Mercer Flexisaver Balanced Fund
Where a company has multiple ethical concerns, the total concerns percentage counts this investment once.
The average total concerns of all funds of the same risk profile is weighted by the funds' investment values.
The average total concerns of all managed balanced funds is 8.32%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the development or release of GMO plants and seeds.
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 45.3%.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The world’s second largest source of plastic garbage in the world’s oceans, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain. Alongside other large companies who use plastics, PepsiCo appeared to lobby against some improvements propopsed by the Global Plastics Treaty.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 52.4%.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Enbridge's ownership in the Dakota Access Pipeline and Enbridge Line 5 has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. These pipelines have poor regulation, significant contributions to GHG emissions from pipe leakage and affect the rights of Indigenous people.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Collectively the Coca-Cola related entities produce the most plastic rubbish in our oceans at 3 million tons of plastic packaging annually, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain. Coca-Cola has also been subject to several lawsuits relating to marketing claims about the sustainability of its products.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
One of the world's largest mining companies, headquartered in Australia with operations globally. In 2015 Samarco (a BHP joint venture with Vale SA) caused the Mariana dam disaster releasing huge quantities of heavy metal waste into the Doce River basin. This is the largest pollution incident ever recorded and devastated communities and the ecosystem. BHP also mines thermal coal. While it sold some coal mines, it will continue to operate the Mt Arthur mine in New South Wales until 2030.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Marathon Petroleum Corp’s ownership in the Dakota Access Pipeline has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. The impact has been significant with claims of environmental racism due to the pipeline being situated primarily near communities of Black, Brown and Indigenous peoples, where oil has leaked into soil and water.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Owns the Grasberg mine in Indonesia where tailings are disposed directly into a river. Note, this type of disposal is banned in most countries. The pollution causes significant negative impact to the health of indigenous communities and wildlife in a biodiversity hotspot.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Mitsubishi Corporation is the largest seafood corporation in the world, with control over large companies, Cermaq and Toyo Reizo. The company has been charged by the Chilean Superintendence for the Environment for overproduction of salmon, for excessive krill harvesting in the Antarctic and called out for a controversial North West Shelf project, linked to various parts of their business including the companies they own.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The fifth largest producer worldwide of plastics in our oceans. It is seen by some investors as having unambitious recycling goals which it is also not meeting. Mondelez has also been linked to deforestation and child labour due to its operations.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Largest producer of iron ore and nickel in the world. Vale’s failure to manage risks from waste storage resulted in two major disasters in Iron Ore Tailing Dams in Brazil. Both incidents have resulted in significant environmental pollution, the death of hundreds of employees, and severe impacts on local communities downstream. The company is also involved in the production of fossil fuels through mining thermal coal in Mozambique.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Manufacture and bottle Coca-Cola beverages under licence. Collectively the Coca-Cola related entities produce the most plastic rubbish in our oceans at 3 million tons of plastic packaging annually, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fonterra ranks as the fifth largest source of greenhouse gas emissions among agri-food companies globally. This position is reflective of the heavy environmental footprint of the dairy industry, notably of methane (GHG) produced by dairy herds and other harm from intensive dairy farming practices such as through high nitrogen runoff into rivers, which flow into oceans.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
ExxonMobil, headquartered in the USA, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company is engaged in the exploration and production of crude oil and natural gas, as well as in the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and specialty products. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 51.1%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the development or release of GMO plants and seeds.
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 45.3%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 52.4%.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Enbridge's ownership in the Dakota Access Pipeline and Enbridge Line 5 has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. These pipelines have poor regulation, significant contributions to GHG emissions from pipe leakage and affect the rights of Indigenous people.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Enel is one of the world's largests producers of renewable energy in the world and also holds a 70.1% stake in the energy company, Endesa. It generates around 7% of revenue from fossil fuels. However, the company generate 68% from renewables and have announced plans to be 100% renewable by 2040. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Caterpillar’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of homes. Bullozers have also been complicit in human rights abuses in Myanmar & West Sahara. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. They also provide specialist equipment to the oil and gas sector.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Baker Hughes provides oilfield services and equipment as well as energy technology. Companies involved in oil and gas services provide tailor-made products and services for the oil and gas sector including exploration and production.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Operates electric and natural gas transmission systems in the UK and US. It also operates facilities for storing LNG. including the Grain LNG terminal in the UK which is the largest LNG facility in Europe and 8th globally.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
One of the world's largest mining companies, headquartered in Australia with operations globally. In 2015 Samarco (a BHP joint venture with Vale SA) caused the Mariana dam disaster releasing huge quantities of heavy metal waste into the Doce River basin. This is the largest pollution incident ever recorded and devastated communities and the ecosystem. BHP also mines thermal coal. While it sold some coal mines, it will continue to operate the Mt Arthur mine in New South Wales until 2030.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
BP, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company has as reportable segments: gas & low carbon energy, oil production & operations, customers & products, and Rosneft. Additionally, BP plc owns and operates crude oil and natural gas pipelines, processing facilities and NGLs extraction business. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 34.7%.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Marathon Petroleum Corp’s ownership in the Dakota Access Pipeline has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. The impact has been significant with claims of environmental racism due to the pipeline being situated primarily near communities of Black, Brown and Indigenous peoples, where oil has leaked into soil and water.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Genesis produces electricity from plants and distributes gas. They are expanding their portfolio of renewable assets (wind, solar farms and hydro) and options to reduce emissions from Huntly (battery technology and biomass use). However, in 2025 their total GHG emissions increased compared to FY24, driven by a 33% rise in Scope 3 emissions - primarily from the Huntly Power Station (Coal & Gas).
