London | 17 September 2026

New investor engagement initiative targets transparency gaps in defence and dual-use sectors

The Global Advisory Alliance (GAA) is developing an institutional investor engagement initiative focused on improving transparency across the defence and dual-use sectors.

The initiative aims to bring together institutional investors to facilitate structured dialogue with selected European companies and ESG data providers, addressing gaps in the availability, consistency and quality of information needed for informed investment and stewardship decisions.

The initiative responds to growing investor demand for more consistent, decision-useful information on defence-related activities and associated risks.

Engagement is expected to focus on areas including defence and dual-use revenue transparency, human rights due diligence, export and end-use controls, safeguards around AI and dual-use technologies, and the quality and consistency of information provided by ESG data providers.

Working with the initial investor group, GAA has developed a KPI’s and Outcomes framework setting out how engagement progress and company responses will be assessed.

“Investors are being asked to make increasingly complex decisions about defence and dual-use exposure, while the information available to them has not always kept pace,” says Anna-Stina Wiklund, Defence and Stewardship Programme Lead at Global Advisory Alliance and founder of independent advisory firm Flora Advisory. “The aim of this initiative is to turn those information gaps into a practical stewardship agenda: identifying what investors need to know, engaging collectively with companies and data providers, and assessing whether transparency improves.”

"The convergence between advanced digital technologies and the defence sector is creating new challenges for investors. In this context, improving transparency and the quality of available information is essential to support effective stewardship, sound risk management, and informed long-term investment decisions” says Aldo Bonati, Stewardship and ESG Networks Manager at Etica Sgr. This initiative represents a valuable contribution to that objective."

GAA is currently speaking with institutional investors interested in participating in the initiative. Investors joining at this stage will have the opportunity to help shape the final engagement priorities, target companies and ESG data providers.

Subject to sufficient investor participation, the initiative is expected to move into its first engagement phase later this year.

Institutional investors interested in joining or learning more are invited to contact Anna-Stina Wiklund and Karel Krticka at team@globaladvisoryalliance.com .

Governance and Investor Independence

The GAA Defence Transparency Engagement Initiative is designed to focus on corporate disclosure, governance, due diligence and the quality of information available to institutional investors.

GAA's proposed role is that of an independent technical secretariat, facilitating research and structured engagement while preserving the independence of participating institutions.

The initiative is not intended to coordinate investment decisions, trading activity, portfolio allocations, voting instructions, exclusion policies or other collective commercial actions. Each participating institution retains sole responsibility for its investment strategy, stewardship activities, regulatory obligations and decisions.

The engagement process is intended to operate within defined protocols governing competition-law compliance, confidentiality, appropriate information exchange and authorised representation. Participants will not be permitted to exchange competitively sensitive information or disclose non-public investment intentions through the initiative. Engagement inquiries will not seek inside information, security-classified material or commercially sensitive contract details.

Participation will not imply endorsement of any particular investment, company, defence activity or common stewardship position. No participating institution will be represented as supporting a specific statement, engagement position or recommendation without appropriate authorisation.

GAA intends to provide confidential participation arrangements, subject to applicable legal obligations and agreed disclosure conditions.

The initiative remains subject to finalisation of its governance framework, appropriate legal review and confirmation of the arrangements necessary for its operation.

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ABOUT GLOBAL ADVISORY ALLIANCE

Global Advisory Alliance (GAA) is an international alliance of independent advisory firms led by experienced practitioners, including former senior leaders from institutional investors and specialists in stewardship, responsible investment, ESG, governance and sustainability.

GAA members remain independent while collaborating through trusted relationships, executive dialogue and shared market intelligence. Together, they combine specialist expertise and international reach to support institutional investors and companies on complex, cross-border and multidisciplinary challenges across governance, stewardship, sustainability, responsible investment and organisational transformation.

Membership is selective and brings together independent firms that share a commitment to quality, collaboration and long-term client relationships.

MEDIA AND INVESTOR CONTACT

UK | Karel Krticka
Global Advisory Alliance Ltd
team@globaladvisoryalliance.com
+44 7534 473345

EUROPE | Anna-Stina Wiklund
Defence and Stewardship Programme Lead
team@globaladvisoryalliance.com
+358 407 262072

Web: https://www.globaladvisoryalliance.com/
LinkedIn: https://www.linkedin.com/company/global-advisory-alliance

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