Church of England Pensions Board: Engaging with high-emitters

This practical example explores the Church of England Pensions Board’s stewardship approach with high-emitting investee companies. Specifically how its engagement and escalation strategy ultimately led to the decision to divest from all oil and gas companies in its portfolio in 2023. Its stewardship approach involved: drawing on investor tools and initiatives; structuring engagement with oil and gas companies, including setting expectation targets, aligning voting activity and adopting robust escalation plans; and considering the role of policy. This case study also details next steps for the Church of England Pensions Board, as well as six top tips that other pension schemes could consider.