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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Reports and policies

Reports and policies


Global Responsible Investment and Stewardship Principles and Policy

Our Global Responsible Investment and Stewardship Principles and Policy builds on and improves our previous suite of RI policies in one consolidated document. The document articulates our approach to RI and what it means to us, and includes a set of guiding principles for investment team members as well as specific requirements in relation to ESG integration, corporate engagement, proxy voting and investment screens. Through this policy we communicate our approach to issues such as climate change, deforestation, the Sustainable Development Goals and human rights and modern slavery.

The policy was approved by the RI Steering Group in April 2020 following extensive consultation with the ESG Impacts Committee and other stakeholders in the business.

Global Responsible Investment and Stewardship Principles and Policy

Climate change

In developing our Climate Change Statement, we sought to align our disclosure with the Task Force for Climate Related Financial Disclosure's recommendations and the Investor Group on Climate Change's Guide for Investor Disclosure. Strategy, Governance, Risk Management and Metrics.

Climate Change Statement

Task Force on Climate-related Financial Disclosures (TCFD) Mapping Document

Climate Change Action Plan


In a diverse global organisation good governance is extremely important. Governance of responsible investment and stewardship engages over 50 people across our organisation, allowing staff to participate in, and be kept up to date on our responsible investment work. 

Conflicts of Interest Statement

Human rights

We have focused our attention on the development of tools to monitor our investment strategies and supply chains.

Modern Slavery Statement


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.
  • 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.
  • Khyber Tobacco Co. Ltd.
  • KT & G Corporation
  • LT Group, Inc.
  • 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
  • Turning Point Brands Inc
  • 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.

Industry collaboration

We support a number of industry and trade groups that are focused on developing and improving RI. While these groups do not speak for us unless we specifically sign a statement they draft, we are aligned with their broader missions.

Each year, we review the various initiatives that we have been involved with. We do this to ensure their purpose aligns with our clients’ interests and that we have the capacity to make a meaningful contribution. The initiatives that we actively support and engage with are listed here:



  • Signatory

Finance for Biodiversity pledge

  • Signatory

Task Force on Climate-Related Financial Disclosures

  • Supporter

Tobacco Free Portfolios Pledge

  • Signatory

Cambridge University Investment Leaders Group

  • Founder member
  • Chair of Working Group


UK Sustainable Investment Forum

  • Board Member


  • President

Institute of Chartered Accounts in England and Wales (ICAEW)

  • Member of the Corporate Governance Committee
  • Member of Sustainability Committee

Prince’s Accounting for Sustainability (A4S)

  • Expert panel member

UK Investment Association

  • Member of Sustainability & Responsible Investment Committee
  • Chair of Standards & Definitions Working Group

London Stock Exchange Group

  • Member of Sustainable Investment Committee
  • Member ESG Advisory Committee

Asia Pacific

Financial Services Council

  • Member of the Fund Management Board Committee
  • Member of the Investment Expert Group
  • Member of the ESG Working Group

Investor Group on Climate Change

  • Member

Australian Sustainable Finance Initiative

  • Member of Coordinating Working Group
  • Member of Technical Working Group

Responsible Investment Association Australasia

  • Board Member
  • Member of the Human Rights Working Group

30% Club Australia

  • Investor Working Group member

40:40 Vision

  • Steering Group member
  • Investor Working Group member 

Women in Sustainable Finance

  • Committee member

Investors Against Slavery & Trafficking APAC

  • Chair

Japan Sustainable Investment Forum (JSIF)

  • Signatory

Japan Stewardship Initiative (JSI)

  • Signatory

Policy and wider industry engagement

We have actively participated in a number of consultations and initiatives that we believe support the transition to a more sustainable financial system. Below we detail some of the key initiatives we have participated in during the past year.

In June 2020, First Sentier Investors created a formal SFDR project steering group which comprises senior representatives from our RI, legal, compliance, product, marketing, sales and distribution teams.

