Investment policy

The RCR operates an ethical sustainable investment policy to ensure that the social impacts of its investments support the public benefit objective of the College. The College has chosen a fund manager and fund, Sarasin & Partners Climate Active fund, that meets our investment needs within an ethical and sustainable framework.

The fund only invests in organisations that demonstrate their commitment to the Paris goals of limiting climate change to 1.5o C by 2050 and screens out organisations whose principal purpose includes gambling, adult entertainment, armaments, alcohol, and tobacco products. The fund also screens out companies that extract thermal coal or produce oil from tar sands.

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 has delegated its duties to the Finance and Investment Committee (FAIC). FAIC provide Council with a report informing of any changes to this policy or other aspects of its work.

Investment policy objectives

The overall objectives are to maximise 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.

FAIC regularly review the portfolio to ensure that the overall objectives, risk and mandate are operating in the RCR’s best interests.

Ethical considerations

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

The Council reserves the right to also exclude investments in companies that carry out activities contrary to its aims which might damage or be perceived to damage the RCR’s reputation and embraces the wider ethical benefits of the Sarasin fund.

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

FAIC has agreed an investment returns policy which sets out a requirement for an annual return of 4% of the fund value consisting of dividends, income and sales of capital. FAIC review this policy annually.

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.