Climate-Related Financial Disclosures
The Task Force on Climate-Related Financial Disclosures (TCFD) is a global standard created by The Financial Stability Board in 2015. It was developed to help companies make their climate-related disclosures more consistent, comparable and transparent. This transparency can help customers make better informed decisions on their investments. The information disclosed is designed to help investors and others understand how organisations think about and assess climate-related risks and opportunities.
The TCFD framework consists of recommended climate-related financial disclosures in four interrelated areas that represent core elements of how companies operate: Governance, Strategy, Risk Management and Metrics on carbon emissions.
What climate-related financial disclosures are M&G entities required to provide?
The Financial Conduct Authority (FCA) introduced new rules in 2023 for Asset Managers and Asset Owners to make disclosures consistent with the TCFD’s recommendations on an annual basis. This supports the UK government’s commitment to implement mandatory TCFD-aligned disclosure obligations across the UK economy by 2025.
TCFD Entity Reports
The companies within the M&G group that are required to report under the FCA rules are M&G Investment Management Limited (MAGIM) and Prudential Assurance Company Limited (PAC). The TCFD Entity reports will set out how the firm takes climate-related risks and opportunities into account when managing or administering investments on behalf of customers.
The TCFD entity reports have been prepared by MAGIM and PAC in line with the recommended disclosures in the FCA TCFD Annex published in October 2021, including the all-sector guidance and the supplementary guidance for Asset Managers and Asset Owners.
As a listed entity, M&G plc is required to prepare a TCFD report which is included in the Annual report and accounts
TCFD Product or Fund Reports
Product or Fund reports – a report containing consistent, comparable climate-related disclosures for products and funds, including a core set of climate metrics.
What products or funds will have a TCFD report?
TCFD reports will be provided for underlying funds that products such as pensions invest in, but not the product itself. The reports will be provided for different types of funds, including authorised funds - such as Open-Ended Investment Companies (OEICs) and unit trusts - with-profits funds, linked funds and default investment strategies.
Where the investment strategy of a fund is to purchase units in an external manager’s authorised fund, we have provided a weblink to the external manager’s website where the TCFD Fund Report will be made available. Since these are not provided by PAC or MAGIM, we have not validated the content of the fund report.
How do climate-related disclosures help our customers?
The FCA’s rules aim to increase transparency on how firms are managing financial products, enabling customers to make considered investment. This should, in turn, help to enhance competition in the interests of customers - protect customers from unsuitable products or funds and potentially drive investment towards projects and activities that support the transition to a low carbon economy.
See our Climate Disclosures Glossary See our Frequently Asked Questions
TCFD Product Reports
- M&G Investment Management (MAGIM)
- Prudential Life Funds
- Prudential Retirement Accounts
- Prudential Pension Funds
- Prudential Workplace Pension Funds
- M&G Absolute Return Bond Fund
- M&G Better Health Solutions Fund
- M&G Charity Multi Asset Fund
- M&G Dividend Fund
- M&G Emerging Markets Monthly Income Fund
- M&G Equities Investment Fund for Charities (Charifund)
- M&G Episode Growth Fund
- M&G Feeder of Property Portfolio
- M&G Gilt & Fixed Interest Income Fund
- M&G Global Emerging Markets Fund
