Quarterly, an exclusion list with all companies involved in the production and/or distribution of Anti-personnel mines, Depleted Uranium, Biological and Chemical weapons, Nuclear Weapons, Cluster munitions, Blinding Lasers, White Phosphorus, Non-detectable Fragments, Incendiary Weapons is provided to all analysts and portfolio manager. All the products without a benchmark cannot invest in the listed stocks, while funds with a benchmark cannot hold a position that exceeds the benchmark weight. Quarterly, a list of critical ESG stocks is provided to the investment teams for their integration of analysis.
Every quarter the SRI Committee (chaired by the CEO) analyses and ratifies the list of issuers subject to engagement and the subsequent escalation process. Such action might bring the issuer to be excluded from our portfolios if after 18 months of engagement there are no concrete signs of improvement of the issuer's ESG profile.