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Martin Currie Investment Management

Martin Currie is an active equity specialist and a Specialist Investment Manager of Franklin Resources, Inc. Martin Currie joined the Net Zero Asset Managers Initiative in October 2021 and made its Initial Target Disclosure in November 2022.

Initial Target Disclosure: November 2022

Percentage of assets covered by the Net Zero Asset Managers Commitment Statement

18.9% of total AUM (USD $3.6 billion)

Information on interim target(s) covering the proportion of assets to be managed in line with net zero

Baseline(s):

2020

The baseline starting point for initially committed portfolios ranges from 1.2% – 16.5% having set approved Science-Based targets as at 31/12/2020.

Target(s):

2030

Our target is that by 2030 a minimum percentage of every committed portfolio’s NAV will be in  companies with a Science-Based Target (or other equivalent independently verified target), consistent with a linear increase from the portfolio’s 2020 baseline value to 100% by 2040. Additionally, by 2030 we target 50% committed assets’ NAV being in companies with a Science-Based Target (or other equivalent independently verified target).

GHG scopes included:

Scope 1,2 and 3 are covered using the SBTi-Fi approach. For the SBT Portfolio Coverage approach, Scope 3 is implicitly included as SBTi validation requires Scope 3 inclusion where Scope 3 emissions represent 40% or more of the company’s overall footprint.

Methodology:

Science Based Target initiative for Financial Institutions

Scenario(s):

For the SBT Portfolio Coverage glidepath, the underlying targets being set are consistent with science-based pathways. SBTi scenarios primarily use scenarios from the Integrated Assessment Modelling Consortium (IAMC) and International Energy Agency (IEA).

Additional information

Proportion of AUM committed:

This proportion represents the portfolios where we have explicit consent from clients for their assets to be managed in line with net-zero or where we have received relevant approval for pooled assets. We intend to continue to conduct outreach and education with our clients in support of increasing this target to 100% over time.

Policy on coal and other fossil fuel investments:

Yes. We recognise thermal coal as a particularly concerning and substitutable source of carbon emissions. We advocate that across all of our assets, consistent with the ambitions of the Paris agreement, companies transition away from thermal coal mining and thermal coal power generation as fast as technically, economically and socially practical, with the aim of having an actionable plan to exit thermal coal (defined as < 5% revenue or generation) by 2030 in developed economies and 2040 in emerging economies. Engagement is our key focus and is framed by our expectations that companies work towards setting an actionable science-based plan in line with credible 1.5-degree pathways. We acknowledge that factors such as individual country starting points, clean energy development constraints, technology settings and end markets differ materially across companies, and our engagement and escalation activities will consider these complexities.

Further information:

For further information see our Stewardship Annual report (which includes our TCFD statement) and our Stewardship & Engagement policy.

Climate Engagement and Escalation Policy