Our data provider executes an exclusionary screening every quarter, based on our Fundamental Investment Principles which incorporate Environmental, Social, and Governance issues. We exclude several products and activities, for instance nuclear weapons or riverine tailings disposal. For a number of specific active funds, an additional thematic overlay is added which leads to further exclusions, based on products, activities or ESG practices. In addition, a sector-based score is integrated into the final ESG score, which downgrades companies that are active in certain sectors, such as the oil& gas sector. A similar approach is taken for sovereign bonds in specific funds. The ESG score methodology differs from the corporate ESG score methodology as both have different relevant indicators.