Cluster munitions and landmines policy

CCLA does not invest in any company that produces cluster munitions and/or landmines, as per the definitions used and information provided by our global screening providers (MSCI and Sustainalytics). Exclusion lists are updated on a quarterly basis.

In addition, our CBF Church of England Funds follow the Ethical Investment Advisory Group’s recommendations, which precludes investment in these companies. Our COIF Charity Funds and the Charity Authorised Investment Fund apply client-driven ethical investment policies, which preclude investment in these companies.

Most of our clients with segregated equities and bond portfolios apply their own bespoke ethical investment policies. Our overarching house policy means that all our clients with segregated portfolios are safe from claims that they are not following appropriate practice in light of the Law Commission’s report.

This is in line with the UK Law Commission’s 2014 Review of Fiduciary Duty.

Application to pooled funds

Any investments in third-party managed funds are deemed to be ineligible for our clients’ portfolios if any of the underlying holdings are identified by CCLA as being exposed to companies involved in the manufacture of weapons that are banned by international treaties. The policy is applied on a best endeavours basis, where there is limited transparency, CCLA will make the external fund managers aware of our policy and seek confirmation from them that they do not invest in the equity or fixed income investments of any such issuer.


The approach is applied to the tenants within the property funds.

Peter Hugh Smith
Chief Executive

April 2023