Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Investments definition

What does Investments mean? In practice, investments are financial products or rights acquired with the expectation of income or capital growth, such as shares, bonds, fund units and derivatives. In UK financial services law, however, the regulated concept is “specified investments” under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). This defined list includes, among others, shares, debentures and loan stock, government and public securities, warrants, units in a collective investment scheme, options and futures, contracts for differences, and rights under a contract of insurance. Whether a firm must be authorised, may communicate financial promotions, or owes particular...

ESG and Stewardship in UK Occupational Pensions: Trustee Duties, Investment Powers, SIP/Implementation Statements, UK Stewardship Code, Internal Controls and TCFD

Published by a LexisNexis Pensions expert

Practice notes

FORTHCOMING CHANGE :

On 3 December 2025, Torsten Bell set out proposals to produce guidance on fiduciary duties, clarifying how broader considerations can be incorporated within existing obligations, including system-wide risks like climate change and the enduring effects of investments on members’ outcomes. The guidance will also explain how trustees may reflect members’ views, and will restate the requirement to weigh all financially material factors, while remaining aligned with acting in members’ best interests. Efforts to give this guidance statutory force via the Pension Schemes Act 2026 did not succeed, but the government confirmed it remains committed to developing it. For more detail, see the DWP Parliamentary response of 19 January 2026 and the House of Lords Hansard debate of 26 March 2026.

Meaning of ‘ESG’ and ‘stewardship’ ESG

The expression ‘ESG’—‘environmental, social and governance’—has no precise legal definition. It is often used as an umbrella term covering ideas such as ‘sustainable investment’ and ‘socially responsible investment’. ESG investment assesses ESG-related opportunities and risks to understand their impact on risk‑adjusted returns. ESG factors typically encompass climate change. With policy‑makers concentrating on the sustainability of investments, pension funds (which represent some of the...

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Web page updated on 21/05/2026

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