Positive Conversations

Positive Conversations 2025 is our annual Stewardship Report which looks at how all the companies in the Positive Change portfolio operate — how they manage their environmental, social and governance (ESG) responsibilities and how we, as long-term investors, engage with them to foster positive change.

Positive Conversations examines the business practices behind those outcomes — how these organisations are run, governed and evolving in response to global sustainability challenges.

This year’s report highlights another active year of engagement across the portfolio, reflecting our belief that constructive, long-term dialogue is central to creating both impact and investment value;

Part One: explores our approach to ESG issues, with detailed case studies illustrating how we address environmental risks and opportunities, support fair and inclusive social practices, and encourage strong, forward-looking governance. It also shares portfolio-level insights, including progress towards net zero commitments, social performance considerations and voting activity.

This section is rounded off with a summary of our external collaborations and industry initiatives, which amplify our research and stewardship efforts across the global impact investing community.

Part Two: provides a closer look at each company in the portfolio as at end December 2025 into each of our Impact Themes, setting out our engagement objectives, the key indicators we use to track progress, and notable developments during the year.

The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.

This communication was produced and approved in February 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.

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