At Stewart Investors, we believe in putting people first. Our investment world-view is of a series of partnerships – with each other, with our clients, with the companies we invest in, the people who buy their goods and services, and with the wider society in which we all live and work.

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Our focus areas

At First Sentier Investors, we're driven by our Responsible Investment principles. Our commitment to RI research and analysis on topics of importance to ourselves and our clients enables us to make more informed decisions that not only benefit our clients, but our environment and our society.   To do this, we use a wide variety of tools and resources some of which are listed below.

As long-term investors, we know that the investment decisions we make today impact communities in the future. We review our RI strategy every three years to build on our approach to stewardship, and ensure we are proactively thinking about how to address emerging issues in our investment processes.

At firm level we are currently focused on the following four key issues: climate change, human rights and modern slavery, diversity and biodiversity.


Our approach to exclusions is outlined in section 3.3 of our Global Responsible Investment and Stewardship Principles and Policy. Our current exclusions are as follows:

Controversial Weapons

  • Aerojet Rocketdyne Holdings Inc
  • Anhui GreatWall Military Industry Co., Ltd.
  • BAE Systems PLC
  • Bharat Dynamics Limited
  • General Dynamics Corp
  • ICL Group Ltd.
  • Larsen & Toubro Limited
  • LIG Nex1 Co Ltd
  • Northrop Grumman Corp.
  • Poongsan Corporation
  • SNT DYNAMICS Co., Ltd.
  • Thales SA
  • Walchandnagar Industries Ltd.



  • 22nd Century Group, Inc.
  • Al-Eqbal Co. for Investment Plc
  • Altria Group Inc
  • British American Tobacco (BAT) Uganda Ltd.
  • British American Tobacco Bangladesh Co Ltd
  • British American Tobacco Kenya PLC
  • British American Tobacco Malaysia Bhd.
  • British American Tobacco p.l.c.
  • British American Tobacco Zimbabwe Limited
  • Ceylon Tobacco Company Plc
  • Eastern Company
  • Godfrey Phillips India Ltd.
  • Golden Tobacco Limited
  • Imperial Brands PLC
  • ITC Limited
  • Japan Tobacco Inc.
  • Karelia Tobacco Company Inc.
  • KT & G Corporation
  • Ngan Son JSC
  • NTC Industries Limited
  • Pakistan Tobacco Co. Ltd.
  • Philip Morris (Pakistan) Limited
  • Philip Morris CR as
  • Philip Morris International Inc.
  • PT Bentoel International Investama Tbk
  • PT Gudang Garam Tbk
  • PT Hanjaya Mandala Sampoerna Tbk
  • PT Indonesian Tobacco Tbk
  • PT Wismilak Inti Makmur Tbk
  • Scandinavian Tobacco Group A/S
  • Shanghai Industrial Holdings Ltd.
  • Sinnar Bidi Udyog Ltd.
  • Swedish Match AB
  • Tanzania Ciggarette Co. Limited
  • Union Tobacco & Cigarette Industries Co.
  • Universal Corp
  • Vector Group Ltd.
  • VPR Brands, LP
  • VST Industries Limited
  • West Indian Tobacco Co. Ltd.

Disclaimer: Reference to specific securities (if any) is included for the purpose of illustration only and should not be construed as a recommendation to buy or sell the same.

Responsible investment reports

Read our latest annual Responsible Investment Report

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Read our 2021 Stewardship Report

Download report