Aon Investments’ Global Responsible Investment Policy Framework

Aon Investments’ Global Responsible Investment Policy Framework

Mission Statement

We exist to shape decisions for the better — to protect and enrich the lives of people around the world.

Aon Investments helps institutional investors provide a more secure future for their stakeholders by providing them with best practices, clear advice, data and analytics, and innovative investments and solutions.

In doing so, we help our clients with solutions to make more informed and responsible investment decisions in alignment with their fiduciary duties, regulatory requirements, and values or commitments.

Policy Framework

Depending on their motivation, investors can implement across a spectrum of core Responsible Investment actions (see table A below). For clients that are committed to Responsible Investment, our goal is to help them clearly articulate their motivation and align and implement their approach accordingly. For specific criteria, segregated investment management solutions may be more appropriate than pooled vehicle solutions.

Aon Investments Limited (UK) signed the Principles for Responsible Investment (PRI) in 2009 and this Policy Framework draws on the six Principles in servicing our clients. For example, our investment manager research process incorporates ESG evaluation with limited, integrated and advanced categories. The goal is to assess how investment managers use financially material ESG factors solely to improve portfolio risk and return (not to address non-financial objectives).

For purposes of this Global Responsible Investment Policy Framework, the term “Aon Investments” collectively refers to the respective Aon companies that provide investment consulting services (the following global investment affiliates: Aon Investments USA Inc., Aon Brazil Investment Consulting Services Ltd., Aon Investments Limited, Aon Ireland Limited, Aon Solutions Canada Inc., and Aon Investments Canada Inc.).

Table A: Spectrum of Responsible Investment actions
Financially Motivated Financially and/or Values Motivated Values Motivated
Integration Stewardship Thematic Impact Screening
The systematic identification and analysis of financially-material sustainability risks and opportunities, including environmental, social and governance (ESG) factors, to inform both asset valuations and selection, and improve long-term risk adjusted returns. Integration is purely financially-motivated, not a values-based activity. Exercising ownership rights to preserve and enhance the long-term value of assets or improve their impact.

Thematic investments target ideas or structural trends that don't fit squarely into existing industry classifications or asset classes. This may include actively managed investments in sustainable themes.

Seeking positive social and/or environmental outcomes alongside financial returns. “Impact investing” involves some trade-offs between the financial and impact goals, and investors can choose the relative priorities of each. Sometimes impact investors classify themselves as "finance first" or “impact first” to articulate their preferences for tradeoffs, though this is a spectrum rather than binary preference. The exclusion of or divestment from assets or companies that may not be aligned to an investor’s objectives, values or policies.
Illustrative Examples
An asset manager assesses the materiality of an asset’s sustainability data, including ESG factors, to identify under-appreciated financial risk and opportunity. An active manager may invest in securities with sustainability or ESG risks if they believe they may be compensated in financial returns. An asset manager votes proxies, engages with management teams and boards of directors to achieve operational or performance improvements at portfolio assets. Investments in growth themed opportunities such as carbon reduction, energy efficiency, sustainable agriculture, and water. Investments that intentionally seek to invest and/or steward entities to create solutions that address social and environmental outcomes and generate an impact that may not have occurred otherwise (i.e., provide additionality). An investor may choose to avoid or exclude certain geographies, industries or products. Common examples include tobacco, coal, sanctioned regimes or entities.
Actively Managed Actively or Passively Managed Actively Managed Actively Managed Actively or Passively Managed

