Sustainable Ownership blogs

<p>With the start of the new financial year, now might be a good time to get to grips with your pension. You may even feel that the time has come for you to take control of the way your money is invested and to make sure the investments are doing good. Either way, you may find it difficult to know where to begin. </p><p>Seeking the answers, we lift the curtain on how we invest your money sustainably with the help of Michael Marshall, Head of Sustainable Ownership at Railpen. From de-mystifying the investment jargon to tips for people who want their investments to do well – Michael explains it all.</p><p>&nbsp;</p><p><strong>Michael, ‘sustainable ownership’ seems to be a common term in many different financial areas. What’s the best way to explain what it is with regards to pensions? </strong></p><p>Firstly, let’s acknowledge that there’s far too much jargon around. Readers might have heard of ‘ESG’, ‘RI’, ‘SRI’, ‘Impact investment’, ‘Ethical Investment’, ‘Sustainable Investment’, ‘Active Ownership’, or some other term. </p><p>At Railpen we use the term ‘Sustainable Ownership’ to describe the work we do to incorporate sustainability into the way we invest and oversee our members’ money. It comprises a range of activities that our sustainable ownership professionals undertake, as we’ll come to later in the blog.</p><p><strong>&nbsp;</strong></p><p><strong>Why do we invest members’ money sustainably? </strong></p><p>Research suggests that when businesses face sustainability challenges, and fail to manage those challenges successfully, they could suffer in a number of ways: customer loss, higher operating costs, regulatory intervention, product recalls, lawsuits, less productive workforce, or loss of social license to operate. </p><p>There’s also evidence to suggest that companies that are well governed are more resilient than poorly governed companies. As investors responsible for other people’s money, it’s important that we identify whether companies are prone to risks that could affect the value of the investment we have made. That’s why we apply our sustainable ownership framework to our investment portfolios.</p><p>&nbsp;</p><p><strong>And, how does Railpen, as the investment manager of the RPS, ensure it invests members’ money sustainably?</strong></p><p>There’s a range of things we do, but I’ll mention just three here. As a quick aside, our work in this area helped us win the Investment &amp; Pensions Europe award for our approach to ESG (environmental, social, and governance issues). &nbsp;<br></p><p data-list="0" data-level="1">(1)&nbsp; Sometimes we choose not to invest in a company, or a set of companies, where we think the sustainability challenges are excessive and where they are unlikely to be well managed. We currently have an exclusion list covering companies that make controversial weapons (such as cluster munitions), thermal coal companies (thermal coal miners and coal power generators), and companies that have shown excessively poor conduct (for example where workforce fatalities have occurred and sufficient remedial steps have not been taken). <br><br>(2)&nbsp; When we are considering whether to invest in a company, a member of our team undertakes sustainable investment analysis to identify the sustainability risks faced by the company, and what the company is doing about them. This analysis in some cases leads to a decision not to invest in a company.<br></p><p data-list="0" data-level="1">(3)&nbsp; As investors we have certain rights at the companies we invest in. This can include the right to ‘engage’ a company – where we meet the company’s board or management to explain our expectations about some particular issue – and the right to vote at company Annual General Meetings (AGMs). These rights enable Railpen to influence companies for the better, and to hold boards and executive management to account. You can find out much more about how we vote in the <a href="https://cdn-suk-railpencom-live-001.azureedge.net/media/media/dlopqu3s/voting-policy_2022.pdf" data-sf-ec-immutable="">Railpen Voting Policy</a> and the <a href="https://vds.issgovernance.com/vds/#/OTI4OQ==/" data-sf-ec-immutable="">vote disclosure portal</a> on the Railpen website. </p><p>That was a heavily condensed version of what we do – interested readers should take a look either at our detailed <a href="https://cdn-suk-railpencom-live-001.azureedge.net/media/media/52lhtclx/stewardship-report-2021.pdf" data-sf-ec-immutable="">Stewardship Report</a>, or our shorter briefing for members which we call the <a href="https://cdn-suk-railpencom-live-001.azureedge.net/media/media/v5fbm4vu/railpen-sustainable-ownership-review-2020.pdf" data-sf-ec-immutable="">Sustainable Ownership Review</a>. </p><p>&nbsp;</p><p><strong>Many members choose a ‘hands off’ approach and leave it to Railpen to decide where to invest their money. How do you decide where to invest? </strong></p><p>As I mentioned above, we have some exclusion lists that tell us where not to invest, and we undertake sustainability analysis of the companies we do invest in to avoid companies that might face sustainability challenges or have poor corporate governance. </p><p>Beyond that, our portfolio managers seek to exploit investment themes, and one very powerful theme is the climate transition. As the global economy decarbonises over the coming decades, this is likely to produce an array of investment opportunities. We were an early starter here. </p><p>We started to integrate climate change into our investment decision-making process in 2016. Two years later, we signed the Global Investor Statement on Climate Change, supporting The Paris Agreement's goal of keeping global temperature rise below 2˚c. We decided to vote against companies which lack climate expertise, and auditors and companies who ignore the impact of climate change on their financial accounts. In 2020, we published our <a href="https://cdn-suk-railpencom-live-001.azureedge.net/media/media/inhpqhuj/so-climate-related-disclosure-report_2020.pdf" data-sf-ec-immutable="">Climate-Related Disclosure</a> which tells you exactly how our plans on climate change are going.