Mercer SmartPath — commitments

Commitments report

Mercer SmartPath — can what it promised be tested?

123 published commitments across two layers, read from the scheme’s own documents and its underlying funds’ methodologies. This report examines the wording. It needs no holdings and does not change when the fund rebalances.

122published commitments, two layers

1not testable as written

22need data this report does not carry

90tested against holdings

Layer 1 · the trustee’s own statement of investment principles

8 commitments

Standard	What the scheme wrote	Threshold	Result
▸ Net zero target	“The Mercer Master Trust's multi-asset funds* have committed to a target of net-zero absolute carbon emissions by 2050.” *'Multi-asset funds' refers to: Mercer Growth fund, Mercer Diversified Retirement fund, Mercer Diversified Growth fund, Mercer Defensive fund, Mercer Moderate Growth fund and Mercer High Growth fund · p.39	net zero by 2050	NO INTERIM MEASURE
Mechanism target Scope as written 'Multi-asset funds' refers to: Mercer Growth fund, Mercer Diversified Retirement fund, Mercer Diversified Growth fund, Mercer Defensive fund, Mercer Moderate Growth fund and Mercer High Growth fund Threshold net zero by 2050 Source document p.39 → Why it cannot be tested as written.* An endpoint with no interim measure. There is no year in which it can pass or fail. The wording that would fix it: Add a dated interim measure — an intensity reduction against a stated baseline, by a stated year. That can be tested annually.
▸ Emissions intensity target	“We expect that portfolio carbon emissions will be reduced by at least 45% relative to 2019 baseline levels by 2030.” Multi-asset funds; TCFD p.7 restricts it to 'Scope 1&2 emissions for listed corporate exposure' · p.39	>=45% reduction vs 2019 baseline by 2030	NOT YET TESTED Waiting on: the data the rule runs on
Mechanism target Scope as written Multi-asset funds; TCFD p.7 restricts it to 'Scope 1&2 emissions for listed corporate exposure' Threshold >=45% reduction vs 2019 baseline by 2030 Source document p.39 →
▸ Thermal coal	“Avoid certain emission-intense activities by screening companies generating revenue from thermal coal, oil sands mining or arctic drilling where possible” Scheme investments, 'where possible' · p.2	none stated	NOT YET TESTED Waiting on: the data the rule runs on
Mechanism screening Scope as written Scheme investments, 'where possible' Threshold none stated Source document p.2 →
▸ Exclusions framework	“We prefer an integration and engagement-based approach but recognise that exclusions may be necessary in certain circumstances.” Scheme-wide (Screening pillar of the four-pillar framework) · p.40	none	NOT A SCREEN A portfolio minimum, not an exclusion: no holding can breach it, and it is not counted as untested.
Mechanism engagement only Scope as written Scheme-wide (Screening pillar of the four-pillar framework) Threshold none Source document p.40 → Not a screen. A minimum share of the whole portfolio, not an exclusion of companies; a holdings list cannot show it met or breached.
▸ Exclusions delegated	“Exclusions are considered in line with the investment managers' exclusion frameworks.” Scheme-wide · p.43	none	NOT A SCREEN A portfolio minimum, not an exclusion: no holding can breach it, and it is not counted as untested.
Mechanism exclusion Scope as written Scheme-wide Threshold none Source document p.43 → Not a screen. A minimum share of the whole portfolio, not an exclusion of companies; a holdings list cannot show it met or breached.
▸ Exclusions review	“The Trustees review the list of excluded activities from investment managers annually within the annual ESG Report.” Scheme-wide · p.43	none	NOT A SCREEN A portfolio minimum, not an exclusion: no holding can breach it, and it is not counted as untested.
Mechanism exclusion Scope as written Scheme-wide Threshold none Source document p.43 → Not a screen. A minimum share of the whole portfolio, not an exclusion of companies; a holdings list cannot show it met or breached.
▸ Deforestation	“with regards to deforestation, the Trustees will expect the Delegated Investment Manager to engage with companies that have inadequate or no evidence of sustainable timber sourcing standards, with the potential to avoid investment if engagement is unsuccessful.” Scheme-wide · p.42	none	NOT YET TESTED Waiting on: the data the rule runs on
Mechanism engagement-then-exclusion Scope as written Scheme-wide Threshold none Source document p.42 →
▸ Tobacco	“Tobacco, opioids, gambling, alcohol, sugar” Voting and engagement themes · p.41	none	NOT YET TESTED Waiting on: the data the rule runs on
Mechanism engagement only Scope as written Voting and engagement themes Threshold none Source document p.41 →

Layer 2 · the underlying funds inside the default

114 rules

Standard	Commitment	Share of equities	Result
▸ Index membership	“exclusions which are designed to further promote environmental and social characteristics” Mercer Passive Sustainable Global Equity UCITS CCF · p.3	12.6%	NOT YET TESTED dated official index constituents plus issuer revenue/activity data
Mechanism commitment Scope as written Mercer Passive Sustainable Global Equity UCITS CCF Threshold EU PAB requirements Source document p.3 → Not yet tested, and not forced into a test it does not ask for. dated official index constituents plus issuer revenue/activity data A rule outside this report’s scope is never shown as met, and never as a pass.
▸ Index membership	“screens the INDEX UNIVERSE” Mercer Passive Sustainable Global Equity UCITS CCF · p.4	19.0%	NOT YET TESTED dated official index constituents plus issuer revenue/activity data
Mechanism commitment Scope as written Mercer Passive Sustainable Global Equity UCITS CCF Threshold EU PAB plus stated controversial-activity screens Source document p.4 → Not yet tested, and not forced into a test it does not ask for. dated official index constituents plus issuer revenue/activity data A rule outside this report’s scope is never shown as met, and never as a pass.
▸ Index membership	“The fund aims to achieve a return that is consistent with the return of the FTSE All-Share Index Custom ESG Screened Index.” Mercer UK Equity sleeve · p.32	—	NOT YET TESTED dated official index constituents plus issuer revenue/activity data
Mechanism commitment Scope as written Mercer UK Equity sleeve Threshold per FTSE Russell custom ESG screen Source document p.32 → Not yet tested, and not forced into a test it does not ask for. dated official index constituents plus issuer revenue/activity data A rule outside this report’s scope is never shown as met, and never as a pass.
▸ Index membership	“The fund aims to achieve a return in line with the FTSE Developed ex-UK Index Custom ESG Screened Index.” Mercer Overseas / Developed ex-UK Equity sleeve · p.32	—	NOT YET TESTED dated official index constituents plus issuer revenue/activity data
Mechanism commitment Scope as written Mercer Overseas / Developed ex-UK Equity sleeve Threshold per FTSE Russell custom ESG screen Source document p.32 → Not yet tested, and not forced into a test it does not ask for. dated official index constituents plus issuer revenue/activity data A rule outside this report’s scope is never shown as met, and never as a pass.
▸ Index membership	“FTSE Developed Europe ex UK Custom ESG Screened Index.” Mercer Europe ex UK Equity sleeve · p.34	—	NOT YET TESTED dated official index constituents plus issuer revenue/activity data
Mechanism commitment Scope as written Mercer Europe ex UK Equity sleeve Threshold per FTSE Russell custom ESG screen Source document p.34 → Not yet tested, and not forced into a test it does not ask for. dated official index constituents plus issuer revenue/activity data A rule outside this report’s scope is never shown as met, and never as a pass.
▸ Index membership	“FTSE Japan Custom ESG Screened Index.” Mercer Japan Equity sleeve · p.34	—	NOT YET TESTED dated official index constituents plus issuer revenue/activity data
Mechanism commitment Scope as written Mercer Japan Equity sleeve Threshold per FTSE Russell custom ESG screen Source document p.34 → Not yet tested, and not forced into a test it does not ask for. dated official index constituents plus issuer revenue/activity data A rule outside this report’s scope is never shown as met, and never as a pass.
▸ Index membership	“The fund invest in the shares of US companies and aims to achieve a return that is consistent with the return of the FTSE USA Custom ESG Screened Index.” Mercer US Equity sleeve (BlackRock US Equity Index) · p.34	—	NOT YET TESTED dated official index constituents plus issuer revenue/activity data
Mechanism commitment Scope as written Mercer US Equity sleeve (BlackRock US Equity Index) Threshold per FTSE Russell custom ESG screen Source document p.34 → Not yet tested, and not forced into a test it does not ask for. dated official index constituents plus issuer revenue/activity data A rule outside this report’s scope is never shown as met, and never as a pass.
▸ Index membership	“as possible and practicable reflect the component global equity securities of the MSCI World ex Selected Securities Index.” Mercer Global / World Equity sleeve · p.33	—	NOT YET TESTED dated official index constituents plus issuer revenue/activity data; plus the 'Selected Securities' definition
Mechanism commitment Scope as written Mercer Global / World Equity sleeve Threshold MSCI 'ex Selected Securities' screen Source document p.33 → Not yet tested, and not forced into a test it does not ask for. dated official index constituents plus issuer revenue/activity data; plus the 'Selected Securities' definition A rule outside this report’s scope is never shown as met, and never as a pass.
▸ Index membership	“The fund aims to achieve a return consistent with the MSCI Emerging Markets ex Selected Securities Index.” Mercer Emerging Markets Equity sleeve · p.32	—	NOT YET TESTED dated official index constituents plus issuer revenue/activity data; plus the 'Selected Securities' definition
Mechanism commitment Scope as written Mercer Emerging Markets Equity sleeve Threshold MSCI 'ex Selected Securities' screen Source document p.32 → Not yet tested, and not forced into a test it does not ask for. dated official index constituents plus issuer revenue/activity data; plus the 'Selected Securities' definition A rule outside this report’s scope is never shown as met, and never as a pass.
▸ Adult entertainment limb tested: > 1% of revenue (adult entertainment production)	“Adult Entertainment • Producers with more than 1% of revenue and • Companies with more than 50% of revenue from adult entertainment-related business activities” Mercer Passive Sustainable Global Equity UCITS CCF · p.rinted p7-8	—	TESTED, SOME HOLDINGS DISCLOSE NO FIGURE At > 1% of revenue (adult entertainment production): Rule: Adult Entertainment • Producers with more than 1% of revenue and • Companies with more than 50% of revenue from adult entertainment-related business activities (>1% of revenue). 0 over threshold of 1,010 issuers in scope; 1 not disclosed (0.00%); 20 answered from existing register rows, nothing collected; 1 candidates not collected (0.00%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.
Mechanism commitment Scope as written Mercer Passive Sustainable Global Equity UCITS CCF Threshold > 1% of revenue (adult entertainment production) Source document p.rinted p7-8 → What the test found. Rule: Adult Entertainment • Producers with more than 1% of revenue and • Companies with more than 50% of revenue from adult entertainment-related business activities (>1% of revenue). 0 over threshold of 1,010 issuers in scope; 1 not disclosed (0.00%); 20 answered from existing register rows, nothing collected; 1 candidates not collected (0.00%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.
▸ Adult entertainment limb tested: > 50% of revenue (adult entertainment services)	“Adult Entertainment • Producers with more than 1% of revenue and • Companies with more than 50% of revenue from adult entertainment-related business activities” Mercer Passive Sustainable Global Equity UCITS CCF · p.rinted p7-8	—	TESTED, SOME HOLDINGS DISCLOSE NO FIGURE At > 50% of revenue (adult entertainment services): Rule: Adult Entertainment • Producers with more than 1% of revenue and • Companies with more than 50% of revenue from adult entertainment-related business activities (>50% of revenue). 0 over threshold of 1,010 issuers in scope; 6 not disclosed (0.03%); 20 answered from existing register rows, nothing collected; 1 candidates not collected (0.00%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.
Mechanism commitment Scope as written Mercer Passive Sustainable Global Equity UCITS CCF Threshold > 50% of revenue (adult entertainment services) Source document p.rinted p7-8 → What the test found. Rule: Adult Entertainment • Producers with more than 1% of revenue and • Companies with more than 50% of revenue from adult entertainment-related business activities (>50% of revenue). 0 over threshold of 1,010 issuers in scope; 6 not disclosed (0.03%); 20 answered from existing register rows, nothing collected; 1 candidates not collected (0.00%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.
