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Vontobel Holding AG

PRI reporting framework 2019

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

A) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。




These negative screenings are applied to all Vontobel labelled active listed equities products using negative screening in combination with a best-in-class screening:

  • Nuclear power
  • Agricultural genetic engineering
  • Arms and other defense products
  • Tobacco
  • Gambling
  • Pornography
  • Gross violations of human rights and rights at work

For some of our products, these additional negative screenings are applied:

  • Airlines
  • Alcohol
  • Agrochemicals: production of crop protection agents
  • Chlorine chemicals: production of organochlorine bulk products (e.g. PVC)



The sustainability ratings we use to define the sustainable investment universe are based on the following criteria covered by the different research providers:

Environmental criteria:

  • Effective environmental management systems with clear responsibilities, targets and regular monitoring
  • Improvement in environmental performance at operational level (increase in eco-efficiency)
  • Optimization of products based on environmental considerations

Social criteria:

  • Good conditions for employees, including health and safety systems and anti-discriminatory measures
  • Sustainability standards for suppliers, and constant monitoring
  • Fostering of economic and social development through community involvement

Governance criteria:

  • Independent Board of Directors with committees for key areas
  • Structure and equality of shareholders
  • Transparency regarding compensation and long-term incentives



Norms based screening criteria are included in our negative screening criteria (see above). The criterion "Violation of human rights" refers to the UN Guiding Principles on Business and Human Rights and the ILO Conventions. Other aspects are part of the positive screening criteria.

04.2. スクリーニング基準が変更された場合に顧客や受益者に通知する方法について説明してください。

Vontobel has carefully assessed the procedures, capacities as well as experts a provider relies on and has chosen the most suitable provider. The screening criteria used by these providers were established in a thorough process based on extensive research on specific ESG risks and opportunities in each sector.

Criteria are reviewed on a regular basis approximately once a year.

Additional Information regarding our Sustainable & Thematic Boutique:

A sustainable investment approach makes it possible to systematically incorporate in the investment process the risks and rewards created by the interplay of environmental, social and economic forces acting on companies, governments and public institutions. In our ESG competence center, a team of six sustainability analysts are responsible for evaluating the sustainability credentials of sectors, individual companies, corporate and government bonds and public financial institutions.

Our sustainability analysis complements traditional financial analysis, and is a key element in the investment process for mandates. The starting point is the investment universe, which comprises the biggest securities in the respective asset class (usually the relevant benchmarks in the case of equities), as well as other investment ideas provided by Portfolio Management and Sustainability Research. The dedicated team of sustainability analysts is responsible for evaluating the sustainability credentials of sectors, individual companies, corporate and government bonds and public financial institutions.

The detailed evaluation criteria differ among the individual sectors, as do the weightings used to aggregate the assessments of these detailed criteria to arrive at an overall rating.

The sustainability rating is composed of two dimensions, the Sector Rating and the Company Rating.

The Sector Rating assesses the company's exposure to environmental and social risks, primarily based upon on the environmental and social impacts of that particular industry. This is measured by environmental criteria such as carbon emissions, water consumption, air pollution and waste volumes; consideration is also given to social criteria such as working conditions (work accidents, staff turnover, wages and benefits) and the potential for social conflict (activities in countries with poor working conditions and human rights records, corruption, unfair competition, controversial products such as armaments, etc.). The entire value chain for the relevant sector is reviewed for this purpose (including the supply chain and the entire product life cycle).

The Company Rating assesses an individual company's contribution to reducing environmental and social risks and how well it exploits the corresponding opportunities. The rating is based upon a matrix of criteria developed in-house which comprises the following three aspects:

  • Environmental responsibility - the company's measures and initiatives to reduce the environmental impacts in production, the supply chain and product usage.
  • Social responsibility- the company's measures and initiatives to take into consideration the interests of customers, employees, suppliers and society as a whole, for example product safety, occupational health& safety, working conditions at suppliers.
  • Governance: embedding sustainability aspects in the corporate strategy and business model; management systems; corporate governance standards.

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

05.1. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.3. 第三者のESG評価がスクリーニング目的で更新される頻度を示してください。

05.5. 補足情報 [任意]

Providers were chosen carefully on the basis of a thorough evaluation of their processes, capacities and expert know-how. In addition, Vontobel regularly engages with industry associations such as SSF (Swiss Sustainable Finance) to ensure that the overall quality of available third party ESG data is continuously improved.


LEI 06. Processes to ensure fund criteria are not breached

06.1. ファンドの基準に違反がないことを確認するために組織が使用しているプロセスを記載してください。

06.2. ファンドのスクリーニング基準に対する違反が判明した場合、これらの違反を是正するために従うプロセスを説明してください。

If breaches are identified, the portfolio manager is informed immediately and the respective position is sold.

06.3. 補足情報 [任意]

For screened mandates: automated IT systems are used to prevent investment managers from investing in excluded stocks.

For our integrated approach: audits of fund holdings are undertaken on a regular basis by the internal ESG auditor otherwise not involved in stock selection and portfolio construction processes.