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Petroleo Brasileiro SA is headquartered in Brazil. The company’s production of hydrocarbons in 2021 was 912.0 mmboe. The company currently has 8043.4 mmboe resources under development as of 2022, and expansion countries include Brazil. The company overshoots the IEA NZA Expansion by 39.1%. Exploration CAPEX is 632.8 MUSD (3-year average 2020-2022).
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Mitsubishi Corporation is the largest seafood corporation in the world, with control over large companies, Cermaq and Toyo Reizo. The company has been charged by the Chilean Superintendence for the Environment for overproduction of salmon, for excessive krill harvesting in the Antarctic and called out for a controversial North West Shelf project, linked to various parts of their business including the companies they own.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Quanta Services provides infrastructure solutions for the oil and gas industry. Companies involved in oil and gas services provide tailor-made products and services for the oil and gas sector including exploration and production.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Saudi Aramco is the national oil company of Saudi Arabia and holds the exclusive right to explore for, produce, and refine the country’s hydrocarbons. It is the largest oil and gas producer in the world, and the world’s fourth-largest refiner. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short term expansion overshoots the IEA Net-Zero Emissions Scenario by 57.2%.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Total is a French-based global oil major (7th largest in the world by market cap). In 2024 they produced 1,947 thousand barrels of oil equivalent per day. They have plans to expand their oil and gas production by 3% in 2026 while claiming they will reduce their methane emissions by 70% by 2030.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Largest producer of iron ore and nickel in the world. Vale’s failure to manage risks from waste storage resulted in two major disasters in Iron Ore Tailing Dams in Brazil. Both incidents have resulted in significant environmental pollution, the death of hundreds of employees, and severe impacts on local communities downstream. The company is also involved in the production of fossil fuels through mining thermal coal in Mozambique.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Portugal’s largest generator and distributor of electricity. It is the 4th largest generator of wind power in the world with 90% generated by renewables. However, revenue is still generated from fossil fuels; 5% from coal-fired plants and 5% from oil and gas. EDP have committed to being carbon neutral by 2030. The company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Endesa is the largest electric utilities company in Spain and the second largest in Portugal, generating electricity from a mix of hydropower, nuclear, coal, gas, oil, solar, and wind. Around 80% of energy generation is from renewables with a goal of 91% by the end of 2025. However, it still has power generated from fossil fuels. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Also known as Schlumberger, provides products and services for the oil and gas sector with a focus on support for exploration and drilling.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
ExxonMobil, headquartered in the USA, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company is engaged in the exploration and production of crude oil and natural gas, as well as in the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and specialty products. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 51.1%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the development or release of GMO plants and seeds.
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 45.3%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 52.4%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Procter & Gamble Co. is a consumer products company involved in home goods, cosmetics and healthcare products. The company says they are committed to being cruelty free and ending animal testing, but are still involved in animal testing their cosmetic products, particularly on ingredients for cosmetics.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
L'Oréal is a personal care company and cosmetics company. The company states it has been at the forefront of alternative methods for decades and stopped all testing in 1989. However, L'Oréal sells in China where there are requirements for animal testing on certain products such as sunscreen and hair dye.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
The world’s largest social network (Facebook, Instagram, Messenger, WhatsApp). Company has faced claims and legal actions due to mental health harm (notably to young people), breaches of user privacy / data rights, and the spread of misinformation. Inadequate moderating in non-English speaking countries (e.g. Myanmar) allowed the platform to be used to incite ethnic violence. Removal of content moderation from strt of 2025 increases risk of social and political harm.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Tesla has been involved in violations across human rights categories including business ethics due to CEO leadership style, limiting of shareholder rights and poor governance. There have also been big safety and human rights concerns with Tesla’s supply chain and production line.
