Responsible Investment Universe
The definition of our investment universe is the corner stone in building our funds.
Through a series of strict criteria, we filter those companies that we include or exclude.
The following list is an excerpt of the changes.
Admitted April – June 2015
Deutsche Lufthansa AG (sector: Airlines), C+ in the ESG rating 06/2015 by EAM; a globally operating aviation
group with activities in passenger transportation, logistics, technology, and catering.
Ratification of UN Global Compact in 2002
Ongoing improvement of the ecological efficiency of the aviation business. In 2014 fuel consumption of
the Lufthansa group fleet amounted to 3.84 litre per passenger per 100km (source: Lufthansa)
Active participation in the engagement process on the topic of tourism, see the edition
03/2014 of ERSTE RESPONSIBLE RETURN – The ESG Letter
Lapse of the exclusion criterion of corruption (controversial business practices)
Investigations with regard to bribes at Lufthansa Cargo
Jinko Solar Holding Co (sector: Semiconductors), C+ in the ESG rating 06/2015 by EAM; among the world’s
leaders in the photovoltaics industry. The company develops and manufactures products for the solar industry
such as silicon ingots and wafers, solar cells and modules, and assembly systems in China. In addition, the
company manages solar power projects.
Sales entirely generated from solar products and projects
Information with regard to the certification of work protection management, quality management, and
environmental management systems OHSAS 18001, ISO 9001, and ISO 14001 available at least for one
production site in China
No significant efforts made with regard to corporate social responsibility reporting
2020
Until the year 2020 Lufthansa aims to
implement an extensive environmental
strategy including both general guidelines
(Expand environmental management) and
concrete measures (Cut nitrous oxide emissions).
Thanks to the “low NOx technologies” the
nitrous oxide emissions have been halved
since 1991.
© Lufthansa
Excluded April – June 2015
Banca Monte dei Paschi di Siena SpA (sector: Diversified banks), C in the ESG rating 06/2015 by EAM; one of
Italy’s biggest credit institutions, and regarded as the oldest bank still existing in the world. The bank operates
both domestically and internationally and offers traditional banking products as well as insurance services.
Exclusion due to the falsification of balance sheets (controversial business practice) in connection with
derivative transactions aimed at covering up losses resulting from the takeover of Banca Antonveneta
Little effort made in employee retention/recruitment
Comprehensive information on UN Global Compact (ratification in 2002), Carbon Disclosure Project
(CDP; participating since 2006), and CO2 balance sheet (published since 2010)
(Alexander Osojnik)
