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Exclusion zone


Definite no-no’s

There are some sectors and companies that would never be considered for our investment universe. For example, we don't invest in tobacco, or coal mining companies. We divested from the gas sector in 2016 and will divest from individual companies that are not following through on key expectations or commitments.

Not always black and white

Ethics requires judgment. It can be complex and subjective. There is no one-size fits all. Ethical investment decisions are a complex balancing act of pros and cons. Often, the most ethical decision lies somewhere in the many shades of grey. Our ethics research team grapples with the far-reaching consequences of our investment decisions and examines issues from many angles.
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We exclude high emissions companies that we see obstructing the transition to a low-carbon economy. Our ethical approach helps us identify long-term investment opportunities and sectors that will prosper in a low-carbon future. This reduces our exposure to the risks associated with investing in legacy or ‘old world’ companies and sectors.