Real Assets
We build future energy systems and resilient infrastructure, backing emerging opportunities in technology, land and water.
Smurfit WestRock collects, manufactures and sells recycled cardboard packaging. The company is listed in the US and operates throughout Europe and the Americas. Smurfit Westrock is a global leader in sustainable packaging with clients in food, beverages, household consumables and industrial markets.
Topic: Biodiversity and nature loss; indigenous communities
Our objective: Limiting material negative social or environmental impacts.
Company objective: For Smurfit WestRock to improve its Nature Action 100 Benchmark Assessment score by resolving discrepancies with the secretariat, strengthen engagement with indigenous communities and improve related disclosures.
Desired outcome: More accurate recognition of the company’s existing efforts to address biodiversity and nature loss strengthening the company's position as a sustainability leader in the sector; and improved stakeholder relationships and social license to operate.
Background: Smurfit WestRock is one of the world’s largest manufacturers of paper-based packaging products. With operations across forestry, paper, and packaging, the company has significant exposure to nature-related risks, including deforestation, biodiversity loss, and water use. In 2023, it was named as one of the 100 companies targeted under Nature Action 100 (NA100)—a global investor initiative focused on driving corporate action on nature and biodiversity loss.
Activity: We acted as lead investor in this collaborative engagement. In this role, we coordinated and lead a group call with the company and later wrote a letter formalising our expectations and objectives for the company under the initiative.
Outcomes: M3 – company develops or commits to developing an appropriate policy or strategy to manage the issue
There is no progress yet on the formal objectives outlined in the letter sent in Q1 2025.
However, Smurfit WestRock remains highly engaged and motivated to work with investors on sustainability issues. In our recent call with the company, executives reaffirmed the company's strong commitment to tackling key challenges such as biodiversity and nature loss.
For example, it plans to adopt the Taskforce on Nature-related Financial Disclosures (TNFD) for FY 2026. Preparations for CSRD reporting will feed into this. The company is also currently solidifying the post-merger strategy for managing biodiversity and water impacts.
It is worth reiterating that Smurfit’s biodiversity reporting has already improved in recent years. For instance, it now discloses species data in its Colombia timberlands.
We look forward to continuing this dialogue with Smurfit in the coming months and are optimistic about it’s commitment and ability to make progress against objectives.
Important information
Foresight Group LLP does not offer legal, tax, financial or investment advice and the information on this website should not be construed as such. We recommend investors seek advice from a regulated financial adviser. The opportunity described in this document may not be suitable for all investors. Any such investment decision should be made only on the basis of the Fund scheme documents and appropriate professional advice.
Foresight Group LLP acts as investment manager and is authorised and regulated by the Financial Conduct Authority with Firm Reference Number 198020 and has its registered office at The Shard, 32 London Bridge Street, London SE1 9SG.
OEICs
An investment in FP Sustainable Future Themes Fund, FP Foresight Global Real Infrastructure Fund, FP Sustainable Real Estate Securities Fund, FP UK Infrastructure Income Fund or FP WHEB Sustainability Impact Fund and Liontrust Diversified Real Assets Fund (together the “Funds”) should be considered a long-term investment that may be higher risk. Portfolio holdings are subject to change without notice.
The Authorised Corporate Directors FundRock Partners Limited (registered office at Hamilton Centre, Rodney Way, Chelmsford, England, CM1 3BY) and Liontrust Investment Partners LLP (registered office 2 Savoy Court, London WC2R 0EZ), are authorised and regulated by the Financial Conduct Authority with Firm Reference Numbers 469278 and 518552 respectively. The Funds are incorporated in England and Wales.
ICAVs
An investment in the WHEB Sustainable Impact Fund and the WHEB Environmental Impact Fund (together the “Funds”) should be considered a longer-term investment that may be higher risk. Portfolio holdings are subject to change without notice.
The Manager of the Funds is FundRock Management Company S.A., authorised and regulated by the Luxembourg regulator to act as UCITS management company and has its registered office at Airport Center Building, 5, Heienhaff, L-1736 Senningerberg, Luxembourg.
We respect your privacy and are committed to protecting your personal data. If you would like to find out more about the measures, we take in processing your personal information, please refer to our privacy policy, which can be found at http://www.foresight.group/privacy-policy.