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PRI reporting framework 2018

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (A) Implementation: Screening

(A) Implementation: Screening

LEI 04. Types of screening applied

04.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by


KEPLER's ethical committee agreed on a comprehensive list of exclusion criteria including products, activities, sectors, environmental and social practices / performance as well as corporate governance. Operationalisation of the criteria is done by our ESG provider oekom research AG.

Screened by


Additionally to exclusion criteria, positive criteria for corporates (bonds and equities) are applied in KEPLER's ethical investment approach. KEPLER's ESG provider oekom research AG established a sector-based ESG-matrix comprising social and environmental impact. The higher social and environmental (negative) impacts of a sector, the higher the requirements for the ESG management. This implies a higher barrier to receive prime status. For example, the requirements (and negative impacts) of the metals & mining sectors are higher than those of the financials and insurance sectors. Therefore, it is easier for financials / insurances to reach prime status than for companies of the metals/mining sectors.

Screened by

          Kyoto Protocol to the UN Framework Convention on Climate Change,


All above selected norms are considered in KEPLER's ESG approach.

04.2. Describe how the screening criteria are established, how often the criteria are reviewed and how you notify clients and/or beneficiaries when changes are made.

Screening criteria are established by oekom research and are continuously reviewed and discussed in the KEPLER Ethics Committee. Oekom research screens more than 3.800 companies and 56 countries as well as the EU.

As far as companies are concerned, a best-in-class approach rates companies on the basis of about 100 sector-specific criteria. Additionally, exclusion criteria are applied. As far as countries (and EU) are concerned, a best-in-class approach rates countries on the basis of about 100 environmental and social criteria. Additionally, exclusion criteria including environmental and social criteria are applied.

Oekom research's rating criteria are continuously reviewed  by oekom and its rating committee. Corporate ratings are reviewed in different intervals (continously, quarterly, annualy, 2 years intervals etc.)

If a change in KEPLER's exclusion criteria is made (for example after the last Ethics committee - new criterion "coal and oil"), the new criteria are published on our homepage. 

LEI 05. Processes to ensure screening is based on robust analysis

05.1. Indicate which processes your organisation uses to ensure screening is based on robust analysis.

05.3. Indicate how frequently third party ESG ratings are updated for screening purposes.

05.4. Indicate how frequently you review internal research that builds your ESG screens.

05.5. Additional information. [Optional]

LEI 06. Processes to ensure fund criteria are not breached (Private)