- M&G Global Enhanced Equity Premia Fund
- M&G Global Government Bond Fund
- M&G Global Macro Bond Fund
- M&G Global Sustain Paris Aligned Fund
- M&G Global Target Return Fund
- M&G Index Tracker Fund
- M&G Japan Smaller Companies Fund
- M&G North American Dividend Fund
- M&G Optimal Income Fund
- M&G Property Portfolio
- M&G Short Dated Corporate Bond Fund
- M&G Strategic Corporate Bond Fund
- M&G Sustainable Global High Yield Bond Fund
- M&G Sustainable Multi Asset Cautious Fund
- M&G Sustainable Multi Asset Growth Fund
- M&G UK Income Distribution Fund
- M&G UK Inflation Linked Corporate Bond Fund
- M&G Asian Fund
- M&G Charibond Charities Fixed Interest Fund (Charibond)
- M&G Climate Solutions Fund
- M&G Corporate Bond Fund
- M&G Emerging Markets Bond Fund
- M&G Episode Allocation Fund
- M&G Episode Income Fund
- M&G European Sustain Paris Aligned Fund
- M&G Global Convertibles Fund
- M&G Global Dividend Fund
- M&G Global Floating Rate High Yield Fund
- M&G Global High Yield Bond Fund
- M&G Global Listed Infrastructure Fund
- M&G Global Strategic Value Fund
- M&G Global Themes Fund
- M&G Index-Linked Bond Fund
- M&G Japan Fund
- M&G Managed Growth Fund
- M&G North American Value Fund
- M&G Positive Impact Fund
- M&G Recovery Fund
- M&G Smaller Companies Fund
- M&G Sustainable Global Corporate Bond Fund
- M&G Sustainable Multi Asset Balanced Fund
- M&G Sustainable Multi Asset Fund
- M&G UK Sustain Paris Aligned Fund
- Prudential Artemis SmartGARP European Equity Series: S2, S4 and S5
- Prudential Artemis UK Smaller Companies Series: S2, S4 and S5
- Prudential Asia Pacific Bond Fund Acc (ex M&G)
- Prudential Baillie Gifford High Yield Bond Series: S2, S4 and S5
- Prudential BlackRock Gold & General Series: S2, S4 and S5
- Prudential BlackRock UK Special Situations Series: S2, S4 and S5
- Prudential Bonus Bond (exSA) S1
- Prudential European Equity Series: (exSA) S1, (exSA) S2, S1, S2, S3, S4 and S5
- Prudential Fidelity European Series: S2, S4 and S5
- Prudential High Yield Distribution (ex M&G)
- Prudential Invesco Managed Growth Series: (exSA) S1, S2, S3, S4 and S5
- Prudential Janus Henderson China Opportunities Series: S2, S4 and S5
- Prudential Japanese Series: S1, S2, S3, S4 and S5
- Prudential JP Morgan Natural Resources Series: S2, S4 and S5
- Prudential Managed Distribution Series: S1, S2 and Bond S2
- Prudential Managed Income Bond Series: A (ex M&G), B (ex M&G), C (ex M&G)
- Prudential M&G Corporate Bond Series (exSA) S1, S2, S2(Inc), S3, S4, S4(Inc), S5 and S5(Inc)
- Prudential M&G Corporate Bond Dist (ex M&G)
- Prudential M&G Dividend (exSA) S1
- Prudential M&G European Sustain Paris Aligned Bond (ex M&G)
- Prudential M&G Gilt & Fixed Interest Income Series: S2 (Inc), S4 (Inc), S5 (Inc), (exSA) S1, (exSA) S2
- Prudential M&G Global High Yield Bond Series: S2, S2(Inc), S3, S4, S4(Inc), S5 and S5(Inc)
- Prudential M&G Global Sustain Paris Aligned Bond Acc (ex M&G)
- Prudential M&G Index Tracker (exSA) S1
- Prudential M&G Japan Bond Acc (ex M&G)
- Prudential M&G Managed Growth Series: (exSA) S1, Acc (ex M&G), S2, S3, S4 and S5
- Prudential M&G Optimal Income Series: S2, S4 and S5
- Prudential M&G Property Portfolio Series: S1, S2, S2(Inc), S3, S4, S4(Inc) and S5, S5(Inc)
- Prudential M&G Smaller Companies Series: S1, S2, S3, S4 and S5
- Prudential M&G UK Equity Income Series: S2(Inc), S4(Inc) & S5(inc)
- Prudential M&G UK Income Distribution Bond Series Acc (ex M&G), S2, S4 and S5
- Prudential PruFund Cautious Account: S2, S4 and S5 & Fund: S2, S4 and S5
- Prudential PruFund Growth Account: S2, S4 and S5 & Fund: S2, S4 and S5
- Prudential PruFund Growth & Income Fund
- Prudential PruFund Risk Managed 1 Account: S2, S4 and S5 & Fund: S2, S4 and S5
- Prudential PruFund Risk Managed 3 Account: S2, S4 and S5 & Fund: S2, S4 and S5
- Prudential PruFund Risk Managed 5 Series: Account S2, Fund S2
