The register
What each scheme’s published threshold actually catches
Every activity threshold published across the register, with the operator and level exactly as the scheme wrote them, and what each would catch applied to the same set of companies. Comparing what each scheme holds would confound the strictness of its policy with what happens to be in its book; applied to one common set, the policies are comparable.
≥60%  caught only where the activity is most of the business
20–59%
5–19%
under 5%  caught at almost any exposure
The catch count is the LEVEL, not the test. It applies the operator and the number to every extracted figure for that activity, ignoring the boundary the commitment is written on, because that is the only way two schemes’ numbers can be set beside each other. The test itself is boundary-aware and lives on each threshold’s own page, where a figure decides a commitment only if it answers the question the wording asks.
Thresholds as published
Scheme · activityBand As publishedThe commitment, verbatimCatches
Royal London Governed Range
2 published commitments across coal · 1 testable
Open this scheme’s report →
Thermal coal≥60%≥60%“60% or more of their revenues from thermal coal mining”
applies to: extraction
4 of 10
companies with a figure that this level catches
Company by company →
Thermal coal——“2 billion tonnes or more of thermal coal reserves globally”NOT TESTABLE
a reserves threshold in tonnes, not a revenue share; this dataset carries no reserves figures
Standard Life (PUTM ACS)
5 published commitments across coal, oil sands, tobacco · 2 testable
Open this scheme’s report →
Oil sands5–19%>5%“Arctic drilling – Companies deriving more than 5% of revenue”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
the commitment is written on ARCTIC DRILLING; this dataset measured revenue from oil and gas, a far wider activity, and separates no Arctic figure
Oil sands5–19%>5%“Oil sands extraction – Companies deriving more than 5% of revenue”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
the commitment is written on OIL SANDS; this dataset measured revenue from oil and gas, a far wider activity, and separates no oil-sands figure. Testing it would exclude companies for a business they are not in
Thermal coal5–19%>5%“Thermal coal mining and energy production – Companies deriving more than 5% of revenue”
applies to: extraction/power generation
8 of 10
companies with a figure that this level catches
Company by company →
Tobacco20–59%>25%“Tobacco distribution, retail and supply – Companies deriving more than 25% of revenue”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
written on DISTRIBUTION, RETAIL AND SUPPLY; this dataset measured tobacco production only and holds no retail or wholesale share
Tobaccounder 5%>1%“Tobacco production – Companies deriving more than 1% of revenue from this activity”
applies to: production
5 of 5
companies with a figure that this level catches
Company by company →
Aegon Workplace Default
5 published commitments across coal, oil sands, tobacco · 2 testable
Open this scheme’s report →
Oil sands5–19%>5%“Oil Sands Extraction-Revenue Percentage >5%”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
the commitment is written on OIL SANDS; this dataset measured revenue from oil and gas, a far wider activity, and separates no oil-sands figure. Testing it would exclude companies for a business they are not in
Thermal coal5–19%>5%“Thermal Coal Extraction-Level of Involvement Id >5%”
applies to: extraction/power generation
8 of 10
companies with a figure that this level catches
Company by company →
Thermal coal——“thermal coal and oil sands extraction”NOT TESTABLE
the scheme states no threshold for this standard, so there is no number to test against
Tobaccounder 5%>0%“Tobacco Products Production-Level of Involvement Id >0%”
applies to: production
5 of 5
companies with a figure that this level catches
Company by company →
Tobacco——“we are guided by our exclusions’ framework: tobacco manufacturing and retail”NOT TESTABLE
the scheme states no threshold for this standard, so there is no number to test against
Fidelity FutureWise 2070
2 published commitments across coal, oil sands · 1 testable
Open this scheme’s report →
Oil sands5–19%>5%“companies deriving more than 5% of revenue from oil sands”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
the commitment is written on OIL SANDS; this dataset measured revenue from oil and gas, a far wider activity, and separates no oil-sands figure. Testing it would exclude companies for a business they are not in
Thermal coal5–19%>5%“companies deriving more than 5% of revenue from thermal coal”
applies to: extraction/power generation/value chain
8 of 10
companies with a figure that this level catches
Company by company →
Atlas / SEI Master Trust
1 published commitment across coal · 1 testable
Open this scheme’s report →
Thermal coal5–19%>10%“more than 10% of annual revenue from thermal coal”
applies to: extraction/power generation/value chain
8 of 10
companies with a figure that this level catches
Company by company →
Mercer SmartPath
binds 2 register rows
17 published commitments across coal, oil sands, tobacco · 0 testable
Open this scheme’s report →
Oil sands5–19%>5%“Companies with more than 5% of revenue from Oil Sands”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Oil sands5–19%≥5%“Companies involved in oils sands extraction. Equal to or greater than 5% of revenues”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Oil sandsunder 5%>1%“generate more than 1% of their revenue from thermal coal extraction, arctic drilling or oil tar sand mining”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Oil sandsunder 5%>1%“generate more than 1% of their revenue from thermal coal extraction, arctic drilling or oil tar sand mining”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Thermal coal5–19%≥5%“Companies involved in thermal coal extraction. Equal to or greater than 5% of revenues”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Thermal coal5–19%≥5%“Companies generating electricity from thermal coal. Equal to or greater than 5% of revenues”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Thermal coalunder 5%>1%“Coal mining and power generation 1%”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Thermal coalunder 5%>1%“generate more than 1% of their revenue from thermal coal extraction, arctic drilling or oil tar sand mining”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Thermal coalunder 5%any0%“ISS Coal top 100 list- based on the size of company reserves”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Thermal coal——“Avoid certain emission-intense activities by screening companies generating revenue from thermal coal, oil sands mining or arctic drilling where possible”NOT TESTABLE
