Dear Mr Sayers,

I have followed with interest the developing debate about the rise in large-scale land acquisitions in the Global South. In a number of cases these land grabs are generating conflicts and controversy. For investors in new land acquisitions, such conflicts and controversy can generate material financial risks. Pension funds are amongst the largest institutional investors in farmland worldwide. As a pension saver, I have both financial and ethical concerns that part of my pension savings could be invested in land acquisitions with poorly managed risks. Could you please let me know about Electricity Supply Pension Scheme's exposure to investments in agricultural land, both direct investments and those via publicly and privately listed companies? I would like to understand what safeguards are in place to limit the risks of these types of investments and activities?

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