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The purpose of the EPIS is for us, the Trustee of the Altro Pension Scheme, to explain what we have done during the year ending 30 April 2025 to achieve certain policies and objectives set out in the Statement of Investment Principles (“SIP”). It includes:
Based on the activity we have undertaken during the year, we believe that the policies set out in the SIP have been implemented effectively.
Over the year, the Scheme did not hold any material investments with voting rights. Therefore, no voting rights have been exercised on our behalf. In our view, the Scheme’s material investment managers were able to disclose good evidence of engagement activity, and the activities completed by our managers align with our stewardship expectations.
The Scheme is invested in pooled funds, and so the responsibility for voting and engagement is delegated to the Scheme’s investment managers, which is in line with the policies set out in our SIP. We reviewed the stewardship activity of the material investment managers carried out over the Scheme year and in our view, the investment managers were able to disclose good evidence of engagement activity. More information on the stewardship activity carried out by the Scheme’s investment managers can be found in the following sections of this report.
Over the reporting year, we monitored the performance of the Scheme’s investments on a quarterly basis and received updates from our investment adviser, Aon Investments Limited (“Aon”).
Each year, we review the voting and engagement policies of the Scheme’s investment managers to ensure they align with our own policies for the Scheme and help us to achieve them.
The Scheme’s stewardship policy can be found in the SIP: Altro 2024 SIP
Stewardship is investors using their influence over current or potential investees/issuers, policy makers, service providers and other stakeholders to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.
This includes prioritising which Environmental Social Governance (“ESG”) issues to focus on, engaging with investees/issuers, and exercising voting rights.
Differing ownership structures means stewardship practices often differ between asset classes.
Source: UN PRI
Engagement is when an investor communicates with current (or potential) investee companies (or issuers) to improve their ESG practices, sustainability outcomes or public disclosure. Good engagement identifies relevant ESG issues, sets objectives, tracks results, maps escalation strategies and incorporates findings into investment decision-making.
The table below shows some of the engagement activity carried out by the Scheme’s material managers. The managers have provided information for the most recent calendar year available.
| Funds | Number of engagements | Themes engaged on at a fund level | |
|---|---|---|---|
| Fund level | Firm level | ||
| Brandywine Global Income Optimiser Fund* | 88 | 147 |
Environment – Climate Change; Natural Resource Use/Impact; Pollution, Waste
Social – Human and labour rights; Conduct, Culture and Ethics; Human Capital Management Governance – Remuneration; Board Effectiveness – Diversity; Board Effectiveness – Independence or Oversight Strategy, Financial and Reporting – Financial performance; Capital Allocation; Strategy/Purpose |
| TwentyFour - Corporate Bond Fund | 86 | 400 |
Environment – Climate Change
Social – Conduct, Culture and Ethics Governance – Board Effectiveness – Diversity |
This report does not include commentary on certain asset classes such as liability driven investments or gilts because of the limited materiality of stewardship to these asset classes.
