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Responsible Defence Investment

How Should Institutional Investors Approach Defence Today?

Defence investment is changing fast.

Institutional investors are navigating new opportunities alongside complex questions around fiduciary duty, human rights, dual-use technologies, stewardship and investment governance.

This hub brings together investor discussions, practical guidance and resources to help investment teams make informed decisions.

The aim is not to promote a single approach to defence investment, but to provide investors with a practical reference point as they develop their own policies, due diligence processes and stewardship practices."

“Investors do not need to become defence experts. But investment teams do need the knowledge to ask better questions, identify where deeper due diligence is required and make well-governed decisions.”
Anna-Stina Wiklund
Defence and Stewardship Programme Lead at Global Advisory Alliance  

Responsible Defence Investment Investor Briefings 2026

Hear how institutional investors and responsible investment practitioners are navigating defence, dual-use technologies, fiduciary duty and stewardship across different markets.

Europe

Responsible Defence Investment in Europe: Fiduciary duty, ethics and the changing European investor context. Our panellists: Aleksandra Palinska - Executive Director, Eurosif.Anna-Stina Wiklund - Sustainable Investment Advisor, Global Advisory Alliance. Former senior sustainability leader within Nordic pension funds. Author of From Exclusion to Engagement.Linda Sundberg - Head of Sustainable Investing, Church of Sweden.Camille Bisconte De Saint Julien - Human Rights and Social Lead, La Banque Postale Asset Management (LBPAM).Daniel Neale FICRS - Responsible Investment and Social Lead, Church Commissioners for England.Moderator: Dominic Webb - Senior Reporter, Responsible Investor.
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Explore the European investor briefing, along with the executive summary and key takeaways.

North America

Investing in Defence in North America: Fiduciary duty, portfolio implications and the questions facing North American institutional investors. Our panelists: Maggie Childe - Director, Responsible Investing, UBC Investment Management; Lauren Compere, Head of Stewardship and Engagement and a Partner at Boston Common Asset Management; Maria LettiniCEO, US Sustainable Investment Forum; Sam Jones, President of Heartland Initiative, member of the GRID Steering Group; Anna-Stina Wiklund - Defence and Stewardship expert, Global Advisory Alliance member and former senior sustainability leader within Nordic pension funds; Moderator + Dominic WebbSenior Reporter at Responsible Investor
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Explore the North American investor briefing, along with the executive summary and key takeaways.

Asia-Pacific

Beyond Defence: The Asia-Pacific Perspective - AI, dual-use technologies, geopolitics and their stewardship implications for investors.
Our panelists: +Estelle Parker, Co-Chief Executive Officer at Responsible Investment Association Australasia (RIAA) Anna-Stina Wiklund, Defence and Stewardship Programme Lead at Global Advisory Alliance & Flora Advisory Ltd, Jillian Reid, Head of Sustainable Investment (Investment Management), Pacific at Mercer, Christine Chow, Global Investment Leader, former Managing Director at UBS Asset Management and former Chair of the International Corporate Governance Network, Yumi Fujita, Senior Engagement Specialist, Sustainable Investing at Robeco. Moderator: Dominic Webb, Senior Reporter at Responsible Investor
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Explore the Asia-Pacific investor briefing, along with the executive summary and key takeaways.

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Resource Library

Explore frameworks, investor policies, research and practical tools for assessing defence and dual-use investments.

01 — Responsible Defence Investment
Frameworks and guidance for assessing defence-related investments, developing policies and navigating changing expectations..

Guidance for Responsible Investment in Defence-related Companies (GRID)
Eurosif Discussion Paper: Sustainable investment and defence.
LBP AM Group’s Defence Industry Policy
02 — Human Rights & Conflict
Guidance for identifying and managing human rights and social risks in conflict-affected environments.

RIAA Investor Toolkit on Human Rights and Armed Conflict
Guiding Principles on Business and Human Rights : Implementing the United Nations "Protect, Respect and Remedy" Framework
Considering Social Risk Factors in Institutional Investment Portfolios, A Primer for UniversitiesSocial Risk (including Human Rights)
Heightened Human Rights Due Diligence for Business in Conflict-Affected Contexts: A GuideThe Saliency Materiality Nexus
03 — Defence Technology & Dual Use
Research and investor guidance on defence technology, dual-use applications, AI and autonomous weapons.

