M&G PLC

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Direct Lobbying Transparency

Overall Assessment	Comment	Score
Comprehensive	M&G PLC has demonstrated a comprehensive level of transparency in disclosing its climate lobbying activities. The company has clearly named specific climate-related policies and legislation it has engaged with, such as the "EU Sustainable Finance Disclosure Regulation (SFDR)," "EU Corporate Sustainability Reporting Directive (CSRD)," and "UK government's plan to mandate TCFD-aligned climate disclosures." It has also provided context about these policies, explaining their focus on "Climate-related reporting" and their geographical scope. Additionally, M&G has disclosed its lobbying mechanisms, including direct engagement with policymakers and participation in initiatives like Climate Action 100+ and the Institutional Investors Group on Climate Change (IIGCC). Specific examples include meetings with company executives, co-signing letters to policymakers in bodies such as the G7 and G20, and engaging with UK government entities like Her Majesty's Treasury and the Department for International Development. Furthermore, the company has been explicit about the outcomes it seeks, such as advocating for the phase-out of thermal coal by 2030 in OECD countries and by 2040 globally, ensuring investee companies adopt credible net-zero targets, and supporting legislative developments in sustainability while suggesting targeted improvements. These disclosures illustrate M&G's clear and measurable policy goals, its active engagement mechanisms, and its alignment with broader climate objectives, such as the Paris Agreement.	4

Lobbying Governance

Overall Assessment	Comment	Score
Comprehensive	The evidence for M&G's climate lobbying governance reveals a robust approach in certain divisions, notably within Prudential Assurance Company (PAC) and M&G Real Estate, that provides clear oversight, detailed monitoring, and accountability measures for aligning lobbying activities with climate goals. For example, PAC's disclosures explain that "The PAC Stewardship Report is reviewed at a team-level by ESG & Regulatory. Once the ESG & Regulatory team have performed a roundtable review of the document, the Report is submitted for review to a number of stakeholders... and ultimately approved by the PAC Board," which underscores a comprehensive internal review process backed by multiple layers of oversight including the M&G Life Executive Investment Committee. Similarly, M&G Real Estate demonstrates strong governance with its dedicated sustainability team, as noted in the statement that "M&G's Real Estate business is supported by a dedicated sustainability team that acts as a centre of excellence and expertise," which collaborates with senior decision makers and employs regular monitoring through scorecards and monthly working groups. Although several other parts of the organization mention general advocacy or ESG engagement without detailing specific controls for lobbying activities, the detailed practices outlined by PAC and the Real Estate division clearly indicate strong governance over both direct and indirect climate lobbying alignment within the group.	4