Royal London Governed Range

Commitment · Royal London Governed Range

Thermal coal

≥60%

“60% or more of their revenues from thermal coal mining”

RLMIS segregated mandates and RLAM-managed pooled funds · read into royal_london_commitments.xlsx, sheet Commitments

What this level catches. written on MINING, so only a figure whose numerator is the company's own extraction revenue tests it — CSX's coal freight and Orica's explosives sales into the sector do not The level is a choice inside a gap: 60% falls in the 26-point interval between 36.00% and 62.01% — no company in the register sits between them, so any level in that interval catches exactly the same 4 companies.

4of 10 companies with a figure sit at or above this level

3of those are inside this commitment’s wording — the rest carry a figure that answers a different question

1of those is held by this fund

22of 59 commitment tests on this fund could not be answered

Where ≥60% sits

Every extracted coal figure in the register

China Coal77%Yancoal73%Yankuang66%China Shenhua62%Whitehaven36%RWE20%Orica14%CSX13%BHP3.04%Sasol0.08%

≥60% threshold

nothing lives here — a 26-point gap

Bars in red are caught by this commitment. Bars in grey are outside its wording — the figure is real, but it does not answer the question the wording asks. The level and the wording are two separate filters and a company has to fail both to be excluded.

The test, company by company

Applied to every company with an extracted figure

Company	Revenue share	What the figure covers	Against this commitment	Why
CHINA COAL ENERGY CO	76.67%	value chain	OUTSIDE THE WORDING	value chain — the commitment is written on extraction Coal segment external revenue 113,509,802 of group total revenue 148,056,698 RMB'000. This is ALL coal - thermal, coking and proprietary trading coal together - because the audited segment note does not split them. On a self-produced thermal-coal-only reading the figure is materially lower (see note).
YANCOAL AUSTRALIA LTDheld	73.16%	extraction	ABOVE THE THRESHOLD	73.16% against a 60% threshold thermal coal sales of 32.0 Mt at an average realised price of A$136/t, giving A$4,352m, over revenue of A$5,949m
YANKUANG ENERGY GROUP CO	66.50%	extraction	ABOVE THE THRESHOLD	66.50% against a 60% threshold the Coal mining segment's external revenue 88,666,141 RMB'000 over external revenue 133,340,597 RMB'000 - all coal, NOT split by coal type
CHINA SHENHUA ENERGY CO LTD	62.01%	extraction	ABOVE THE THRESHOLD	62.01% against a 60% threshold the Coal segment's revenue from external customers 182,874 RMBm over revenue from external customers 294,916 RMBm
WHITEHAVEN COAL LIMITEDheld	36.00%	extraction	BELOW THE THRESHOLD	36.00% against a 60% threshold thermal coal sales as a percentage of revenues from coal sales of $5,832m, as the company states it
RWE AKTIENGESELLSCHAFTheld	20.00%	power generation	OUTSIDE THE WORDING	power generation — the commitment is written on extraction RWE's own published KPI: the portion of Group revenue related to coal-fired power generation and other coal products, measured against NET revenue (external revenue of 17,628 EURm, excluding natural gas and electricity tax)
ORICA LTDheld	14.00%	value chain	OUTSIDE THE WORDING	value chain — the commitment is written on extraction revenue from thermal coal customers as a percentage of external sales excluding Digital Solutions, as the company states it
CSX CORPheld	13.48%	value chain	OUTSIDE THE WORDING	value chain — the commitment is written on extraction coal freight revenue 1,900 $m over total revenue 14,092 $m - revenue from HAULING coal, not from mining or burning it
BHP GROUP LTDheld	3.04%	extraction	BELOW THE THRESHOLD	3.04% against a 60% threshold Energy coal product revenue 1,786 $m over group total revenue 58,760 $m
SASOL LTDheld	0.08%	extraction	BELOW THE THRESHOLD	0.08% against a 60% threshold external coal turnover 210 Rm over total external turnover 272,118 Rm

3 held companies are outside the wording, not passing it. Rwe Aktiengesellschaft at 20.00% (power generation), Orica Ltd at 14.00% (value chain), Csx Corp at 13.48% (value chain). This commitment is written on extraction. Reporting them as passes would be as wrong as excluding them.

What could not be tested

22 of 59 commitment tests

18 — the company does not publish the split. A figure does not exist in its own reporting, so this commitment cannot be run against it. Not a pass.
3 — boundary mismatch. A figure exists but answers a different question from the one the wording asks.
1 — pending. The filing was not retrievable; the extraction is outstanding.

A level is only as strict as the disclosure it can be run against. The remaining 22 are unmeasured rather than clean, and the report says so wherever this figure appears.

← Every published threshold, compared

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.