Real Assets
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Founded in Pittsburgh in 1914, MSA originally stood for âMine Safety Appliancesâ. This was changed in 2014 to âMSA Safetyâ to reflect the broader range of products the company has developed. Today, MSA still manufactures products such as fixed gas and flame detection systems which are used across industry. They are also a leading manufacturer of self-contained breathing apparatus and fire helmets for firefighters as well as fall protection equipment for working at height.
Engagement issue
Net zero carbon targets.
Engagement objective
Encourage the company to set a net zero carbon target.
Scope and process
Our Voting Policy requires a vote against the election of the Chair or lead director where the company does not have a net zero carbon target. It also requires writing to company management to explain our reasons for voting against their recommendations, which is what we did after voting at MSA's 2022 AGM. Initially the company did not respond to this letter, however, later in the year we met the companyâs Investor Relations Director at a conference and raised the topic again.
Outcome
Successful. After this discussion, MSA asked for our input in setting such a goal. We have since given full feedback and detailed insights during a call. This included our own perspective on sustainability and the internal targets that we work towards. In addition, we provided details on what we expect from companies when they set carbon targets and strategy. We are delighted to see one of our portfolio companies take proactive steps towards creating beneficial real economy impacts and we will continue to support MSA in setting net zero targets and strategy.
Important information
Foresight Group LLP does not offer legal, tax, financial or investment advice and the information on this website should not be construed as such. We recommend investors seek advice from a regulated financial adviser. The opportunity described in this document may not be suitable for all investors. Any such investment decision should be made only on the basis of the Fund scheme documents and appropriate professional advice.
Foresight Group LLP acts as investment manager and is authorised and regulated by the Financial Conduct Authority with Firm Reference Number 198020 and has its registered office at The Shard, 32 London Bridge Street, London SE1 9SG.
OEICs
An investment in FP Sustainable Future Themes Fund, FP Foresight Global Real Infrastructure Fund, FP Sustainable Real Estate Securities Fund, FP UK Infrastructure Income Fund or FP WHEB Sustainability Impact Fund and Liontrust Diversified Real Assets Fund (together the âFundsâ) should be considered a long-term investment that may be higher risk. Portfolio holdings are subject to change without notice.
The Authorised Corporate Directors FundRock Partners Limited (registered office at Hamilton Centre, Rodney Way, Chelmsford, England, CM1 3BY) and Liontrust Investment Partners LLP (registered office 2 Savoy Court, London WC2R 0EZ), are authorised and regulated by the Financial Conduct Authority with Firm Reference Numbers 469278 and 518552 respectively. The Funds are incorporated in England and Wales.
ICAVs
An investment in the WHEB Sustainable Impact Fund and the WHEB Environmental Impact Fund (together the âFundsâ) should be considered a longer-term investment that may be higher risk. Portfolio holdings are subject to change without notice.
The Manager of the Funds is FundRock Management Company S.A., authorised and regulated by the Luxembourg regulator to act as UCITS management company and has its registered office at Airport Center Building, 5, Heienhaff, L-1736 Senningerberg, Luxembourg.
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