</p><p><strong>&nbsp;</strong></p><p><strong>What options do we have for members who want to be involved in the process and want to make sure their pension money is invested sustainably? </strong></p><p>Members paying into Defined Contribution arrangements are invested in funds that are managed either directly by Railpen, or by another underlying fund manager that has been carefully chosen by Railpen. </p><p>When Railpen is managing the investments directly, we apply our sustainable ownership framework, which we think leads to a portfolio of investments with strong sustainability characteristics - a portfolio our members can be proud of. </p><p>When an external party is the underlying investment manager, they will have had to meet Railpen’s sustainability standards in order to be appointed, and these standards need to be maintained through the manager’s tenure. </p><p>For example, Railpen has published a <a href="https://cdn-suk-railpencom-live-001.azureedge.net/media/media/dyiflcd5/railpen-net-zero-plan_2020.pdf" data-sf-ec-immutable="">Net Zero Plan</a> – a roadmap outlining how we intend to get to net zero GHG emissions by 2050 or sooner. We also require external investment managers to sign up to this too. </p><p>As a result, we believe the line-up of investment options available to members are well aligned with robust sustainable outcomes. </p><p>There’s loads of really useful information, clearly laid out in the <a href="3D6DC2A3-467E-4ADE-9F2C-C19BA2652B4E">Paying into IWDC</a> section of the website.&nbsp;&nbsp;<a href="https://member.railwayspensions.co.uk/in-the-scheme/paying-into-iwdc/invest-in-your-future" data-sf-ec-immutable=""></a></p><p>&nbsp;</p><p><strong>Lately, we’ve been hearing more and more about ‘greenwashing’ and companies overstating their credentials when it comes to investing sustainably. Can you explain what this means?</strong></p><p>Greenwashing is when companies claim to be doing ‘good’ things when in fact they’re not, or exaggerating the good that they actually do, or use diversion tactics to distract their stakeholders from important sustainability issues. </p><p>When we analyse or engage a company we aim to see through greenwashing by drawing on independent sources of information, comparing and contrasting several sources, using “materiality maps” to make sure we’re focussed on the issues that matter, and cross referencing companies with their competitors to get a side by side comparison. </p><p>We also develop common assessment frameworks that allow us to verify a company’s claims – such as their claims to be aligned with ‘net zero’ – against a robust set of criteria. </p><p>&nbsp;</p><p><strong>Michael, what would you say to all members of the RPS who have some or all of their pension invested on their behalf? </strong></p><p>We feel privileged to have the responsibility for supporting so many RPS members to achieve their long- term financial goals. We invest solely for our members, and aim to deliver sustainable returns in support of Railpen’s purpose: to secure our members’ futures.</p><p>&nbsp;</p><p><strong>And finally, what tips would you give to newbies who want their investments to do well but also to ensure their money is used to address environmental, social and governance (ESG) issues?</strong></p><p>Firstly, investors are required to produce substantial amounts of information each year on ESG issues, so look out for that, read it, and get in touch with us if you’d like to know more. </p><p>Secondly, use the mechanisms available to engage with Railpen. We often conduct member surveys and focus groups on sustainability topics. If you’re interested, express an interest in taking part by joining our <a href="/knowledge-hub/news-and-views/platform">member advisory group Platform</a>.</p><p>Thirdly, have patience. Sustainability is all about the long term. Good sustainable investments might prove themselves over several years rather than being overnight winners. The same is true for companies that are starting from a low base, but have a plan to transition towards sustainability. It is our experience that patience often pays off, whilst short termism can be an ineffective strategy.&nbsp;</p>

