to people and/or the environment. The fund may also have negative avoidance criteria - see fund details to read more about fund strategies.
  • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
  • Eurosif transparency Find funds that meet the standards of the EUROSIF transparency Code. This means that they are a leading fund in terms of openness and transparency, publishing - for example - extensive information about where they invest and how they deal with companies.
  • Favours cleaner, greener companies Find funds that aim to nvest in companies with strong environmental policies and practices. This may mean it invests in smaller companies offering market leading environmental services or products and/or larger companies that are working towards the improved management of their negative impacts. Read fund literature for further information.
  • Favours companies with strong social policies Find funds that invest in line with positive strategies that relate to 'people' issues - such as having strong human rights, labour standards and equal opportunities practices. Such funds are likely to invest in companies that have market leading standards with regard to employee and supplier practices. Read fund literature for further information.
  • Faith friendly Find funds that have attributes that commonly suit the aims of investors of faith - although they may not be specifically marketed as being only for religious investors. Strategies vary (as do investor aims). Read fund literature for further information.
  • Strictly screened ethical fund Find funds that have a high level of negative ethical avoidance. These funds are likely to exclude more companies than other ethical (and SRI) fund options. Read fund literature for further information.
  • Aims to generate positive impacts Find funds that aim to help deliver positive social or environmental impacts or outcomes through their investment decisions - which typically involves holding companies that are viewed as being necessary or beneficial. Strategies and approaches vary. A small number of funds have recently started to measure outcomes (see 'Measures Impacts' in the Policy filter). This is a new area - so most funds do not do this yet. See fund literature for further information.
  • Available via an ISA Find funds that are available via a tax efficient ISA product wrapper
  • Over 50% small/mid cap Find funds where more than half of the funds' assets are invested in smaller or medium sized companies (ie below around £5 -10 billion).

Corporate Activity

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

SRI / Ethical Policy

Ethical Approach

 

EIM is a pioneer of Socially Responsible Investment (SRI) and launched its first SRI investment fund in 1988. We utilise both negative and positive screening within the investment process. In respect of negative screening, we avoid companies whose activities derive in excess of 10% of their pre-tax profit or turnover from alcohol production, gambling, pornographic and violent material, tobacco production, strategic armaments, animal testing and intensive farming.

 

We look for the positive aspects in potential investments to ensure we invest in companies that are making a positive contribution to society and the environment. These may cover good business and corporate governance practices and community relations. We also look for companies promoting good standards of education, environmental management and healthcare. We look favourably upon companies which promote human rights, good labour relations and urban regeneration. As well as our own in-house research (including special thematic reports) we use a range of sources, including independent data from Risk Metrics in respect of Environmental, Social and Governance (ESG) issues.

 

EdenTree employs both negative and positive screening to its stock selection process and engages with companies before, during and after investing. This process is integrated into our overall investment management process and we use the following ‘screens’ when considering the suitability of an investment.

 

Positive Screening

 

Our positive screening approach centres on what we define as the ‘Nine Pillars’ of responsible investing.  We are particularly focused on areas that provide the necessities of life such as healthcare, water, education and housing, or products and services that are sourced ethically and produced sustainably. We also favour ‘solutions-focused’ companies that are leading the way in technologies that may help solve some of the world’s most challenging problems, such as climate change, alternative energy or water conservation. In addition, we focus on business behaviour, expecting the companies we invest in to have a well-managed policy for promoting human rights, environmental protection, labour rights and business ethics.

 

Negative Screening

 

Our negative screens include alcohol production, gambling operations, pornographic or violent material or weapon production. We also consider animal testing, oppressive regimes and intensive farming in our criteria when evaluating a company.

 

Amity Panel Review

 

The Amity Panel meet with the fund management and research team 3 or 4 times each year to review the Amity Fund portfolios, the recent investment decisions and to discuss the latest Socially Responsible research and trends. The purpose of the Amity Socially Responsible Investment Advisory Panel is to:-

 

• Help to ensure that the EdenTree Amity Range of Funds meet the stated aims and objectives.

