So, we have a number of plans that we hope to implement in the future but they are still under discussion. "So, when you do it, you want to do it in line with your longer term philosophy," Monk adds. Adding to these points, Monk highlights that the fund is not invested in carbon offsets and is instead focused on "cutting its emissions". Engagement In terms of Futerwise's stewardship of portfolio companies' net zero transition, its managers, which include Fidelity International and BlackRock, perform the engagement on behalf of the DC scheme. Commenting on this, Monk says that in terms of monitoring of Blackrock's engagement it has "a very strategic partnership with them and we do monitor their engagement and voting ethos". However, he stated that even with Blackrock's components of FutureWise, its exclusion policy is consistent throughout the entire strategy. These exclusions include companies which derive more than 5% of their revenue from certain carbon heavy activities such as thermal coal and oil sands.