We do not have a specific investment policy for this type of asset. However, a minimum ESG criteria is required to de issuer.

1) Evaluation of the management entity, analysing the ESG policies used in their funds.

2) Analysis of standards subscriptions, as well as commitments in regards to ESG.

3) Analysis of monthly, quarterly or annual reports that the management entities send to us.

4) Dialogue with managers at least once a year.

1) Evaluation of the management entity, analysing the ESG policies used in their funds.

2) Analysis of standards subscriptions, as well as commitments in regards to ESG.

3) Analysis of monthly, quarterly or annual reports that the management entities send to us.

4) Dialogue with managers at least once a year.

1) Evaluation of the management entity, analysing the ESG policies used in their funds.

2) Analysis of standards subscriptions, as well as commitments in regards to ESG.

3) Analysis of monthly, quarterly or annual reports that the management entities send to us.

4) Dialogue with managers at least once a year.

1) Evaluation of the management entity, analysing the ESG policies used in their funds.

2) Analysis of standards subscriptions, as well as commitments in regards to ESG.

3) Analysis of monthly, quarterly or annual reports that the management entities send to us.

4) Dialogue with managers at least once a year.

1) Evaluation of the management entity, analysing the ESG policies used in their funds.

2) Analysis of standards subscriptions, as well as commitments in regards to ESG.

3) Analysis of monthly, quarterly or annual reports that the management entities send to us.

4) Dialogue with managers at least once a year.

1) Evaluation of the management entity, analysing the ESG policies used in their funds.

2) Analysis of standards subscriptions, as well as commitments in regards to ESG.

3) Analysis of monthly, quarterly or annual reports that the management entities send to us.

4) Dialogue with managers at least once a year.

Accounts will be opened at entities who show that they have incorporated ESG criteria in their investment and management policies. It is a requirement that a minimum of 75% of AUM be deposited in entities with an ESG rating from Sustainalytics or RobecoSAM.

If an entity does not have a rating, the management team shall conduct an ESG study, and shall decide if it meets the investment principles required.

We do not have a specific investment policy for this type of asset, we consider it as Corporate FI.

Exclusion by country according to ESG country Risk, exclusion owing to behaviour (controversies analysis) and Qualification and evaluation of ESG criteria using ESG rankings.

STRUCTURED PRODUCTS and DERIVATIVES

We will invest in structured financial products that are managed by entities who have demonstrated having ESG criteria in their investment and management policy.

At minimum, 75% of the investment will be in entities with an ESG rating from Sustainalytics or RobecoSAM.

For savings banks or cooperatives, or any other entity without a rating, the management team shall conduct an ESG study, and shall decide if it meets the investment principles required.