The Church of England Pensions Board

John Ball serves as the Chief Executive Officer, holding overall responsibility for the Board's investment strategy and operations. Adam Matthews leads the responsible investment and corporate engagement program as Chief Responsible Investment Officer, a role that carries global influence disproportionate to the Board's size. Specific internal portfolio management structures for asset class allocation are not publicly detailed.

The Church Commissioners manage the Church of England's historic endowment, built primarily from assets transferred in exchange for the state taking on clergy stipend obligations. The Pensions Board is a separate legal entity administering retirement benefits for clergy and lay workers under UK pension law. They co-invest in various real estate and alternative assets, but the Pensions Board has a narrower fiduciary duty and has historically taken more concentrated, active stewardship positions.

The Transition Pathway Initiative (TPI) is a global asset-owner tool that assesses companies' alignment with climate benchmarks. The Pensions Board founded and chairs TPI, which as of 2020 had backing from investors representing over $25 trillion in combined assets. This platform gives the Board — despite its relatively modest asset pool — a convening power that shapes how the investment industry benchmarks corporate climate performance globally.

While its direct property portfolio is concentrated in the United Kingdom — including the Hyde Park Estate in London and the Metrocentre in Gateshead — the Board has a global infrastructure equity mandate. Its timberland holdings also extend beyond UK borders. The Board's stewardship engagements under Adam Matthews target large-cap emitters globally, not just British companies.

The Board co-invests with the Church Commissioners on UK real assets, including the Hyde Park Estate. For global infrastructure equity, it participates alongside institutional partners but typically seeks direct ownership stakes rather than purely fund-of-fund exposures. The specific co-investment vehicle and fund commitment breakdown is not publicly itemized.

The Board operates clergy retirement housing directly — branded internally as CHARM — which serves dual functions: it provides appropriate housing for retired clergy and generates inflation-linked rental income for the pension fund. The Archbishops' Council provides grant funding and support for the Board's charitable housing activities, creating a public-private financing model within the Church's governance framework.

The Board has not publicly divested from oil and gas as a blanket policy. Instead, under Adam Matthews' leadership, it has taken the approach of active engagement, most notably leading the Climate Action 100+ dialogue with Shell that produced the company's first shareholder-voted energy transition plan. The Board's stated approach is to use its shareholding to force change rather than exit and cede influence.