City Hive releases ACT Investment Trust Toolkit for enhanced board oversight of trust governance
Think tank and advocacy group in the investment management industry City Hive has launched the ACT Investment Trust Toolkit designed to help trust boards strengthen their governance by assessing the culture of asset managers.
Based on the ACT Framework, which has been embedded into the investment processes of a number of fund selectors on the ACT Stewardship Council, the Toolkit explains how boards can evaluate whether an asset manager’s internal culture is aligned with their trust’s values and duty to investors - using a consistent, comparable process.
Culture is no longer a soft issue - it is a governance and risk consideration, and has become a key lens through which regulators, shareholders and clients assess firms.
The ACT Framework enables boards to meet governance expectations more confidently, while also improving decision-making around risk, reputation and long-term outcomes. The structure enables fund selectors to do this more systematically - with clear questions, consistent disclosures, and a way to track progress over time.
Recent changes in regulation highlight why boards need to actively engage with culture:
UK Corporate Governance Code (2024): Boards must assess and monitor not only their own culture, but also how it’s embedded
Consumer Duty: Good culture is key to delivering fair value and suitable outcomes for clients
Sustainability Disclosure Requirements (SDR): Cultural coherence is vital to avoid greenwashing
AIC Code (Principle B): Boards must be confident that company values, strategy and culture are aligned
The ACT Investment Trust Toolkit explains the full ACT Framework and its pillars (see notes), and how boards can use this as part of their ongoing manager assessment. It details what to expect from ACT disclosures and gives practical advice to non-executive directors on how to have better conversations around culture, and use this in investment decision making. There are also case studies and instructions on how to access the Framework on the DOOR Platform.
Currently, 13 of the 36 ACT Signatory firms manage 54 investment trusts totalling £32.3bn (as at 31 August 2025). Click here to see the ACT List - a full list of ACT Signatories.
The following asset manager names manage 54 investment trusts between them: Aberdeen, AXA Investment Managers, Fidelity International, FSSA IM, Invesco, Jupiter, Liontrust, M&G, Premier Miton, River Global, Redwheel, Schroders and Stewart Investors.
Co-CEOs of City Hive Bev Shah and Mandy Kirby, commented on the launch of the Toolkit: “For investment trusts, social value is no longer a ‘nice to have’. Governance, transparency, and ESG impact are now integral to investment decisions. Investors - and regulators - expect nothing less. The FCA’s rules, and the revised Corporate Governance Code, make it clear that firms must be open about their culture and how it supports good outcomes.
“Investment trusts face a new test. If they embrace transparency, purpose and cultural change, they can play a vital role in unlocking the UK’s future growth and building a fairer, more sustainable financial system. If they don’t, they risk being seen as relics of another era.
“The ACT Investment Trust Toolkit can help.”
Members of the ACT Stewardship Council and Global Leadership Council, also welcomed the ACT Investment Trust Toolkit:
Genevra Banszky von Ambroz, partner and fund manager at Evelyn Partners, and vice chair of the ACT Stewardship Council’s Governance Committee, commented on the launch: “Corporate culture is underestimated as a driver of risk and opportunity for investors. I am delighted that ACT’s Investment Trust Toolkit is now available to assist boards in assessing the culture of the managers they delegate shareholder capital to, supporting them in their decision-making and meeting their responsibilities as directors in the current regulatory environment.”
Annabel Brodie-Smith, communications director of the Association of Investment Companies (AIC), said: “We welcome the launch of the ACT Toolkit, which is intended to help investment trust boards evaluate the culture of their investment manager. Culture clearly has a huge influence on various aspects of investment management, including governance and risk management. The culture of a firm can include how it motivates and treats its staff, how it approaches decisions and how it builds a productive working environment. The ACT Toolkit is a helpful starting point for companies wanting to assess the culture of their asset manager.”
Lucy Walker, founder and CEO of AM Insights, and who is also chair of the Aurora Investment Trust, said: “I’m delighted to see the launch of the ACT Toolkit for Investment Trusts. Asset management culture directly impacts shareholder returns, and this Toolkit offers clear, practical guidance to help boards understand and monitor it.
“As a member of the ACT Stewardship Council, it’s been a privilege to contribute to this work. At AM Insights, we were the first data platform to show ACT signatory status for asset managers, and as chair of an investment trust, I welcome the focus this Toolkit brings to our sector.”
Sarah Godfrey, an investment company analyst, added: “Investment trust boards have a duty to manage their company in the interests of shareholders, and understanding – and if necessary challenging – the culture of their investment manager is a fundamental step towards fulfilling this duty.
“Portfolio managers rarely work in isolation – they are often supported by teams of in-house analysts, whose research output is likely to be of a higher quality if they are working in a positive and supportive environment where they feel their expertise is valued and rewarded. Having a strong ‘bench’ behind the portfolio manager can also help trust boards manage key-person risk and plan for manager succession, without necessarily having to go through the upheaval of a beauty parade should their lead manager leave or retire. The ACT Framework is a useful tool to help boards manage these challenges and fulfil their obligations to shareholders.”
ACT Signatory firms also commented on the IT Toolkit launch:
Chris Anker, head of stewardship at ACT Signatory Redwheel, said: “As a manager of investment trust assets, we know from experience how much time and effort trust board directors can spend on due diligence exercises. Although culture and values have not been front and centre in the assessment of managers historically, manager responses to the City Hive ACT Framework offer a ready-made solution for boards who may be keen to understand more about these issues.
“Developed under the oversight of some of the most engaged asset allocators working in the UK today, the ACT Framework provides a clear, consistent and comprehensive set of questions that NEDs can use to assess both the importance that managers place on these attributes and how they create a platform for stability, resilience and excellence in client service.”
Lucy Draper, director of distribution at River Global, said: “As the landscape for investment trusts continues to evolve, there is growing attention on board engagement and governance standards. The ACT Framework offers a tangible tool for boards to assess and strengthen both their own culture and that of their asset managers. By applying this structured approach, boards can monitor progress over time and showcase meaningful improvements. Demonstrating this commitment sends a strong signal to regulators and shareholders, highlighting a clear alignment of interests and a proactive stance on responsible stewardship.”
To request access the ACT Investment Trust Toolkit please go to: www.investorsact.com/board-toolkits
Notes:
For more information on ACT, interview opportunities and photos please email: nataliekenway@cityhive.co.uk or visit the City Hive Press Centre.
For more information on ACT: https://www.investorsact.com/
Or for the Stewardship Council: https://www.investorsact.com/stewardship-council
For more information on City Hive: https://www.cityhive.co.uk/
The ACT Framework is comprised of three key pillars, each with three components:
