| Standard | What the scheme wrote | Threshold | Result |
|---|---|---|---|
| ▸ Controversial weapons | “We won’t invest in manufacturers of controversial weapons prohibited by international conventions such as anti-personnel landmines, cluster munitions, and chemical and biological weapons.” All Scottish Widows mandated funds, including the Growth Fund's index sleeves. The 2025 version of the Exclusions Standard could not be retrieved; tested against the current Standard (60307 07/26), which post-dates the May/June 2025 holdings. · p.PDF p3 (printed p2) | any involvement (manufacturer) | NOT YET TESTED Waiting on: the data the rule runs on |
Mechanism exclusion Scope as written All Scottish Widows mandated funds, including the Growth Fund's index sleeves. The 2025 version of the Exclusions Standard could not be retrieved; tested against the current Standard (60307 07/26), which post-dates the May/June 2025 holdings. Threshold any involvement (manufacturer) | |||
| ▸ Tobacco | “in our mandated funds, our standard is not to invest in companies with more than 10% of value chain revenues from tobacco products – this includes tobacco manufacturers, distributors, and others who rely heavily on revenues generated by tobacco*.” All Scottish Widows mandated funds, including the Growth Fund's index sleeves. The 2025 version of the Exclusions Standard could not be retrieved; tested against the current Standard (60307 07/26), which post-dates the May/June 2025 holdings. · p.PDF p3 (printed p2) | > 10% of value-chain revenue | NOT YET TESTED Waiting on: the data the rule runs on |
Mechanism exclusion Scope as written All Scottish Widows mandated funds, including the Growth Fund's index sleeves. The 2025 version of the Exclusions Standard could not be retrieved; tested against the current Standard (60307 07/26), which post-dates the May/June 2025 holdings. Threshold > 10% of value-chain revenue | |||
| ▸ Thermal coal | “So, in our mandated funds, our standard is not to invest in companies where 5% or more of their revenue is derived from thermal coal or tar sand extraction*.” All Scottish Widows mandated funds, including the Growth Fund's index sleeves. The 2025 version of the Exclusions Standard could not be retrieved; tested against the current Standard (60307 07/26), which post-dates the May/June 2025 holdings. · p.PDF p5 (printed p4) | >= 5% of revenue from extraction | NOT YET TESTED Waiting on: the data the rule runs on |
Mechanism exclusion Scope as written All Scottish Widows mandated funds, including the Growth Fund's index sleeves. The 2025 version of the Exclusions Standard could not be retrieved; tested against the current Standard (60307 07/26), which post-dates the May/June 2025 holdings. Threshold >= 5% of revenue from extraction | |||
| ▸ Oil sands | “So, in our mandated funds, our standard is not to invest in companies where 5% or more of their revenue is derived from thermal coal or tar sand extraction*.” All Scottish Widows mandated funds, including the Growth Fund's index sleeves. The 2025 version of the Exclusions Standard could not be retrieved; tested against the current Standard (60307 07/26), which post-dates the May/June 2025 holdings. · p.PDF p5 (printed p4) | >= 5% of revenue from tar sand extraction | NOT YET TESTED Waiting on: the data the rule runs on |
Mechanism exclusion Scope as written All Scottish Widows mandated funds, including the Growth Fund's index sleeves. The 2025 version of the Exclusions Standard could not be retrieved; tested against the current Standard (60307 07/26), which post-dates the May/June 2025 holdings. Threshold >= 5% of revenue from tar sand extraction | |||
| ▸ Norms and controversies | “Companies violating the principles of the United Nations Global Compact (UNGC) will be excluded from our investments.” All Scottish Widows mandated funds, including the Growth Fund's index sleeves. The 2025 version of the Exclusions Standard could not be retrieved; tested against the current Standard (60307 07/26), which post-dates the May/June 2025 holdings. · p.PDF p4 (printed p3) | any violation (norms-based) | TWO MEASURES — 153 HOLDINGS CARRY A FINDING WE MAP TO IT |
Mechanism exclusion Scope as written All Scottish Widows mandated funds, including the Growth Fund's index sleeves. The 2025 version of the Exclusions Standard could not be retrieved; tested against the current Standard (60307 07/26), which post-dates the May/June 2025 holdings. Threshold any violation (norms-based) | |||
| Standard | Commitment | Share of equities | Result |
|---|---|---|---|