Investor Statement on Autonomous Weapons
Investor Alliance for Human Rights - Article AI in the Kill Chain: The Risk of AI-Enabled Warfare and What Investors Need to Know
SHIFT - Weapons, Dual Use tech and Financial Institutions
Reframe Venture resources: Dual Use focusing on VC Investments
Working Group on Defense Tech & Responsible Investment
04 — Policy, Regulation & Market Intelligence
Reference material, regulatory analysis and specialist coverage of the changing defence investment landscape.A focused one-to-one conversation with a senior advisor to explore a challenge, validate your thinking, and identify practical next steps.

2026 Edition of the International Defence Companies Notebook
Defence section of Responsible Investor, a publication focused on ESG and sustainable finance.
Travers Smith - Sustainability and Security: Investing in Defence
05 — GAA Research & Analysis
Original analysis and perspectives from GAA and its advisors on the evolving responsible defence investment landscape..

From Exclusion to Engagement: A Stewardship Lens on Europe’s Evolving Defence Investments - Anna-Stina Wiklund's article
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06 — Morningstar Sustainalytics Research
Research and data-led analysis from Morningstar Sustainalytics on defence exposure, ESG and controversial weapons.

Controversial Weapons: Reassessing the Red Lines
Defense: Assessing New Investment Opportunities Through an ESG Lens
EU ESG Funds’ Exposure to Defense Continues to Increase
Where Expertise Meets Practice

Looking for practical support?

Strategic Investor Advisory

Defence & Dual-Use Investment Policy

We support asset owners and investment teams in reviewing how defence and dual-use investments fit within their investment beliefs, policies and governance frameworks. This includes policy development, portfolio considerations, ESG integration and decision-making processes helping investors establish a clear and defensible approach.

Discuss your requirements: team@globaladvisoryalliance.com

Shareholder Engagement

Activist Defence

Investor Communications

01

Investor Engagement

Join Investor Defence Transparency Engagement Initiative

Global Advisory Alliance is building a collaborative investor initiative to improve transparency and disclosure across the defence sector and ESG data ecosystem. The initiative will identify the information investors need to assess, monitor and explain defence-related exposures in line with fiduciary duties, investment policies and client expectations.

Interested investors: team@globaladvisoryalliance.com

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Practical Investor Framework

Turning Existing Guidance into Investment Practice

We are developing a practical tool that translates existing defence and dual-use guidance into day-to-day investment processes. It will help investment teams apply a consistent approach to governance, due diligence, manager assessment and stewardship, while giving participating investors an opportunity to shape a tool designed for practical use.

Interested investors: karel@globaladvisoryalliance.com

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Investor Education

Defence Investing: Governance, Due Diligence & Stewardship Programme

The live online masterclass covers manager and company assessment, heightened due diligence, end-use risk, governance and stewardship - helping investors translate complex considerations into practical investment processes.

Looking for practical support?
Connect with an independent advisor specialising in governance, sustainability, investment, and organisational transformation.
Find and Avisor

Watch the Replay: Beyond Defence: The Stewardship Implications of AI, Dual-Use Technologies and Geopolitics for Asia-Pacific Investors

Hear Directly from Leading Practitioners

+ Estelle Parker, Co-Chief Executive Officer at Responsible Investment Association Australasia (RIAA)
+ Anna-Stina Wiklund, Defence and Stewardship Programme Lead at Global Advisory Alliance & Flora Advisory Ltd
+ Jillian Reid, Head of Sustainable Investment (Investment Management), Pacific at Mercer
+ Christine Chow, Global Investment Leader, former Managing Director at UBS Asset Management and former Chair of the International Corporate Governance Network
+ Yumi Fujita, Senior Engagement Specialist, Sustainable Investing at Robeco
Moderator: Dominic Webb, Senior Reporter at Responsible Investor

Institutional investors Roundtable

Following the investor briefing, we will convene an invitation-only roundtable for institutional investors to continue the discussion under the Chatham House Rule.The roundtable will provide a confidential forum for peer-to-peer discussion, allowing participants to explore practical challenges, exchange experiences and discuss how defence-related investment issues are being addressed across the industry.To participate, please contact Karel Krticka at karel@globaladvisoryalliance.com

