Exclusion Criteria

In cooperation with Germany's most renowned rating agency for ESG issues, imug rating, we have defined criteria for the selection of our shares.

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

Chemicals of Concern

x Production of restricted chemicals
x Production of pesticides - Manufacturers
Abuse of Animals

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

Civilian Firearms

max. 5 % Production or sale of civilian firearms
Coal

Coal

x Thermal coal mining
x Coal-fuelled power generation
Nuclear Power

Nuclear Power

max. 5 % Turnover from nuclear power
x Uranium mining
Fossil Fuels Industry

Fossil Fuels Industry

x Fossil fuels industry - Upstream
max. 10 % Fossil fuels industry - Midstream
Military

Military

max. 5 % Military sales
x Controversial weapons
x Financing of cluster munitions or anti- personnel landmines
Pornography

Pornography

max. 3 % Pornography and adult entertainment services
Gambling

Gambling

max. 5 % Gambling operations or products
Unconventional Oil and Gas Involvement

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

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.
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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