the scheme states no threshold for this standard, so there is no number to test against
Tobacco20–59%>50%“Tobacco • Producers with more than 0% of revenue and • Companies with more than 50% of revenue from tobacco-related business activities”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Tobacco20–59%>50%“manufacture tobacco products or generate more than 50% of their revenue from tobacco distribution or sales”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Tobacco5–19%>5%“Companies supplying tobacco-related products/services Greater than 5% of revenues”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Tobacco5–19%>5%“Companies involved with distribution and/or retail sales of tobacco products Greater than 5% of revenues”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Tobaccounder 5%>0%“Tobacco • Producers with more than 0% of revenue and • Companies with more than 50% of revenue from tobacco-related business activities”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Tobaccounder 5%any0%“manufacture tobacco products or generate more than 50% of their revenue from tobacco distribution or sales”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme mercer); the result is on the workbook row
Tobacco——“Tobacco, opioids, gambling, alcohol, sugar”NOT TESTABLE
the scheme states no threshold for this standard, so there is no number to test against
Smart Pension Default
2 published commitments across coal, oil sands · 0 testable
Open this scheme’s report →
Oil sands20–59%>20%“more than 20% of their revenues from oil sands”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
written on OIL SANDS; tested on the company evidence register (evidence_register/build_reuse_test.py --scheme smart); the result is on the workbook row
Thermal coal20–59%>20%“more than 20% of their revenues from thermal coal”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
tested on the company evidence register, not on this dataset (evidence_register/build_reuse_test.py --scheme smart); the result is on the workbook row
Scottish Widows Growth Fund
3 published commitments across coal, oil sands, tobacco · 2 testable
Open this scheme’s report →
Oil sands5–19%≥5%“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*.”
applies to: no figure in this dataset answers this wording
NOT TESTABLE
the commitment is written on OIL SANDS; this dataset measured revenue from oil and gas, a far wider activity, and separates no oil-sands figure. Testing it would exclude companies for a business they are not in
Thermal coal5–19%≥5%“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*.”
applies to: extraction
8 of 10
companies with a figure that this level catches
Company by company →
Tobacco5–19%>10%“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*.”
applies to: production/value chain
5 of 5
companies with a figure that this level catches
Company by company →
Read down a column, never across a row. A 5% coal threshold and a 5% tobacco threshold are not equivalent: across the extracted figures in this register, tobacco runs 25.85% to 100.00% and coal runs 0.08% to 76.67%, so a level that decides a great deal in one activity can decide nothing in another. Bands compare schemes within one activity.
Aegon Workplace Default, Scottish Widows Growth Fund and Standard Life (PUTM ACS) at >0%, >1% and >10% catch identically — 5 of 5 companies with a tobacco figure. The band edges are drawn where the companies are not, and they move if the distribution does.
Aegon Workplace Default, Atlas / SEI Master Trust, Fidelity FutureWise 2070, Scottish Widows Growth Fund and Standard Life (PUTM ACS) at >5%, >10% and ≥5% catch identically — 8 of 10 companies with a coal figure. No company in the register sits between 3.04% and 13.48%, so on this data the levels are one policy. The band edges are drawn where the companies are not, and they move if the distribution does.
Schemes with no testable activity threshold
Four of ten rows, each for its own reason
AJ Bell Pension Builderno commitments workbook was published, so there is no threshold to read
124 screened holdings, 11.98% of the fund, and no level this report can run against any of them.
Mercer SmartPath §12every published level is one this report cannot run; the rows below say why for each
124 screened holdings, 4.19% of the fund, and no level this report can run against any of them.
Mercer SmartPath §12bevery published level is one this report cannot run; the rows below say why for each
124 screened holdings, 3.95% of the fund, and no level this report can run against any of them.
Smart Pension Defaultevery published level is one this report cannot run; the rows below say why for each
26 screened holdings, 1.35% of the fund, and no level this report can run against any of them.
A scheme with no published threshold is not the same as one whose threshold catches nothing. The first has made no commitment to test; the second made one and nothing in its book breached it. Both appear on the register as blanks and the report says which is which.
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Evidence snapshot C:\ESGTools\scoring-v2\snapshots\2026-10-12T1501-nightly · identity resolution 2026-09-30-sl-adopt · activity revenue read from activity_revenue.csv · commitments read from each scheme’s own published documents into fund_view/commitments/ · built by fund_view/register_report.py. Every figure on this page is read from one of those; none is typed in.