Watch the Replay: How Institutional Investors in North America Are Approaching Defence Investment

Hear Directly from Leading Practitioners

+ Maggie Childe - Director, Responsible Investing, UBC Investment Management
+ Lauren Compere, Head of Stewardship and Engagement and a Partner at Boston Common Asset Management
+ Maria LettiniCEO, US Sustainable Investment Forum
+ Sam Jones, President of Heartland Initiative, member of the GRID Steering Group
+ Anna-Stina Wiklund - Defence and Stewardship expert, Global Advisory Alliance member and former senior sustainability leader within Nordic pension funds.
Moderator + Dominic WebbSenior Reporter at Responsible Investor

Watch the Replay: How European Investors Are Approaching Defence

Hear Directly from Leading Practitioners

Our panellists: Aleksandra Palinska - Executive Director, Eurosif.Anna-Stina Wiklund - Sustainable Investment Advisor, Global Advisory Alliance. Former senior sustainability leader within Nordic pension funds. Author of From Exclusion to Engagement.Linda Sundberg - Head of Sustainable Investing, Church of Sweden.Camille Bisconte De Saint Julien - Human Rights and Social Lead, La Banque Postale Asset Management (LBPAM).Daniel Neale FICRS - Responsible Investment and Social Lead, Church Commissioners for England.Moderator: Dominic Webb - Senior Reporter, Responsible Investor.

Library of Key resources shaping the discussion

A growing body of work is supporting investors as they navigate this shift. The following resources provide useful perspectives on how defence investments are being assessed within responsible investment frameworks.

Guidance for Responsible Investment in Defence-related Companies (GRID)

The first structured framework for applying responsible investment principles to defence sector companies. GRID builds on the 2025 concept note Principles for Responsible Defence Investment and marks the beginning of a broader consultation process with the institutional investor community. Developed for asset owners and asset managers seeking a principled, systematic approach to assessing defence-related holdings.Download GRID → Guidance for Responsible Investment in Defence-related Companies (GRID)

From Exclusion to Engagement: A Stewardship Lens on Europe's Evolving Defence Investments

Anna-Stina Wiklund's analysis of how the European institutional investor community is rethinking its approach to defence-related investments - examining the stewardship arguments, the regulatory context, and the practical implications for pension funds and asset managers operating across different European markets.Read the article → From Exclusion to Engagement

RIAA Investor Toolkit on Human Rights and Armed Conflict

Publised by Responsible Investment Association Australasia in 2023 - this toolkit offers essential frameworks and insights for companies and investors to support human rights in conflict-affected regions like Ukraine and Myanmar, and what they can do before, during and after conflict.Download  → RIAA Investor Toolkit on Human Rights and Armed Conflict

Guiding Principles on Business and Human Rights : Implementing the United Nations "Protect, Respect and Remedy" Framework

Download  → UN Guiding Principles on Business and Human Rights

2026 Edition of the International Defence Companies Notebook

An annual reference publication produced by France's Defence Industry Directorate (DID), which is part of the French Defence Procurement Agency (DGA). It compiles standardised company fact-sheets — drawn from publicly available sources — for a curated selection of major international defence companies across aerospace, naval, land systems, electronics, and related sectors. The 2026 edition features over 60 companies, including seven new entrants such as Anduril, Delair, Hemeria, and UkrOboronProm, alongside re-introduced companies like Rafael and Israel Aerospace Industries.Download → 2026 Edition of the International Defence Companies Notebook

Morningstar Sustainalytics Resources with Graphs and Reference Lists

Read more → Controversial Weapons: Reassessing the Red LinesRead more → Defense: Assessing New Investment Opportunities Through an ESG LensRead more → EU ESG Funds’ Exposure to Defense Continues to Increase

Defence section of Responsible Investor, a publication focused on ESG and sustainable finance.

The page lists recent news articles covering the intersection of defence investment and responsible investing, including topics such as weapons exclusion policies, nuclear acceptability in portfolios, and ESG concerns around arms companies.Read more here → Defence section of Responsible Investor

Eurosif Discussion Paper: Sustainable investment and defence.