▸ Alcohol limb tested: > 1% of revenue (alcohol production)	“Alcohol • Producers with more than 1% of revenue and • Companies with more than 50% of revenue from alcohol-related business activities” Mercer Passive Sustainable Global Equity UCITS CCF · p.rinted p8	—	TESTED, SOME HOLDINGS NOT SETTLED At > 1% of revenue (alcohol production): Rule: Alcohol • Producers with more than 1% of revenue and • Companies with more than 50% of revenue from alcohol-related business activities (>1% of revenue). 0 over threshold of 1,010 issuers in scope; 0 answered from existing register rows, nothing collected; 1 candidates not collected (0.00%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.
Mechanism commitment Scope as written Mercer Passive Sustainable Global Equity UCITS CCF Threshold > 1% of revenue (alcohol production) Source document p.rinted p8 → What the test found. Rule: Alcohol • Producers with more than 1% of revenue and • Companies with more than 50% of revenue from alcohol-related business activities (>1% of revenue). 0 over threshold of 1,010 issuers in scope; 0 answered from existing register rows, nothing collected; 1 candidates not collected (0.00%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.
▸ Alcohol limb tested: > 50% of revenue (alcohol-related business)	“Alcohol • Producers with more than 1% of revenue and • Companies with more than 50% of revenue from alcohol-related business activities” Mercer Passive Sustainable Global Equity UCITS CCF · p.rinted p8	—	TESTED, SOME HOLDINGS NOT SETTLED At > 50% of revenue (alcohol-related business): Rule: Alcohol • Producers with more than 1% of revenue and • Companies with more than 50% of revenue from alcohol-related business activities (>50% of revenue). 0 over threshold of 1,010 issuers in scope; 0 answered from existing register rows, nothing collected; 1 candidates not collected (0.00%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.
Mechanism commitment Scope as written Mercer Passive Sustainable Global Equity UCITS CCF Threshold > 50% of revenue (alcohol-related business) Source document p.rinted p8 → What the test found. Rule: Alcohol • Producers with more than 1% of revenue and • Companies with more than 50% of revenue from alcohol-related business activities (>50% of revenue). 0 over threshold of 1,010 issuers in scope; 0 answered from existing register rows, nothing collected; 1 candidates not collected (0.00%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.
▸ Controversial weapons	“Companies directly involved in the development and production (manufacture), sale or distribution of cluster munitions; anti-personnel mines; and biological, chemical and nuclear weapons” Mercer Passive Sustainable Global Equity UCITS CCF · p.rinted p8	—	TESTED, SOME HOLDINGS NOT SETTLED At any involvement: Rule: Companies directly involved in the development and production (manufacture), sale or distribution of cluster munitions; anti-personnel mines; and biological, chemical and nuclear weapons (any involvement). 0 over threshold of 1,010 issuers in scope; 3 answered from existing register rows, nothing collected; 989 screen-negative (863 on Scottish Widows' / Standard Life's review of the same company; a screen, not a document); 18 candidates not collected (0.06%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.
Mechanism commitment Scope as written Mercer Passive Sustainable Global Equity UCITS CCF Threshold any involvement Source document p.rinted p8 → What the test found. Rule: Companies directly involved in the development and production (manufacture), sale or distribution of cluster munitions; anti-personnel mines; and biological, chemical and nuclear weapons (any involvement). 0 over threshold of 1,010 issuers in scope; 3 answered from existing register rows, nothing collected; 989 screen-negative (863 on Scottish Widows' / Standard Life's review of the same company; a screen, not a document); 18 candidates not collected (0.06%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.
