Tēnā koutou and hello,

I’m pleased to share our latest Trust Investments Ethical Investment Update and Stewardship Report - a look back at the year’s milestones and the highlighting many of the positive social and environmental outcomes supported by the Trust Management PIE Funds.

This year, we’ve seen:

• 34% of the ESG NZ Bond Fund invested in green and social bonds (as at 31 March 2025).
• The Property Fund retaining the Toitū Net CarbonZero certification for landlord-controlled emissions for 2024.
• A new active strategy for the Trust Management ESG International Bond Fund through an investment partnership with Nuveen, with the underlying strategy aimed at delivering measurable environmental and social outcomes.
• Almost 7,000 proxy votes cast combined across the Australasian Shares and International Shares Funds for the 12 months to December 2024

You’ll also find insights from our 2025 ESG Client Survey, examples of stewardship in action, and an update on our work under the Aotearoa New Zealand Stewardship Code.

I encourage you to take a moment to read the full report here:

Thank you for your continued trust and for walking this path with us – one that strives to balance strong investment performance with good outcomes for community, people and the planet.

Ngā mihi nui,

Matthew Goldsack

General Manager – Investments