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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.
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Engagement focus:

better health

Public health matters to investors because it directly influences economic stability, workforce productivity and long-term economic growth. A healthier population reduces health-care costs, minimises absenteeism and fosters a more resilient labour force: key drivers of business performance and prosperity.
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Still Life, HM Prison Downview | Courtesy of Koestler Arts
Engagement themes
Our engagement work is organised around three themes: better work, better environment and better health.
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Learn more
In 2025, we published the fourth iteration of the CCLA Corporate Mental Health Benchmark, a pioneering project aimed at improving company performance by using the dual forces of annual company rankings and sustained and persistent investor engagement. The benchmark and its results are covered here.
Also in 2025, we took our engagement on nutrition with Nestlé to a new level, including attending the company’s spring annual general meeting (AGM), visiting its research and development centre and meeting with the company’s new CEO.

Better health engagement themes

Our better health engagement pillar consists of several underlying themes. For each theme, we define clear, measurable objectives to guide our approach to engagement. Portfolio companies are evaluated against each of the relevant themes and placed into one of five performance levels, based on a set of evidence-based standards. These are set out below.
Our engagement approach aims to encourage portfolio companies to improve their performance in the engagement grid, with companies evaluated annually to track improvement or deterioration.
Mental health
Evidence-based standard: CCLA Corporate Mental Health Benchmark (UK and Global) 2024
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Nutrition
Evidence-based standard: Access to Nutrition index (ATNi) Global Index 2024
Evidence-based standard: CCLA assessment based on research by ShareAction and ATNi
Antimicrobial resistance
Evidence-based standard: Access to Medicine Foundation Antimicrobial Resistance (ATM AMR) Benchmark 2021
Special projects – environment
Evidence-based standard: Case-by-case basis with agreement of the CCLA Investment Committee
Better health
Evidence-based standard: Sustainalytics Global Standards Screening Analysis

Equity holdings under engagement

The table below places the portfolio companies in the scope of the better health engagement pillar into five performance levels, based on the themes identified above. The key indicates progress or deterioration evidenced during the 2025 calendar year. Where a company is covered by more than one theme, its position is determined by its lowest placing.
The companies above represent CCLA’s equity holdings in the scope of the various better health engagement themes. Equity holdings were taken on 1 January and 1 July 2025. Any companies purchased after 1 July will come into the scope of our portfolio engagement in 2026. *Not held in CCLA portfolios at 31 December 2025.