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
Johnson & Johnson is the world's largest and most diverse healthcare firm. There have been repeated incidents related to the quality and safety of several of its products across drugs, devices, and consumer products. There have also been exceptionally high number of liability claims relating to talc-based products and links to cancers.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Wells Fargo is a multinational financial services company which serves millions of customers in 35 countries. They have been involved in significant business ethics scandals for false inflation, cross selling and misleading customers over a period of 2002 to 2016.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Online travel platforms, are complicit in the severe human rights violations to Palestinians from illegal settlement in Occupied Palestinian Territories. Promotion of tourism to these settlements normalises annexation and provides income supporting settlement. Under UN Principles, companies have obligations to prevent Human Rights breaches from services in situations of conflict.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Acquired Credit Suisse in 2023, a bank with very poor governance which aided clients with tax evasion and money laundering. As a result, UBS has inherited ongoing regulatory fines and lawsuits relating to these failures. UBS has also been subject to lawsuits relating to its own manipulation of foreign exchange and interbank rates. It holds a provision of USD $4bn for claims (which may not be sufficient).
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Has developed AI-based predictive policing systems. These are sold to Israeli security forces and used in surveillance of Palestinian in occupied Palestinian territories. The systems were originally designed for US immigration authorities and are used in the US to target immigrants and manage raids.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Caterpillar’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of homes. Bullozers have also been complicit in human rights abuses in Myanmar & West Sahara. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. They also provide specialist equipment to the oil and gas sector.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Develops and operates Israel’s Population Registry System which holds information on residents of Occupied Palestinian Territories. The registry enables control of work and travel permits for Palestinians. This supports severe violations of human rights including freedom of movement and data privacy rights.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Online travel platforms, are complicit in the severe human rights violations to Palestinians from illegal settlement in Occupied Palestinian Territories. Promotion of tourism to these settlements normalises annexation and provides income supporting settlement. Under UN Principles, companies have obligations to prevent Human Rights breaches from services in situations of conflict.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Nestle manufactures and sells food and beverages. The company has been criticised for exploiting local water resources for its bottled water production, which has forced underprivileged communities to pay a premium for their groundwater while alternatives have been exhausted. They are also the third largest source of plastic trash found in oceans. There have also been several allegations of labour conflicts and human rights violations in Nestle’s palm oil, coffee, fruits and seafood supply chains.
Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Online travel platforms, are complicit in the severe human rights violations to Palestinians from illegal settlement in Occupied Palestinian Territories. Promotion of tourism to these settlements normalises annexation and provides income supporting settlement. Under UN Principles, companies have obligations to prevent Human Rights breaches from services in situations of conflict.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Motorola is an American provider of communication products, video equipment, telecommunications equipment, software, systems, and services. Motorola Solutions and its subsidiary, Motorola Israel, have been accused of complicity in human rights violations due to its sale of communication products to the Israeli Ministry of Defence in the occupied Palestinian territories. Israeli settlements in occupied Palestinian territories are deemed illegal under international law.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. Thermo Fisher DNA testing kits have been linked to surveillance and discriminatory purposes by the legal authorities in Xinjiang (a region of China) for monitoring and tracking the Muslim Uyghur ethnic group and other minorities. Evidence that DNA sequencing products continue to be distributed in China, despite the company announcing it would halt sales to the region.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Petroleo Brasileiro SA is headquartered in Brazil. The company’s production of hydrocarbons in 2021 was 912.0 mmboe. The company currently has 8043.4 mmboe resources under development as of 2022, and expansion countries include Brazil. The company overshoots the IEA NZA Expansion by 39.1%. Exploration CAPEX is 632.8 MUSD (3-year average 2020-2022).