▸ Fossil fuels	“Companies with more than 5% of revenue from Fossil Fuels” Mercer Passive Sustainable Global Equity UCITS CCF · p.rinted p8	—	TESTED, SOME HOLDINGS DISCLOSE NO FIGURE At > 5% of revenue (fossil fuel production, exploration, distribution and services): Rule: Companies with more than 5% of revenue from Fossil Fuels (>5% of revenue). 0 over threshold of 1,010 issuers in scope; 1 measured on a different boundary (0.00%); 10 not disclosed (0.02%); 43 answered from existing register rows, nothing collected; 962 screen-negative (0 on Scottish Widows' / Standard Life's review of the same company; a screen, not a document); 5 candidates not collected (0.02%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.
Mechanism commitment Scope as written Mercer Passive Sustainable Global Equity UCITS CCF Threshold > 5% of revenue (fossil fuel production, exploration, distribution and services) Source document p.rinted p8 → What the test found. Rule: Companies with more than 5% of revenue from Fossil Fuels (>5% of revenue). 0 over threshold of 1,010 issuers in scope; 1 measured on a different boundary (0.00%); 10 not disclosed (0.02%); 43 answered from existing register rows, nothing collected; 962 screen-negative (0 on Scottish Widows' / Standard Life's review of the same company; a screen, not a document); 5 candidates not collected (0.02%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.
▸ Thermal coal	“ISS Coal top 100 list- based on the size of company reserves” Mercer Passive Sustainable Global Equity UCITS CCF · p.rinted p8	—	NOT YET TESTED 'ISS Coal top 100 list- based on the size of company reserves': Not testable on current data: membership of the ISS Coal Top 100 list (by reserves), which ISS does not publish. List membership, not revenue: the ISS Coal Top 100 is a licensed list we do not hold. Guideline v1.1 (5 Jan 2022) was in force at the holdings (30 Jun 2025); v1.2 (27 Feb 2026) prints the same rule. Solactive re-issued the v1.1 file in July 2025 without a version bump.
Mechanism commitment Scope as written Mercer Passive Sustainable Global Equity UCITS CCF Threshold any involvement (ISS Coal Top 100 by reserves) Source document p.rinted p8 → Not yet tested, and not forced into a test it does not ask for. 'ISS Coal top 100 list- based on the size of company reserves': Not testable on current data: membership of the ISS Coal Top 100 list (by reserves), which ISS does not publish. List membership, not revenue: the ISS Coal Top 100 is a licensed list we do not hold. Guideline v1.1 (5 Jan 2022) was in force at the holdings (30 Jun 2025); v1.2 (27 Feb 2026) prints the same rule. Solactive re-issued the v1.1 file in July 2025 without a version bump. A rule outside this report’s scope is never shown as met, and never as a pass.
▸ Oil sands	“Companies with more than 5% of revenue from Oil Sands” Mercer Passive Sustainable Global Equity UCITS CCF · p.rinted p8	—	TESTED, SOME HOLDINGS NOT SETTLED At > 5% of revenue (oil tar sand mining): Rule: Companies with more than 5% of revenue from Oil Sands (>5% of revenue). 0 over threshold of 1,010 issuers in scope; 3 answered from existing register rows, nothing collected; 1,004 screen-negative (863 on Scottish Widows' / Standard Life's review of the same company; a screen, not a document); 3 candidates not collected (0.01%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.
Mechanism commitment Scope as written Mercer Passive Sustainable Global Equity UCITS CCF Threshold > 5% of revenue (oil tar sand mining) Source document p.rinted p8 → What the test found. Rule: Companies with more than 5% of revenue from Oil Sands (>5% of revenue). 0 over threshold of 1,010 issuers in scope; 3 answered from existing register rows, nothing collected; 1,004 screen-negative (863 on Scottish Widows' / Standard Life's review of the same company; a screen, not a document); 3 candidates not collected (0.01%; register-only run). Holdings 30 Jun 2025; guideline v1.1 (5 Jan 2022) of the fund's own index was in force at the holdings, and v1.2 (27 Feb 2026) prints the same rule.