• Provide advice in the formulation of policy in the light of changing social and environmental issues.

 

 

The Amity Panel will provide advice to the SRI team in a number of ways

 

• Advising on emerging issues or topics relevant to SRI criteria.

• Provide advice and guidance on individual companies or sectors.

• Provide advice and guidance on engagement work.

 

The independent panel is made up of a number of industry experts, including:

 

• The Right Reverend Dr Nigel Peyton – The Bishop of Brechin

• William Oulton – Global Head of Responsible Investments, First State Investments

• George Prescott – ex Ecclesiastical Deputy CEO and CFO, former ABI board member

• Helen Crosby – Sustainability Expert.

• Julie McDowell – Independent Consultant

 

The SRI team is responsible for ESG research and advising Fund Managers. The team has access to a number of external resources for decision making. We have appointed Sustainalytics as our ESG data provider which serves as a starting point for our ESG research. This is complemented by NGO sources, company reports, market news and SRI initiatives. The SRI team also directly meets with companies to discuss sustainability and governance issues.

 

Resources, Affiliations & Corporate Strategies

There is an in-house team responsible for the execution of our SRI policy; they focus on research, engagement and proxy voting.

 All UK proxy voting decisions (includes Guernsey, Jersey and Isle of Man) are taken and executed in-house, signed off by a Fund Manager. We take IVIS (Institutional Voting Information Service) provided by the Investment Association to inform thinking. We have appointed Glass Lewis & Co. to be our sole discretionary research and proxy execution provider in all jurisdictions other than the United Kingdom (including Guernsey, Jersey and the Isle of Man), delegating to it the responsibility for the instruction and execution of international proxy voting at all general and special international company meetings.

The team shares responsibility for company engagement, whether it is in house or in partnership with SRI organisations or other investors.

Pru FRIA M&G Global Select Pn ESG Integration Pension Global Equity 02/09/2002
Aviva L&G Ethical UK Equity Index Pn Sustainability Themed Pension UK Equity 01/06/2011 More Info (click to view)

SRI / Ethical Overview

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

SRI Policies (Primary strategy in bold)

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

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

Scot Eq Ethical Lifestyle Pn Negative Ethical Pension UK Equity 21/05/2012
Jupiter Responsible Ownership Corporate Activity Not Set Unclassified 01/03/2013 More Info (click to view)

SRI / Ethical Overview

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

SRI Policies (Primary strategy in bold)

  • - No primary policy area

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

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

SRI / Ethical Overview

For us sustainable investment embodies an attitude to investment that shapes every aspect of our operations. First and foremost this is about our investment process itself. At a high level, our thematic framework is designed to identify companies that provide solutions to sustainability challenges, and in so doing contribute to, and benefit from, growth in sustainable forms of development.  Our integrated approach to ESG analysis also enables us to identify better quality stocks.  

A second critical factor of our approach is that we have a long-term attitude to investment with a current realized average holding period of over five years. We believe this is key to our investment process and allows us to see company engagement and Stewardship as an important input into our investment process.  Specifically we see engagement with companies as a means by which we can gain insight into a company and its management. The way in which a company’s management responds to specific challenges raised through the engagement process can reveal a great deal about that company’s attitude to its stakeholders, risk and other issues. 

In addition, engagement is also an ‘output’ from our investment process in that it allows investors to feel more connected to the companies they hold via our fund, and to know that we are working on their behalf to make companies more responsible in the way they do business.  

For more information see:

  • Our Stewardship Statement:

http://www.whebgroup.com/media/2014/09/201409-Stewardship-code-disclosure-statement.pdf

  • Our Quarterly Engagement and Voting reports:

http://www.whebgroup.com/investment-strategies/listed-equity/fund-governance/engagement-and-voting-records/ 

  • Our Group Responsible Investment Policy:

http://www.whebgroup.com/media/2013/11/WHEB-Group-Responsible-Investment-Policy.pdf 

  • Independent Investment Advisory Committee Minutes:

http://www.whebgroup.com/investment-strategies/listed-equity/fund-governance/investment-advisory-committee-minutes/ 

  • Eurosif Transparency Code Submission:

http://www.whebgroup.com/media/2013/10/2015-WHEB-AM-Transparency-Code-Submission-Final-1.pdf

  • UNPRI Transparency Report:

http://www.whebgroup.com/media/2015/12/2014_Public_Transparency_Report_WHEB-Group.pdf  


Our responsible ownership strategies apply to equity assets in all geographic regions.

