Controversial Weapons:
We do not invest in any companies which are involved with the production or sale of anti-personnel mines and cluster bombs, or of chemical, biological and depleted uranium weapons.
Global Compact:
We exclude any company which violates, repeatedly and seriously, one or more of the ten principles of the Global Compact.
Tobacco:
We do not invest in companies which obtain more than 5% of their revenues from manufacturing complete tobacco products.
Unconventional Oil and Gas:
We exclude investments in companies which obtain more than 30% of their revenues from the exploration and production of unconventional oil & gas extraction, i.e. Shale Oil, Shale Gas and Oil Sands.
Nuclear Weapons:
We exclude:
- companies involved in the production, sale, storage of nuclear weapons of states which are not Party to the Treaty on Non-Proliferation of Nuclear Weapons;
- companies which produce nuclear warheads and/or whole nuclear missiles as well as components that were developed and/or significantly modified for exclusive use in nuclear weapons;
- companies that obtain 5% or more of their total revenue from the production or sale of nuclear weapons, excluding revenues from ownership and dual use components as well as delivery platforms.
Coal:
We exclude companies which receive a substantial proportion of their revenues from coal mining or coal-fired power generation or which are developing new coal mines, coal-fired power generation, or transport facilities exclusively dedicated to coal.
Detail:
- We exclude companies with revenue from thermal coal mining extraction and thermal coal fired power generation which is >50% of their revenues.
- We exclude companies with more than 20% of revenue from coal mining extraction, and companies with annual thermal coal extraction of 70m tonnes without an intention to reduce production.
- We also exclude companies with revenues of between 20% and 50% from coal-fired electricity generation, if they have a poor transition path.
- We exclude coal developers. These are companies which are adding to coal capacity, either via developing a coal mine (with more than 20% ownership) or building a coal-fired electricity generation facility of more than 300MW, or by building transport facilities exclusively dedicated to coal. A company is not excluded if it is considering coal development – it is only excluded after a decision is made. A company which buys an existing coal facility is not excluded – it is not adding to coal capacity, just changing the ownership of the existing capacity. A company which buys coal assets in order to close them down will not be excluded provided it commits to closing them within two years.
