We believe sustainable companies offer the best potential for delivering sustainable returns   

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 analyse the environmental footprint of the businesses in which we invest:

• We encourage the transition to a “Green Economy”
• We measure the carbon, water and waste intensity of our companies 
• We ask our companies to improve environmental reporting 
• We have set a “Net Zero Carbon” target for companies in the Better World Fund
• We engage extensively on environmental issues, such as plastic 

We do not invest in companies that, in our view, breach The Ten Principles of the UN Global Compact. Areas that we monitor include: 

• Human rights
• Labour practices
• HR management
• Bribery and corruption
• Supply chain
• Other (e.g. tax, lobbying, consumer rights)

We aim to ensure that management teams work for the benefit of all stakeholders. We tie Corporate Governance analysis directly to the financial model and consider:

• Executive remuneration
• Capital allocation record
• Board independence
• Board diversity
• We engage extensively with our companies and vote at all AGMs.