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Cemex subsidiary (Readymix Industries) has provided materials for construction of settlements in occupied Palestinian Territories e.g. military checkpoints and a security wall along Gilo Bridge in the occupied West Bank.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Saudi Aramco is the national oil company of Saudi Arabia and holds the exclusive right to explore for, produce, and refine the country’s hydrocarbons. It is the largest oil and gas producer in the world, and the world’s fourth-largest refiner. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short term expansion overshoots the IEA Net-Zero Emissions Scenario by 57.2%.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Volvo’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of property. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. Note Volvo cars is a separate entity not involved in this harm.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
GE Aerospace is an industrial company that produces parts for the aviation industry. They recieve revenue from producing military weapons equipment through helicopters, bombers and jet fights for the military and defense sectors.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Amphenol are a US company manufacturing electronic components. They supply services to the military weapons industry through interconnect systems which have applications in harsh conditions for the military and aerospace sectors, specificially weapons release connectors.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Mitsubishi Heavy Industries is the industrial machinery branch of Mitsubishi Corporation. The company has a specific Aviation, Defense & Space Systems branch which manufactures military aircraft, naval and combat transportation.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
W.W. Grainger is a trading and distribution company which makes riot protection equipment, such as body protection systems, shields and batons. Manufacturing of equipment for riot control is concerning due to its usage against civilian populations.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Invests mainly in growth assets such as shares and real assets with about 40% invested in defensive assets such as fixed interest and cash. May be suitable for investors who want a diversified investment with exposure to shares, real assets, fixed interest and cash, who are comfortable with a higher degree of volatility in returns than can be expected from the Moderate fund and who can invest for the long term.
Mercer is one of the world’s leading firms for superannuation, investments and workforce consulting, with over 25,000 colleagues worldwide helping build brighter futures for our customers and clients. Mercer has been helping Kiwis save for their best possible retirement for over 60 years. Our team of investment experts search the globe to find some of the best and most diverse investments to help maximise KiwiSaver returns and we invest responsibly.
| Value | $34.9M NZD |
| Period of data report | 31st March 2026 |
| Fund started | 9th Oct. 2015 |
| Total annual fund fees | 1.02% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.81% |
| Other management and administration charges | 0.21% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Kylie Willment |
Currently: Chief Investment Officer, Pacific, Mercer Australia (Pty) Ltd (8 years, 5 months)
|
|
Ross Butler |
Currently: Chair - Mercer (N.Z.) Ltd (2 years, 11 months)
|
|
Del Hart |
Currently: Chief Investment Officer - New Zealand, Mercer (N.Z.) Ltd (0 years, 1 months)
|
|
Robert Kavanagh |
Currently: Head of Portfolio Management NZ - Mercer (N.Z.) Ltd (12 years, 0 months)
|
|
Anna Scott |
Currently: CEO Mercer (N.Z.) Ltd (0 years, 6 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.
| Year | Market Average | Fund Annual Return |
|---|---|---|
| 2026 | 6.58% | 8.06% |
| 2025 | 3.98% | 4.57% |
| 2024 | 10.05% | 9.25% |
| 2023 | -2.59% | -2.35% |
| 2022 | 1.06% | 1.49% |
| 2021 | 18.16% | 17.8% |
| 2020 | -1.83% | -3.0% |
| 2019 | 4.49% | 4.74% |
| 2018 | 4.41% | 5.93% |
The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
Fisher & Paykel Healthcare Corporation Limited
New Zealand Australasian Equities
Nvidia Corporation
United States International Equities
Apple Inc
United States International Equities
Infratil Limited
New Zealand Australasian Equities
Microsoft Corporation
United States International Equities
Auckland International Airport Limited
New Zealand Australasian Equities
New Zealand Government Bond 0.25% 15/05/2028
New Zealand NZ Fixed Interest AAA
New Zealand Government Bond 3.0% 20/04/2029
New Zealand NZ Fixed Interest AAA
New Zealand Government Bond 3.50% 14/04/2033
New Zealand NZ Fixed Interest AAA
New Zealand Government Bond 1.50% 15/05/2031
New Zealand NZ Fixed Interest AAA
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 4.0% | 4.59% |
| New Zealand Fixed Interest | 10.0% | 10.99% |
| International Fixed Interest | 26.0% | 24.31% |
| Australasian Equities | 13.0% | 12.56% |
| International Equities | 39.0% | 39.41% |
| Listed Properties | 0.0% | 0.0% |
| Unlisted Properties | 3.0% | 2.95% |
| Other | 5.0% | 5.19% |
| Commodities | 0.0% | 0.0% |
How the money in this fund is invested by asset type.
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
This data is compiled by Mindful Money from the fund information and portfolios
that each
fund has
filed with the Disclose register to 31st March 2026 and Mindful Money
analysis of funds within those portfolios. The list of companies of concern has
been drawn from ratings agencies and public sources, including the Norwegian
Sovereign Fund, NZ Super Fund, Sustainalytics and research organisations.
Please note that companies may breach more than one of these areas of
concern.
The listing of companies of concern is based on definitions used in Mindful Money's
methodology. These definitions may
be different from the exclusions policy and definitions applied by the fund provider.
