IMPORTANT INFORMATION
All data as at 31 December 2025, unless specified otherwise. This document is issued for information purposes only. It does not constitute the provision of financial, investment or other professional advice. We strongly recommend you seek independent professional advice prior to investing. The value of investments and the income derived from them may fall as well as rise. Investors may not get back the amount originally invested and may lose money. Any forward-looking statements are based on CCLA’s current opinions, expectations and projections. CCLA undertakes no obligations to update or revise these. Actual results could differ materially from those anticipated. All names, logos and brands shown in this document are the property of their respective owners and do not imply endorsement. These have been used for the purposes of this document only. CCLA Investment Management Limited (registered in England & Wales, No. 2183088, at One Angel Lane, London EC4R 3AB) is part of the Jupiter Group, and is authorised and regulated by the Financial Conduct Authority.
Foreword
What is Good Investment?
Our responsible investment approach
2025 a year in action
Stewardship and engagement
Appendix 1: 2025 engagement record
Appendix 2: Shareholder proposals
Appendix 3: Investors supporting CCLA engagement
Appendix 4: Governance and our portfolios
Appendix 5: Climate pledge and portfolio carbon footprint
Appendix 6: Memberships and initiatives
Appendix 7: Industry recognition
Appendix 8: Standards, frameworks and initiatives
2026 Better World
Stewardship outcomes for the year 2025
A year in action
Throughout 2025 we continued to drive forward and expand our flagship engagement programmes and took steps to explore new areas.
KEY
Better environment
Better work
Better health
2025
January
CCLA sends Living Wage Accreditation letters to 13 UK‑listed companies.
February
CCLA signs an investor joint statement on the Omnibus legislation calling on the European Commission to preserve the integrity and ambition of the European Union’s sustainable finance framework.
March
The UK Home Office publishes updated statutory guidance for businesses on how to tackle modern slavery in supply chains, drawing on the CCLA Modern Slavery Benchmark as a key reference source.
Having filed a climate-related shareholder resolution at NextEra Energy* in late 2024, CCLA agrees to withdraw this proposal in Q1 2025 after the company commits to new lobbying disclosures.
April
CCLA attends the Unilever AGM in person and asks a question on how the company reflects climate risk in its financial planning and reporting. Subsequently a meeting is held with the chair of the Audit Committee.
CCLA pre-declares its intention to vote against the chair of Amazon’s Leadership Development and Compensation Committee, Edith Cooper, because of continued concerns over the company’s approach to collective bargaining.
CCLA attends Nestlé’s AGM in Lausanne, Switzerland, and asks a question of the CEO on nutrition reporting and target-setting.
CCLA builds on engagement with Coca-Cola Co (commenced in late 2024) on exploitative labour standards in the Indian sugar supply chain by brokering meetings between the Independent Sugar Workers Association, AIM-Progress (a trade association for fast-moving consumer goods) and others.
May
CCLA attends O’Reilly Automotive’s AGM to pose a question on its climate reporting timeline.
CCLA launches a pilot of the Global Modern Slavery Benchmark, ranking 95 of the world’s largest companies on their efforts to tackle modern slavery.
CCLA attends McDonald’s AGM to ask a question on how the company plans to compensate victims of modern slavery found in restaurants in Cambridgeshire.
Nestlé announces new commitments on nutrition reporting.
June
CCLA launches the Corporate Mental Health Benchmark – UK 100. Out of the 100 included companies, 21 have improved their tier ranking, with 76 having engaged with CCLA during the preceding 12 months.
CCLA kicks off its client survey cycle with a series of focused roundtable discussions.
CCLA organises a roundtable for investors and wealth managers regarding Amazon. The event includes presentations from representatives of GMB Union in Coventry.
July
CCLA is a guest speaker and an investor voice representative at the launch of a new all-party parliamentary group on the just transitioni in the construction sector (covering human rights and socioeconomic and environmental impacts) at the House of Lords.
CCLA signs a sub-licence agreement with the Australian Council of Superannuation Investors to launch a baseline mental health assessment spotlighting the 20 largest Australian-listed companies, using the CCLA benchmark framework.
CCLA sends bespoke letters to every company in the Corporate Mental Health Benchmark – UK 100 setting out key recommendations to strengthen their mental health approach. The letters are co-signed by 56 investors with a combined $9.5 trillion in assets under management.
August
CCLA meets with McDonald’s chief sustainability officer to discuss deforestation commitments. This follows the withdrawal of a shareholder proposal that we co-filed earlier in 2025 after the company failed to engage.
CCLA signs an investor statement in support of the government including mandatory health reporting for all large food businesses in its NHS 10-Year Health Plan.
CCLA launches its online client consultation. This is a survey in which more than 500 charities and not-for-profit organisations chose to participate.
September
CCLA meets with L’Oréal to discuss its commitments on deforestation, supply chain practices and responsible political engagement on biodiversity. This is coordinated by the Principles for Responsible Investment’s (PRI) Spring initiative, where CCLA is represented on the advisory panel.
CCLA commences engagement targeting the counterparties used in its cash funds. CCLA sends letters to each of the 40 institutions approved for use by its cash team. The requests focus on the institutions’ approach to financing the expansion of fossil fuels.
October
With the UK Cabinet Office, CCLA hosts a construction sector roundtable focusing on the risks and challenges faced by the sector relating to modern slavery and forced labour.
CCLA is invited to visit an Amazon distribution centre in Dartford. This is followed by a meeting at CCLA’s headquarters with the company’s global head of ESG engagement to discuss Amazon’s approach to collective bargaining.
Following in-person AGM attendance in the spring, CCLA is invited to visit Nestlé’s research and development centre in Lausanne, Switzerland, to meet Stefan Palzer (chief technology officer) and other key personnel in nutrition and reformulation.
CCLA launches the Corporate Mental Health Benchmark – Global 100+. Ten companies have improved their tier ranking, with 60 (of 120) companies having engaged with CCLA during the preceding 12 months.
CCLA sends bespoke letters to every company in the Corporate Mental Health Benchmark – Global 100+ setting out key recommendations to strengthen their mental health approach. The letters are co-signed by 56 investors with a combined $9.5 trillion in assets under management.
November
CCLA launches the Modern Slavery UK Benchmark. Out of the 111 included companies, 25 have improved their tier ranking, with 68 having engaged with CCLA in the preceding 12 months.
December
CCLA sends bespoke letters to every company in the Modern Slavery UK Benchmark setting out key recommendations to strengthen their approach.
CCLA signs a sub-licence agreement with De Nieuwe Beurskoers to assess 10 Dutch companies on their modern slavery disclosures using the Modern Slavery Benchmark framework.
By year end, CCLA has engaged with:
- 242 companies on work
- 209 companies on the environment
- 220 companies on health.
iA just transition means greening the economy in a way that is as fair and inclusive as possible to everyone concerned, creating decent work opportunities and leaving no one behind.
*Not held in CCLA portfolios at 31 December 2025.