For our evaluation, we rely on independent ESG ratings and global databases: The exclusion criteria are based on the revenue of companies.
The exclusion criteria are based on a company's sales, i.e. the proportion of a company's total sales accounted for by certain business activities is examined.
For example, in the case of a paper manufacturer, it would be crucial to determine the proportion of profit derived from the sale of paper boxes to the tobacco industry.
If the share exceeds a defined threshold or if the activity is completely rejected by us, the stock is excluded.
Our Exclusion Criteria
Chemicals of Concern
| x | Production of restricted chemicals |
| x | Production of pesticides - Manufacturers |
Abuse of Animals
| x | Production of cosmetic products tested on animals |
| x | Irresponsible animal testing for medical purposes |
| x | Production or sale of fur products |
| x | Intensive farming operations |
Civilian Firearms
| max. 5 % | Production or sale of civilian firearms |
Coal
| x | Thermal coal mining |
| x | Coal-fuelled power generation |
Nuclear Power
| max. 5 % | Turnover from nuclear power |
| x | Uranium mining |
Fossil Fuels Industry
| x | Fossil fuels industry - Upstream |
| max. 10 % | Fossil fuels industry - Midstream |
Military
| max. 5 % | Military sales |
| x | Controversial weapons |
| x | Financing of cluster munitions or anti- personnel landmines |
Pornography
| max. 3 % | Pornography and adult entertainment services |
Gambling
| max. 5 % | Gambling operations or products |
Unconventional Oil and Gas Involvement
| x | Tar sands and oil shale extraction or services |
| x | Controversial oil and gas sources or technologies - Offshore arctic drilling |
| x | Controversial oil and gas sources or technologies - Hydraulic fracturing |
Tobacco
| x | Production of tobacco |
| x | Production of e- cigarettes |
These exclusion criteria are supplemented by data from various independent NGOs.
They not only assess the activities generating revenue, but also how products are being produced, transported, and the climate-related expansion efforts that exist.
Another component of the selection process is norm-based screening. It is conducted to identify violations of the United Nations Global Compact. If companies stand out negatively in the following areas, they are excluded from our universe of stocks.
Human Rights
- Compliance with fundamental human rights
Labour
- Compliance with fundamental employment law
- Anti-Discrimination
- Elimination of all forms of forced, compulsory or child labour
- Compliance with social standards in supply chains
Environment
- Protection of the environment
- Implementation of ecological standards in supply chains
Corruption
- Compliance with social standards in the supply chain