Mindful Money uses the term Mindful Funds as our standard
for ethical investment and responsible investment. This does not imply that
other funds are unethical or that the fund providers that do not meet these
standards are unethical providers.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the development or release of GMO plants and seeds.
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 45.3%.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The world’s second largest source of plastic garbage in the world’s oceans, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain. Alongside other large companies who use plastics, PepsiCo appeared to lobby against some improvements propopsed by the Global Plastics Treaty.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 52.4%.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Enbridge's ownership in the Dakota Access Pipeline and Enbridge Line 5 has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. These pipelines have poor regulation, significant contributions to GHG emissions from pipe leakage and affect the rights of Indigenous people.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Collectively the Coca-Cola related entities produce the most plastic rubbish in our oceans at 3 million tons of plastic packaging annually, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain. Coca-Cola has also been subject to several lawsuits relating to marketing claims about the sustainability of its products.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
One of the world's largest mining companies, headquartered in Australia with operations globally. In 2015 Samarco (a BHP joint venture with Vale SA) caused the Mariana dam disaster releasing huge quantities of heavy metal waste into the Doce River basin. This is the largest pollution incident ever recorded and devastated communities and the ecosystem. BHP also mines thermal coal. While it sold some coal mines, it will continue to operate the Mt Arthur mine in New South Wales until 2030.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Marathon Petroleum Corp’s ownership in the Dakota Access Pipeline has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. The impact has been significant with claims of environmental racism due to the pipeline being situated primarily near communities of Black, Brown and Indigenous peoples, where oil has leaked into soil and water.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Owns the Grasberg mine in Indonesia where tailings are disposed directly into a river. Note, this type of disposal is banned in most countries. The pollution causes significant negative impact to the health of indigenous communities and wildlife in a biodiversity hotspot.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Mitsubishi Corporation is the largest seafood corporation in the world, with control over large companies, Cermaq and Toyo Reizo. The company has been charged by the Chilean Superintendence for the Environment for overproduction of salmon, for excessive krill harvesting in the Antarctic and called out for a controversial North West Shelf project, linked to various parts of their business including the companies they own.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The fifth largest producer worldwide of plastics in our oceans. It is seen by some investors as having unambitious recycling goals which it is also not meeting. Mondelez has also been linked to deforestation and child labour due to its operations.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Largest producer of iron ore and nickel in the world. Vale’s failure to manage risks from waste storage resulted in two major disasters in Iron Ore Tailing Dams in Brazil. Both incidents have resulted in significant environmental pollution, the death of hundreds of employees, and severe impacts on local communities downstream. The company is also involved in the production of fossil fuels through mining thermal coal in Mozambique.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Manufacture and bottle Coca-Cola beverages under licence. Collectively the Coca-Cola related entities produce the most plastic rubbish in our oceans at 3 million tons of plastic packaging annually, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fonterra ranks as the fifth largest source of greenhouse gas emissions among agri-food companies globally. This position is reflective of the heavy environmental footprint of the dairy industry, notably of methane (GHG) produced by dairy herds and other harm from intensive dairy farming practices such as through high nitrogen runoff into rivers, which flow into oceans.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
ExxonMobil, headquartered in the USA, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company is engaged in the exploration and production of crude oil and natural gas, as well as in the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and specialty products. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 51.1%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the development or release of GMO plants and seeds.
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 45.3%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 52.4%.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Enbridge's ownership in the Dakota Access Pipeline and Enbridge Line 5 has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. These pipelines have poor regulation, significant contributions to GHG emissions from pipe leakage and affect the rights of Indigenous people.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Enel is one of the world's largests producers of renewable energy in the world and also holds a 70.1% stake in the energy company, Endesa. It generates around 7% of revenue from fossil fuels. However, the company generate 68% from renewables and have announced plans to be 100% renewable by 2040. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Caterpillar’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of homes. Bullozers have also been complicit in human rights abuses in Myanmar & West Sahara. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. They also provide specialist equipment to the oil and gas sector.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Baker Hughes provides oilfield services and equipment as well as energy technology. Companies involved in oil and gas services provide tailor-made products and services for the oil and gas sector including exploration and production.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Operates electric and natural gas transmission systems in the UK and US. It also operates facilities for storing LNG. including the Grain LNG terminal in the UK which is the largest LNG facility in Europe and 8th globally.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
One of the world's largest mining companies, headquartered in Australia with operations globally. In 2015 Samarco (a BHP joint venture with Vale SA) caused the Mariana dam disaster releasing huge quantities of heavy metal waste into the Doce River basin. This is the largest pollution incident ever recorded and devastated communities and the ecosystem. BHP also mines thermal coal. While it sold some coal mines, it will continue to operate the Mt Arthur mine in New South Wales until 2030.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
BP, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company has as reportable segments: gas & low carbon energy, oil production & operations, customers & products, and Rosneft. Additionally, BP plc owns and operates crude oil and natural gas pipelines, processing facilities and NGLs extraction business. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 34.7%.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Marathon Petroleum Corp’s ownership in the Dakota Access Pipeline has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. The impact has been significant with claims of environmental racism due to the pipeline being situated primarily near communities of Black, Brown and Indigenous peoples, where oil has leaked into soil and water.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Genesis produces electricity from plants and distributes gas. They are expanding their portfolio of renewable assets (wind, solar farms and hydro) and options to reduce emissions from Huntly (battery technology and biomass use). However, in 2025 their total GHG emissions increased compared to FY24, driven by a 33% rise in Scope 3 emissions - primarily from the Huntly Power Station (Coal & Gas).
