ESG research and valuation are one step ahead of traditional financial analysis that we take internally in cooperation wirth ERSTE Asset management. We valuate each issuer with its environmental, social and governance score combining external research and internal analysis. Having these inputs each issuer receives an EAM ESG score and furthermore lead to an inclusion or exclusion in our ESG investment universe. Based on this data traditional financial analysis that combines bottom-up and top-down research is conducted. The combination of minimum standards, positive and negative criteria, exclusion criteria, best-in-class approach (selection of the best companies in each sector), active engagement and voting process (dialogue with companies, exercise of voting rights) plus the rigourous review of finanicial performance objectifies the management approach.