Stewardship Report 2025

Railpen’s 2025 Stewardship Report outlines how we are using active stewardship to protect and enhance long-term financial outcomes for members. It highlights the actions taken during the year to address financially material risks and opportunities across the companies and markets in which we invest, with a focus on strengthening governance standards, supporting resilient markets, and driving sustainable long-term value creation.

Caroline Escott / 1 June 2026

Tablet showing the ‘2025 Stewardship Report' front cover, held.

Our approach

The 2025 report demonstrates how we use active stewardship to protect and enhance long-term member outcomes. That means integrating financially material governance and sustainability considerations into investment decisions, assessing systemic risks, engaging with portfolio companies, collaborating with other investors and stakeholders, and using our voting rights to support long-term value creation.

Long exposure of light trails from vehicles passing by Big Ben and the Houses of Parliament at dusk in London.

Launched major new campaign

GGIC brings together major UK pension schemes and multi-trillion pound investor organisations to demonstrate that good governance supports corporate performance, investment confidence and long-term value creation.

Blue digital candlestick chart showing fluctuating financial data on a dark grid background.

Refreshed systems stewardship strategy

Railpen has published structured engagement plans across four priority areas, with each plan setting out clear objectives, priority sectors and jurisdictions, and measurable outcomes designed to strengthen long-term financial outcomes for members.

Person holding a glowing digital globe with data points above a laptop keyboard in a dark setting.

New AI governance framework

With Chronos Sustainability, Railpen published an investor framework on AI governance, guiding investor approaches and informing its assessment of portfolio companies’ AI practices, risks and opportunities.

Several people sitting indoors with their hands raised, signaling participation or agreement during a group discussion.

Advanced work on unequal voting rights

Railpen's Investor Coalition for Equal Votes (ICEV) secured engagement with major investment banks and expanded its focus to venture capital and private equity firms, highlighting the governance risks associated with unequal voting rights.

Three colleagues engaged in a discussion inside a modern glass-walled office meeting room.

Strengthened workforce disclosure standards

Railpen and the CIPD commissioned updated research into FTSE 350 workforce disclosures, developing recommendations with the High Pay Centre to improve transparency on workforce issues, including AI-related workplace change.

Two businessmen walking through a modern office corridor with glass walls and tiled floors.

Updated Railpen’s Global Voting Policy

The updated policy introduced new expectations for companies whose capital markets advocacy may undermine shareholder interests or long-term value creation. It also strengthened guidance on AI governance and shareholder rights.

Article

20 Aug 2026

Investor statement on workforce engagement

As global institutional investors with both UK and US representation, our assets under advice (Au...

Workforce Inclusion and Voice: The Workforce Engagement Coalition

Report

20 Aug 2026

Workforce Inclusion and Voice: The Workforce Engagement Coalition

The perspective and voice of workers matters to company performance – and to investors. That is w...

Report

14 Aug 2026

Internal Control Assurance Report 2025 - Pension Administration

Railpen delivers high-quality pensions and investment services to the Railways Pension Trustee Co...