Eurosif's research and policy perspective on how European sustainable investment frameworks are evolving in response to changing geopolitical realities.Download → Eurosif discussion paper: Sustainable investment and defence.pdf

Investor Statement on Autonomous Weapons

Stop Killer Robots and Etica Funds Responsible Investments call on government leaders around the world to launch negotiations for a new international treaty on autonomous weapons systems to ensure human control in the use of force and to prohibit machines that target people, reducing us to objects, stereotypes, and data points. Machines should not make life and death decisions.Download lnvestor statement here

LBP AM Group’s Defence Industry Policy

LBP AM Group’s Defence industry policy defines and sets out the operational principles of the Group’s responsible investment approach with regard to investment in the Defence industry.Download here → LBPAM Policy on responsibleinvestment in the Defence industry

Investor Alliance for Human Rights - Article AI in the Kill Chain: The Risk of AI-Enabled Warfare and What Investors Need to Know

Article by Camille Bisconte De Saint Julien of LBP AM examines the human rights risks of AI in military applications, and provides a robust set of recommendations and resources for investors looking to deepen their engagements with portfolio companies on this issue.Read here → AI in the Kill Chain

Travers Smith (Law Firm Resources) Sustainability and Security: Investing in Defence

Readers will find an analysis of the EU’s Defence Readiness Omnibus, alongside a detailed review of how defence investment fits within ESG and sustainable finance frameworks, including what Article 8 and Article 9 funds can and cannot do when allocating capital to the sector.The article also explores the complexity of dual-use technologies, particularly in areas such as AI and advanced manufacturing, and the regulatory and ethical challenges these create for investors.

Considering Social Risk Factors in Institutional Investment Portfolios, A Primer for Universities

This primer was commissioned by the University of British Columbia (UBC) and UBC Investment Management (UBCIM) as an educational tool to introduce and contextualize the breadth of social factors relevant to investment portfolios, how these issues arise within them, and the responsibilities of investors in relation to national and international standards of Responsible Business Conduct. → Read here

Social Risk (including Human Rights) Framework

Heightened Human Rights Due Diligence for Business in Conflict-Affected Contexts: A Guide

The guide offers guidance to businesses and other actors on how to meet their responsibilities to carry out a heightened version of human rights due diligence in conflict-affected areas. UNDP developed this guide with the UN Working Group on Business and Human Rights. → Read here

The Saliency Materiality Nexus

Addressing systemic risks to peopleand portfolios in a turbulent world → Read here

SHIFT - Weapons, Dual Use tech and Financial Institutions

This paper explores the challenges and practical approaches for financial institutions navigating exposure to weapons and dual-use technology. It does so against a backdrop of intensifying conflict, fluid geopolitical alliances, and weakening adherence to international law. → Learn more here.

Reframe Venture resources: Dual Use focusing on VC Investments

Reframe Venture develped several tools on Dual Use focusing on VC investments including a high level DDQ: → Learn more here.

Working Group on Defense Tech & Responsible Investment

Heartland Initiative—inpartnership with the Business & Human Rights Centre and the Investor Alliance for HumanRights—convened the Working Group on Defense Tech & Responsible Investment (WorkingGroup) in October 2025. The Working Group brings together leading institutionalinvestors, technical experts, and civil society leaders. Its convenings and publicationswill critically examine and respond to how the rise of defense tech is reshapingresponsible investment stewardship, specifically regarding risk analysis, companyengagement, and exclusionary screening.→ Learn more here.

Investor collaboration on defence sector transparency Europe September 2026

Global Advisory Alliance is exploring a collaborative investor engagement initiative focused on improving transparency and disclosure across the defence sector and the ESG data ecosystem.

The objective is not to promote or oppose investment in defence companies. Rather, the initiative aims to identify the information investors need to assess, monitor and explain defence-related exposures in a manner consistent with their fiduciary duties, investment policies and client expectations.

We are currently speaking with a small group of institutional investors to help shape the scope of the engagement, determine key priorities and assess interest in launching a coordinated initiative starting in September 2026.

Investors interested in contributing to the discussion or learning more about the proposed engagement are invited to connect with: Anna-Stina Wiklund or Karel Krticka
Email: team@globaladvisoryalliance.comWe would be pleased to share a briefing note outlining the proposed engagement, expected time commitment and anticipated outputs.