
ESG has been integrated into our investment process for more than a decade.
Our Analysts conduct ESG analysis as part of fundamental company research. ESG is crucial to our view of a company's Quality.
Our ESG framework
We do not invest in businesses that derive 10% or more of their revenue from the following areas:
- Exploration and production fossil fuels
- Tobacco producers and distributors
- Alcohol producers and distributors
- Controversial weapons manufacturers
- Gambling companies
- Adult entertainment (pornography)
- High interest rate lending companies
- Animal testing (unless required by law for healthcare related companies)
- We assess climate targets, encouraging Net Zero commitments, interim goals and SBTi alignment.
- Carbon emissions are evaluated across Scope 1, 2 and 3, alongside renewable energy use and supply chain intensity.
- Water and waste management are assessed, focusing on policies, operational intensity and negative impacts such as toxic emissions and packaging waste.
- Biodiversity risks are considered, particularly exposure to fragile ecosystems and business activities that disrupt land or natural habitats.
- We engage with companies to improve environmental policies, disclosures and actions on issues such as plastic pollution.
- We assess board composition, focusing on independence, diversity, tenure and significant shareholder votes.
- Executive remuneration and insider ownership are reviewed, including CEO pay structures, equity stakes, sustainability-linked incentives and alignment with long-term value creation.
- Ethics and transparency are key, with scrutiny of business ethics and controversies.
- Board committees are evaluated for independence, expertise and oversight.
- We actively engage with companies, assess governance controversies and vote at all AGMs to uphold strong governance standards.
CSR Policy
UK Stewardship Code
Shareholder Engagement Policy
Biodiversity Policy
Modern Day Slavery Statement
Voting Policy
Voting records
- 2025 Q1 BWF Voting Rationales
- 2025 Q1 Proxy Voting Summary
- 2025 Q1 MESCF Voting Rationales
- 2024 - BWF Voting Rationales
- 2024 - Proxy Voting Summary
- 2024 - MESCF Voting Rationales
- 2023: European Smaller Companies Fund
- 2023: Better World Fund
- 2023
- 2022: European Smaller Companies Fund
- 2022: Better World Fund
- 2022

Deep Dives
View our Sustainability Deep Dives

Signing up for change
We are signatories to a number of industry codes, policies and disclosures
- UN PRI (2009)
- UK Stewardship Code (2010)
- Carbon Disclosure Project (2015)
- Montreal Carbon Pledge (2017)
- B Corporation (2019)
- FAIRR (2019)
- NZAM (2020)
- Glasgow Finance Alliance for Net Zero (2021)
- Tobacco Free Portfolios Finance Pledge (2022)
- Living Wage Accreditation (2022)
- UKSIF (2022)
- TNFD (2023)
- Investor Coalition on Food Policy (2023)
- LIPH (2023)
- WDI (2023)

ESG oversight
Our ESG Committee provides oversight and guidance to ensure our approach to ESG remains consistent across the house.