SRI Policies (Primary strategy in bold)

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

SRI Features

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Corporate Activity

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

SRI / Ethical Policy

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

Resources, Affiliations & Corporate Strategies

We use ISS for research on governance and voting.

Each analyst carries out stewardship and governance activities on the stocks for which they are responsible, under the guidance of Seb Beloe, Head of Research.

Decision making is carried out collectively by the team, led by Fund Manager, Ted Franks.

We are involved with and support a range of industry initiatives and thought leadership groups, including UNPRI, IIGCC, UKSIF, EUROSIF, FRC Stewardship Code, CDP, Tomorrows Capital Markets, Sustainable Stock Exchanges and International Integrated Reporting Framework.  See http://www.whebgroup.com/about-us/thought-leadership/ for more

 

OMW EdenTree Amity UK Pn Ethically Balanced Pension UK Equity 17/10/2008 More Info (click to view)

SRI / Ethical Overview

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

SRI Policies (Primary strategy in bold)

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

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

Jupiter Responsible Income Acc Environmentally Themed OEIC/Unit Trust UK Equity Income 22/11/1999 More Info (click to view)

SRI / Ethical Overview

The Jupiter Responsible Income Fund focuses on investing in UK companies that are actively managing their environmental and social impact: good governance companies. The Fund will specifically avoid investing in companies associated with armaments, tobacco, nuclear power and animal testing for toiletries and cosmetics. Companies’ investment and financial prospects are assessed by the Jupiter Environmental Investment Team.

SRI Policies (Primary strategy in bold)

  • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
  • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.
  • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
  • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.
  • Governance policy Find fund options that have policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices.
  • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.
  • Tobacco production avoided Find fund options that exclude manufacturers of tobacco (or related) products. This typically relates to ethical funds however funds from other SRI Styles commonly avoid this area also. Strategies vary and funds may invest in retailers of such products (e.g. supermarkets or hotels.) See fund information for further information.
  • Armaments manufacturers avoided Find ethical fund (and other SRI) options that avoid avoids companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non strategic military products. Read fund literature for specific details.
  • Measures positive impacts Find funds that measure the positive effect of their investment decision making on society and/or the environment. (This may involve eg carbon saved or jobs supported.) Managers aim to quantify the benefits they deliver (relative to other strategies or other benchmarks) to ensure they are delivering positive benefiting. This is a new and evolving area. See fund literature for information
  • Nuclear exclusion policy Find ethical funds (and other options) that have a published policy that sets out the fund's position on avoiding or limiting exposure to nuclear power. See fund literature for details of their policy.

SRI Features

  • RSMR Rated Find funds that are rated by research agency 'Rayner Spencer Mills Research' (awarded 'RSMR SRI Rated' status). Read fund literature on contact RSMR for further information.
  • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
  • Balances company 'pros and cons'/best in sector Find ethical funds and other options that consider both the 'positive' things companies do and the 'negative' things they do in order to make balanced, often complex decisions about where they might invest. Such funds often invest in the best/most ethical companies across most industries ('best in sector'), rather than excluding entire sectors. The fund manager may combine this with 'responsible engagement' activity to encourage better business practices. See fund literature for specific policy explanations.
  • Eurosif transparency Find funds that meet the standards of the EUROSIF transparency Code. This means that they are a leading fund in terms of openness and transparency, publishing - for example - extensive information about where they invest and how they deal with companies.
  • Limited/few ethical exclusions* Funds with this label tend to avoid fewer companies than other ethical funds or other options with avoidance criteria. Strategies vary. The fund may only avoid companies in one or two areas (eg only exclude tobacco or armaments companies) or they may exclude only the very worst companies when measured against internationally accepted standards (across potentially a range of areas). Read fund literature for further information.
  • Aims to generate positive impacts Find funds that aim to help deliver positive social or environmental impacts or outcomes through their investment decisions - which typically involves holding companies that are viewed as being necessary or beneficial. Strategies and approaches vary. A small number of funds have recently started to measure outcomes (see 'Measures Impacts' in the Policy filter). This is a new area - so most funds do not do this yet. See fund literature for further information.