<p>Potential long term effects such as global warming have been attributed to climate change and we recognise some members may be concerned by these stories. But what do they mean in the context of pension schemes? How does tackling the climate crisis reflect Railpen’s core purpose of securing members’ futures? And why does climate change continue to sit highly on Railpen’s agenda? </p><p>We sought answers from Chandra Gopinathan, Senior Investment Manager at Railpen, who is also leading on the climate change work the company does. Here, Chandra helps us better understand the risks and opportunities of climate change for Railpen as an investor and caretaker of members’ pensions. </p><p><strong>&nbsp;</strong></p><p><strong>Chandra, ‘climate change’ has been researched and discussed for more than a century but seems to engulf the news now more than ever. Could you briefly explain what climate change is and how it is linked to pensions? </strong></p><p>Research indicates that climate change is a pressing area of discussion, now more than ever. Climate change is described as long-term shifts in temperatures and weather patterns. These shifts may be natural, but human activities can also be a driver of climate change and global warming.<br></p><p>Following the announcement of the UN Sustainable Development Goals in 2015, companies and investors have been incorporating climate considerations into their working practices. This includes the way in which companies operate and the way pension schemes invest their members’ money. <br></p><p>When it comes to pensions, climate change can have a direct impact on the returns on investments we make on behalf of our members. <br></p><p><strong>&nbsp;</strong></p><p><strong>Tell us about the work that Railpen does in the climate change area. </strong></p><p>Railpen invests the contributions that members and their employers pay into their pension. We do this to achieve the investment returns needed to give you an income in retirement. We carefully choose the companies and assets we invest in while making sure that they seek to address environmental, social and governance (ESG) issues in the way they operate. One of the key criteria we look for when we decide where to invest is a company’s consideration of - and efforts in - managing the implications of climate change on its business. This is because we recognise the impact it could have on the company’s business, the scheme’s investment and on humanity as a whole if left unaddressed. </p><p>We strive to invest in companies that can adapt their business models to deal with major threats or issues, such as the ones posed by climate change. We believe these companies will be most likely to do well in the long-term. <br></p><p><strong>&nbsp;</strong></p><p><strong>Is the work on managing climate risks on an investment portfolio sufficient? Surely there are many other external participants and factors that need to align to ensure that the world moves smoothly to a low carbon economy. </strong></p><p>It’s an ecosystem effort. Managing and reducing carbon emissions in a portfolio is good but does not always contribute to a greener economy. In order to achieve real world emissions impact, it is important to identify and address key climate risks in the companies we invest or plan to invest in. <br></p><p>However, it is more important to understand and support all participants of the ecosystem, including companies, policy makers, governments and consumers, on the activities they need to undertake to help us move to a low carbon economy. We use every tool at our disposal to encourage companies to act responsibly and address the impact of the climate crisis.<br></p><p>Railpen works closely with many industry leaders, most notably the Institutional Investor Group for Climate Change (IIGCC) , the UK Transition Plan Taskforce (TPT), Transition Pathway Initiative (TPI), International Sustainability Standards Board (ISSB) and with regulators and policy makers. Through this work we aim to encourage companies to clearly disclose climate risks and opportunities to their business and how they plan to address those. </p><p>We engage with companies on implementation of this disclosure and use our right to vote against companies that are not prepared. On the contrary, we invest in companies, assets, technologies and solutions that will be essential for the low carbon economy. The approach we take is outlined in Railpen’s annual <a href="https://cdn-suk-railpencom-live-001.azureedge.net/media/media/bq1cjgd1/tcfd-report-rps-2021.pdf" data-sf-ec-immutable="">Taskforce on Climate-Related Financial Disclosures</a>. <br></p><p><strong>&nbsp;</strong></p><p><strong>And Chandra, how do you ensure that member preferences and considerations on climate change are reflected in the work that you do on this issue?</strong></p><p>We know many members are interested in the work that we do, not just on the climate change front, but in all areas that support a sustainable future for them, and for all. This is why we strive to maintain a constant dialogue with our members. We conduct regular member surveys and hold member workshops to ensure we are getting feedback and opinion first hand. We do this because we care about our members’ views and opinions on the work that we do and on the sector as a whole. <br></p><p>Climate change very much remains one of the key sustainability themes that is of a great interest to members and we will continue to seek members’ input in our work going forward. In September 2022, we published our <a href="https://www.railpen.com/media/3gelmunf/so-member-report-2021.pdf" data-sf-ec-immutable="">Sustainable Ownership Member Review</a> which was designed specifically for members and provides the perfect starting point for anyone wanting to find out more about our work.</p><p>&nbsp;</p><p><strong>How does Railpen ensure that companies do not overstate their credentials when it comes to the climate transition (also known as ‘greenwashing’)?