We produce reports on key topics to help inform our responsible investment approach and carry out research to better understand customers’ views and priorities on ESG matters.



In our report, ‘Nature and biodiversity: the pensions imperative’ we explore why understanding the value of nature and taking steps to preserve and restore it, is key to a sustainable and prosperous future. By exploring the risks and the opportunities that degradation of nature and biodiversity loss present to our societies and economies, we set out how we can all turn ambition into action on this key issue.


Read our report (PDF, 3MB)



Deforestation is one of the drivers of climate change and can lead to degradation of nature and loss of biodiversity. It can threaten businesses and investors directly or be hidden within their supply chains, leading to disruption, financial loss and transition risk. That’s why we’re taking steps to understand deforestation risk and developing our approach to mitigating it.

Read our approach to deforestation (PDF, 2MB)

2023 Green pensions report

2023 Green pensions report

We have published our second ever Green Pensions Report, which uncovers the changing priorities of employees and employers when it comes to their future finances.


Read our report (PDF, 5MB)

Great minds don't think alike


Our report outlines why we believe cognitive diversity on company boards is important to the long-term success of the businesses we invest in, helping them make better decisions and drive growth.


Read the highlights (PDF, 564KB)

Read the full report (PDF, 1MB)

The just way

The just way

Our report examines how job creation, productivity enhancements, and reducing inequality are all possible in the transition to a low carbon economy. We advocate for a ‘just transition’ that is as fair and inclusive as possible as the world decarbonises.


Read our just transition report (PDF, 1MB)

Case for tobacco divestment

Case for tobacco divestment

We outline why we exclude companies from our investments with more than 10% of their revenues linked to tobacco products.

Read our report (PDF, 748KB)



We’ve set out our Responsible Investment and Stewardship Framework, supported by Stewardship and Exclusions polices. They guide our decisions on how we invest, how we select fund managers, and how we challenge the managers of companies we invest in on behalf of our customers to improve the way they operate.


Read our Responsible Investment and Stewardship Framework (PDF, 1MB)


Challenging the companies we invest in to make positive changes in their business practices is at the heart of how we manage investments to create sustainable benefits in the long term for our customers, the economy, the environment and society. By doing this, we aim to protect and maximise customers’ investments in the long term.


Read our Stewardship Policy (PDF, 1MB)

Read our voting principles and guidelines (PDF, 212KB)


We won’t invest in companies that fail to meet our strict standards and we’re selling our investments in the worst offenders in areas like coal production, controversial weapons manufacturing or tobacco manufacturing or distribution.


Read our Exclusions Policy (PDF, 715KB)

Read our case for tobacco divestment (PDF, 742KB)


Annual Responsible Investment and Stewardship Report

Our latest Responsible Investment and Stewardship Report outlines the progress we made in 2022 to deliver on our plans to benefit our customers’ investments and broader society.

Read the highlights (PDF, 574KB)

Read the full report (PDF, 8MB)

Read the 2021 Report (PDF, 8MB)

Read the 2020 Report (PDF, 3MB)


Taskforce for Climate-related Financial Disclosures (TCFD) Reporting

Our 2022 TCFD Report (Taskforce for Climate-related Financial Disclosures) and Climate Fund Reports have been produced in accordance with recommendations from TCFD and with the ESG Sourcebook published by the Financial Conduct Authority (FCA). 

2022 Scottish Widows TCFD Report (PDF, 6MB)  

The fund reports outline the core set of climate-related metrics for your investments. This includes information on the following metrics, using the calculations from the TCFD Annex and considering the TCFD Guidance (on Metrics, Targets, and Transition Plans): total carbon emissions; total carbon footprint; weighted average carbon intensity as well as the proportion of each fund invested in what we have defined as carbon sensitive sectors. 

Scottish Widows Pension Funds (PDF, 681KB) 

Scottish Widows Workplace Savings Funds (PDF, 885KB) 

Scottish Widows Investment Funds (PDF, 622KB)

Clerical Medical & Halifax Heritage Pensions Funds (PDF, 640KB) 

Clerical Medical & Halifax Heritage Investment Funds (PDF, 672KB) 

Scottish Widows and Halifax OIEC & ISA Funds (PDF, 592KB) 

For funds managed by third parties we’re making these disclosures based on our own methodology. A third party that manages the fund may disclose similar information using their own methodology. 

Previous Reporting – 2021 Scottish Widows TCFD Report (PDF, 5MB)


Principles for Responsible Investment 2021 Assessment Report for Scottish Widows

This report outlines the results of the 2021 Principles for Responsible Investment (PRI) Assessment of Scottish Widows’ responsible investment and stewardship activities in 2020.

Read the report (PDF, 549KB)


Voting records

Voting is an essential part of being active owners of our investments. It can be used as an escalation of engagement activity, to express support for an ongoing strategy and to ensure suitable governance is in place to deliver on ESG factors.

At the end of 2021, BlackRock announced it would enable pooled fund clients to vote their own shares through the adoption of a choice of ISS voting policies. This announcement was an industry first, as the asset manager industry has largely been reluctant to allow asset owners influence and control over voting.

In 2021, we chose the ISS Socially Responsible Investment Policy, which we felt was most closely aligned with our approach to voting and is progressive across a range of ESG factors, in addition to climate change. This policy was implemented for our passive mandated funds managed by BlackRock in April 2022 and for our eligible investments in BlackRock pooled funds in Sept 2022.

Please find below our voting records for our BlackRock funds where we have applied the ISS Socially Responsible Investment Policy.

BlackRock managed ACD funds July 2022-June 2023 (PDF, 10MB)