Responsible Investing


We do not invest in companies involved with controversial weapons, tobacco, large-scale coal-mining or coal-fired electricity generation, or which are in serious breach of the Principles of the United Nations Global Compact

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.


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 and of states signatories of the Treaty on Non-Proliferation of Nuclear Weapons but not members of NATO.
  • 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.


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.


  • 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.