Welcome 02 Collaborative engagement Shaping pathways to a sustainable future 03 What sustainable investing Collaboration with other investors Ceres Food Emissions 50 UK Investor Forum means to us 04 offers an effective way to achieve The food sector is closely linked with climate change as We value engagements facilitated by the UK Acting on climate risks engagement objectives in the best the global food system is responsible for approximately Investor Forum on issues related to business strategy, and opportunities 05 5 interests of our clients and shape one third of all global GHG emissions . Recognising the environmental concerns, management of social risks Sustainable investing 06 intersection between food production and climate as and board oversight, among other topics. These sustainable pathways for the future. an important engagement area, we joined the Food engagements were particularly important given the Active stewardship 08 Emissions 50 effort co-ordinated by Ceres. As part of our level of activity in the UK market where access to capital Collaboration is particularly important when we have involvement, we joined the working group on land use and potentially undervalued assets has resulted in a Collaborative engagement 09 major concerns but only small holdings; we can have and climate. material number of takeover bids. a greater impact by working together. While we led Influencing companies the majority of our engagements ourselves in 2021, through proxy voting 10 we undertook several collaborative engagements with a focus on climate issues and governance and joined AllianzGI as a industry initiatives to promote the robust functioning sustainable business 11 of markets. Our intention is to expand and intensify collaborative engagement activities. In 2021, these engagements included: Climate Action 100+ As a member of Climate Action 100+, we supported a collaborative engagement letter that asked a US company to add a discussion item to its annual general meeting (AGM) agenda about its climate change commitments, as well as adopting a routine advisory vote on its climate strategy. Read about how we’re promoting gender diversity via collective engagement in our Sustainability and Stewardship Report 2021. 5 https://www.ceres.org/climate/ambition2030/food-emissions-50