A critical analysis of investor action on health - Niamh O'Sullivan research
Dr Niamh O’Sullivan, Assistant Professor in Sustainable Business, and Dr Simon Bishop, Associate Professor in Organisational Behaviour at Nottingham University Business School, led research funded by The Health Foundation exploring how large investors can influence public health and health equity through their investment decisions and activities.
Health is increasingly shaped by commercial activity, from the products companies sell to the conditions in which people work and live.
While research and policy debates have often focused on the health impacts of specific products and services such as tobacco, alcohol, ultra processed food, and gambling, much less attention has been given to the role of institutional investors in the commercial determinants of health.
Asset managers have significant influence over corporate behaviour, yet it remains unclear how consistently health considerations are embedded within their environmental, social and governance (ESG) investment strategies. There has also been limited exploration of how poor public health outcomes may pose long term financial risks to investors.
The research team conducted a detailed, critical-analysis of the health-related activities of top 10 UK asset managers, collectively responsible for approximately £584 billion in assets under management (as per May 2024).
Using publicly available documentation, the study explored how these organisations are addressing 14 priority public health themes (1).
Niamh explained:
Investors have significant influence over the conditions that shape our health. This research shows where health is beginning to be recognised – and where much more can be done.
Research findings
The research shows that while some positive action is taking place, health is not yet being addressed comprehensively across the sector. None of the asset managers addressed all 14 themes in a strong and consistent way. Only two explicitly identified health as an ESG priority, and just one had a dedicated health policy, covering two of the themes under review - antimicrobial resistance (AMR) and nutrition.
Progress was most evident in areas such as AMR, workplace health, financial security and wellbeing, nutrition and water pollution, while surprisingly alcohol, air pollution, gambling and tobacco received far less attention.
The study also offers recommendations for investors and policy makers on how these gaps and inconsistencies can be addressed.
Why it matters
Investors play a powerful role in shaping business behaviour and long term economic outcomes. This research highlights the opportunity for health to be recognised not only as a social concern, but also as a strategic investment issue with clear links to financial risk.
By providing robust evidence of current practice, the project supports investors, policymakers and public health professionals to strengthen the role of health within responsible investment and to use investment influence to support healthier and more equitable livelihoods.
Research Team
Dr Niamh O’Sullivan (Primary Investigator)
Dr Simon Bishop (Co Investigator)
More information
To read more about this project please download the full report:
Find out more about the Centre for Health Innovation, Leadership and Learning (CHILL).
Find out more about research in the Work, Organisation and Management (WOM) Department.
Note:
(1) Air pollution; alcohol; access to medicine and antimicrobial resistance (AMR); employment and physical and mental health; financial security and wellbeing; gambling and mental health; housing, infrastructure and health; nutrition and obesity; technology and physical and mental health; tobacco; and water pollution.