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In 2025, we hosted more than 10 separate climate scenario workshops with clients representing more than £2.5 billion in AUM. These workshops have helped asset owners think about climate across asset classes and have challenged preconceived assumptions and biases. They have also led participants to focus more on the increasingly important topic of physical risk. More information can be found in our Statement of climate-related intent and ambition and our TCFD-aligned Climate Report, available on our website.

The engagement case studies detailed in the Our year in stewardship section of this report provide some examples of how we have sought to influence issuers to better manage and respond to market-wide and systemic risks.

We recognise the importance of a well-functioning investment ecosystem, seek to engage constructively with policymakers, and participate in a range of industry associations, membership organisations and research and innovation networks. These organisations contribute to or are responsible for the regulatory environment, and for establishing and encouraging industry best practice. Our membership of such groups and industry bodies is set out below. Our memberships extend beyond this list, however, for this report, we have included those most closely linked to our stewardship-related activities.