Climate and sustainability-related 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 & Targets, on carbon emissions.
Building on the TCFD framework, the FCA's Sustainability Disclosure Requirements (SDR) requires asset managers to report on how they are managing sustainability risks and opportunities in a Sustainability Entity Report, with an aim to improve trust and transparency to the market for sustainable investment products.
What climate and sustainability-related disclosures are M&G entities required to provide?
Effective from 1 January 2022, the Financial Conduct Authority (FCA) introduced rules for asset managers and asset owners to report in line with the TCFD framework on an annual basis. Effective from December 2025, as part of its Sustainability Disclosure Requirements (SDR) framework, the FCA introduced further entity disclosure requirements for asset managers in relation to their approach towards managing sustainability-related risks and opportunities.
TCFD and Sustainability Entity Reports
The entities within M&G plc’s Asset Management business that are required to report under the FCA rules for period ending 31 December 2024 are M&G Investment Management Limited (MAGIM), M&G Alternatives Investment Management Limited (MAGAIM), and M&G Securities Limited (MGSL). The entities within M&G plc’s Life (asset owner) business that are required to report under the FCA rules for period ending 31 December 2024 are The Prudential Assurance Company Limited (PAC) and Prudential Pensions Limited (PPL).
The Entity Reports set out how the entities consider related risks and opportunities when managing or administering investments on behalf of clients and customers:
Prior year TCFD Entity Reports can be accessed through the archive folder at the bottom of the page.
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, and we are unable to produce a disclosure due to data limitations, 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 Asian Fund
- M&G China Fund
- M&G Credit Income Investment Trust
- M&G Emerging Markets Bond Fund
- M&G Episode Growth Fund
- M&G Equities Investment Fund for Charities (Charifund)
- M&G ESG Screened Global High Yield Bond Fund
- M&G Gilt & Fixed Interest Income Fund
- M&G Global Convertibles Fund
- M&G Global Emerging Markets Fund
- M&G Global Government Bond Fund
- M&G Global Listed Infrastructure Fund
- M&G Global Strategic Value Fund
- M&G Global Target Return Fund
- M&G Index-Linked Bond Fund
- M&G India Fund
- M&G Japan Fund
- M&G Managed Growth Fund
- M&G North American Value Fund
- M&G Positive Impact Fund
- M&G Short Dated Corporate Bond Fund
- M&G Strategic Corporate Bond Fund
- M&G UK Income Distribution Fund
- M&G UK Inflation Linked Corporate Bond Fund
- M&G Charity Multi Asset Fund
- M&G Climate Aware Multi Asset Fund
- M&G Corporate Bond Fund
- M&G Dividend Fund
- M&G Episode Allocation Fund
- M&G Episode Income Fund
- M&G ESG Screened Global Corporate Bond Fund
- M&G European Sustain Paris Aligned Fund
- M&G Global AI Themes Fund
- M&G Global Corporate Bond Fund
- M&G Global Dividend Fund
- M&G Global Floating Rate High Yield Fund
- M&G Global High Yield Bond Fund
- M&G Global Macro Bond Fund
- M&G Global Sustain Paris Aligned Fund
- M&G Global Themes 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 Recovery Fund
- M&G Smaller Companies Fund
- M&G UK Sustain Paris Aligned Fund
- M&G Asian UTAP Fund
- M&G European Sustain Paris Aligned UTAP Fund
- M&G Global Sustain Paris Aligned UTAP Fund
- M&G Japan UTAP Fund
- M&G North American Dividend UTAP Fund
- M&G Smaller Companies UTAP Fund
- M&G UK Sustain Paris Aligned UTAP Fund
- Prudential Artemis SmartGARP European Equity Fund
