From the exclusion policy perspective, we are based on the Rules of Conduct in Defence: The BBVA Defence Rule applies to all units and subsidiaries of the BBVA Group Worldwide and to all financial services. For the purposes of this policy, BBVA uses exclusion lists of companies and countries, prepared and regularly updated with the help of independent experts. The document is publicly available in the following URL: http://bancaparatodos.com/wp-content/uploads/2010/10/Rules-of-Conduct-in-Defense.pdf
This criteria is quarterly reviewed by an independent third party (Sustainalytics). We are provided with a list of exclusions, classified based on the following criteria:
• Anti-personnel mine.
• Biological weapons
• Chemical weapons
• Cluster weapons
• Nuclear weapons
From integration point if view, the process is the same thta we have explain in the equity module already. We receive the raw information from our service provider and this informations is moved within our proprietary model in which data is normalized and adapted to our investment universe.