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3rd March 2026: The Annual Report 2025 describes Saab’s important role in driving innovation to support increased resilience, security and sustainability. It outlines how Saab is delivering on its strategy to contribute to safer societies and strengthening its customers defence capabilities in times of geopolitical uncertainty.

In the report Saab also presents its sustainability efforts during 2025. For the first time this report is compliant with the Corporate Sustainability Reporting Directive (CSRD). Saab’s ambition to be a sustainability leader in the defence industry remains. 

Board composition continues to evolve, while leadership roles experience fluctuation 

Female representation on corporate boards continued to grow globally in 2025, though the pace of growth increasingly varied by market, sector and company structure.

At a global level, women held 28.3% of board seats at large- and mid-cap companies, up one percentage point from the previous year, and 48.7% of companies reached at least 30% female representation as of October 2025.

With board representation becoming more established, future trends may depend less on targets and more on governance structures such as representation in leadership roles and committee composition.

Now in its 16th year, Women on Boards and Beyond examines those pathways with new analysis of board committees, ownership structures and director classifications.

"The share of defence-related companies in European sustainable fund portfolios has increased significantly over the past year, according to new analysis from Clarity AI, the leading global sustainability technology company.

One of the more pronounced increases was observed among funds disclosing under Article 8 of the Sustainable Finance Disclosure Regulation (SFDR), where average exposure to companies involved in armament production rose by nearly 60%, from 0.9% of average portfolio weight in the last quarter of 2024 to 1.42% by the last quarter of 2025.

The data shows that this shift has occurred across all SFDR fund types, including Article 6, Article 8, and Article 9 funds."

Geopolitical tensions and evolving security priorities have pushed defence up the investment agenda, challenging assumptions shaped by decades of the “peace dividend”. European governments are now rebuilding capability on a sustained basis, marking a material change in the outlook for the sector. Against this backdrop, understanding how defence fits within sustainable investment frameworks has become increasingly important.

We live in a world where wars, civil strife, and geopolitical tensions have an increasing influence on markets. There are plenty of geopolitics consultants ready to help investors with advice and even more strategists who pretend to know how to play markets in a time of geopolitical tensions.....

Focal points of the report

• UK Stewardship Code disclosure covering the 12-month period to 31 December 2024, setting out EdenTree’s sustainable investment approach and stewardship framework.
• Highlights enhancements to engagement tracking and reporting, and sets thematic engagement priorities including a Just Transition, Climate Transition, Water Stress, Social and Financial Inclusion, and (new) Good Governance.
• Summarises 2024 voting activity: 5,106 proposals eligible, 99.8% voted, 87% supported, 11% opposed, across 328 meetings (249 meetings with at least one vote against management).
• Describes escalation practices including pre-declaring votes on the PRI Resolution Database and publishing refreshed Corporate Governance and Voting Policy.

Sustainability issues of focus

The following sustainability issues feature significantly within this report:

• Just transition
• Climate transition
• Water stress
• Social inclusion
• Financial inclusion
• Good governance

Sector of focus

The following sectors issues feature significantly within this report:

• Information Technology
• Health Care
• Financials
• Real Estate
• Industrials

Engagement highlights

• Enhanced stewardship reporting via a proprietary engagement tracking and research database to increase transparency on objectives, timelines, progress and outcomes.
• Added Good Governance to core thematic engagement priorities, alongside Climate Transition, Water Stress, and Social and Financial Inclusion themes.
• Continued to pre-declare voting intentions publicly via the PRI Resolution Database as a form of escalation.
• Reported achieving five stars across all modules in the latest PRI assessment for responsible investment signatories.

Other content of note

In addition to the points noted above, this report addresses:

• Published a Diversity & Inclusion policy and commitment in 2024, including targets and monitoring against progress.
• Provides ‘votes of interest’ examples linked to thematic priorities, including AI-related shareholder proposals at Apple, Alphabet and Microsoft.
• Describes partnerships and collaborative initiatives used to raise standards and support collective action.
• Explains the firm’s investment beliefs and how engagement and voting are used throughout the investment process.

Data points

• Publication date: Not clear
• Period covered: From 01-01-2024 to 31-12-2024

Focal points of the report

• Provides a quarterly update on MFS sustainability and stewardship activity, noting no material changes to overarching practices or policies in Q4 2025.
• Extends AI power-demand analysis to international markets, identifying physical climate risk, water stress and electricity constraints as material hurdles in some regions.
• Summarises updates to proxy voting policy and guidelines, including clearer structure and a more nuanced review of boards with 20–24% female director representation.
• Highlights recent engagements on carbon pricing and decarbonisation, cocoa supply-chain resilience, responsible AI governance and safer gambling/compliance.

