Türkiye Wealth Fund

Türkiye Wealth Fund performs fairly well in two main aspects, governance and stewardship. Governance-wise, it assigns decision-making and oversight responsibility for its sustainability strategy to the highest governance body and responsibility for implementing its sustainability strategy to specific functions, teams or committees. In terms of stewardship. it has a stewardship policy that supports environmental transitions and social best practices in line with its sustainability strategy and covers client and other stakeholder engagement as well as advocacy and partnerships.

It is also noted that Türkiye Wealth Fund monitors its Scope 1-2 emissions.

There is scope for Türkiye Wealth Fund to enhance its disclosures in various aspects, particularly its impact materiality strategy, targets and plans, operational carbon footprint, net zero targets and plan, as well as financing to underrepresented groups and sectors and low to lower-middle income countries. While Türkiye Wealth Fund identifies material sustainability impacts across its value chain, it could further detail its process and how objective criteria and/or supportable evidence were considered for identification and priortization of impacts. It is also recommended that Türkiye Wealth Fund discloses that it conducts third-party assurance or verification of their target reporting. In terms of operational carbon footprint, while Türkiye Wealth Fund monitors scope 3 emissions beyond financed emissions, it has the opportunity to specify the coverage by category. Although it provides some details regarding the methodology applied in their carbon footprint calculation, it could consider covering all aspects including emissions coverage for each category, data types, sources for applied emission factors and reference to applied standard. It is also recommended for Türkiye Wealth Fund to establish a transition plan covering its own operations, supply chain and portfolio and ensure that its scope 1-3 emissions reduce in line with its interim targets. Additionally, Türkiye Wealth Fund could disclose the breakdown of clients and/or beneficiaries by income group and its processes for avoiding divestment from low-income and lower-middle countries as unintended consequences of its sustainability strategies and targets.

Another area where Türkiye Wealth Fund could improve its disclosure in is lobbying and anti-bribery and corruption. In particular, it could disclose a complete list of some trade associations of which it is a member. It also has an opportunity to disclose a publicly available policy statement prohibiting bribery and corruption and include anti-bribery and anti-corruption clauses in its contracts with business relationships.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.