Excluded companies

We don’t invest in companies that:

• Are involved in manufacturing (including components or support systems) controversial weapons, including cluster munitions, anti-personnel mines, biological/chemical weapons or nuclear weapons.
• Are involved in manufacturing automatic or semi-automatic firearms, magazines or parts for civilian use.
• Generate more than 5% of their revenue from any other weapons related business activities.
• Generate more than 10% of their revenue from thermal coal mining.
• Generate more than 10% of their revenue from the extraction of unconventional oil and gas. This includes revenues from oil sands, oil shale (kerogen-rich deposits), shale gas, shale oil, coal seam gas, and coal bed methane.
• Are involved in manufacturing tobacco products.
• Generate more than 5% of their revenue from adult entertainment.
• Are involved in whaling and whale meat processing.

We use the MSCI ESG Manager tool in conjunction with our own internal research to determine a company’s involvement in the above business activities.

We also don’t invest in entities across a range of industries that have breached global norms or standards to a severe degree, including severe abuses of human rights, labour rights, the environment or other ESG (environmental, social, and governance) issues.