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Policies & Reporting
Our policies
Stewardship
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.
Exclusions
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)
Voting guidelines
Our Voting Guidelines have been developed in line with our beliefs on ESG factors to demonstrate best practice under the distinct themes and enhanced to be more progressive in certain critical areas.
Reporting
Annual Responsible Investment & Stewardship Report
Our latest report outlines the progress we made in 2023 to deliver on our plans to benefit our customers’ investments and broader society.
Read the 2023 report (PDF, 10MB)
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2024 reporting
Our 2024 TCFD (Task Force on Climate-Related Financial Disclosures) Entity Reports and Fund Climate Related Disclosures Reports have been produced in accordance with the ESG Sourcebook published by the Financial Conduct Authority and with recommendations from the TCFD. Reporting at the level of Scottish Widows Group is contained within the Lloyds Banking Group’s Sustainability Report.
Entity reports - 2024
Scottish Widows Limited TCFD Report 2024 (PDF, 335KB)
Scottish Widows Unit Trust Managers Limited TCFD Report 2024 (PDF, 335KB)
HBOS Investment Fund Managers Limited TCFD Report 2024 (PDF, 335KB)
Scottish Widows Administration Services Limited TCFD Report 2024 (PDF, 330KB)
Fund reports - 2024
The fund reports outline a core set of climate-related metrics for your investments and are intended to help you compare the climate impact of different funds. 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.
Scottish Widows Pension Funds (PDF, 920KB)
Scottish Widows Workplace Savings Funds (PDF, 1MB)
Scottish Widows Investment Funds (PDF, 1MB)
Clerical Medical, Halifax and Lloyds TSB Heritage Pension Funds (PDF, 1MB)
Clerical Medical, Halifax and Lloyds TSB Heritage Investment Funds (PDF, 1MB)
Scottish Widows and Halifax OEIC & ISA Funds (PDF, 1MB)
2023 reportingOur 2023 TCFD (Task Force on Climate-Related Financial Disclosures) Entity Reports and Fund Climate Related Disclosures Reports have been produced in accordance with the ESG Sourcebook published by the Financial Conduct Authority and with recommendations from the TCFD. For 2022 and 2021 we produced reports at the level of Scottish Widows Group. The 2022 Scottish Widows TCFD Report contained information on Scottish Widows Limited in the additional information section. From 2023 onwards, reporting at the level of Scottish Widows Group is contained within the Lloyds Banking Group’s Sustainability Report.
Entity reports - 2023
Scottish Widows Limited TCFD Report 2023 (PDF, 297KB)
Scottish Widows Unit Trust Managers Limited TCFD Report 2023 (PDF, 292KB)
HBOS Investment Fund Managers Limited TCFD Report 2023 (PDF, 292KB)
Scottish Widows Administration Services Limited TCFD Report 2023 (PDF, 289KB)
Fund reports - 2023
The fund reports outline a core set of climate-related metrics for your investments and are intended to help you compare the climate impact of different funds. 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.
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 OEIC & ISA Funds (PDF, 592KB)
2022 reporting
Our 2022 TCFD Report (Task Force on 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 Pension Funds (PDF, 640KB)
Clerical Medical & Halifax Heritage Investment Funds (PDF, 672KB)
Scottish Widows and Halifax OEIC & 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.
2021 reporting
Previous Reporting – 2021 Scottish Widows TCFD Report (PDF, 5MB)
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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.