Sustainable Investing - Milford Asset

Sustainable Investing

At Milford, we are committed to creating a more sustainable future by driving companies we invest in to improve the sustainability of their practices.
We have always considered ESG

We have always considered Environmental, Social, and Governance (ESG) in our search for the best investments.

We play our part through engaging

We believe we can make the biggest impact by engaging with the companies we invest in to drive them to improve the sustainability of their practices.

If they won't engage, we won't invest

We do not invest in companies that ignore sustainability risks and are not working to a more sustainable future.

Sustainable investing is

part of our heritage


As active managers, we have always undertaken detailed analysis to find the best companies, including their environmental, social and governance performance. This work is at the core of our investment decision making process and we analyse the ESG credentials of every company we invest in.

As a result of this analysis, we can actively engage with each company to do better, improve their environmental and social impact and increase transparency.

We believe we can make a greater impact through engagement. While excluding certain investments avoids harm, it can ignore the complexity of ESG issues and miss some of the greatest opportunities to progress.

Sustainability is a team sport; we will not reach our sustainability goals unless all firms transition to a more sustainable future. Information detailing our recent engagement activity and outcomes is summarised in Milford Asset Management: Engagement Activity and Outcomes.

How do we engage with companies?

We have three layers of engagement with the companies we invest in:

Group 31

As part of our ongoing communication with company management teams and Boards, providing regular feedback on their approach, actions and reporting

Group 12

Via letters and meetings with Boards and management in response to particular events, for example major breaches of environmental or social requirements.

Group 22

Through proxy voting; where we will vote against directors to highlight our concerns. We share our concerns with the Board and management.

Rolling 12 month count of
Milford sustainability engagements

More details about Milford’s proxy voting activity are available here. Note that holdings voted in person at AGMs are currently disclosed as “unvoted”. Please contact us if you require further information.


Active engagements for the 12 months to the end of July 2022


Proxy votes cast

Recent Updates

Read our latest engagement activity and outcomes

We believe every company has a part to play in the transition to a more sustainable future. We play our part by using our influence as active managers to drive the companies we invest in to improve the sustainability of their practises.

You can read about our recent sustainability engagements and outcomes in this report.

Our public commitment to

sustainable investment

Milford made a public commitment to explicitly and consistently incorporate environmental, social and governance factors into our investment decision making by becoming a signatory to the United Nations Principles for Responsible Investment (UNPRI) and a member of the Responsible Investment Association Australasia (RIAA) in February 2018.

In 2020, Milford was awarded an A rating* by UNPRI and recognised for strong engagement with policymakers and regulators. Full details are available in Milford’s UNPRI Transparency Report.

There are more details about Milford’s approach to sustainable investing below. For additional information, please see our Sustainable Investment Statement.

*In 2020, Milford was awarded an A rating on four UNPRI modules including our overall Strategy and Governance and ESG Incorporation.

Investment exclusions

There are companies we simply will not invest in. These include companies that produce a range of weaponry and manufacture tobacco or recreational cannabis.

We will also not invest in companies that fail our own ESG analysis or will not engage when we have identified the need for change.

Across all Milford funds, including our KiwiSaver funds, we will not directly invest in companies involved in the following activities:

To the extent it is feasible and commercially prudent, we will avoid indirect investment in companies on the Exclusion List (i.e. through ETFs, other collective investment vehicles and hedging strategies). These types of investments are assessed on a case-by-case basis by our portfolio managers and any potential for indirect exposure is carefully considered and factored into investment selection.


community engagement

Milford Foundation Logo

In addition to our sustainable investing philosophy and process, our core purpose includes making a positive contribution to our community. We have launched the Milford Foundation to achieve just that.

The Milford Foundation aims to help strengthen the future of the communities within Aotearoa, New Zealand by leveraging Milford’s financial resources, investment expertise and commercial discipline.

Our mission is to strengthen New Zealand communities through the lenses of youth, education and environment. Through a combination of investment expertise, our generous donor community, a commitment to efficiency, effectiveness and transparency, and strong partnerships, we can – and will – make a meaningful impact for New Zealand’s future generations.

View our investment process

    • New Zealand, Australian and Global listed equities
    • New Zealand, Australian and Global fixed interest securities
    • Unlisted New Zealand entities
    • Global Investment Managers
    • Cash

Based on Milford’s Exclusion List

    • Economic Outlook and Global themes
    • Assessment of management and ESG factors
    • Financial Analysis
    • Manager Research
    • Company Meetings
    • Industry Analysis
    • Chairman of the Investment Forum
    • Portfolio Managers
    • Senior Analysts
    • Analysts
    • Dealing Desk

Research presented and debated

Portfolio manager selects securities and implements portfolio

Dealing desk executes transactions

Your rights as an investor

At Milford, we believe in a set of seven Investor Rights.

Our Funds

View our diversified range of funds.
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