
Specialist in Asia Pacific, Japan, China, India and South East Asia and Global Emerging Market equities.
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Our philosophy is very simple. We are constantly searching for high quality businesses and when we acquire them, we will work relentlessly with them to create long-term sustainable value through innovation, ESG-led and proactive asset management.
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Stewart Investors manage investment portfolios on behalf of our clients over the long term and have held shares in some companies for over 20 years. They launched their first investment strategy in 1988.
Discover morePolicies, reports and industry collaboration
- Responsible investment
- Policies and industry collaboration
Policies, reports and industry collaboration
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, nature and biodiversity, diveristy and human rights and modern slavery.
The policy was last updated in March 2022. The document is approved by RI Steering Group following extensive consultation with investment teams 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.
Task Force on Climate-related Financial Disclosures (TCFD) Mapping Document
Governance
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.
Human rights
We have focused our attention on the development of tools to monitor our investment strategies and supply chains.
Team specific policies and guidance notes
Unlisted Infrastructure ESG Statement
Exclusions
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.
Tobacco
- 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.
- SOCIETE IVOIRIENNE DES TABACS
- 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:
Global
PRI
- 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
Climate Action 100+
- Supporting investor for 3 companies
Net Zero Asset Managers Initiative
- Signatory
EMEA
UK Sustainable Investment Forum
- Board Member
EUROSIF
- 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
- Director of the FSC Board
- 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
Responsible Investment Association Australasia
- Member of the Human Rights Working Group
- Member of Nature 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
Our Responsible Investment & Stewardship reports since 2007
Responsible investment annual reports
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.
Responsible investment reports

Read our latest annual Responsible Investment Report

Read our recent Navigating investment in a post-COVID world report
Read our 2021 Stewardship Report
Keep up to date with our latest research and developments on social media, or subscribe to our email newsletter
First Sentier Investors became a Certified B Corporation in November 2022 with a score = 107.2, noting that the passing score is 80. Please visit the B Corp Directory here to view our report and for additional information regarding the assessment process.
This website is for institutional investors only.
The website is issued by First Sentier Investors (Singapore) whose company registration number is 196900420D and has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B), FSSA Investment Managers (registration number 53314080C), Igneo Infrastructure Partners (registration number 53447928J), and Stewart Investors (registration number 53310114W) are business divisions of First Sentier Investors (Singapore).
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