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Much has changed in the charity investment landscape with the Butler-Sloss case leading the Charity Commission to update CC14 Investing Charity Money: Guidance for Trustees to more faithfully incorporate recent legal changes, including the balancing act that charities should undertake when considering the potential investment benefits alongside risks. And it more clearly expresses the discretion that charities have in choosing investments that align with their values, providing they further their charitable purposes.

Although there was much to commend in the updated guidance, if one were being critical, CC14 could give more of a focus to responsible investment policies and the environmental, social and governance (ESG) agenda more broadly. It could have also have been more explicit about the additional obligations on trustees in light of the principles laid out in the ButlerSloss ruling.