| ▸ Controversial weapons | “We won’t invest in manufacturers of controversial weapons prohibited by international conventions such as anti-personnel landmines, cluster munitions, and chemical and biological weapons.” Scottish Widows Developed Markets Tilted Equity Tracker Fund (DM sleeve) · p.PDF p3 (printed p2) | 89.0% | VERIFIED At any involvement (manufacturer): 667 issuers screened, 3 worked on company-primary evidence; 0 over threshold |
Mechanism commitment Scope as written Scottish Widows Developed Markets Tilted Equity Tracker Fund (DM sleeve) Threshold any involvement (manufacturer) Not yet tested. A number, a direction and a unit. The row is waiting on issuer activity revenue (company-primary). A rule outside this report’s scope is never shown as met. | |||
| ▸ Tobacco | “in our mandated funds, our standard is not to invest in companies with more than 10% of value chain revenues from tobacco products – this includes tobacco manufacturers, distributors, and others who rely heavily on revenues generated by tobacco*.” Scottish Widows Developed Markets Tilted Equity Tracker Fund (DM sleeve) · p.PDF p3 (printed p2) | 89.0% | TESTED, SOME HOLDINGS DISCLOSE NO FIGURE At > 10% of value-chain revenue: 667 issuers screened, 21 worked on company-primary evidence; 0 over threshold; 16 not disclosed (1.98% of fund) |
Mechanism commitment Scope as written Scottish Widows Developed Markets Tilted Equity Tracker Fund (DM sleeve) Threshold > 10% of value-chain revenue What the test found. 667 issuers screened, 21 worked on company-primary evidence; 0 over threshold; 16 not disclosed (1.98% of fund) | |||
| ▸ Thermal coal limb tested: >= 5% of revenue from extraction | “So, in our mandated funds, our standard is not to invest in companies where 5% or more of their revenue is derived from thermal coal or tar sand extraction*.” Scottish Widows Developed Markets Tilted Equity Tracker Fund (DM sleeve) · p.PDF p5 (printed p4) | 89.0% | TESTED, SOME HOLDINGS DISCLOSE NO FIGURE At >= 5% of revenue from extraction: 667 issuers screened, 24 worked on company-primary evidence; 0 over threshold; 1 not disclosed (0.03% of fund) |
Mechanism commitment Scope as written Scottish Widows Developed Markets Tilted Equity Tracker Fund (DM sleeve) Threshold >= 5% of revenue from extraction What the test found. 667 issuers screened, 24 worked on company-primary evidence; 0 over threshold; 1 not disclosed (0.03% of fund) | |||
| ▸ Oil sands limb tested: >= 5% of revenue from tar sand extraction | “So, in our mandated funds, our standard is not to invest in companies where 5% or more of their revenue is derived from thermal coal or tar sand extraction*.” Scottish Widows Developed Markets Tilted Equity Tracker Fund (DM sleeve) · p.PDF p5 (printed p4) | 89.0% | VERIFIED At >= 5% of revenue from tar sand extraction: 667 issuers screened, 6 worked on company-primary evidence; 0 over threshold |
Mechanism commitment Scope as written Scottish Widows Developed Markets Tilted Equity Tracker Fund (DM sleeve) Threshold >= 5% of revenue from tar sand extraction Not yet tested. A number, a direction and a unit. The row is waiting on issuer activity revenue (company-primary). A rule outside this report’s scope is never shown as met. | |||
| ▸ Norms and controversies | “Companies violating the principles of the United Nations Global Compact (UNGC) will be excluded from our investments.” Scottish Widows Developed Markets Tilted Equity Tracker Fund (DM sleeve) · p.PDF p4 (printed p3) | 89.0% | NOT YET TESTED Waiting on: UN Global Compact conduct evidence (norms-based) |
Mechanism commitment Scope as written Scottish Widows Developed Markets Tilted Equity Tracker Fund (DM sleeve) Threshold any violation (norms-based) Not yet tested. A number, a direction and a unit. The row is waiting on UN Global Compact conduct evidence (norms-based). A rule outside this report’s scope is never shown as met. | |||
| ▸ Controversial weapons | “We won’t invest in manufacturers of controversial weapons prohibited by international conventions such as anti-personnel landmines, cluster munitions, and chemical and biological weapons.” State Street AUT Emerging Market Tilted Index Equity Fund (EM sleeve) · p.PDF p3 (printed p2) | 11.0% | HELD — PENDING DECISION At any involvement (manufacturer): Held pending decision - 1 finding withheld from publication until reviewed; 784 issuers screened, 4 worked on company-primary evidence; 0 over threshold; EM holdings are REPORTED_HOLDINGS subject to fund confirmation |
Mechanism commitment Scope as written State Street AUT Emerging Market Tilted Index Equity Fund (EM sleeve) Threshold any involvement (manufacturer) What the test found. Held pending decision - 1 finding withheld from publication until reviewed; 784 issuers screened, 4 worked on company-primary evidence; 0 over threshold; EM holdings are REPORTED_HOLDINGS subject to fund confirmation | |||
