Investment policy

Investment powers

The assets of The Royal College of Radiologists (RCR) must be invested in accordance with the RCR’s Royal Charter and By-Laws and the Trustee Act 2000.

The Council delegates its duties in respect of the management of RCR investments to the Finance and Investment Committee. A report shall be made to each appropriate Council business meeting by the Finance and Investment Committee, informing Council of any changes to this policy or other aspects of its work as appropriate.

Investment policy objectives

The overall objectives are to maximize total returns via growth in capital and income to enable the RCR to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of, and if possible, enhancement of the value of the invested funds while they are retained.

Both capital and income may be used at any time for the furtherance of the RCR’s aims.


Council has determined on recommendation from the Finance and Investment Committee that there should be a moderate risk investment portfolio through a diversified investment strategy, so that the investments are spread across several asset classes, within which the underlying investments are also diversified.


Council has agreed a discretionary investment mandate, whereby the investment manager is entrusted by the RCR with the active management of the investment portfolio and assumes responsibility for all investment decisions and outcomes.

The Investment Committee shall review regularly the portfolio mix to ensure that the overall objectives, risk and mandate are operating in the RCR’s best interests. The portfolio mix is set out in Annex A to this document which will be revised each time a change is made by the Committee and the Annex shall be dated to ensure that instructions to the investment manager are clear.

Ethical considerations

Investments should not knowingly be held in companies whose principal purpose is in tobacco, arms or in extraction and production of thermal coal and tar sands.

The Council reserves the right to exclude companies that carry out activities contrary to its aims or from holding particular investments which might damage or be perceived to damage the RCR’s reputation.

The Investment Committee expects the fund manager to have considered the suitability of investments of the same kind as any particular investment proposed to be made or retained.

Dividends and interest

The Investment Committee may instruct the investment manager to reinvest all the surplus income.

Cash deposits

Cash deposits are retained by the investment manager as part of the investment portfolio.

Policy outcome: placing investments

  1. The RCR invests using the Sarasin and Partners Climate Active Endowment fund.

  2. This Climate Change Active fund meets all the RCR investment policy requirements and, as a fund built with charities in mind, it also negatively screens for investments in companies who derive significant turnover from alcohol, gambling and pornography.