Responsible Investment

This area of the website provides information on the Trustee's approach to Responsible Investment (RI). On this page we explain the Trustee's overall approach and the instructions that it gives to British Airways Pension Investment Management Ltd (BAPIML), the Scheme's Fund managers, or any external asset managers that may be appointed from time to time. Links are also provided to the overarching RI policy, together with annual ESG reports on Stewardship and engagement activity, including details of voting records for the year and a list of the Scheme's 100 largest equity investments.


BAPIML has been instructed by the Trustee to exercise voting and other rights attaching to the Scheme's investments at meetings of UK and overseas listed companies wherever practicable. Where relevant rights are exercised, this will be based on the framework formulated by the Pension and Lifetime Savings Association (PLSA).

The Trustee has also adopted the Financial Reporting Council's Stewardship Code. You can view BAPIML's statement regarding the Application of the Stewardship Code: BAPIML's revised statement regarding the Application of the Stewardship Code.

The objective of these Stewardship arrangements is to drive up Environmental, Social and Governance (ESG) standards in the organisations in which the Scheme is invested, where consistent with the Trustees’ fiduciary duties and applicable to the Scheme’s investment strategies. Details of the exercise of voting rights are reported to the Trustee quarterly and a summary of this information along with data summarising the Scheme's larger investments will be made available on the member website each year, along with a list of the Scheme's 100 largest publicly listed holdings.

Responsible Investment

Click the image below to read our latest Responsible Investment Report.

The overriding objective of the Trustee is not to cause BAPIML (or any other external asset manager appointed from time to time) to take any action (whether by purchasing, holding or selling any investment) which could be reasonably expected to diminish the financial returns on the Scheme's investments as a whole.

Subject to this objective, and if applicable to the Scheme’s investment strategy, the Trustee requires BAPIML (or any other external asset manager appointed from time to time) to integrate financially material ESG considerations into the investment decision-making process across all asset classes.

The Trustees and BAPIML will embed a process to continuously learn from their practices and experiences in order to keep their approach to RI relevant and up-to-date. This includes regular reviews against peers to understand policies and practices being adopted by other pension schemes.

Latest Documents

APS Top 100 Holdings list

APS Responsible Investment Policy – July 2021

BAPIML Statement of Application of the Stewardship Code - August 2021

Global Voting Activity Report to March 2021

Documents from previous years:


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