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“We also continued to prioritize the mapping of modern slavery risk in our investment portfolios, as this is the most significant area of our business in terms of both size and potential impact.

To this end, we focused significant attention on improving our risk identification capabilities for our investment portfolios, including through participation in “17 Rooms”—an initiative convened by the Center for Sustainable Development (CSD) at The Brookings Institution and The Rockefeller Foundation. As co-Chair of “Room 17,” a working group dedicated to modern slavery risk assessment, our co-CIO for Sustainability, Carsten Stendevad, worked with a group of institutional investors, modern slavery experts, NGO representatives, and ESG data providers to identify actionable priorities that could help stakeholders identify and mitigate modern slavery risks.”

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“Our investments We continue to focus our efforts on identifying modern slavery risk in our investment portfolios, as we believe that developing a rich understanding of our risks will help us better manage and mitigate them. Below, we describe our research approach and initial findings across each of the major asset classes we trade: equities, sovereign bonds, and commodities.

“We acknowledge that assessing modern slavery risk in investments is a challenging exercise. Further, for highly diversified portfolios like ours, with tens of thousands of individual holdings across multiple asset classes and geographies, the analytical and data challenges of assessing each entity (and its supply chains) are significant. In light of these challenges, we have applied the same principles we use to assess markets and financial risk to assess modern slavery risk. Our approach starts with deep fundamental research, which we triangulate across multiple perspectives and then rigorously systemize.”

“Our starting point for understanding modern slavery risk was to construct a framework to analyze the relationship between investing in assets and modern slavery outcomes for each asset class, which we triangulated with external research. We then systemized our logic so we could apply it across the individual holdings within each asset class. Since no single method of assessment can be comprehensive, we triangulated across multiple data sources and methods to arrive at an aggregate modern slavery risk assessment for each asset class.”