- Prudential Artemis UK Smaller Companies Fund
- Prudential Asia Pacific Fund
- Prudential BlackRock UK Fund
- Prudential Bonus Bond (ex SA)
- Prudential Fidelity Asia Fund
- Prudential Global Emerging Markets Portfolio Fund
- Prudential Income and Growth Bond (ex M&G) Fund
- Prudential International Fund
- Prudential JP Morgan Natural Resources Fund
- Prudential M&G Corporate Bond Distribution Fund (ex M&G)
- Prudential M&G Dividend Bond Fund (ex M&G)
- Prudential M&G Episode Allocation Fund
- Prudential M&G European Sustain Paris Aligned Fund
- Prudential M&G Global High Yield Bond Fund
- Prudential M&G Global Themes Fund
- Prudential M&G Index-Linked Bond Fund
- Prudential M&G Managed Growth Fund
- Prudential M&G Strategic Corporate Bond Fund
- Prudential Managed Distribution Life Fund
- Prudential Ninety One Global Strategic Equity Fund
- Prudential PruFund Growth & Income Fund
- Prudential PruFund Risk Managed 1 Fund
- Prudential PruFund Risk Managed 3 Fund
- Prudential PruFund Risk Managed 5 Fund
- Prudential Risk Managed Active 2 Fund
- Prudential Risk Managed Active 4 Fund
- Prudential Risk Managed Passive 1 Fund
- Prudential Risk Managed Passive 3 Fund
- Prudential Risk Managed Passive 5 Fund
- Prudential Royal London Sustainable Leaders Fund
- Prudential Schroder Income Fund
- Prudential UK Equity and Bond Fund
- Prudential With-Profits (Optimum Bonus) Fund
- M&G Dividend UTAP Fund
- M&G Gilt & Fixed Interest UTAP Fund
- M&G Global Themes UTAP Fund
- M&G Managed Growth UTAP Fund
- M&G UK Income Distribution UTAP Fund
- Prudential 0-35% Equity Managed Distribution Fund
- Prudential Artemis Strategic Bond Fund
- Prudential Asia Pacific Bond Fund (ex M&G)
- Prudential Baillie Gifford American Fund
- Prudential BlackRock Gold & General Fund
- Prudential BlackRock UK Special Situations Fund
- Prudential European Equity Fund
- Prudential Fidelity European Fund
- Prudential High Yield Distribution (ex M&G) Fund
- Prudential Japanese Fund
- Prudential L&G Property Fund
- Prudential M&G Corporate Bond Fund
- Prudential M&G Dividend Fund
- Prudential M&G Episode Growth Fund
- Prudential M&G Gilt & Fixed Interest Income Fund
- Prudential M&G Global Sustain Paris Aligned Fund
- Prudential M&G Index Tracker Fund
- Prudential M&G Japan Fund
- Prudential M&G Optimal Income Fund
- Prudential M&G Smaller Companies Fund
- Prudential M&G UK Income Distribution Fund
- Prudential Managed Income Fund
- Prudential North American Fund
- Prudential Prudence Inheritance Cap Fund
- Prudential PruFund Cautious Fund
- Prudential PruFund Growth Fund
- Prudential PruFund Risk Managed 2 Fund
- Prudential PruFund Risk Managed 4 Fund
- Prudential Risk Managed Active 1 Fund
- Prudential Risk Managed Active 3 Fund
- Prudential Risk Managed Active 5 Fund
- Prudential Risk Managed Passive 2 Fund
- Prudential Risk Managed Passive 4 Fund
- Prudential Schroder Tokyo Fund
- Prudential UK Equity Fund
- Prudential Wellington Global Impact Bond Fund
- Prudential With-Profits (Optimum Return) Fund
- Prudential Aegon Ethical Equity Fund
- Prudential Artemis SmartGARP European Equity Fund
- Prudential Asia Pacific Fund
- Prudential BlackRock Gold & General Fund
- Prudential BlackRock UK Special Situations Fund
- Prudential Fidelity Asia Fund
- Prudential Global Emerging Markets Portfolio Fund
- Prudential International Equity Fund
- Prudential JP Morgan Natural Resources Fund
- Prudential M&G Corporate Bond Fund
- Prudential M&G Episode Growth Fund
- Prudential M&G Gilt & Fixed Interest Income Fund
- Prudential M&G Global Sustain Paris Aligned Fund
- Prudential M&G Index Tracker Fund
- Prudential M&G Japan Fund
- Prudential M&G Optimal Income Fund
- Prudential M&G Short Dated Corporate Bond Fund
