Investment policy and carbon footprint

Investment policy

  • We have an ethical investment policy.
  • We hold no investments in fossil fuels, arms, gambling, tobacco or alcohol.
  • We aim to have a low carbon footprint for our investments.
  • We aim to reduce this footprint every year.

Investment impact

The impact of our investment portfolio is measured using SustainEx. This is a benchmark of 47 social and environmental factors. It measures the benefit or harm to people and the planet for each $100 of revenue, expressed as a percentage. For example:

  • a score of +2% means an investment adds $2 benefit for each $100 of sales.
  • a score of −2% means an investment causes $2 harm for each $100 of sales.

We compare our investments to the Morgan Stanley Capital International All Country World (MSCI AC World) index.

Overall impact

Our investments +3.7%
MSCI AC World −9.2%

Impact on people

Our investments +4.1%
MSCI AC World −6.6%

Impact on the planet

Our investments −0.4%
MSCI AC World −2.4%

Carbon footprint

Measured as tons of CO2 emitted for each $1 million invested, based on the average scope 1 (directly produced) and scope 2 (buying energy, heating or cooling) emissions of investments.

Our investments 45
MSCI AC World 93

Investment graph with data description below
Graph showing our investment impact compared to the MSCI AC World index using the SustainEx benchmark: overall impact +3.7% vs −9.2%, impact on people +4.1% vs −6.6%, impact on the planet −0.4% vs −2.4%

Last updated: 1 September 2025.