Aon Proprietary and Confidential

The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice. Investment advice and consulting services provided by Aon Investments USA Inc. (Aon Investments). The information contained herein is given as of the date hereof and does not purport to give information as of any other date. The delivery at any time shall not, under any circumstances, create any implication that there has been a change in the information set forth herein since the date hereof or any obligation to update or provide amendments hereto. This document is not intended to provide, and shall not be relied upon for, accounting, legal or tax advice or investment recommendations. Any accounting, legal, or taxation position described in this presentation is a general statement and shall only be used as a guide. It does not constitute accounting, legal, and tax advice and is based on Aon Investments’ understanding of current laws and interpretation. This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The comments in this summary are based upon Aon Investments’ preliminary analysis of publicly available information. The content of this document is made available on an “as-is” basis, without warranty of any kind. Aon Investments disclaims any legal liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Aon Investments reserves all rights to the content of this document. No part of this document may be reproduced, stored or transmitted by any means without the express written consent of Aon Investments. Aon Investments USA Inc. is a federally registered investment advisor with the U.S. Securities and Exchange Commission. Aon Investments is also registered with the Commodity Futures Trading Commission as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association. The Aon Investments ADV Form Part 2A disclosure statement is available upon written request to: Aon Investments USA Inc. 200 E. Randolph Street Suite 700 Chicago, IL 60601 ATTN: Aon Investments Compliance

This material is prepared for use by institutional investors and investment professionals and is provided for limited purposes. This material is a general communication being provided for informational and educational purposes only. It is not designed to be investment advice or a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. The opinions expressed in this material represent the current, good-faith views of the author(s) at the time of publication. The views are provided for informational purposes only and are subject to change. This material does not take into account any investor's particular investment objectives, strategies, tax status, or investment horizon. Aon Investments cannot guarantee the accuracy or completeness of any statements or data contained in the material. Predictions, opinions, and other information contained in this material are subject to change. Any forward-looking statements speak only as of the date they are made, and Aon Investments assumes no duty to update them. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those anticipated. Past performance is not a guarantee of future results. As with any investment, there is potential for profit as well as the possibility of loss.

Please note: The assessment of environmental, social and governance (ESG) information and events requires subjective judgments, which may include consideration of third-party data that may be incomplete or inaccurate. To the extent that Aon Investments uses third-party providers, the criteria and rating systems used by third-party providers can differ significantly. There is no standard ESG scoring system and the methodology and conclusions reached by third-party providers may differ significantly from those that would be reached by other providers or Aon Investments. In addition, evaluations by third-party providers may be based on data sets and assumptions that may be insufficient, of poor quality or contain biased information. Such data gaps could result in the incorrect, incomplete, or inconsistent assessment of a Responsible Investing practice and/or related risks and opportunities. Aon Investments makes no representation as to the performance metrics of any third-party organization or the achievement of underlying ESG goals or objectives.

Aon plc is a large diversified professional services company, and such services are provided through indirect subsidiaries and affiliated entities. Aon plc affiliates provide investment advisory services in jurisdictions worldwide. The Aon plc affiliated entities that have issued this material are listed below, along with important limitations on their authorized activities.

Brazil: Investment advice and consulting services provided by Aon Brazil Investment Consulting Services Ltd.

Canada: Advisory investment consulting services are provided through Aon Solutions Canada Inc. Delegate Outsourced Chief Investment Officer (OCIO) services are provided through Aon Investments Canada Inc. (AIC), which is registered as a portfolio manager. AIC is a wholly owned subsidiary of Aon Solutions Canada Inc.

United Kingdom: Aon Investments Limited is authorized and regulated by the Financial Conduct Authority. Registered in England & Wales No. 5913159.

United States: Investment advice and consulting services provided by Aon Investments USA Inc. Aon Investments USA Inc. is registered with the U.S. Securities and Exchange Commission as an investment adviser pursuant to the Investment Advisers Act of 1940. Registration of an investment adviser does not imply any certain level of skill, training, or ability with respect to the provision of investment advisory services.

Aon Brazil Investment Consulting Services Ltd., Aon Solutions Canada Inc., Aon Investments Canada Inc. Aon Investments Limited and Aon Investments USA Inc. are indirectly owned by Aon plc, a publicly traded company (AON:NYSE). References to Aon shall be construed to include such indirect subsidiaries as the context requires.

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION OF A FINANCIAL PRODUCT OR FINANCIAL SERVICE IN ANY JURISDICTION WHERE, OR TO ANY PERSON TO WHOM, IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO. Any such prohibited offer or solicitation is void and Aon will disregard any communication received in respect thereof.

© Aon plc 2025. All rights reserved.

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