Corporate Activity

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SRI / Ethical Policy

The Jupiter Responsible Income Fund typically invests in companies that fall into one of two categories:

  • those that are actively managing their environmental and social impacts: good governance companies; or
  • those that are providing solutions to environmental and social problems.

Good governance companies are analysed under the following headings:

Leading company assessment: Companies that demonstrate leading practice amongst their industry peers in terms of policies, processes or performance in the areas of Corporate Responsibility and are demonstrating a commitment to managing their impacts and reporting on progress.

High impact companies: This includes companies operating in sectors with potentially high environmental and social impacts, such as the resources sector, which includes mining and oil & gas businesses. For inclusion in the Fund, these companies in particular are required to demonstrate outstanding practices in the areas mentioned above relative not only to their peer group but across all sectors. Where appropriate, emphasis is placed on engagement with high impact companies on such issues prior to taking a holding. Resource sector companies are also considered favourably if a significant part of their business is explicitly involved in providing environmental solutions. 

Limited impact company assessment: Companies that have low environmental impacts and manage these appropriately.

Small company assessment: Companies whose management have a commitment to improve environmental performance and can demonstrate that key social and environmental risks are managed well.

Continuous improvers: These companies have not yet reached leading company status but are typically working towards continuous improvement in policies, processes or performance in the areas of Corporate Responsibility and are demonstrating a commitment to managing their impacts and reporting on progress.

The Fund will be allowed to invest in almost all sectors of the stock market, including those companies whose products and services do not contribute directly to sustainable development.

The Jupiter Responsible Income Fund seeks to avoid investment in any company that is involved in activities which are believed to be incompatible with its environmental and social goals.
Examples of such negative activities include:

  • Manufacture of armaments;
  • Manufacture or sale of tobacco products; and
  • Generation of nuclear power.

Resources, Affiliations & Corporate Strategies

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

Aegon Ethical Managed (Flexible Target) Pn range Negative Ethical Pension Global Mixed Asset 27/01/2016
Aviva Royal London Select Portfolio (40-85% Shares) Sustainability Themed Life Europe >50% UK Mixed Asset 06/04/2006
Royal London Sustainable Managed Income Trust B Acc Sustainability Themed OEIC/Unit Trust Global Fixed Interest 01/12/2012 More Info (click to view)

SRI / Ethical Overview

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

 

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

 

 

SRI / themed / ethical assets under management – overview

 

  • Fund Size (GBP):   £28.76m as of 31 May 2017.
  • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management:   £11,793.22m as of 31 May 2017.
  • Total value of assets covered by responsible ownership policy:   £1,416.04m as of 31 May 2017     (Please note that this figure only includes our sustainable range, however, RLAM’s Responsible Investment Policy will detail how this is an over-arching approach across most of the firm’s assets).
  • Total assets under management:    £104,507.32m as of 31 May 2017.

 

SRI Policies (Primary strategy in bold)

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

SRI Features

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

Corporate Activity

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

SRI / Ethical Policy

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Resources, Affiliations & Corporate Strategies

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

 

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

 

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

 

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

 

RLAM Voting Policy:  

 

Aviva Liontrust Sustainable Future European Growth Pn S2 Sustainability Themed Pension Europe Ex-UK Equity 06/04/2001 More Info (click to view)

SRI / Ethical Overview

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

SRI Policies (Primary strategy in bold)

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

SRI Features

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Corporate Activity

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Links

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SRI / Ethical Policy

Resources, Affiliations & Corporate Strategies

Vanguard SRI European Stock Fund (UCITS) [note limited exclusions] Negative Ethical SICAV/Offshore* Europe Equity 24/10/2011 More Info (click to view)

SRI / Ethical Overview

A 'limited avoidance' fund. 

