↑
Engaging with the assets we hold on clients' behalf is central to our role as stewards of their capital and forms a core part of our research process (see Our Stewardship Principles and Guidelines for more information). We engage with companies to fact-find, assess and, where that is in clients' long-term interests, to influence (explained in more detail in 2025 engagements: in numbers).
Our approach is deliberately patient. Building trusted relationships takes time, but it allows for more candid, informed conversations and a better understanding of less tangible drivers of long-term success – such as leadership quality and corporate culture. This long-term, two-way dialogue also creates the conditions for change when it is needed. We believe sustained engagement on strategic issues can protect and enhance clients' long-term returns, consistent with our investment beliefs, firm culture and client needs.
We typically engage directly with companies on a one-to-one basis. However, we also recognise that collaboration can sometimes be the most effective way to make progress. Working alongside like-minded investors and, where appropriate, broader stakeholder groups, can amplify our voice on behalf of clients and may be necessary to achieve specific engagement objectives. Examples of collaborative engagement during the year are provided on page 55. In collaborating with others (including when we participate in industry groups), we will always exercise our own independent judgement and make decisions unilaterally, within the parameters set by our clients' mandates, and will not be constrained by the directions of others. In addition, regardless of any memberships or participation in collaborative initiatives, we act independently in the exercise of our investment and stewardship activities.
In collaborating with others (including when we participate in industry groups), we will always exercise our own independent judgement and make decisions unilaterally, within the parameters set by our clients' mandates, and will not be constrained by the directions of others. In addition, regardless of any memberships or participation in collaborative initiatives, we act independently in the exercise of our investment and stewardship activities.
Engagement priorities are not fixed. They differ by issuer and by strategy, shaped by our proprietary research and the material issues within each investment case. Given our long-term investment horizon, we also expect topics of systemic relevance to feature when pertinent.
In 2025, we continued to meet with companies both in person and virtually. We value the insight that comes from visiting operations and speaking directly with management and employees, while also recognising the accessibility and efficiency of virtual engagement. We therefore maintain an open channel for planned and ad-hoc dialogue in all appropriate formats, including meetings, written communication and collaborative forums.
Examples of our 2025 engagements are set out later in this chapter. You can also find more information on our engagement approach in Our Stewardship Principles and Guidelines on our website.