- Prudential Risk Managed Active 2 Series: S2, S4 and S5
- Prudential Risk Managed Active 4 Series: S2, S3, S4 and S5
- Prudential Risk Managed Passive 1 Series: PIP S2, S2 S3, S4 and S5
- Prudential Risk Managed Passive 3 Series: S2, S4 and S5
- Prudential Risk Managed Passive 5 S2
- Prudential Royal London Sustainable Leaders S2 Series: S2, S4 and S5
- Prudential Schroder Tokyo S2 Series: S2, S4 and S5
- Prudential UK Equity and Bond Series: S2, S3, S4 and S5
- Prudential Wellington Global Impact Bond Series: S2, S4 and S5
- M&G Asian UTAP
- M&G Global Themes UTAP
- M&G North American Dividend UTAP
- M&G Recovery UTAP
- M&G UK Sustain Paris Aligned UTAP
- Prudential 0-35% Equity Managed Distribution S2 (Inc)
- Prudential Artemis Strategic Bond Series: S2, S4 and S5
- Prudential Asia Pacific (exSA) Series: S1 and S2
- Prudential Asia Pacific Series: S1, S2, S3, S4 and S5
- Prudential Baillie Gifford American Series: S2, S4 and S5
- Prudential BlackRock UK Series: S2, S4 and S5
- Prudential Distribution (exSA) S1
- Prudential Fidelity Asia Series: S2, S4 and S5
- Prudential Global Emerging Markets Portfolio Series: S2, S4 and S5
- Prudential International Series: (exSA) S1, (exSA) S2, Acc (ex M&G), S1, S2, S3, S4 and S5
- Prudential Income and Growth Bond (ex M&G)
- Prudential Invesco Global Targeted Returns Series: S2, S4 and S5
- Prudential Invesco UK Equity Income Series: S2 (Inc), S4 (Inc) and S5(Inc)
- Prudential Japanese (exSA) Series: S1 and S2
- Prudential L&G UK Property Series: S2, S4 and S5
- Prudential M&G Corporate Bond (ex M&G)
- Prudential M&G Dividend Series: S2, S2(Inc), S3, S3(Inc), S4, S4(Inc) and S5, S5(Inc)
- Prudential M&G Dividend Bond (ex M&G)
- Prudential M&G Episode Allocation Series: S2, S3, S4 and S5
- Prudential M&G Episode Growth Series: (exSA) S1, S2, S3, S4 and S5
- Prudential M&G Gilt & Fixed Interest Income Series: Acc (ex M&G), S1, S2, S3, S4 and S5
- Prudential M&G Global Themes Series: Acc (ex M&G), S2, S4 and S5
- Prudential M&G Index-Linked Bond Series: (exSA) S1, (exSA) S2
- Prudential M&G Property Portfolio Series: (exSA) S1, (exSA) S2, Acc (ex M&G)
- Prudential M&G Recovery Series: S2, S4 and S5
- Prudential M&G Strategic Corporate Bond Series: S2, S4 and S5
- Prudential Ninety One Global Strategic Equity Series: S2, S4 and S5
- Prudential Prudence Inheritance Cap Fund
- Prudential PruFund Protected Cautious Account: S2, S4 and S5 & Fund: S2, S4 and S5
- Prudential PruFund Protected Growth Account: S2, S4 and S5 & Fund: S2, S4 and S5
- Prudential PruFund Risk Managed 2 Account: S2, S4 and S5 & Fund: S2, S4 and S5
- Prudential PruFund Risk Managed 4 Account: S2, S4 and S5 & Fund: S2, S4 and S5
- Prudential Risk Managed Active 1 Series: S2, S4 and S5
- Prudential Risk Managed Active 3 Series: S2, S4 and S5
- Prudential Risk Managed Active 5 Series: S2, S4 and S5
- Prudential Risk Managed Passive 2 S2
- Prudential Risk Managed Passive 4 S2
- Prudential Schroder Income Series: S2, S4 and S5
- Prudential UK Equity Series: (exSA) S1, (exSA) S2, Bond and Bonus Acc (ex M&G), S1, S2, S3, S4 and S5
- Prudential US Equity Series: (exSA) S1, (exSA) S2, Acc (ex M&G), S1, S2, S3, S4 and S5
- Prudential UK Tracker Series: S2, S3, S4 and S5
- M&G Dividend UTAP
- M&G European Sustain Paris Aligned UTAP
- M&G Gilt & Fixed Interest UTAP
- M&G Global Sustain Paris Aligned UTAP
- M&G Japan UTAP
- M&G Managed Growth UTAP
- M&G Smaller Companies UTAP
- M&G UK Income Distribution UTAP
- PruFund Cautious Account Series: D and E
- PruFund Growth Account
- PruFund Growth Fund
- PruFund Planet 1 Series: E and Account E
- PruFund Planet 3 Series: E and Account E
- PruFund Planet 5 Series: E and Account E
- PruFund Risk Managed 2 Series: D, E, Account E and Account D
- PruFund Risk Managed 4 Series: D, E, Account E and Account D
- PruFund Cautious Series D and E
- PruFund Growth Account Series: D and E