| ▸ Tobacco | “in our mandated funds, our standard is not to invest in companies with more than 10% of value chain revenues from tobacco products – this includes tobacco manufacturers, distributors, and others who rely heavily on revenues generated by tobacco*.” State Street AUT Emerging Market Tilted Index Equity Fund (EM sleeve) · p.PDF p3 (printed p2) | 11.0% | TESTED, SOME HOLDINGS DISCLOSE NO FIGURE At > 10% of value-chain revenue: 784 issuers screened, 17 worked on company-primary evidence; 0 over threshold; 12 not disclosed (0.16% of fund); EM holdings are REPORTED_HOLDINGS subject to fund confirmation |
Mechanism commitment Scope as written State Street AUT Emerging Market Tilted Index Equity Fund (EM sleeve) Threshold > 10% of value-chain revenue What the test found. 784 issuers screened, 17 worked on company-primary evidence; 0 over threshold; 12 not disclosed (0.16% of fund); EM holdings are REPORTED_HOLDINGS subject to fund confirmation | |||
| ▸ Thermal coal limb tested: >= 5% of revenue from extraction | “So, in our mandated funds, our standard is not to invest in companies where 5% or more of their revenue is derived from thermal coal or tar sand extraction*.” State Street AUT Emerging Market Tilted Index Equity Fund (EM sleeve) · p.PDF p5 (printed p4) | 11.0% | TESTED, SOME HOLDINGS DISCLOSE NO FIGURE At >= 5% of revenue from extraction: 784 issuers screened, 20 worked on company-primary evidence; 0 over threshold; 3 not disclosed (0.01% of fund); EM holdings are REPORTED_HOLDINGS subject to fund confirmation |
Mechanism commitment Scope as written State Street AUT Emerging Market Tilted Index Equity Fund (EM sleeve) Threshold >= 5% of revenue from extraction What the test found. 784 issuers screened, 20 worked on company-primary evidence; 0 over threshold; 3 not disclosed (0.01% of fund); EM holdings are REPORTED_HOLDINGS subject to fund confirmation | |||
| ▸ Oil sands limb tested: >= 5% of revenue from tar sand extraction | “So, in our mandated funds, our standard is not to invest in companies where 5% or more of their revenue is derived from thermal coal or tar sand extraction*.” State Street AUT Emerging Market Tilted Index Equity Fund (EM sleeve) · p.PDF p5 (printed p4) | 11.0% | TESTED, SOME HOLDINGS DISCLOSE NO FIGURE At >= 5% of revenue from tar sand extraction: 784 issuers screened, 1 worked on company-primary evidence; 0 over threshold; 1 not disclosed (0.00% of fund); EM holdings are REPORTED_HOLDINGS subject to fund confirmation |
Mechanism commitment Scope as written State Street AUT Emerging Market Tilted Index Equity Fund (EM sleeve) Threshold >= 5% of revenue from tar sand extraction What the test found. 784 issuers screened, 1 worked on company-primary evidence; 0 over threshold; 1 not disclosed (0.00% of fund); EM holdings are REPORTED_HOLDINGS subject to fund confirmation | |||
| ▸ Norms and controversies | “Companies violating the principles of the United Nations Global Compact (UNGC) will be excluded from our investments.” State Street AUT Emerging Market Tilted Index Equity Fund (EM sleeve) · p.PDF p4 (printed p3) | 11.0% | NOT YET TESTED Waiting on: UN Global Compact conduct evidence (norms-based) |
Mechanism commitment Scope as written State Street AUT Emerging Market Tilted Index Equity Fund (EM sleeve) Threshold any violation (norms-based) Not yet tested. A number, a direction and a unit. The row is waiting on UN Global Compact conduct evidence (norms-based). A rule outside this report’s scope is never shown as met. | |||
| Company | Rule | Measured | Share of fund | What the evidence says |
|---|---|---|---|---|
| Solar Industries India | Controversial weapons, any involvement | held | 0.0142% | The company's annual report names its Ministry of Defence order for Pinaka 'Area Denial Munitions'; the Ministry's own release calls the product 'ADM Type-1 (DPICM)', a sub-munition. Whether a government's description may complete a finding the company's own documents do not make is a policy decision not yet taken. Until it is, the row is held. |
| Company | Rule | Measured | Share of fund | What the evidence says |
|---|---|---|---|---|
| Tata Power | Thermal coal extraction >= 5% | 18.90% (calculated) | 0.0004% | KPC and BSSR are joint ventures accounted for by the equity method, so none of their coal revenue is in Tata Power's consolidated revenue (consolidated extraction revenue = nil); the % is a look-through pro-rata attribution. On a strict consolidated-revenue reading the share is 0; on a pro-rata reading ~19% (well above 5%) |
| Company | Rule | Measured | Share of fund | What the evidence says |
|---|---|---|---|---|
| Walmart, Inc. | Tobacco > 10% | no split is published | 0.6710% | no tobacco numerator is printed |
