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

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Specialists in equity portfolios in Asia Pacific, emerging markets, global and sustainable investment strategies

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Reports and policies

Reports and policies

At First Sentier Investors, responsible investment principles underpin our investment approach. Our reports and policies detail our beliefs and how we translate these into action.


Responsible Investment Report 2022

As long-term investors, we know that the decisions we make today impact communities today, tomorrow and years from now. Responsible Investment is at the core of how we operate as a business and invest money, and we are committed to transparency and accountability regarding our performance in this area.

Stewardship Report 2022

In our latest Stewardship Report, learn how we act as stewards of our clients' money, with a focus on investment excellence that seeks to deliver strong investment performance in conjunction with positive, real-world outcomes.

Global policy and principles

Our Global Responsible Investment and Stewardship Policy and Principles articulate our approach to responsible investment, what it means to us and how we implement it.

Our Stewardship Policy document sets out the responsible investment and stewardship standards that all investment professionals are expected to adhere to in practice, including specific expectations in relation to environmental, social and governance (ESG) integration, corporate engagement, voting on resolutions involving the companies in which we invest and screening investments for exposure to unwanted activities. This should be read in conjunction with the Principles document, which communicates the beliefs that underpin our approach to responsible investment. This includes our position in relation to our four focus areas: climate change, nature and biodiversity, human rights and modern slavery, and diversity; and our internal governance structure with respect to responsible investment, investment stewardship and ESG.

The Principles document was approved in September 2023, and the Policy document was approved in February 2024. Both documents were approved by the Global Responsible Investment Executive Committee following extensive consultation with investment team members and other stakeholders in the business.

Global Responsible Investment and Stewardship Policy

Please read in conjunction with the Responsible Investment and Stewardship Principles

Global Responsible Investment and Stewardship Principles

Please read in conjunction with the Responsible Investment and Stewardship Policy

Climate change

In developing our Climate Change Statement, we sought to align the information we provide to investors 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 2023

Learn about our approach to climate change in our latest Climate Change Statement

Climate Change Statement 2022

Read our previous statement

Climate Change Action Plan 2023

Our action plan sets out the steps and pathways we are taking to meet our net zero ambitions

Climate Change Action Plan 2022

Read our 2022 Climate Change Action Plan

Human rights

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

Modern Slavery Statement

Learn of the progress made in bringing this issue into sharper focus for the companies we engage with, and within our own business and supply chains.


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.


Our approach to exclusions is outlined in section 2.10 of our Global Responsible Investment and Stewardship Policy. Our current exclusions are as follows:

Controversial weapons

  • Anhui GreatWall Military Industry Co, Ltd
  • BAE Systems Plc
  • Bharat Dynamics Ltd
  • Daikin Industries
  • General Dynamics Corp
  • ICL Group Ltd
  • L3Harris Technologies
  • Larsen & Toubro Ltd
  • LIG Nex1 Co, Ltd
  • Northrop Grumman Corp
  • Poongsan Corp
  • Pretis dd
  • Rheinmetall AG
  • Walchandnagar Industries Ltd


  • 22nd Century Group, Inc
  • Al-Eqbal Co. for Investment Plc
  • Altria Group, Inc
  • B.A.T. Capital Corp
  • B.A.T. International Finance Plc
  • B.A.T. Netherlands Finance BV
  • BAT Brasil
  • British American Tobacco Bangladesh Co
  • British American Tobacco Holdings (The Netherlands) BV
  • British American Tobacco Kenya Plc
  • British American Tobacco Malaysia Bhd
  • British American Tobacco plc
  • British American Tobacco Uganda Ltd
  • British American Tobacco Zambia Plc
  • British American Tobacco Zimbabwe Ltd
  • Bulgartabac Holding AD
  • Ceylon Tobacco Co Plc
  • China Tobacco International (HK) Co Ltd
  • Coka Duvanska Industrija AD
  • Duvanska Industrija AD Bujanovac
  • Eastern Co (Egypt)
  • Godfrey Phillips India Ltd
  • Golden Tobacco Ltd
  • Hoang Long Group
  • Imperial Brands Finance Netherlands BV
  • Imperial Brands Finance Plc
  • Imperial Brands Plc
  • ITC Ltd
  • Japan Tobacco, Inc
  • Jerusalem Cigarette Co Ltd
  • JT International Financial Services BV
  • Karelia Tobacco Co, Inc
  • Khyber Tobacco Co Ltd
  • KT&G Corp
  • Lorillard LLC
  • LT Group, Inc
  • Ngan Son JSC
  • Nikotiana BT Holding AD
  • NTC Industries Ltd
  • Old Holdco, Inc
  • Pakistan Tobacco Co Ltd
  • Philip Morris (Pakistan) Ltd
  • Philip Morris CR as
  • Philip Morris International, Inc
  • Philip Morris Operations AD
  • PT Bentoel International Investama Tbk
  • PT Gudang Garam Tbk
  • PT Hanjaya Mandala Sampoerna Tbk
  • PT Indonesian Tobacco Tbk
  • PT Wismilak Inti Makmur Tbk
  • Pyxus International, Inc
  • Reynolds American, Inc
  • Scandinavian Tobacco Group A/S
  • Shanghai Industrial Holdings Ltd
  • Sila Holding AD
  • Sinnar Bidi Udyog Ltd
  • Slantse Stara Zagora Tabac AD
  • Standard Diversified, Inc
  • STG Global Finance BV
  • Swedish Match AB
  • Tanzania Cigarette Co Ltd
  • Turning Point Brands, Inc
  • Tutunski Kombinat AD Prilep
  • Union Investment Corp
  • Union Tobacco & Cigarette Industries Co
  • Universal Corp
  • Vector Group Ltd
  • VST Industries Ltd
  • West Indian Tobacco Co Ltd

Policy advocacy

We have actively participated in a number of consultations and initiatives that we believe support the transition to a more sustainable financial system.