- Prudential M&G Strategic Corporate Bond Fund
- Prudential M&G UK Sustain Paris Aligned Fund
- Prudential Managed Fund
- Prudential North American Fund
- Prudential Personal Pension Acc (ex M&G) Fund
- Prudential PruFund Growth Fund
- Prudential PruFund Risk Managed 2 Fund
- Prudential PruFund Risk Managed 4 Fund
- Prudential PruFund Risk Managed 5 Fund
- Prudential Risk Managed Active 2 Fund
- Prudential Risk Managed Active 4 Fund
- Prudential Risk Managed Passive 1 Fund
- Prudential Royal London Sustainable Leaders Fund
- Prudential Schroder UK Smaller Companies Fund
- Prudential UK Equity and Bond Fund
- Prudential Artemis Income Fund
- Prudential Artemis Strategic Bond Fund
- Prudential BlackRock UK Fund
- Prudential European Equity Fund
- Prudential Fidelity European Fund
- Prudential High Yield Distribution (ex M&G) Fund
- Prudential Japanese Fund
- Prudential L&G Property Fund
- Prudential M&G Dividend Fund
- Prudential M&G European Sustain Paris Aligned Fund
- Prudential M&G Global High Yield Bond Fund
- Prudential M&G Global Themes Fund
- Prudential M&G Index-Linked Bond Fund
- Prudential M&G Managed Growth Fund
- Prudential M&G Smaller Companies Fund
- Prudential M&G UK Income Distribution Fund
- Prudential Managed Distribution Pension Fund
- Prudential Ninety One Global Strategic Equity Fund
- Prudential PruFund Cautious Fund
- Prudential PruFund Risk Managed 1 Fund
- Prudential PruFund Risk Managed 3 Fund
- Prudential Risk Managed Active 1 Fund
- Prudential Risk Managed Active 3 Fund
- Prudential Risk Managed Active 5 Fund
- Prudential Risk Managed Passive 3 Fund
- Prudential Schroder Tokyo Fund
- Prudential Stewart Investors Asia Pacific Leaders Sustainability Fund
- Prudential UK Equity Fund
- Prudential Wellington Global Impact Bond Fund
- Prudential All Stocks Corporate Bond Fund
- Prudential BlackRock Aquila (60:40) Global Equity Index (K32) Fund
- Prudential BlackRock Aquila Consensus Fund
- Prudential BlackRock Aquila Over 15 Years UK Gilt Index Fund
- Prudential BlackRock Aquila World ex-UK Index Fund
- Prudential Discretionary Fund
- Prudential Dynamic Growth I Fund
- Prudential Dynamic Growth III Fund
- Prudential LGIM FTSE4Good UK Equity Index Fund
- Prudential Dynamic Growth Targeting Retirement Options (TRO) Lifestyle Option
- Prudential Europe Equity Index Fund
- Prudential Global Equity Fund
- Prudential Index-Linked Fund
- Prudential International Bond Fund
- Prudential Japan Equity Index Fund
- Prudential Long Dated Corporate Bond Fund
- Prudential Long Term Growth Index Fund
- Prudential North America Equity Index Fund
- Prudential Pacific Basin ex-Japan Equity Index Fund
- Prudential UK Equity Index Fund
- Prudential With-Profits Fund
- Prudential Baillie Gifford UK Equity Core Fund
- Prudential BlackRock Aquila All Stocks Corporate Bond Index Fund
- Prudential BlackRock Aquila Emerging Markets Equity Fund
- Prudential BlackRock Aquila UK Equity Index Fund
- Prudential BlackRock Ascent Pacific Rim Equity Fund
- Prudential Dynamic Global Equity Passive Fund
- Prudential Dynamic Growth II Fund
- Prudential Dynamic Growth IV Fund
- Prudential Dynamic Growth V Fund
- Prudential Fixed Interest Fund
- Prudential LGIM FTSE4Good Developed Equity Index Fund
- Prudential HSBC Islamic Global Equity Index Fund
- Prudential Index-Linked Passive Fund
- Prudential International Equity Fund
- Prudential Lifestyle Investment Profile (LIP) Targeting Retirement Options (TRO) Lifestyle Option
- Prudential Long Term Bond Fund
- Prudential Long-Term Gilt Passive Fund
- Prudential Overseas Equity Index Fund
- Prudential Positive Impact Fund
- Prudential UK Equity Fund Workplace Pensions
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.