UK pension fund Railpen has unveiled a new approach to stewardship and corporate governance that will see it publish plans on engaging with the companies in its portfolios.
The pension fund will publish “structured engagement plans” for four stewardship themes – nature and climate; responsible technology; sustainable financial markets; and worth of the workforce.
These plans will include objectives, priority sectors and jurisdictions and “outcomes-focused measures of success”, according to a statement.
Railpen, which manages the £34 billion railways pension scheme in the UK, stated that the changes are in a response to “evolving markets, shifting political and policy landscapes and strengthened academic evidence on universal ownership”.
“Working with leading experts and sharing our engagement plans allows us to be transparent about our intentions while supporting other universal owners in shaping their own approaches,” said Tom Ward, investment associate in Railpen’s sustainable ownership team.
“Our research highlighted that, for Railpen, focusing on these selected sub-themes is the most effective route to achieving system-wide progress.”
The revamping of Railpen’s stewardship strategy follows its decision back in December to publish its global voting policy for 2026
Stewardship has become increasingly important in recent years for both asset managers and pension funds.
In 2025, the UK introduced the UK Stewardship Code, a voluntary measure that encourages more transparency for asset owners and managers in terms of stewardship and engagement.
