To identify companies to be excluded from our investment universe, we realize a sector-based and norm-based negative screening. Nonetheless, we do believe that the decision not to invest is not always the best option to help emerging economies to grow. In order to engage with societies matching with the exclusion list and not passing the screening, we allow them a 18-month period to become compliant before divestment (maximum 5% of the portfolio). Exclusion criterias have been established according to international conventions and controversial sectors, adapted to emerging markets. The exclusion list is reviewed once a year and an updated version is publicly available on our website.