Showing 17 of 114 rules. Scroll down to unlock the full report and see them all, with the determination and source behind each.

A rule outside this report’s scope is never shown as met. Where a rule is quantified and binding but requires data this report does not carry, it is reported as covered in the extended report — not as a failure of the scheme, and never as a pass.

Coverage of the default arrangement

Which parts of the equity allocation a published rule reaches

Part of the arrangement	Share of equities	Status
FTSE Russell / MSCI custom screen definitions	0.0%	DOCUMENTS NOT RETRIEVED the MSCI 'ex Selected Securities' definitions only. The FTSE Custom ESG Screened ground rules (v2.2) and the Solactive guideline (v1.1) were located on 7 Oct 2026; no MSCI rulebook naming Mercer was.

0.0% of the listed-equity allocation sits in funds whose documents were not retrievable from the scheme’s published literature. That share is reported as unread rather than assumed either way — a screen we have not seen is never counted as absent, and never counted as present.

How this scheme compares

On the wording alone

A count of commitments says nothing without a weight. Share of equities bound by a published, quantified rule is the column that matters.

Scheme	Excluded	Adverse	Own commitments	Commitments	Quantified	Equities bound	Position
Atlas / SEI→	13.6%34 holdings no UNGC rule	33.8%129 holdings no UNGC rule	commitments partially tested Controversial weapons any stated involvement: 0 over, some holdings disclose no figure Thermal coal >10% annual revenue: 0 over, some holdings disclose no figure Failure of good-governance test: not yet tested Failed good-governance test: not yet tested	6	2	100.0%	1 of 8 by equities bound
Scottish Widows→	14.2%51 holdings	41.6%156 holdings	commitments fully tested Controversial weapons any involvement (manufacturer): 0 over, a finding held pending decision Tobacco > 10% of value-chain revenue: 0 over, some holdings disclose no figure Thermal coal >= 5% of revenue from extraction: 0 over, some holdings disclose no figure Oil sands >= 5% of revenue from tar sand extraction: 0 over, some holdings disclose no figure	15	9	100.0%	2 of 8 by equities bound
Standard Life (PUTM)→	16.8%67 holdings	41.1%237 holdings	commitments partially tested Controversial weapons zero tolerance: 0 over, a finding held pending decision Tobacco > 1% of revenue (production): 0 over Tobacco > 25% of revenue (distribution, retail and supply): 0 over, some holdings disclose no figure Thermal coal > 5% of revenue (mining and energy production): 0 over, some holdings disclose no figure Arctic drilling > 5% of revenue: 1 over, some holdings disclose no figure Oil sands > 5% of revenue: 1 over Thermal coal >=20 (waiver 20-30 with SBTi Paris-aligned targets): not yet tested Oil sands and oil and gas >=20: not yet tested Tobacco >=1: not yet tested External rating: not yet tested Norms and controversies third-party controversy flag: not yet tested	61	37	92.7%	3 of 8 by equities bound
Aegon→	17.0%73 holdings	41.7%245 holdings	commitments partially tested Thermal coal >5% involvement; power-generation revenue >5%: 0 over, some holdings disclose no figure Oil sands >5% revenue: 0 over, some holdings disclose no figure Tobacco >0% production; other tobacco thresholds apply: 0 over, some holdings disclose no figure Controversial weapons: no threshold stated Tobacco: no threshold stated Thermal coal: no threshold stated Index membership and weight: not yet tested	10	4	79.2%	4 of 8 by equities bound
