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 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 avoid companies with human rights abuses, including child or forced labour and discrimination.
• Labour practices are assessed through health and safety, supply chain oversight and employee turnover.
• We monitor diversity, focusing on women in leadership, discrimination controversies and gender pay gap reporting.
• Business ethics are reviewed through policies including bribery and corruption.
• We assess tax practices, ensuring transparency and avoiding aggressive tax avoidance.
• We engage with companies to strengthen their social impact and responsible practices.

• 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.