USS voting at bank AGMs
Despite the many emails from members and the efforts of ShareAction, USS voted in favour of the boards at the AGMs of Santander, NatWest and HSBC. All of these banks are backtracking on their climate commitments and continuing to invest in the exploitation of fossil fuels. This appears to be evidence of USS making announcements of concern about the Climate Crisis but not taking the necessary action.
A Brief Update on USS Investments (as of 31/03/2026)
Every quarter USS publish a list of their investments. This comprises a full list (with valuations) of their ‘top 100 public investments’ and a searchable database of their smaller public investments (without valuations). Due to the limited nature of the information provided it can be difficult to judge whether a company appearing as ‘new’ to the top 100 list is truly a new investment or whether it has simply moved up the rankings from say No 105 to No 98. The lower threshold for inclusion in the top 100 list is usually around £ 30 -35 million.
Changes in the ‘top 100 investments’ Dec 2025 – March 2026
There are few notable changes in the ‘top 100 investments’. The main divestment is from United Health – an American health insurance and healthcare provider. The main areas of new investment appear to be KLA (£ 153 million – a US Electronics company), and Ferrari the luxury car maker (£ 58 million).
Fossil Fuel Investments – Companies on the FFX 200 list
Regarding our previous analysis of the 200 companies with the biggest coal, oil and gas expansion plans, USS appears to have divested from one company (Coterra) however there appear to be new investments in 6 companies on the FFX 200 list (Petrochina, Cenovus, Hindalco, PTT, General Electric and CNOOC). This means USS are now investing in 59 of the 200 companies. Of particular concern are the investments in PTT Exploration (£52 million) a Thai fossil fuel exploration and production company; and Hindalco an Indian aluminium and copper company that burns large amounts of coal .
These increased investments go against the scientific consensus of an urgent need to divest from fossil fuels and invest in low carbon energy. They also contradict USS’s statements that they are making progress towards ‘net zero 2050’.
Companies supporting the genocide in Gaza
Regarding our previous analysis of the companies and financial institutions that have been identified as ‘contributing to the maintenance of Israel’s unlawful presence in the Occupied Palestinian Territories’ USS appears to have divested from one company (Zim Integrated Shipping) and continues to invest in 46 of the 104 companies identified. USS also continues to invest in 31 of the 47 European financial institutions providing funding to these companies and invests in 32 of the top 100 shareholders in these companies.