Annual update for the University's responsible investment activity
Our annual update brings together information on responsible investment activity, including policy alignment, ESG screening, stewardship and engagement, and voting activity. This should be read alongside our Responsible Investment Policy and our quarterly investment portfolio data.
Policy alignment and assurance
The OCIO manages the University’s investment portfolios in line with the University’s investment mandate and approved Responsible Investment Policy. This includes manager selection, ESG screening, monitoring and regular reporting to the Investment Sub-Committee.
The University receives assurance through its regular governance process that the investment portfolios are being managed in line with the Responsible Investment Policy. Where a material issue is identified, it can be reviewed with the OCIO and considered through the University’s investment governance arrangements.
Sanctions, Compliance Controls and Escalation
The OCIO and its advisors follow the sanctions laws that apply in every country where they operate. To support this, the OCIO runs a Global Sanctions Compliance Program with clear policies and controls, day‑to‑day oversight by a designated compliance lead, regular independent testing, ongoing staff training, and robust reporting and record‑keeping.
The OCIO also maintains controls designed to identify securities subject to sanctions and to ensure compliance with any related restrictions.
Responsible investment and ESG screening
The OCIO uses ESG analysis and screening to support responsible investment monitoring.
The University has reduced fossil fuel-related investment exposure from around 10% in 2018 to less than 1% at 31 May 2026. Any remaining exposure is indirect and held through pooled funds that invest across many companies. This means it can include companies with mixed business activities, such as a supermarket with fuel forecourts, rather than companies whose main business is fossil fuel extraction.
How this is measured
This figure estimates the share of the University’s overall investment portfolio exposed to fossil fuel-related revenues, based on available company revenue data. It includes activities such as coal, oil and gas extraction, oil refining and fossil fuel-based power generation.
The data can lag events and, because the figure is calculated as a portfolio average, it may not show whether exposure is spread across many companies or concentrated in a small number of holdings.
Responsible Investment and ESG Screening
Stewardship and engagement
Stewardship and engagement
Information provided by the OCIO includes engagement examples from underlying managers. Recent examples included engagement on transition and climate risks, greenhouse gas emissions reporting, Science Based Targets initiative alignment, renewable energy goals, water data practices and climate transparency.
Example case study 1: climate transition engagement
One underlying investment manager reviewed a company’s approach to transition and climate risks, including decarbonisation plans, emissions reporting and sustainability-linked bond arrangements. The manager continued to monitor the company’s transition plan, disclosures and wider sustainability activity.
Example case study 2: climate commitments and disclosure
Another underlying investment manager engaged with a company on the credibility of its climate commitments, including emissions reduction plans, renewable energy goals and disclosure. The manager plans to continue monitoring progress on emissions, water management and climate transparency.
Voting activity
Voting activity
Voting is one way investors can influence company behaviour. Under the OCIO model, voting activity is undertaken by the OCIO and the underlying investment managers, rather than directly by the University.
Through the OCIO's investment portfolio, they are invested in asset managers who treat proxy voting as a core element of responsible ownership, using it to protect clients’ long term interests by holding boards and executives accountable.
Climate and sustainability
Climate and sustainability
More information to follow.