Antimicrobial resistance (AMR) represents a material and growing systemic risk to healthcare systems, food systems and long-term economic productivity. For example, the erosion of antimicrobial effectiveness (AME) directly undermines the value of medical innovations and healthcare investments, as many modern cancer therapies depend on effective antibiotics to manage treatment-related infections. As resistance increases, a growing share of patients are unable to complete or even begin cancer treatment, leading to higher mortality, treatment suspensions and a structural reduction in the addressable market for oncology products. This, in turn, creates operational and financial risks for companies and, if unaddressed, threatens long-term value creation.

In 2025, we collaborated with Panmure House to support the ‘Panmure House Dialogues on Market Solutions for Antimicrobial Effectiveness’, convening investors, policymakers, academics and industry participants to explore how market-based solutions and investor stewardship can help conserve AME. The dialogue reframed AME as essential economic infrastructure, highlighting that its value remains under-recognised in financial and corporate decision-making.

Key outcomes focused on improving market functioning by identifying stakeholders exposed to AMR-related risks, encouraging the quantification of financial materiality, and using investor engagement to support system-level change. Participants emphasised that effective stewardship could help align incentives, internalise externalities and strengthen long-term economic resilience. Alongside this work, we participated in the World Antimicrobial Resistance Awareness Week 2025, presenting at a joint webinar hosted by the Access to Medicine Foundation and the World Health Organisation, which highlighted the role investors can play in curbing AMR. We also continued our involvement with the AMR Investor Action platform, a coalition led by the Access to Medicine Foundation, the FAIRR Initiative and the UK Government's Department of Health and Social Care, aimed at galvanising coordinated investor action on global AMR. This activity informs our approach to identifying and responding to market-wide and systemic risks and supports our ongoing engagement with companies where AMR and AME are financially material.

Alongside this work, we participated in the World Antimicrobial Resistance Awareness Week 2025, presenting at a joint webinar hosted by the Access to Medicine Foundation and the World Health Organisation, which highlighted the role investors can play in curbing AMR. We also continued our involvement with the AMR Investor Action platform, a coalition led by the Access to Medicine Foundation, the FAIRR Initiative and the UK Government's Department of Health and Social Care, aimed at galvanising coordinated investor action on global AMR. This activity informs our approach to identifying and responding to market-wide and systemic risks and supports our ongoing engagement with companies where AMR and AME are financially material.

In 2024 and 2025, we participated in the review of the UK Stewardship Code coordinated by the Financial Reporting Council. We also participated in several roundtables and contributed to broader industry stakeholder responses through the IA and the ICGN. We support the Code's continued focus on long-term value creation for clients and beneficiaries, which we believe is the core mission of stewardship.