Sustainability issues of focus

The following sustainability issues feature significantly within this report:

• Physical climate risk
• Water stress
• Energy transition
• Carbon pricing risk
• Responsible AI governance
• Supply chain resilience

Sector of focus

The following sectors issues feature significantly within this report:

• Capital Goods
• Consumer Staples
• Technology
• Consumer Cyclicals
• Utilities

Engagement highlights

• Engaged a European specialty chemicals company on hydrogen strategy, carbon-pricing exposure, board composition and executive incentives.
• Engaged a packaged food company on cocoa supply-chain resilience, farmer support and packaging regulation.
• Engaged an American technology company on responsible AI governance, disclosure and board-level oversight structures.
• Engaged a European betting and gaming company on regulatory compliance, safer gambling measures and the integration of ESG metrics into remuneration.

Other content of note

In addition to the points noted above, this report addresses:

• Annual sustainability offsite in London covered climate transition plan analysis, engagement best practices and collaboration between fixed income and equity teams.
• A deep dive into carbon markets (pricing and regulation) is identified as a focus area for 2026.
• Proxy voting guidelines were restructured to remove market-specific examples and to clarify assessment of stock plan dilution and board diversity expectations.
• Provides organisational detail on dedicated sustainability, stewardship, legal and compliance resources (as of 31-Dec-25).

Data points

• Publication date: Not clear
• Period covered: From 01-10-2025 to 31-12-2025

Focal points of the report

• Explains how responsible investment is used to safeguard long-term value for the Government Pension Fund Global, linking sustainability and governance to financial performance.
• Highlights the updated Climate action plan towards 2030, with engagement-led actions on climate and nature risk and support for portfolio company transition to net zero emissions by 2050.
• Reports energy transition investment activity, including adding 2,640 MW of renewable electricity generation capacity and investing in Germany's largest electricity transmission operator.
• Summarises ownership and market activities in 2025, including 3,198 company meetings, 108,325 votes at 10,873 meetings, advocacy to improve sustainability reporting, and use of AI to enhance risk monitoring.

Sustainability issues of focus

The following sustainability issues feature significantly within this report:

• Climate risk management
• Net zero transition
• Nature and biodiversity risk
• Sustainability reporting
• Market standards
• AI-enabled risk monitoring

Sector of focus

The following sectors issues feature significantly within this report:

• Utilities
• Real Estate
• Energy
• Information Technology

Engagement highlights

• Engagement-led Climate action plan sets actions and milestones for climate and nature risk and the energy transition.
• 3,198 company meetings held in 2025 to support dialogue and ownership priorities.
• Voting activity covered 108,325 proposals at 10,873 shareholder meetings, alongside publication of a standalone voting review.
• Engagement with standard setters and regulators to improve global alignment and reduce complexity in sustainability reporting.

Other content of note

In addition to the points noted above, this report addresses:

• Reports 40% of the unlisted real estate portfolio aligned with a 1.5C decarbonisation pathway and a 40% emissions-intensity reduction target by 2030 (2019 baseline).
• Notes a 25% reduction in unlisted real estate operational carbon emission intensity between 2019 and 2024.
• Describes advocacy to simplify sustainability reporting and focus disclosures on financially material information by industry.
• Highlights use of AI to expand the information analysed for investment and risk decisions, including risk-based divestments and reversals.

Data points

• Publication date: 26-02-2026
• Period covered: From 01-01-2025 to 31-12-2025

Focal points of the report

• Explains Boston Trust Walden's integrated ESG research process using McCormick & Company as a case study, with securities and ESG analysts evaluating risks and opportunities together.
• Identifies financially material ESG themes for global food manufacturers, including sustainable sourcing, supply-chain resilience, product quality and safety, consumer health trends and labour practices.
• Details McCormick's "Grown for Good" sourcing framework and progress on sustainably sourced key ingredients to strengthen resilience and product differentiation.
• Summarises operational targets and progress on emissions, water and waste, and how ESG analysis supported retaining McCormick on the approved list.

Sustainability issues of focus

The following sustainability issues feature significantly within this report:

• Sustainable sourcing
• Supply chain resilience
• Product quality and safety
• Consumer health and wellness
• Greenhouse gas emissions
• Water stewardship

Sector of focus

The following sectors issues feature significantly within this report:

• Consumer Staples
• Food Products
• Packaged Foods

Engagement highlights

• The report focuses on internal ESG analysis and investment decision-making; issuer engagement activity is not described.
• No voting outcomes or collaborative engagement metrics are reported.

Other content of note

In addition to the points noted above, this report addresses:

• Uses SASB materiality guidance alongside internal research to frame ESG risk and opportunity assessment.
• Describes competitive dynamics in the retail herbs and spices category and the role of premium pricing and shelf-space economics.
• Notes science-based targets for emissions reduction and targets for water use and waste recycling.
• Highlights the role of health and wellness product positioning in McCormick's strategy.