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

SRI Policies (Primary strategy in bold)

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

SRI Features

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

Corporate Activity

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SRI / Ethical Policy

Objective

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

Vanguard SRI Funds Investment Strategies

SRI Investment Philosophy

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

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

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

Negative screen

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

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

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

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

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

SRI Engagement

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

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

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

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

Risk characteristics (In Line with the benchmark)

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

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

Stewardship Policy

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Principle 3: Monitor their investee companies.

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

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

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

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

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

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

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

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

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

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

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

Resources, Affiliations & Corporate Strategies

SRI Screening

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

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

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

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

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

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

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

OMW EdenTree Amity International Ethically Balanced Life Global Equity 17/10/2008
Threadneedle Ethical UK Equity Sustainability Themed OEIC/Unit Trust UK Equity 30/10/2015 More Info (click to view)

SRI / Ethical Overview

Launched in October 2015, our Threadneedle Ethical UK Equity Fund takes a novel approach in combining ESG performance, an outcomes focus and negative screening. The Fund actively targets UK companies that exhibit the best ESG performance and/or produce innovative products positioned to contribute to a better future, and avoids companies that we deem to be involved in unethical or controversial activities. In November, it was awarded Best New Entrant, at Investment Week’s Sustainable Investment Awards 2016.

 

The differentiated aspect of the Fund is its three-pronged approach, combining ESG performance, an outcomes focus and negative screening.

 

I.             First, we exclude companies that are unable to satisfy our ethical restrictions, using the MSCI UK IMI Extended SRI index to aid exclusion of sectors e.g. alcohol, weapons, gambling.

 

II.            We consider ESG performance, using both internal and external research, as we believe that those companies with excellent corporate governance can enhance their potential into the future. We also seek to engage with the companies to ensure continual improvement.

 

III.           We seek companies that deliver innovative solutions to achieving sustainable outcomes. To achieve this, we look at the UN sustainable development goals and key themes, including climate change, healthcare, safety, security and verification.

 

 

SRI / themed / ethical assets under management – overview

 

As at 31 March 2017

 

  • Fund Size (GBP):   £24.0m
  • Total value of SRI/ethical/environmental/ social/ environmental or sustainability themed funds under management:   £288.8m
  • Total value of assets covered by responsible ownership policy:   £9,223m*
  • Total assets under management:   £108,367m**

 

*range of styles, including: best in class, UN Global Compact, ESG screen, thematic, impact etc.

** Columbia Threadneedle Investments, EMEA & Asia only

 

SRI Policies (Primary strategy in bold)

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

SRI Features

  • Balances company 'pros and cons'/best in sector Find ethical funds and other options that consider both the 'positive' things companies do and the 'negative' things they do in order to make balanced, often complex decisions about where they might invest. Such funds often invest in the best/most ethical companies across most industries ('best in sector'), rather than excluding entire sectors. The fund manager may combine this with 'responsible engagement' activity to encourage better business practices. See fund literature for specific policy explanations.
  • Favours companies with strong social policies Find funds that invest in line with positive strategies that relate to 'people' issues - such as having strong human rights, labour standards and equal opportunities practices. Such funds are likely to invest in companies that have market leading standards with regard to employee and supplier practices. Read fund literature for further information.
  • Sustainability themed Find funds where there is a significant emphasis on sustainability issues either as its primary strategy or as a core strategy that compliments other criteria. (This may apply to a number of different SRI Styles). Such funds will consider environmental and social issues when making stock selection decisions. Read fund literature for further information.
  • Norms focus Find funds that use internationally agreed standards, conventions and 'norms' to help direct where the fund can and cannot invest (e.g. the UN Global Compact, UN Sustainable Development Goals). Read fund literature for further information.
  • Positive selection bias Find funds where their main 'ethical approach' is to invest in companies that are considered to be positive/good or useful to people and/or the environment. The fund may also have negative avoidance criteria - see fund details to read more about fund strategies.
  • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
  • Over 50%