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Petroleo Brasileiro SA is headquartered in Brazil. The company’s production of hydrocarbons in 2021 was 912.0 mmboe. The company currently has 8043.4 mmboe resources under development as of 2022, and expansion countries include Brazil. The company overshoots the IEA NZA Expansion by 39.1%. Exploration CAPEX is 632.8 MUSD (3-year average 2020-2022).
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Mitsubishi Corporation is the largest seafood corporation in the world, with control over large companies, Cermaq and Toyo Reizo. The company has been charged by the Chilean Superintendence for the Environment for overproduction of salmon, for excessive krill harvesting in the Antarctic and called out for a controversial North West Shelf project, linked to various parts of their business including the companies they own.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Quanta Services provides infrastructure solutions for the oil and gas industry. Companies involved in oil and gas services provide tailor-made products and services for the oil and gas sector including exploration and production.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Saudi Aramco is the national oil company of Saudi Arabia and holds the exclusive right to explore for, produce, and refine the country’s hydrocarbons. It is the largest oil and gas producer in the world, and the world’s fourth-largest refiner. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short term expansion overshoots the IEA Net-Zero Emissions Scenario by 57.2%.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Total is a French-based global oil major (7th largest in the world by market cap). In 2024 they produced 1,947 thousand barrels of oil equivalent per day. They have plans to expand their oil and gas production by 3% in 2026 while claiming they will reduce their methane emissions by 70% by 2030.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Largest producer of iron ore and nickel in the world. Vale’s failure to manage risks from waste storage resulted in two major disasters in Iron Ore Tailing Dams in Brazil. Both incidents have resulted in significant environmental pollution, the death of hundreds of employees, and severe impacts on local communities downstream. The company is also involved in the production of fossil fuels through mining thermal coal in Mozambique.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Portugal’s largest generator and distributor of electricity. It is the 4th largest generator of wind power in the world with 90% generated by renewables. However, revenue is still generated from fossil fuels; 5% from coal-fired plants and 5% from oil and gas. EDP have committed to being carbon neutral by 2030. The company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Endesa is the largest electric utilities company in Spain and the second largest in Portugal, generating electricity from a mix of hydropower, nuclear, coal, gas, oil, solar, and wind. Around 80% of energy generation is from renewables with a goal of 91% by the end of 2025. However, it still has power generated from fossil fuels. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Also known as Schlumberger, provides products and services for the oil and gas sector with a focus on support for exploration and drilling.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
ExxonMobil, headquartered in the USA, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company is engaged in the exploration and production of crude oil and natural gas, as well as in the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and specialty products. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 51.1%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the development or release of GMO plants and seeds.
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 45.3%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 52.4%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Procter & Gamble Co. is a consumer products company involved in home goods, cosmetics and healthcare products. The company says they are committed to being cruelty free and ending animal testing, but are still involved in animal testing their cosmetic products, particularly on ingredients for cosmetics.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
L'Oréal is a personal care company and cosmetics company. The company states it has been at the forefront of alternative methods for decades and stopped all testing in 1989. However, L'Oréal sells in China where there are requirements for animal testing on certain products such as sunscreen and hair dye.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
The world’s largest social network (Facebook, Instagram, Messenger, WhatsApp). Company has faced claims and legal actions due to mental health harm (notably to young people), breaches of user privacy / data rights, and the spread of misinformation. Inadequate moderating in non-English speaking countries (e.g. Myanmar) allowed the platform to be used to incite ethnic violence. Removal of content moderation from strt of 2025 increases risk of social and political harm.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Tesla has been involved in violations across human rights categories including business ethics due to CEO leadership style, limiting of shareholder rights and poor governance. There have also been big safety and human rights concerns with Tesla’s supply chain and production line.