Data points

• Publication date: Not clear
• Period covered: From 01-10-2025 to 31-12-2025

Focal points

• Climate Action 100+ is described as covering 165 of the highest emitting companies (~$16tn market cap), with Energy, Materials, Utilities and Industrials representing 82% of the universe.
• Disclosure and target setting are reported as broadly strong: 94% align with disclosure standards (e.g., TCFD/IFRS S2), 97% disclose Scope 1–2 emissions, nearly nine in ten disclose Scope 3, and 94% report GHG reduction targets.
• Proxy-season scrutiny is expected to focus on standards-aligned disclosure, transition planning, credible mid‑ and long‑term targets, and evidence of progress, with climate board oversight a key governance lens.
• ISS voting analysis cited shows climate oversight concerns are less common than broader governance issues but are associated with lower support levels where flagged, reinforcing the value of proactive engagement and disclosure.

Contents

… includes …

• Global Overview of Climate Action 100+ Companies
• Climate-Related Disclosure and Emissions Targets Among Climate Action 100+ Companies
• Potential Implications for Proxy Season
• How High-Emitting Companies Can Strengthen Climate Governance in 2026
• How ISS-Corporate Can Help

The global shift to clean energy and sustainable transportation is inseparable from access to rare earth minerals and other critical raw materials. Technologies – such as wind turbines, electric vehicles (EVs), and solar panels – rely on these elements to achieve high performance, lightweight design, and maximum efficiency. Without them, large-scale production of permanent magnets, advanced batteries, and efficient photovoltaic cells would be impossible.

The International Energy Agency (IEA) underscores this dependency: an average EV requires six times more minerals than a conventional car, while onshore wind turbines demand up to nine times more mineral resources than gas-fired power plants. This mineral intensity makes supply security a strategic priority for the energy transition.

• The proportion of Nordic companies integrating E&S performance metrics into executive pay schemes continues to increase, reaching an inclusion rate of 58% in 2025 (up from 50% in 2024 and 41% in 2023).
• Generally, the inclusion of E&S metrics is even higher among Nordic main index companies; the majority of these companies that incorporate E&S metrics utilize a combination of both environmental and social indicators.
• Among the Nordic countries, Denmark exhibited the highest rate of E&S metrics incorporation in 2025 at 78%, while Sweden, at 47%, lagged behind its Nordic counterparts.
• A greater proportion of Nordic companies integrate E&S metrics into their short-term incentive programs than into long-term programs; however, Finland represents an exception to this trend, generally demonstrating a higher degree of E&S inclusion within long-term incentive programs.
• Although an increasing trend of E&S incorporation is evident in the Nordics across most sectors, resource-intensive industries demonstrate a higher proportion of E&S metric utilization within their executive compensation structures. Nonetheless, service-based sectors are also experiencing a significant increase in E&S integration.

Focal points

• UK nuclear capacity is described as having declined over recent decades, with Sizewell B (opened 1995) cited as the most recent plant built, while Sizewell C received a construction green light in June 2025.
• A September 2025 UK government announcement framed a 'golden age' of nuclear, including a joint development agreement between X‑Energy and Centrica to deploy Xe‑100 advanced modular reactors at Hartlepool.
• Centrica's nuclear positioning is reinforced via a 15% stake in Sizewell C and reported efforts to extend life for existing assets, while Rolls‑Royce's SMR programme is highlighted as benefiting from government backing.
• Nuclear remains contested within ESG, but rising power demand (including from data centres and electrification) is presented as supporting a more pragmatic investor stance in some sustainability strategies.

Contents

… includes …

• Nuclear capacity and new build pipeline
• Corporate investment and SMR deployment plans
• Nuclear power and ESG considerations

Focal points

• Environmental Finance estimates labelled sustainable debt markets contracted by about 20% in 2025, as 2026 begins with a more challenging issuance backdrop.
• Green bonds continue to dominate labelled bond issuance (over 60% by volume), while sustainability‑linked bonds are reported to have fallen 24% versus 2024 and represented ~3% of labelled bonds in 2025.
• In labelled loans, sustainability‑linked loans represent ~40% of volume and green loans ~33%, highlighting different market dynamics versus bonds.
• Transition-labelled guidance released in late 2025 (LMA Transition Loans Guide; ICMA climate transition bond guidance) and EU Green Bond Regulation interpretation notes are positioned as key developments for 2026.

Contents

… includes …

• Market and Regulatory Highlights

Focal points

• ISSB published targeted amendments to IFRS S2 (Dec 2025), including clarifications on financed emissions disclosure and permitted deviations where local rules require or allow alternatives.
• TNFD issued eight recommendations (Nov 2025) to upgrade the nature data value chain, including a proposed Nature Data Public Facility and standards for metadata, licensing and data sharing.
• GRI opened a public consultation (Dec 2025) on labour-related standards, with proposed updates on due diligence, incident reporting and grievance mechanisms; consultation closes 9 March 2026.
• EU and national updates include a December 2025 political agreement to simplify CSRD/CSDDD scope and new guidance on ESG stress testing and fund naming/claims aimed at reducing greenwashing risk.

Contents

… includes …

• ISSB
• TNFD
• GRI
• Malaysia
• China
• Korea
• Australia
• EU