ESL and Carbon Budget Transition Period

For the listed equity managers that are subject to the Excluded Securities List and a carbon budget, the Responsible Investment Policy allows for the nomination of a transition period to allow sufficient time for the managers to align their portfolios to be consistent with these constraints (for example, when a merger occurs).

There is a transition period in place which commenced on 1 March 2025 and is currently expected to finish by 31 August 2025