21.10.2025
Today we’ve published our first Sustainability Report, bringing together our responsible investment, climate change and operational sustainability actions into one report.
To make our disclosures as transparent and accessible as possible, we’ve taken an industry-leading approach by publishing our responsible investment, climate change and operational sustainability actions in a single publication.
Our Sustainability Report outlines how we invest, focusing on delivering the best returns for our members, while minimising investment risk and reducing the impact our own activity has on the environment.
The report also highlights our achievements, including:
- engaging with our external Private Markets portfolio managers to understand where they are in their journey to support the transition towards a lower carbon economy
- creating innovative ESG dashboards to facilitate investment decisions as part of our commitment to continuous improvement and ESG integration across all investment strategies
- working alongside other investors to accomplish effective stewardship, such as working with water, energy and waste recycling company Veolia to help strengthen their climate action plan
In 2023, we launched our Sustainability Strategy [link], where we made the commitment to try and catalyse the growth of a more sustainable pensions industry and share what we’re learning and doing with others.
Our Chief Investment Officer, Barry Kenneth, said, “With more than £31 billion in assets under management, we can make a significant impact on environmental, social and corporate governance (ESG) issues through thoughtful stewardship of our investment portfolio.
“We recognise that serving our members includes a duty to invest responsibly and sustainably, so whether investing directly or via external managers who we appoint to invest on our behalf, we seek to engage with investments which do not adequately incorporate ESG considerations and embed our responsible investment principles throughout our portfolios.”
“We continue to grow the proportion of our portfolio tracked against key ESG criteria, especially climate-related metrics for monitoring and measurement,” added our Head of ESG and Sustainability, Claire Curtin.
“In 2024/25, our external stewardship services provider engaged with 697 (versus 667 in 2023/24) companies that we invest in on a variety of topics spanning environmental (39%); social (25%); governance (29%); and strategy, risk and communication (8%) matters.
“Our report includes multiple case studies to help bring our work to life and reflects investments held in the UK and around the world. The transparency and measurable progress outlined in the report give us confidence that our investments are delivering long-term value, while aligning with our core values of sustainability.”
Read the full report.
