Investments Update

Investment Policy

BYM Trustees have the power and the duty to make investments in accordance with legal constraints and the ethical testimonies of the Religious Society of Friends. The BYM Investment Policy sets out the BYM Trustees' approach to investments. In November 2025 BYM Trustees agreed an updated policy.

Quakers in Britain have always aimed to avoid investing in products and services that undermine our values, and we always will. The updated Investment Policy tries to be more explicit about the reality of the complex world we live in. In our modern world of global partnerships, complex supply chains and diversified subsidiary companies, we know that all companies may have some involvement in products and services that we do not support.

The updated Investment Policy sets out how Quakers in Britain will navigate that situation in a way that is open, honest and aligned with our values. It sets out what we will do to limit any connection between our funds and activities we cannot support, and how we will use our role as investors to engage with the business world to lobby for change. As well as being more transparent about the realities of investing, the updated policy sets out a proactive framework for how we will act for change. We will communicate directly, and with others, to persuade fund managers and businesses to support positive social and environmental issues and companies to change harmful activity.

Quakers in Britain will work to the same standards as before, managing our investments in a way that is true to our Quaker values. Trustees consider that the new policy is simply more honest and open about what those standards mean in practice.

In summary:

• Quakers in Britain expect our investment managers to be leaders in environmental, social and governance issues.

• Quakers in Britain will have full visibility of our investments, and we will never knowingly invest in companies that get more than 5% of their income from activities we don't support.

• If we discover that a company does not meet our standards then Quakers in Britain will lobby for change and then, if necessary, ask fund managers to disinvest as soon as practicable.

Investment Managers

It is good practice to review large and important contracts from time to time to ensure that the people we work with are providing the service that we need. BYM Trustees engaged an independent ethical investment consultant to help them manage a process to review their options.

Following a rigorous selection process, BYM Trustees have discerned that the Royal London Global Sustainable Equity Fund is the right place for Quakers in Britain's equity investments (which amount to 75% of the total portfolio).

This Royal London fund's exclusions directly match the requirements set by Quakers in Britain (arms, fossil fuels, tobacco, alcohol, gambling, pornography, conflict). On a positive note, their portfolio includes sustainable outputs such as leaders in healthcare, renewable energy, clean water, education, and sustainable development. They actively engage with companies, voting on shareholder motions, and group collaborations with other investors.

The remaining 25% of the BYM investment portfolio is fixed income investments. Trustees have appointed the Royal London Ethical Bond Fund to manage these.

BYM Trustees Investment Committee

Up to now, investments have been part of the work of the BYM Trustees Finance, Property & IT Committee (FIPC). FIPC has a large portfolio of work, and BYM Trustees have created a new committee specifically to oversee both the financial and the ethical performance of the Quakers in Britain investment portfolio. The Investment Committee will also act as a point of contact between BYM Trustees and their investment managers.

Friends with knowledge and experience of ethical investing who wish to be considered for future membership of the Investment Committee should complete an expression of interest form.