We align the interests of the firm with our clients and strive to deliver alpha in every aspect of our business, from generating consistent investment performance, to promoting sustainable business practices, to delivering successful long-
term outcomes.
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ClearBridge Investments has been recognized by Pensions & Investments Magazine as a "Best Place to Work in Money Management" in all nine years of the survey.
These awards reflect the Firm's spirit of collaboration, work/life balance and ongoing investment in our employees.
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Welcome Letter - Terrence Murphy, CEO
The global sustainability landscape continues to evolve, shaped by shifting regulatory frameworks, regional perspectives and an increasingly complex set of risks and opportunities for investors. Page 4 |
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Annual Update - Mary Jane McQuillen, Head of ESG
Mary Jane McQuillen leads ClearBridge’s ESG efforts with a focus on how sustainability considerations shape investment decisions across the firm — not as a separate exercise, but as part of the daily discipline of fundamental research. Page 6 |
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Firm Overview
ClearBridge Investments is an active equity manager offering a broad range of strategies across global developed and emerging markets, local markets, and real assets and income. Page 10 |
ClearBridge uses a proprietary materiality framework to identify the key ESG considerations for each sector and subsector under analyst coverage. Page 36
Materiality in a Global Context
Highlights from 2025 include topics such as decarbonization and climate adaptation, critical minerals and human rights, biodiversity, responsible AI and governance topics such as shareholder rights. Page 36
Decarbonization and Climate Adaptation
Companies with products and services that help us adapt to climate change are seeing their opportunities expand. Page 39
Responsible AI
Responsible AI is increasingly critical as an ESG factor affecting software businesses and, as part of the ClearBridge Materiality Framework™, is only growing in importance in conversations with companies. Page 51
Case Studies:
A Governance-First Foundation to Sustainability in Emerging Markets - Eoghan McGrath, ESG Associate; Aimee Truesdale, CFA, Portfolio Manager, ClearBridge Emerging Markets Strategy
Innovating Carbon Capture Across Industries - Mary Jane McQuillen, Portfolio Manager, ClearBridge Sustainability Leaders Strategy, Head of ESG; Dimitry Dayen, CFA, Portfolio Manager, ClearBridge Sustainability Leaders Strategy; Brian Lund, CFA, Portfolio Manager, ClearBridge Small Cap Strategy; Adam Meyers, Senior Research Analyst, Energy/Basic Materials
Metals, Minerals and Engineering Are Key to Lower-Carbon Outcomes - Naomi Bant, CFA, Portfolio Manager, ClearBridge Australian Equities; Will Baylis, Portfolio Manager, ClearBridge Australian Equities
Responding to the Evolving Canadian Regulatory Landscape - Timothy W. Caulfield, CFA, Portfolio Manager, Canadian Equities, Director of Canadian Equities Research; Sana Saeed, Portfolio Associate, Canadian Equities
On a global scale, ClearBridge pursues a partnership approach to active ownership, seeking to act as responsible stewards of our clients’ capital, with the knowledge that shareowners are also business owners that can provide valuable input leading to the ultimate success of a company. Page 62
A Partnership Approach to Active Ownership
Company engagements are a key stewardship tool: we engage with CEOs, CFOs and other company leaders regularly about factors that could materially affect value creation. Page 62
ClearBridge Global Engagement Highlights 2025
Here we show the global scope of our company engagements in 2025 and what environmental, social and governance topics and subtopics within the ClearBridge ESG Materiality Framework™ mattered the most. Page 64
ClearBridge’s Engage for Impact Initiative
In many circumstances, engagements result in material, positive business outcomes and results — instances where our conversations with company management or feedback we provide helps initiate or improve sustainability practices at companies we own. Page 83
In voting proxies, we seek a judicious approach and are guided by general fiduciary principles. Our goal is to act prudently and solely in the best interest of the beneficial owners of the accounts we manage. Page 90
ClearBridge 2025 Proxy Voting Highlights
Along with direct and ongoing company engagement, proxy voting is an important part of our stewardship approach. ClearBridge’s commitment to this practice is evidenced by our 100% proxy voting record; in 2025, ClearBridge voted on 16,265 proposals. Page 90
Voting on Shareholder Proposals
Of the tools public equity investors can use to advocate for sustainable business practices, proxy voting is one of the more visible and powerful. We consider whether the ask from any shareholder proposal has merit and whether the wording in the proposal diminishes or enhances shareholder value. Page 93
Past performance is no guarantee of future results. Copyright © 2026 ClearBridge Investments. All opinions and data included in this commentary are as of the publication date and are subject to change. The opinions and views expressed herein are of the author and may differ from other portfolio managers or the firm as a whole, and are not intended to be a forecast of future events, a guarantee of future results or investment advice. This information should not be used as the sole basis to make any investment decision. The statistics have been obtained from sources believed to be reliable, but the accuracy and completeness of this information cannot be guaranteed. Neither ClearBridge Investments, LLC nor its information providers are responsible for any damages or losses arising from any use of this information. Performance source: Internal. Benchmark source: Morgan Stanley Capital International. Neither ClearBridge Investments, LLC nor its information providers are responsible for any damages or losses arising from any use of this information. Performance is preliminary and subject to change. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. Further distribution is prohibited.