- PruFund Growth Fund Series: D and E
- PruFund Planet 2 Series: E and Account E
- PruFund Planet 4 Series: E and Account E
- PruFund Risk Managed 1 Series: D, E, Account E and Account D
- PruFund Risk Managed 3 Series: D, E, Account E and Account D
- PruFund Risk Managed 5 Series: E and Account E
- Prudential Aegon Ethical Equity Ser A
- Artemis Income Prudential - Ser A and Pru FRIA
- Prudential Baillie Gifford High Yield Bond Ser A
- BlackRock UK Special Situation Prudential - Ser A and Pru FRIA
- Prudential Fidelity European Ser A
- Invesco Managed Growth Prudential - Ser A, Prudential - Pre A, PruEx-DSF and Pru FRIA
- Janus Henderson China Opportunities Prudential - Ser A and Pru FRIA
- Prudential L&G UK Property Ser A
- Risk Managed Active 2 Prudential - Ser A and Pru FRIA
- Prudential Risk Managed Active 4 Ser A
- Risk Managed Passive 1 Prudential - Ser A, Prudential - Pre A and PruFRIA
- Prudential Asia Pacific Prudential - Ser A, Prudential - Pre A, Prudential - ex M&G, PruEx-DSF and Pru FRIA
- Prudential M&G Corporate Bond Prudential - Ser A, Prudential - Pre A, Prudential - ex M&G, PruEx-DSF and Pru FRIA
- Prudential M&G Episode Growth Prudential - Ser A, Prudential - Pre A and Prudential ex M&G
- Prudential M&G Gilt & Fixed Interest Income Prudential - Ser A, Prudential - Pre A, Prudential - ex M&G, PruEx-DSF and Pru FRIA
- Prudential M&G Global Sustain Paris Aligned Prudential - ex M&G and Pru FRIA
- Prudential M&G Index-Linked Bond Ser A
- Prudential Japan Prudential - ex M&G and Pru FRIA
- Prudential M&G Optimal Income Prudential - Ser A, Prudential - Pre A
- Prudential M&G Recovery Prudential - Ser A, Prudential - ex M&G and Pru FRIA
- Prudential M&G Strategic Corporate Bond Ser A
- Prudential M&G UK Sustain Paris Aligned Prudential - Ser A and Prudential - ex M&G
- Prudential M&G Smaller Companies Prudential - Ser A, Prudential - Pre A, PruEx-DSF and Pru FRIA
- Prudential Managed Series: (exSA) S1, (exSA) S2, Bond Acc (ex M&G), S1, S2, S3, S4 and S5
- Prudential Managed Distribution Prudential - Ser A and Prudential - Pre A
- Prudential Managed Pens Acc Prudential - Ser A, Prudential - Pre A, Prudential - ex M&G, PruEx-DSF and Pru FRIA
- Prudential PruFund Cautious Account ISA and Ser A, Fund ISA and Ser A
- Prudential PruFund Risk Managed 2 Account ISA and Ser A, Fund ISA and Ser A
- Prudential PruFund Risk Managed 4 Account ISA and Ser A, Fund ISA and Ser A
- Prudential PruFund Risk Managed 5 Account ISA and Fund ISA
- Prudential PruFund Protected Growth Account Ser A and Fund Ser A
- Prudential UK Equity Prudential - Ser A, Prudential - Pre A, Prudential - ex M&G, PruEx-DSF and Pru FRIA
- Prudential Personal Pension Acc (ex M&G)
- Prudential Royal London Sustainable Leaders Ser A
- Prudential Schroder Tokyo Ser A
- Prudential Wellington Global Impact Bond Ser A Prudential - Ser A and Pru FRIA
- Prudential Artemis SmartGARP European Equity Ser A
- Artemis Strategic Bond Prudential - Ser A and Pru FRIA
- BlackRock UK Prudential - Ser A and Pru FRIA
- BlackRock Gold & General Prudential - Ser A and Pru FRIA
- Prudential Fidelity Asia Ser A
- Invesco Global Targeted Returns Prudential - Ser A and Pru FRIA
- JP Morgan Natural Resources Prudential - Ser A and Pru FRIA
- Prudential Risk Managed Active 1 Ser A
- Risk Managed Active 3 Prudential - Ser A and Pru FRIA
- Prudential Risk Managed Active 5 Ser A
- Risk Managed Passive 3 Prudential - Ser A and Pru FRIA
- Prudential Japanese Prudential - Ser A, Prudential - Pre A and PruEx-DSF
- Prudential M&G Episode Growth Prudential - Ser A, Prudential - Pre A PruEx-DSF and PruFRIA
- Prudential M&G European Sustain Paris Aligned Prudential ex M&G and Pru FRIA
- Prudential M&G Global High Yield Bond Prudential - Ser A, Prudential - Pre A, Prudential - ex M&G and Pru FRIA
- Prudential M&G Global Themes Prudential - Ser A, and Prudential - ex M&G
