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This section highlights engagements across other asset classes and examples of collaborative engagements.

As noted on page 08 of this report, when investing in government debt, we see benefits in collaboratively engaging to achieve desired stewardship outcomes. As a long-term investor and holder of Indonesian government bonds, we are focused on factors that can strengthen Indonesia's fiscal resilience, improve energy security, and ultimately contribute to long-term growth.

Reducing methane leakage and routine flaring in the Indonesian oil and gas sector could yield several benefits. It could help conserve valuable gas supplies, support domestic energy demand and protect revenues linked to the efficient monetisation of natural resources. All of these matters to the sovereign's fundamentals. Demonstrating low methane emissions can help protect and grow liquefied natural gas (LNG) export revenues, given buyers' evolving procurement expectations. Finally, reducing oil and gas-based methane emissions would reinforce Indonesia's international climate commitments, including its commitment to the Global Methane Pledge.

Through our membership of the Emerging Markets Investor Alliance (EMIA) Indonesia working group, we participated in a collaborative engagement with the Indonesian government and state-owned oil and gas company, Pertamina. In 2025, we co-signed a letter to Indonesia's Minister of Finance on methane and flaring reductions in the oil and gas sector, setting out the case for stronger methane management and recognising progress in reducing national flaring volumes. Separately, we welcomed Pertamina's participation in leading methane initiatives and see this as a foundation for further improvement.