</strong><br></p><p>Firstly, let's bring clarity around what greenwashing means in the context of climate issues. Greenwashing refers to situations in which companies either misrepresent or exaggerate the activities they undertake to tackle climate transition. The term is also used when those companies use diversion tactics to distract stakeholders from key climate issues and their approach or lack of approach to addressing them.<br></p><p>We detect greenwashing through promoting clear and simple disclosure from the companies on our portfolio. We then evaluate companies for their governance, disclosure, emissions performance, transition planning, engagement, lobbying and social impact. With the strength of our screening and analysis, we aim to identify and highlight cases of greenwashing, by drawing on industry best practices guidelines, verification from independent sources of information, cross-referencing companies with sector peers and ongoing management meetings. </p><p>&nbsp;</p><p><strong>Are you optimistic about how things are progressing with regards to tackling the climate crisis and the efforts made globally?</strong></p><p>Decarbonising the real world remains a challenge faced by all. Even in 2022, there are more questions and challenges than solutions currently with politics still remaining a key driver. The silver lining, however, is that discussions around opportunities and potential solutions, are now much more frequent, honest and credible than they have ever been in the past, and the climate crisis seems to be getting more attention than ever. </p><p>Things are moving beyond headline ambitions, targets and communications, and there is a growing pool of resources and information for any business, investor or consumer interested in learning and doing their bit for tackling the climate change issue.</p><p>Legislation like the US Inflation Reduction Act and EU taxonomy are key milestones in supporting and encouraging the development of new climate technologies and climate-related disclosure.</p><p>To sum up, broadly speaking the picture is cautiously optimistic. There are the inevitable and constant new challenges to overcome which is part of the progress and effort in moving the climate agenda forward.</p><p><strong>&nbsp;</strong></p><p><strong>What has been the highlight of the work you’ve done in this area? What are you most proud of?</strong></p><p>There were a number of initiatives on the climate and sustainability side at Railpen during 2022, which we have been recognised for internally and externally, both on a national and international level. </p><p>We are proud to have been recognised and awarded for our work, and hopefully our members will be as well. Two notable ones include:<br></p><ul><li>The development of our own in-house analytical tool for climate and Net Zero assessment of companies (CRIANZA) which we have been applying to our portfolios.</li><li>Our contribution and leadership in the climate engagement space with our work with portfolio companies, regulators and initiatives like IIGCC (The Institutional Investors Group on Climate Change). Railpen, as part of an investor group, engaged with a number of companies, one being a leading US utility and steered it to a Net Zero commitment and increasing investments in renewable energy. We are also leading an initiative for bondholders to be able to increase their influence with companies in steering them to manage and adapt to climate change.<strong></strong></li></ul><p><strong></strong><strong>Looking ahead, what does 2023 hold for you? What will you be focusing on in your work when it comes to climate change?</strong></p><p>2023 will see us moving ahead on several fronts in climate-related work. The key focus will be on investments in the energy transition, climate transition planning and related engagement, biodiversity and natural capital solutions. We will also do a piece of work on improving and expanding our framework to analyse climate transition risk for companies. We look forward to communicating further details with our members as these projects progress forward.</p><p>&nbsp;</p>

<p>Put simply, voting is one of the tools used by the people who invest your railway pension to help achieve investment returns needed so you have enough to live on when your working days are over. This is because shareholder voting helps them influence for positive change in the working practices of the companies your pension is invested in. </p><p>Your pension is invested in a mix of businesses operating in different industries and countries. When the investment manager, Railpen, decides to invest in a company, it has a number of instruments up its sleeve to help influence for change in certain areas of their business operations. One such instrument is its right to vote at companies’ Annual General Meetings (AGMs).&nbsp; </p><p>Caroline Escott, Senior Investment Manager at Railpen, oversees the company’s voting activities and is a co-author of the 2023 Global Voting Policy. We turned to Caroline to help us understand how voting in the world of pensions works and why its thoughtful execution is of crucial importance to our members’ outcomes</p><p>&nbsp;</p><p>Caroline, let’s start off by providing a bit more clarity around what shareholder voting is in the context of pensions and ultimately, why it matters to Railpen as an investment manager, to the Scheme and to its members.