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As a long-term savings and retirement business we are responsible for managing around £290 billion of assets on behalf of our c.12 million customers. Our customers and shareholders trust us to reflect their priorities in how we invest.
That means keeping their money safe and providing them with strong long-term financial returns, while using our scale to play our part in aiming to deliver a better, more secure future. That is why we integrate environmental, social and governance issues into our investment decision making process.
We are committed to decarbonising our investment portfolio and achieving net zero by 2050. We do this by ensuring the effective stewardship of our assets and investing in climate solutions to optimise value for our customers and reduce their exposure to climate risk.
We will reduce the carbon intensity of our listed equity and credit assets by 25% where we can exercise control and influence
We will cut the carbon intensity of all assets where we can exercise control and influence by at least 50%
We are committed to achieving net zero in our investment portfolio
We continue to build, refine and share our net zero plans, considering the evolving landscape and the latest guidance. While the journey ahead is by no means a straightforward one, we are taking action now and helping to create a more sustainable future.
Our approach to integrating ESG considerations is aligned to our position as an asset owner with fiduciary duty; with most investment management activities delegated to a variety of asset management partners. Our approach applies to Phoenix Group's investment portfolios across our product ranges, which operate under Phoenix Life, Standard Life, Reassure and SunLife brands, and wherever we have the ability to set the investment strategy or investment solutions.
Our approach for assets where we do not have the ability to set or influence the investment strategy and investment guidelines, for instance where our customers invest in externally managed collectives, can be accessed here.
Our approach to sustainable investment is in line with our current sustainability vision. It will be reviewed and refreshed regularly as our sustainability philosophy and overall strategic direction evolves.
We are a signatory to the UN Principles for Responsible Investment (‘PRI’) and are continuing to embed its six principles in our approach to ESG integration.
While our preference will always be to engage in constructive dialogue with our investee companies to help improve their performance on ESG factors, we accept that this might not always be possible or appropriate. This could be due to the nature of their business or because they fail to meet our expectations. At present, we have implemented investment exclusions in five key areas across all assets where we have direct control or influence of the investment mandate or solution:
The excluded sectors and thresholds applied are periodically reviewed.
1Our threshold for exclusion is 20% of revenues from this source, and a waiver is adopted where companies have between 20-30% of revenues from this source and have Paris-aligned science-based targets approved by the SBTi.
Our definition of stewardship embraces the UK Financial Reporting Council (‘FRC’)’s definition and includes:
While we ordinarily conduct dialogue with investee companies through our asset management partners, we also undertake direct engagements with corporate representatives conducted by members of our Stewardship team and join collaborative engagements with other investors.
Phoenix Group has been a signatory to the UK Stewardship Code since August 2023.