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
Johnson & Johnson is the world's largest and most diverse healthcare firm. There have been repeated incidents related to the quality and safety of several of its products across drugs, devices, and consumer products. There have also been exceptionally high number of liability claims relating to talc-based products and links to cancers.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Wells Fargo is a multinational financial services company which serves millions of customers in 35 countries. They have been involved in significant business ethics scandals for false inflation, cross selling and misleading customers over a period of 2002 to 2016.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Online travel platforms, are complicit in the severe human rights violations to Palestinians from illegal settlement in Occupied Palestinian Territories. Promotion of tourism to these settlements normalises annexation and provides income supporting settlement. Under UN Principles, companies have obligations to prevent Human Rights breaches from services in situations of conflict.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Acquired Credit Suisse in 2023, a bank with very poor governance which aided clients with tax evasion and money laundering. As a result, UBS has inherited ongoing regulatory fines and lawsuits relating to these failures. UBS has also been subject to lawsuits relating to its own manipulation of foreign exchange and interbank rates. It holds a provision of USD $4bn for claims (which may not be sufficient).
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Has developed AI-based predictive policing systems. These are sold to Israeli security forces and used in surveillance of Palestinian in occupied Palestinian territories. The systems were originally designed for US immigration authorities and are used in the US to target immigrants and manage raids.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Caterpillar’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of homes. Bullozers have also been complicit in human rights abuses in Myanmar & West Sahara. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. They also provide specialist equipment to the oil and gas sector.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Develops and operates Israel’s Population Registry System which holds information on residents of Occupied Palestinian Territories. The registry enables control of work and travel permits for Palestinians. This supports severe violations of human rights including freedom of movement and data privacy rights.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Online travel platforms, are complicit in the severe human rights violations to Palestinians from illegal settlement in Occupied Palestinian Territories. Promotion of tourism to these settlements normalises annexation and provides income supporting settlement. Under UN Principles, companies have obligations to prevent Human Rights breaches from services in situations of conflict.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Nestle manufactures and sells food and beverages. The company has been criticised for exploiting local water resources for its bottled water production, which has forced underprivileged communities to pay a premium for their groundwater while alternatives have been exhausted. They are also the third largest source of plastic trash found in oceans. There have also been several allegations of labour conflicts and human rights violations in Nestle’s palm oil, coffee, fruits and seafood supply chains.
Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Online travel platforms, are complicit in the severe human rights violations to Palestinians from illegal settlement in Occupied Palestinian Territories. Promotion of tourism to these settlements normalises annexation and provides income supporting settlement. Under UN Principles, companies have obligations to prevent Human Rights breaches from services in situations of conflict.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Motorola is an American provider of communication products, video equipment, telecommunications equipment, software, systems, and services. Motorola Solutions and its subsidiary, Motorola Israel, have been accused of complicity in human rights violations due to its sale of communication products to the Israeli Ministry of Defence in the occupied Palestinian territories. Israeli settlements in occupied Palestinian territories are deemed illegal under international law.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. Thermo Fisher DNA testing kits have been linked to surveillance and discriminatory purposes by the legal authorities in Xinjiang (a region of China) for monitoring and tracking the Muslim Uyghur ethnic group and other minorities. Evidence that DNA sequencing products continue to be distributed in China, despite the company announcing it would halt sales to the region.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Petroleo Brasileiro SA is headquartered in Brazil. The company’s production of hydrocarbons in 2021 was 912.0 mmboe. The company currently has 8043.4 mmboe resources under development as of 2022, and expansion countries include Brazil. The company overshoots the IEA NZA Expansion by 39.1%. Exploration CAPEX is 632.8 MUSD (3-year average 2020-2022).