</p><h4><strong>How do you decide how to vote at a company’s AGM? What do you base your vote on?</strong></h4><p>Railpen invests in thousands of companies on members’ behalf. This means that we vote at thousands of company annual general meetings (“AGM”) each year – most of which take place over a concentrated three-month period (March to July). And each company AGM will offer investors the chance to vote for or against on anywhere between 10-30 ‘AGM resolutions’ (on specific issues such as how much to pay the chief executive and the election of company directors). It’s one of our busiest – but also most exciting! – times of year.</p><p>Our voting decisions are informed by various sources and tools. Throughout the year, we meet with our largest companies, as well as those where we have concerns around specific ESG (environmental, social and governance) issues, to further understand their approach and to try to influence them to improve their behaviour in a way that will lead to sustainable financial performance. We call this dialogue “engagement”. When we are voting at these companies’ AGMs, we consider their progress and the nature of our previous discussions and vote accordingly. We see exercising our vote and our engagement with companies as part of a broader influencing approach to try to improve behaviour, so they have to be aligned.</p><p>Sometimes we may request further information from the companies to help us strengthen our decision on how to vote on a particular resolution. </p><p>You can find details of all our voting decisions on our <a href="https://vds.issgovernance.com/vds/#/OTI4OQ==/" data-sf-ec-immutable=""></a><a href="https://vds.issgovernance.com/vds/#/OTI4OQ==/" data-sf-ec-immutable="" target="_blank">website</a>. </p><p>&nbsp;</p><h4><strong>Could you share the top three ‘big picture’ issues for you during this year’s voting season? </strong></h4><p>Our voting decisions (i.e whether we choose to vote for or against the various AGM resolutions) are primarily based on that company’s individual progress on the ESG issues mentioned above. We make sure we take into account their particular circumstances such as how they compare to similar companies or any additional intelligence we may have regarding their willingness to make progress. However, there are definitely some ‘big picture’ themes evidence suggests will financially impact the vast majority, if not all, of the companies we invest in – and which we will be paying close attention to during voting season.</p><ol><li><strong>Workforce treatment and mental health. </strong>I think we can all agree that an engaged, motivated and supported workforce is important for a company’s financial performance. Railpen regularly engages with portfolio companies on workforce issues and ensuring a healthy corporate culture. One of the issues that companies rarely report upon and which we feel still does not receive sufficient attention is workers’ mental health. So from this year, we will be focusing on applying voting sanctions where we feel more needs to be done to support workers’ mental wellbeing during what are challenging circumstances for all.<strong></strong><p><strong>&nbsp;</strong></p></li><li><strong>The climate transition.</strong> We want the companies we invest in to make not just pledges, but progress on net zero.<strong> </strong>Part of the way we assess this is to examine companies’ plans for decarbonisation. If we think these plans lack credibility - &nbsp;for instance if they don’t clearly outline interim targets and milestones, or fail to consider biodiversity loss or the impact on local communities of their activities - then we will consider voting against the company on the resolutions we think will most accurately express our dissatisfaction.<strong></strong><p><strong>&nbsp;</strong></p></li><li><strong>Cybersecurity</strong>. The pandemic hastened the shift towards an increasingly digital world, meaning that cybersecurity risk to our portfolio companies has substantially grown. Railpen has engaged for several years with those companies we deem to face substantial cybersecurity risks, and in this year’s voting season we will be voting against the directors of those companies where we think this risk has not been addressed sufficiently.<strong></strong></li></ol><p>&nbsp;</p><h4><strong>And how do you monitor whether progress is being made on concerns expressed by Railpen at an AGM or at another voting forum? </strong><strong></strong></h4><p>We let our largest portfolio companies know in advance how we intend to vote (and why) and sometimes that triggers a response that gives us additional information regarding their commitments and activities in a certain area. This may then impact how we vote. Furthermore, sometimes signalling our voting intention before the meeting leads to the company committing to the change we are looking for [we give an example of this later!]. &nbsp;</p><p>We also have rolling engagements throughout the year with the companies where we have the largest investments, or where we think there are particular concerns, and we will always discuss our voting decisions at the previous AGM and what we would expect to see from the company to ensure we do not vote against them in following years. We also regularly review documentation and communications from companies to assess whether there have been any changes made.