EU Sustainable Finance Disclosure Regulation

What is it?

The EU’s Regulation on sustainability-related  disclosures in the financial services sector (SFDR) sets out a series of organisational and product level disclosures which must be made by asset managers in their financial product documentation and on their website. It forms part of the EU’s Sustainable Finance Action Plan, a broader package of measures relating to ESG issues. The implementation date of the SFDR was 10 March 2021.

What are we doing?

We support efforts to empower end-investors to make informed decisions on where to allocate their saving, pensions and other investments based on increased transparency from asset managers.

We also support the underlying policy objectives of the SFDR (and wider EU Sustainable Finance Action Plan) in meeting the Paris Climate Agreement objectives, contributing to the achievement of the Sustainable Development Goals, and providing high quality information for investors to prevent “greenwashing”. In August 2020 we responded to the SFDR Consultation Paper and have been closely monitoring and engaging with EU policy makers and industry trade groups on developments in this area.

In June 2020, First Sentier Investors created a formal SFDR project steering group which comprises senior representatives from our RI, legal, compliance, product, marketing, sales and distribution teams. The steering group has been working to implement the SFDR requirements to ensure we are fully compliant with the relevant requirements by the implementation date.

Australian Sustainable Finance Initiative

What is it?

The Australian Sustainable Finance Initiative (ASFI) was formed in March 2019 as an industry-led body. Over a period of 18 months, ASFI developed a roadmap to align the finance sector to support greater social, environmental and economic outcomes for the country. The roadmap sets out a suite of 37 recommendations categorised under the following four areas:

  1. Embedding sustainability into leadership
  2. Integrating sustainability into practice.
  3. Enabling resilience for all Australians
  4. Building sustainable finance markets

It also includes an Action Plan and suggested timeframes for implementation of each of the recommendations.1

What are we doing?

First Sentier Investors was pleased to be represented by two employees on two technical working groups. As a business more broadly we engaged with ASFI throughout the process, including inviting the Co-Chairs to engage with us at an RI Steering Group meeting and through presentations to the Australia Management Team. We were proud to support these recommendations when they were released, and look forward to continuing to work closely with ASFI throughout the implementation phase, beginning in 2021.

1. Australian+Sustainable+Finance+Roadmap+%E2%80%93+Executive+Summary.pdf

Monetary Authority of Singapore Guidelines on Environmental Risk Management

What is it?

In June 2020 the Monetary Authority of Singapore (MAS) proposed a set of guidelines on environmental risk management for fund management companies and real estate investment trust managers. In the consultation paper, the MAS highlighted the need for the financial sector to take action to address environmental risks and support the transition to an environmentally sustainable economy. The guidelines are intended as a call to action to this sector and highlight expectations that financial institutions will enhance the integration of environmental risk considerations as part of their investment process.

What are we doing?

In July 2020 we provided feedback on the consultation paper. The finalised guidelines were released in December 2020. We are currently in the process of adopting the guidelines and look forward to engaging with the MAS further on this topic in due course.

Our Responsible Investment & Stewardship reports since 2007

Responsible investment annual reports

2022 - Stewardship Report

2022 - RI Report

2021 - RI Report

2021 - Stewardship Report

2020 - RI Report

2020 - Stewardship Report

2019 - RI & Stewardship Report

2018 - RI & Stewardship Report

2017 - RI & Stewardship Report

2016 - RI & Stewardship Report

2015 - RI & Stewardship Report

2013 - RI & Stewardship Report

2012 - RI & Stewardship Report

2011 - RI & Stewardship Report

2010 - RI & Stewardship Report

2009 - RI & Stewardship Report

2008 - RI & Stewardship Report

2007 - RI & Stewardship Report

These documents contain information which is no longer up to date. As such, it is maintained on the website solely for informational purposes to provide historical information. The document should not be relied upon, including for the purposes of an investment decision. We recommend you seek professional investment advice before making a decision to invest.

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