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CCLA, One Angel Lane

London EC4R 3AB

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.

2026 Better World

Stewardship outcomes for the year 2025

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Foreword

Welcome to our annual Better World report, which sets out the stewardship work we have done on behalf of our clients over the past year.

As a firm that specialises in serving the not-for-profit sector, we recognise that the most effective way that we can contribute to building a better world is by providing you, our clients, with the investment returns that you need to fulfil your objectives.

For this reason, our primary focus is, and will always be, delivering the best possible financial returns that we can to our clients in a way that reflects their values and protects their reputation.

We cannot, have not, and will not compromise our investment process to pursue a sustainability goal that might not align with our clients’ needs.

But we also recognise that many of our clients would like their portfolios to drive change as well as make money.

At CCLA, we do this through engagement, interacting with company management and public policymakers to encourage the businesses in which we invest (and some in which we do not) to do more. From mental health to biodiversity, modern slavery to climate change, this report shows that our engagement can, and has, helped incentivise improvements.

But this isn’t altruism. We genuinely believe that this work can help businesses become more resilient in the face of an increasingly complicated world and play a role in addressing long-term systemic risks before they impact upon financial returns.

As Chief Executive, I couldn’t be more proud of our position as a catalyst for change and, as we begin our new partnership with Jupiter, I know our ambition for this work is only going to grow.

Peter Hugh Smith Chief Executive, CCLA

Joseph Farris/The New Yorker Collection/The Cartoon Bank