Smart→	16.9%58 holdings	42.0%163 holdings	commitments fully tested Thermal coal >20% revenue: 0 over, some holdings disclose no figure Oil sands >20% revenue: 0 over, some holdings disclose no figure Controversial weapons index exclusion per methodology: 0 over, some holdings disclose no figure	6	4	50.9%	5 of 8 by equities bound
Mercer→	12.5%74 holdings UNGC rule binds some sleeves only holdings cover 44.9% of the pot (pre-transition sections) or 59.3% (Long Term Growth)	35.8%267 holdings UNGC rule binds some sleeves only holdings cover 44.9% of the pot (pre-transition sections) or 59.3% (Long Term Growth)	commitments partially tested Thermal coal: 15 rules, 13 tested, 0 over Deforestation: 1 rule, 0 tested, 0 over Index membership: 9 rules, 0 tested, 0 over Adult entertainment: 6 rules, 6 tested, 3 over Alcohol: 2 rules, 2 tested, 0 over Controversial weapons: 16 rules, 11 tested, 0 over Fossil fuels: 2 rules, 2 tested, 0 over Oil sands: 8 rules, 8 tested, 0 over Gambling: 2 rules, 2 tested, 0 over Tobacco: 22 rules, 22 tested, 0 over Civilian firearms: 21 rules, 21 tested, 0 over Fossil-fuel power generation: 1 rule, 1 tested, 0 over SDG impact rating: 1 rule, 0 tested, 0 over Norms and controversies: 5 rules, 0 tested, 0 over Arctic drilling: 2 rules, 2 tested, 0 over	122	82	32.1–42.1%	this scheme — 6 of 8 by equities bound
Fidelity→	15.0%58 holdings	48.0%161 holdings	commitments fully tested Thermal coal >5% revenue: 0 over, some holdings disclose no figure Oil sands >5% revenue: 0 over, some holdings disclose no figure	6	4	32.0%	7 of 8 by equities bound
Royal London→	9.9%65 holdings no UNGC rule	26.7%248 holdings no UNGC rule	commitments partially tested Controversial weapons any manufacture: 0 over, some holdings disclose no figure Thermal coal >=60% revenue: 1 over, some holdings disclose no figure — loosest coal level in the set Thermal coal >=2bn tonnes reserves: not yet tested	6	4	30.6%	8 of 8 by equities bound

On the bar and Adverse are different questions. A scheme asking which holdings reach our bar is asking the first; whether its own provider’s list reaches them is a question for the manager. Adverse is wider — it includes severe determinations that do not reach the bar — and a fund can sit high on it while breaching nothing. Both are shaded against their own column, never against 100%, because a column where every cell is pale distinguishes nothing.

Tested on company documents, rule by rule

90 of this scheme’s rules were tested against its holdings above; there is no holdings page

The holdings page sets a scheme’s UN Global Compact rule beside adjudicated findings, and this scheme published none. Its activity rules were tested issuer by issuer on company documents already in the evidence register — each result sits beside its own threshold, because a short list under a loose rule is the rule’s weakness, not a clean book.

Is it moving?

The holdings’ emissions against their own promises, on registry and satellite evidence

9 holdings (0.2% of the scheme) are behind their own promise or have witnesses that disagree; 1 is ahead (0.0%). 100% of the scheme by weight has no Pace verdict the evidence can support. Words with evidence, never a score; nothing here moves a band.

Transition evidence →

97 more commitments in this report

Enter a work email for the full report on data as at 30 June 2026: every commitments with the determination behind it, the regulator, the date and a link to the source record.