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(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

Negative/exclusionary screening

Screened by

Product

Activity

Sector

Country/geographic region

Environmental and social practices and performance

Corporate governance

Description

All our listed equities are screened against our exclusion list (product based). Also, within our Developed Market Equity fund we have been selling the shares of the most CO2-intensive companies in the most polluting sectors: utilities, energy and materials (70% of the total footprint). We aim to counteract climate change by reducing the CO2 emissions of our investments.

Positive/best-in-class screening

Screened by

Product

Activity

Sector

Country/geographic region

Environmental and social practices and performance

Corporate governance

Description

We construct a universe of companies based on impact criteria.

Norms-based screening

Screened by

UN Global Compact Principles

The UN Guiding Principles on Business and Human Rights

International Labour Organization Conventions

United Nations Convention Against Corruption

OECD Guidelines for Multinational Enterprises

Other, specify

Description

The impact universe is screened for UN Global Compact violators.

04.2. Describe how you notify clients and/or beneficiaries when changes are made to your screening criteria.

The screening criteria fit our exclusion policy. If any significant changes are made this is communicated in our annual report or on our website.

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

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

Comprehensive ESG research is undertaken or sourced to determine companies’ activities and products.

Companies are given the opportunity by you or your research provider to review ESG research on them and correct inaccuracies.

External research and data used to identify companies to be excluded/included is subject to internal audit by ESG/RI staff, the internal audit function or similar.

Third-party ESG ratings are updated regularly to ensure that portfolio holdings comply with fund policies.

Trading platforms blocking / restricting flagged securities on the black list.

A committee, body or similar with representatives independent of the individuals who conduct company research reviews some or all screening decisions.

A periodic review of internal research is carried out.

Review and evaluation of external research providers.

Other; specify

          RI and Strategy review in certain instances the intentionality of the company to produce a certain product with positive impact.

None of the above

05.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your ESG screening strategy.

<10%

10-50%

51-90%

>90%

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

Quarterly or more frequently

Bi-Annually

Annually

Less frequently than annually

05.5. Additional information. [Optional]

The SES team explores the possibilities for ESG integration in multifactor models. Candidate ESG factors are assessed based on their relationships to other factors in the model, their potential to add value to the investment process, and their potential to improve the ESG profile of the portfolio on top of its financial characteristics. Depending on the outcome of such an evaluation ESG factors are considered for addition to the model. Good and reliable data are naturally the challenge and key to this effort.

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

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