Our judges have recognised a joint winner in this category for its compelling commitment to ESG, particularly its rigorous focus on greenhouse gas reduction and active support for sustainability initiatives. The fund provided judges with a reflective assessment of its ESG priorities, acknowledging areas for greater selectivity to maximise impact. Brunel’s approach demonstrates mainstreamed ESG integration into investment policy, risk management, monitoring, governance, and engagement, aligning with international standards while seeking measurable outcomes. Its ethos, encapsulated in the objective to “provide not only for members’ retirement, but for the world they will retire into”, positions Brunel as a role model, combining ambition with a clear ethical rationale.

Railpen was chosen for its detailed and practical application of ESG in investment decisions, illustrated through clear case studies and stewardship reports. The integration of ESG into both upstream investment selection and downstream monitoring is commendable, providing transparency and insight into engagement and governance practices. The judges valued Railpen’s thorough, data-driven approach, recognising the fund’s nuanced handling of ESG challenges in a complex geopolitical landscape. The judges found that with robust exclusions, active voting, and successful engagement leading to corporate improvements, Railpen exemplifies leadership in ESG, with objectives to deliver both financial resilience and societal benefit.