Engagements in focus
BP
Longstanding Ruffer holding BP has faced a tumultuous few years, with a declining share price, leadership changes and activist investor Elliott Management building a 5% stake in the business. These events precipitated the need for a strategic reset, announced in February 2025, at its capital markets day.
We met with the company in April 2025 to discuss our voting decisions before its AGM. Topics covered included climate targets, renewable energy and business performance.
NEWMONT
Gold has been one of the hottest investment themes in 2025, with a rising bullion price causing shares in gold miners to leap. Ruffer has invested in Newmont, the world’s largest gold producer.
We met the firm in the fourth quarter to discuss its approach and initiatives on climate, health and safety, as well as its reporting practices. Also, on the agenda was how the acquisition of rival Newcrest in 2023 was impacting its sustainability reporting and climate targets.
SMURFIT WESTROCK
In the fourth quarter, we met with Irish multinational corrugated and paper-based packaging manufacturer Smurfit Westrock to discuss multiple themes, from climate and human rights to reporting disclosure.
After the Smurfit Kappa and WestRock merger in July 2024, one of our priorities was to better understand how the enlarged group approached sustainability and climate targets.