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.
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.
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.
- In the case of coal extraction (mining), we exclude companies with more than 50% of revenues coming from extraction or – after a qualitative and prospective analysis – that produce more than 100m tons of coal per year. We also exclude companies with revenues between 25% and 50% if they have a poor transition path.
- For coal-fired electricity generation, we exclude companies with more than 50% of revenues coming from this activity. We also exclude companies with revenues between 25% and 50% 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.
- Our House Exclusions Policy is available here: House Exclusion Policy