Specialist in Asia Pacific, China, India and South East Asia and Global Emerging Market equities.

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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.

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We know we need to pivot our approach if we are to minimise the environmental impacts of our business operations, no matter where our offices are based.

Net zero target

In March 2022, we announced a firm-wide target to reduce greenhouse gas emissions across our business operations in line with a target of net zero emissions by 2030 (or sooner)*.

We are working towards this goal by transitioning our offices to renewable energy via energy retailers or through the purchase of Renewable Energy Certificates, energy efficiency opportunities in our offices, expanding our emissions data collection and developing resources to support our business.


* This target covers Scope 1, 2 and limited Scope 3 emissions in line with the GHG Protocol. Scope 3 is limited to our corporate travel activities. Scope 1 emissions are direct emissions from owned or controlled sources. Scope 2 emissions are indirect emissions from the generation of purchased energy. Scope 3 covers a company's 'value chain' emissions and is divided across 15 categories for both upstream (supply chain) and downstream activities (lifecycle of products).

Environmental policy

Our Environmental Policy Statement provides a framework to support our progress towards our environmental objectives and address the associated risks with our own business operations. It covers climate change, energy, pollution, waste, water, travel and our supply chain.

Our emissions data

We monitor and report on our corporate emissions using the World Resources Institute and World Business Council for Sustainability Development Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard.

Tonnes of carbon dioxide equivalent (tCO2e)

  2020 2021 2022
Scope 1 (direct emissions)1, 4 36.68 50.96 45.15
Scope 2 (indirect emissions) - purchased electricity - location method1, 2, 5 511.39 438.22 478.27
Scope 2 (indirect emissions) - purchased electricity - market method1, 3, 5 262.93 212.73 170.16
Scope 2 (indirect emissions) - purchased heat and steam1, 5 28.86 27.83 34.93
Scope 3 (indirect emissions) - Category 6 business travel 725.01 315.39 5,372.93
Scope 3 - Employee commute6 - - 286.6
Scope 3 - Working from home6 - - 62.83
Total emissions (Scope 1 and 2 - location based, and Scope 3) 1,301.94 832.40 6,280.71
Total emissions (Scope 1 and 2 - market based, and Scope 3) 1,053.48 606.91 5,972.6


December 2022

Our focus areas

Our Corporate Sustainability strategy is organised into four focus areas

Plans and progress

We continue to look at ways to decarbonise our operations. We are focussed on strengthening our data tracking and reporting, delivering relevant certifications, and working across our business to strengthen how we operate sustainably.

You can read more about our plans and our progress in our Corporate Sustainability Report.

1 Emission factors for Scopes 1 and 2 reference published regional emissions factors from government and utility publications. Where 2022 government data was not available at the point of extracting the data, we have applied the emissions factor from the previous year as a proxy. Emission factors for scope 3 emissions are based on DEFRA UK’s published emission conversion factors.

2 A location-based method reflects the average emissions intensity of grids on which energy consumption occurs (using mostly grid-average emission factor data).

3 A market-based method reflects emissions from electricity that the company has purposefully chosen. This takes into account FSI’s procurement of renewable electricity. It derives emission factors from contractual instruments, which include any type of contract between two parties for the sale and purchase of energy bundled with attributes about the energy generation, or for unbundled attribute claims.

4 Our Scope 1 reporting currently excludes diesel (as part of stationary combustion) and refrigerants. While they are expected to be immaterial to our operational GHG inventory, we will look to include this in the future for completeness. Since 1 October 2022, we have purchased Green Gas (via tariff) to replace the natural gas in our Scope 1 emissions. FSI does not own any company fleet, and therefore there is no associated transport fuel for Scope 1 (mobile combustion).

5 For Scope 2 emissions, we use actual consumption data from our head leased offices, and apply estimates for our serviced offices and our Melbourne office where actual consumption data is not currently available. We will endeavour to include metered consumption data where available in future reporting.

6 This is newly reported in FY22. Our working from home and employee commute emissions are calculated from a staff survey to obtain data regarding employee commuting methods and method of travel to work. 58% of staff responded to the survey in 2022 and the results were scaled to match the number of employees at each office. The distance-based calculation from GHG Protocol, which calculates emissions based on employee commuting patterns, was used.