- Prudential M&G Index Tracker Prudential - Ser A and Prudential - Pre A
- Prudential M&G Managed Growth Prudential - Ser A, Prudential - Pre A, PruEx-DSF and Pru FRIA
- Prudential M&G Property Portfolio Prudential - Ser A, Prudential - Pre A, Prudential - ex M&G, PruEx-DSF and Pru FRIA
- PruFRIA M&G Short Dated Corporate Bond
- Prudential M&G UK Income Distribution Pens Acc (ex M&G)
- Prudential US Equity Acc Prudential - Ser A, Prudential - Pre A, Prudential - ex M&G, PruEx-DSF and Pru FRIA
- Prudential Ninety One Global Strategic Equity Ser A
- Prudential PruFund Risk Managed 5 Account ISA and Fund ISA
- Prudential International Acc Prudential - Ser A, Prudential - Pre A, Prudential - ex M&G, PruEx-DSF and Pru FRIA
- Prudential Global Emerging Markets Portfolio Prudential - Ser A and Pru FRIA
- Prudential PruFund Protected Cautious Account Ser A and Fund Ser A
- Prudential PruFund Risk Managed 3 Account ISA and Ser A, Fund ISA and Ser A
- Prudential PruFund Risk Managed 1 Account ISA and Ser A, Fund ISA and Ser A
- Prudential PruFund Growth Account ISA and Ser A, Fund ISA and Ser A
- Prudential UK Equity and Bond Prudential - Ser A and Prudential - Pre A
- Prudential European Equity Prudential - Ser A, Prudential - Pre A, PruEx-DSF and Pru FRIA
- Prudential PPP Pens Acc (ex M&G)
- Prudential Schroder UK Smaller Companies Prudential - Ser A and Pru FRIA
- Prudential Stewart Investors Asia Pacific Leaders Sustainability Prudential - Ser A and Pru FRIA
- Prudential High Yield Distribution (ex M&G)
- Prudential S3 Baillie Gifford Diversified Growth
- Prudential S3 Baillie Gifford UK Equity Core
- Prudential S3 BlackRock Aquila (60:40) Global Equity Index (K32)
- Prudential S3 BlackRock Aquila Consensus
- Prudential S3 BlackRock Aquila World ex-UK Index
- Prudential S3 LGIM Ethical Global Equity Index and UK Equity Index
- Prudential S1 Fixed Interest and S3 Fixed Interest Series: S1, S3 and S3 - Bonds - active
- Prudential Index-Linked Series: S1, S3 and S3 - Gilts - active
- Prudential S3 All Stocks Corporate Bond
- Prudential S3 Europe Equity Passive
- Prudential S3 International Bond
- Prudential S3 Long Dated Corporate Bond
- Prudential S3 Long Term Growth Passive
- Prudential S3 North America Equity Passive
- Prudential S3 Pacific Basin ex-Japan Equity Passive
- Prudential UK Equity Passive Series: S3 and S3
- Prudential S1 UK Equity
- Prudential S3 Dynamic Growth I
- Prudential S3 Dynamic Growth III
- Prudential S3 Dynamic Growth V
- Prudential Dynamic Growth IV - Targeting retirement options
- Prudential With-Profits (Optimum Bonus)
- Prudential S3 Global Equity
- Prudential S3 Baillie Gifford Global Stewardship
- Prudential S3 BlackRock Aquila All Stocks Corporate Bond Index
- Prudential S3 BlackRock Aquila Emerging Markets Equity
- Prudential BlackRock Aquila UK Equity Index
- Prudential S3 BlackRock Aquila Over 15 Years UK Gilt Index
- Prudential S3 BlackRock Ascent Pacific Rim Equity
- Prudential S3 HSBC Islamic Global Equity Index
- Prudential S1 Discretionary and S3 Discretionary
- Prudential Global Equity Series S1 and S3
- Prudential S1 International Equity and S3 International Equity
- Prudential S3 Corporate Bonds - active
- Prudential S3 Index-Linked Passive
- Prudential S3 Japan Equity Passive
- Prudential S3 Long Term Bond
- Prudential S3 Long-Term Gilt Passive
- Prudential Overseas Equity Passive Series: S3 and S3
- Prudential S3 Positive Impact
- Prudential S3 UK Smaller Companies
- Prudential S3 Dynamic Global Equity Passive
- Prudential S3 UK Equity
- Prudential S3 Dynamic Growth II
- Prudential S3 Dynamic Growth IV
- Prudential With-Profits
- Prudential With-Profits (Optimum Return)
- Prudential S3 Index-Linked Gilts - active
- Prudential S1 Global Equity
M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.
M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.