TwentyFour’s Stewardship Report 2025
TwentyFour Asset Management’s UK Stewardship Code Report for 2025 outlines our approach to stewardship as a signatory of the UK Stewardship Code 2026, including our governance framework, stewardship activities and the outcomes achieved during the past year. Throughout 2025, we continued to integrate ESG considerations within our broader investment risk framework and engaged actively with issuers amid a rapidly evolving political and regulatory landscape. While the updated Code introduces a revised definition of stewardship, our focus remains unchanged: responsibly managing capital to deliver long-term value for clients.
“We believe effective stewardship begins with our active role in promoting high standards of corporate governance, which underpin TwentyFour’s approach.”
Collaborative engagement and escalation example
Urbaser, a Spanish waste management specialist, launched a €1bn payment-in-kind (PIK) toggle note to fund a dividend to its owner Platinum Equity, just six weeks after it issued a Senior Secured debt package to part-fund a further €1bn of dividends.
Stewardship Report 2025
Read our UK Stewardship Code Report for 2025 outlining our approach to stewardship.
“Environmental, social and governance (“ESG”) considerations have always been assessed as part of our broader investment risk framework, alongside other financial and non-financial risks.”
Related insights
TwentyFour
Trump dunks on the NZBA with Wall Street exodus
The Net Zero Banking Alliance (NZBA) has been the flagship climate initiative for banks to advertise their commitment to aligning their investment and lending portfolios with net-zero targets by 2050 or sooner. However, in recent weeks the NZBA has been hit with the withdrawal of all its major Wall Street banks.
TwentyFour
Why the end of the NZBA doesn’t mean the end of net zero
The Net Zero Banking Alliance (NZBA) has formally ceased operations as a member-based organisation, following a vote by its remaining members. This marks the end of what we believe is one of the most significant collective efforts to align global banking with the goal of net zero emissions by 2050.
TwentyFour
A closer look at River Green and CMBS losses
A French CMBS transaction named River Green – a deal we exited a few years ago at a price in the mid-90s as part of a broader review of our CMBS exposure – has come under renewed scrutiny after a new valuation triggered expectations of principal losses on what were originally AAA rated bonds. Here’s how we got here.