As the UK’s largest long-term savings and retirement business we are responsible for managing £269 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 delivering a secure and sustainable future. That is why we’re integrating environmental, social and governance issues into our investment decision making process. By investing sustainably we can help deliver the future that we all want.

Decarbonising our investment portfolio

We are committed to decarbonising our investment portfolio and achieving net-zero greenhouse gas (GHG) emissions by 2050. To do this we will actively engage with decarbonisation alliances, initiatives and policy makers. In addition, we will enhance our internal capability by acquiring and developing tools to perform portfolio analysis using best in class metrics, taking into account both physical and transitional risks.

By 2025

We will reduce the carbon intensity of our listed equity and credit assets by 25%

By 2030

We will cut the carbon intensity of all assets where we can exercise control and influence by at least 50%

By 2050

We are committed to achieving net zero in our investment portfolio

Our sustainable investment approach

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Our Responsible Investment Philosophy outlines our approach to responsible investing. Our approach applies to Phoenix Group's investment portfolios across the with-profits, unit linked and non-profit, non-linked product ranges, which operate under Phoenix Life, Standard Life and Reassure 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 responsible 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.

Exclusions Policy

Our exclusions policy outlines the type of companies and products that we have chosen to exclude from our investment portfolios. This means we will not make any additional investments and will sell our existing holdings from in-scope portfolios. 

The policy reflects our minimum standards. Companies engaged in products and business practices that are not aligned to our principles are the ones we have chosen to exclude from our investment portfolios. Our exclusions policy supports the decarbonisation of our investment portfolios in line with our net zero by 2050 commitment. 

Our exclusions:

  • Controversial weapons
  • Thermal coal: where >20% of revenue is from thermal coal extraction
  • Oil sands: where >20% of revenue is from oil sands operations 
  • Arctic drilling: where >20% of revenue is from Arctic drilling activity
  • Tobacco producers (applicable to assets backing annuities)
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Our definition of stewardship includes:

  • Engagements intended to influence corporate practices and improve disclosure, this includes providing feedback on information collected, sharing best practice and defining clear engagement objectives
  • Exercising our voting rights on shareholder and management resolutions

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.

As of August 2023, Phoenix Group is a signatory to the UK Stewardship Code.