The toolkit uses a corporate culture standard designed for the investment industry.

UK think tank and advocacy group City Hive has launched the ACT Toolkit for Charity Trustees, which is designed to help users assess whether the culture and conduct of their asset managers align with their charity’s purpose, values and long-term responsibilities.

The toolkit is based on the ACT Framework, a corporate culture standard developed for the investment industry. It provides clear questions, consistent disclosures and a repeatable process through which trustees can identify potential cultural, governance and reputational risks.

“Charity trustees are responsible not only for where their charity’s money is invested, but for ensuring those investments continue to support its purpose, values and long-term interests,” Bev Shah, co-CEO of City Hive, said. “Financial performance is clearly central to manager oversight, but it does not provide a complete picture. The culture of an asset management firm shapes how decisions are made, how risks are challenged, how people are supported and how openly the firm responds when problems arise.”

City Hive cited guidance from the UK’s Charity Commission, noting that it says trustees must act in their charity’s best interests, consider the suitability and diversification of investments, take advice where appropriate and review investment arrangements at suitable intervals.

The Charity Governance Code was also revised in 2025. Its eight principles include specific expectations relating to ethics and culture, decision-making, the management of resources and risk, and board effectiveness. Separately, the UK Stewardship Code 2026 puts an increased focus on the selection and oversight of asset managers, alongside transparent reporting on stewardship activities and outcomes.

“Values are often prominent in an organisation’s public messaging, but trustees need to understand how those commitments are reflected in the way investment partners operate,” David Coombs, head of multi-asset investments, Rathbones Asset Management said.

“The ACT Toolkit gives charity investment committees a practical way to assess culture, conduct and accountability alongside investment performance. That should support more informed oversight and help ensure asset managers are aligned with a charity’s values and long-term priorities,” Coombs said.