| Costco Wholesale Corp. | Tobacco > 10% | no split is published | 0.4393% | the containing line (Foods and Sundries) is far above 10%, so it gives no bound |
| Kroger Co. | Tobacco > 10% | no split is published | 0.1171% | no tobacco numerator is printed |
| Koninklijke Ahold Delhaize NV | Tobacco > 10% | no split is published | 0.1091% | an effect on comparable-sales growth, not a revenue figure |
| Loblaw Cos. Ltd. | Tobacco > 10% | no split is published | 0.0823% | no tobacco numerator is printed |
| Woolworths Group Ltd. | Tobacco > 10% | no split is published | 0.0753% | growth rates only, no tobacco revenue printed |
| Dollar Tree, Inc. | Tobacco > 10% | no split is published | 0.0743% | containing category is far too large to bound |
| Metro, Inc. | Tobacco > 10% | no split is published | 0.0658% | no tobacco numerator is printed |
| George Weston Ltd. | Tobacco > 10% | no split is published | 0.0543% | no tobacco numerator is printed |
| MatsukiyoCocokara & Co. | Tobacco > 10% | no split is published | 0.0541% | no tobacco numerator is printed |
| Jeronimo Martins SGPS SA | Tobacco > 10% | no split is published | 0.0493% | no tobacco numerator is printed |
| J Sainsbury PLC | Tobacco > 10% | no split is published | 0.0415% | no tobacco numerator is printed |
| Company | Rule | Measured | Share of fund | What the evidence says |
|---|---|---|---|---|
| Tsuruha Holdings, Inc. | Tobacco > 10% | no split is published | 0.0382% | tobacco not placed in any printed line |
| Empire Co. Ltd. | Tobacco > 10% | no split is published | 0.0380% | no tobacco numerator is printed |
| Axfood AB | Tobacco > 10% | no split is published | 0.0375% | no tobacco numerator is printed |
| Fomento Economico Mexicano | Tobacco > 10% | no split is published | 0.0316% | n/a - no numerator printed |
| Wal-Mart de Mexico | Tobacco > 10% | no split is published | 0.0291% | |
| DFI Retail Group Holdings Ltd. | Tobacco > 10% | no split is published | 0.0290% | containing line (Convenience, 28%) is above 10%, so no bound |
| ITOCHU Corp. | Thermal coal extraction >= 5% | no split is published | 0.0288% | no split - Metals & Minerals segment mixes iron ore, coking coal, trading; no thermal coal extraction line; segment exceeds 5% so gives no upper bound |
| Uni-President Enterprises | Tobacco > 10% | no split is published | 0.0240% | n/a - no numerator printed; the 30.77% line CONTAINS tobacco but is >10% so gives no upper bound |
| Dino Polska | Tobacco > 10% | no split is published | 0.0181% | the containing line (other groceries, 48%) is above 10% so gives no upper bound |
| Shoprite | Tobacco > 10% | no split is published | 0.0153% | |
| President Chain Store | Tobacco > 10% | no split is published | 0.0116% | n/a - no numerator printed; convenience-store segment CONTAINS tobacco but at 61.75% gives no bound |
| China Tourism Group Duty Free | Tobacco > 10% | no split is published | 0.0093% | n/a - no company numerator printed; the 11.0% industry figure is third-party market data, not CTG revenue |
| Grupo Comercial Chedraui de | Tobacco > 10% | no split is published | 0.0075% | |
| QL Resources | Tobacco > 10% | no split is published | 0.0066% | the CVS segment (~17% of revenue) would contain any tobacco sales but exceeds 10%, so it is not a usable upper bound |
| POSCO | Thermal coal extraction >= 5% | no split is published | 0.0060% | n/a - no numerator printed |
| Savola | Tobacco > 10% | no split is published | 0.0045% | |
| Electricity Generating | Thermal coal extraction >= 5% | no split is published | 0.0040% | the only printed coal number is share of PROFIT of an equity-accounted JV, not extraction revenue; MME revenue is not in consolidated revenue and is not disclosed |
| CITIC | Thermal coal extraction >= 5% | no split is published | 0.0026% | n/a - no numerator printed; segments are financial services / advanced intelligent manufacturing / advanced materials / new consumption / new-type urbanisation |
| SM Investments | Tobacco > 10% | no split is published | 0.0012% | |
| CP ALL | Tobacco > 10% | no split is published | 0.0001% | non-food (24.0% of CVS sales) CONTAINS tobacco; 24.0% x 439,787 / 958,998 = ~11.0% of group sales, which is above the threshold so it is not a usable upper bound; Makro/Lotus tobacco sales are not printed |
| Tatneft | Tar sands extraction >= 5% | no split is published | 0.0000% | also a definitional question: Tatneft produces super-viscous oil / natural bitumen (Ashalchinskoye etc.) by SAGD in Tatarstan; whether this is "tar sand extraction" under the Scottish Widows standard is unresolved |
| 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% | this scheme — 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% | 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 |