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Cemex subsidiary (Readymix Industries) has provided materials for construction of settlements in occupied Palestinian Territories e.g. military checkpoints and a security wall along Gilo Bridge in the occupied West Bank.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Saudi Aramco is the national oil company of Saudi Arabia and holds the exclusive right to explore for, produce, and refine the country’s hydrocarbons. It is the largest oil and gas producer in the world, and the world’s fourth-largest refiner. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short term expansion overshoots the IEA Net-Zero Emissions Scenario by 57.2%.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Volvo’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of property. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. Note Volvo cars is a separate entity not involved in this harm.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
GE Aerospace is an industrial company that produces parts for the aviation industry. They recieve revenue from producing military weapons equipment through helicopters, bombers and jet fights for the military and defense sectors.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Amphenol are a US company manufacturing electronic components. They supply services to the military weapons industry through interconnect systems which have applications in harsh conditions for the military and aerospace sectors, specificially weapons release connectors.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Mitsubishi Heavy Industries is the industrial machinery branch of Mitsubishi Corporation. The company has a specific Aviation, Defense & Space Systems branch which manufactures military aircraft, naval and combat transportation.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
W.W. Grainger is a trading and distribution company which makes riot protection equipment, such as body protection systems, shields and batons. Manufacturing of equipment for riot control is concerning due to its usage against civilian populations.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Invests mainly in growth assets such as shares and real assets with about 40% invested in defensive assets such as fixed interest and cash. May be suitable for investors who want a diversified investment with exposure to shares, real assets, fixed interest and cash, who are comfortable with a higher degree of volatility in returns than can be expected from the Moderate fund and who can invest for the long term.
Mercer is one of the world’s leading firms for superannuation, investments and workforce consulting, with over 25,000 colleagues worldwide helping build brighter futures for our customers and clients. Mercer has been helping Kiwis save for their best possible retirement for over 60 years. Our team of investment experts search the globe to find some of the best and most diverse investments to help maximise KiwiSaver returns and we invest responsibly.
| Value | $34.9M NZD |
| Period of data report | 31st March 2026 |
| Fund started | 9th Oct. 2015 |
| Total annual fund fees | 1.02% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.81% |
| Other management and administration charges | 0.21% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Kylie Willment |
Currently: Chief Investment Officer, Pacific, Mercer Australia (Pty) Ltd (8 years, 5 months)
|
|
Ross Butler |
Currently: Chair - Mercer (N.Z.) Ltd (2 years, 11 months)
|
|
Del Hart |
Currently: Chief Investment Officer - New Zealand, Mercer (N.Z.) Ltd (0 years, 1 months)
|
|
Robert Kavanagh |
Currently: Head of Portfolio Management NZ - Mercer (N.Z.) Ltd (12 years, 0 months)
|
|
Anna Scott |
Currently: CEO Mercer (N.Z.) Ltd (0 years, 6 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.
| Year | Market Average | Fund Annual Return |
|---|---|---|
| 2026 | 6.58% | 8.06% |
| 2025 | 3.98% | 4.57% |
| 2024 | 10.05% | 9.25% |
| 2023 | -2.59% | -2.35% |
| 2022 | 1.06% | 1.49% |
| 2021 | 18.16% | 17.8% |
| 2020 | -1.83% | -3.0% |
| 2019 | 4.49% | 4.74% |
| 2018 | 4.41% | 5.93% |
The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
Fisher & Paykel Healthcare Corporation Limited
New Zealand Australasian Equities
Nvidia Corporation
United States International Equities
Apple Inc
United States International Equities
Infratil Limited
New Zealand Australasian Equities
Microsoft Corporation
United States International Equities
Auckland International Airport Limited
New Zealand Australasian Equities
New Zealand Government Bond 0.25% 15/05/2028
New Zealand NZ Fixed Interest AAA
New Zealand Government Bond 3.0% 20/04/2029
New Zealand NZ Fixed Interest AAA
New Zealand Government Bond 3.50% 14/04/2033
New Zealand NZ Fixed Interest AAA
New Zealand Government Bond 1.50% 15/05/2031
New Zealand NZ Fixed Interest AAA
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 4.0% | 4.59% |
| New Zealand Fixed Interest | 10.0% | 10.99% |
| International Fixed Interest | 26.0% | 24.31% |
| Australasian Equities | 13.0% | 12.56% |
| International Equities | 39.0% | 39.41% |
| Listed Properties | 0.0% | 0.0% |
| Unlisted Properties | 3.0% | 2.95% |
| Other | 5.0% | 5.19% |
| Commodities | 0.0% | 0.0% |
How the money in this fund is invested by asset type.
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
This data is compiled by Mindful Money from the fund information and portfolios
that each
fund has
filed with the Disclose register to 31st March 2026 and Mindful Money
analysis of funds within those portfolios. The list of companies of concern has
been drawn from ratings agencies and public sources, including the Norwegian
Sovereign Fund, NZ Super Fund, Sustainalytics and research organisations.
Please note that companies may breach more than one of these areas of
concern.
The listing of companies of concern is based on definitions used in Mindful Money's
methodology. These definitions may
be different from the exclusions policy and definitions applied by the fund provider.
Mindful Money uses the term Mindful Funds as our standard
for ethical investment and responsible investment. This does not imply that
other funds are unethical or that the fund providers that do not meet these
standards are unethical providers.