</p><p>&nbsp;</p><h4><strong>Caroline, you’ve been leading Railpen’s voting work over the past couple of years. What’s changed for that time and how is that likely to impact member outcomes? </strong><strong></strong></h4><p>Over the last few years, as well as focusing on a company’s individual ESG risks, we have been increasingly thinking about the big picture themes– like climate change, biodiversity or workforce treatment – which will impact either all or the vast majority of our portfolio companies. As a result, we have been working to more closely reflect our views on these themes in how we vote (as well as in how we use other stewardship tools, like engagement and speaking to policymakers). You can see more in our <a href="https://cdn-suk-railpencom-live-001.azureedge.net/media/media/yl2lq4y3/2023-voting-policy.pdf" data-sf-ec-immutable="" data-sf-marked="" target="_blank">Voting Policy</a>, which we update each year.</p><p>Our investment in a company also gives us other rights beyond voting, and we have been increasingly looking to use these rights in recent years. These rights include the ability to question company directors publicly at the Annual General Meeting (you can see our full list of questions <a href="https://www.railpen.com/knowledge-hub/engagement/agm-statements/" data-sf-ec-immutable=""></a><a href="https://www.railpen.com/knowledge-hub/engagement/agm-statements/" data-sf-ec-immutable="" target="_blank">here</a>) and to organise shareholder resolutions that will ask a company’s other shareholders to express their views on a topic. This year, we have also helped arrange a resolution on climate change at a large US utility firm.<strong></strong></p><p>&nbsp;</p><h4><strong>Can you share with our readers a success story from your experience of using Railpen’s right to vote</strong>?</h4><p>Many more examples can be found in our annual <a href="https://www.railpen.com/knowledge-hub/reports/All?mediatype=All&amp;order=0&amp;term=stewardship" data-sf-ec-immutable="" data-sf-marked="" target="_blank">Stewardship Reports</a> (flick to the section on “Thoughtful Voting”) but a recent one is as follows. </p><p>We had previously engaged with a large and complex non-UK financial services company around its board composition, including the need for a cognitively diverse group of directors who together have the right skills, expertise and appropriate availability to be able to provide effective oversight.&nbsp; One of the directors they had put forward for appointment at the 2022 AGM sat on so many boards and other committees that we felt they would be unable to fully contribute to the oversight of such a complex company. We flagged this issue to the company in advance of the AGM, noting that we were likely to vote against the director’s appointment unless further steps were taken to ensure they could commit enough time. In response, the company issued an announcement that week that the director would be stepping down from some of their other commitments in order to take up this new appointment. We welcomed this and were able to vote in favour of the appointment, but continue to engage with the company to understand how the new director is settling in.</p><p>&nbsp;</p><h4><strong>We are in the lead up to a busy “voting season”, starting this month– what are your expectations and hopes for it and how are you getting ready for it</strong><strong>?</strong></h4><p>The ultimate hope for every voting season is that we won’t have to vote against any company on any of their resolutions, as they are already responding to our engagements and making progress on the ESG issues which matter most to their long-term financial performance! However, this is unlikely to happen for every single one of our thousands of holdings.</p><p>So the objective is that we effectively wield our voting – and other ownership – rights this season to help us influence companies to improve their behaviour, in a way which ultimately helps us secure our members’ futures. The key to a successful voting season is preparation. To this end, we’ve: refined our 2023 Global Voting Policy; made the most of the available systems and platforms to ensure that we have the best possible information at our fingertips to inform each vote; and have a plan – which we are already implementing – for engaging with our investee companies in advance of their AGMs to ensure we are on top of the latest developments and they understand our position (and how we might make our views known through our vote).</p><p>&nbsp;</p><h4><strong>Get familiar with the topic </strong></h4><p>If you are interested in understanding more about Railpen’s global voting positions for the 2023 AGM season, take a look at the <a href="https://cdn-suk-railpencom-live-001.azureedge.net/media/media/yl2lq4y3/2023-voting-policy.pdf" data-sf-ec-immutable=""></a><a href="https://cdn-suk-railpencom-live-001.azureedge.net/media/media/yl2lq4y3/2023-voting-policy.pdf" data-sf-ec-immutable="" target="_blank">2023 Global Voting Policy</a>. </p><p>For a broader take on Railpen’s approach to incorporating ESG factors in its work to protect and enhance the value of members’ pension savings, and the journey to net zero, have a read of the <a href="https://cdn-suk-railpencom-live-001.azureedge.net/media/media/52lhtclx/stewardship-report-2021.pdf" data-sf-ec-immutable="" data-sf-marked="" target="_blank">Stewardship Report</a>.&nbsp;</p>