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.


  Included March/April/May 2014


3M Co (sector: industrial conglomerates) is a global multi-technology company mainly known for its adhesive

products, abrasives, foils, patches,  and its connecting components for copper and optical fibre networks. They are

used in the consumer, electronics, energy, medicine, healthcare, industrial, security, advertising, and design sectors.


   Use of life cycle analyses to ensure a sustainable range of products

   Extensive measures taken to reduce the waste caused by production and hazardous air pollutants

   Exclusion criterion “infringement with employment rights” has lapsed

   Significant reduction of CO2 emissions in the past few years; however, some competitors have been

even more ambitious


Total SA (sector: integrated oil and gas) is one of the largest European mineral oil companies. The group’s activities

cover the entire spectrum of  the oil industry, i.e. exploration, production, refining, and sale of oil and special

chemicals products


   Operation of extremely energy-efficient refineries

   Exclusive use of double-hull tankers

   Extensive activities in the area of renewable forms of energy, e.g. largest shareholder of SunPower

Corp, and comprehensive R&D measures in biomass

   EAM rates the company’s shalegas activities negative

2nd Generation

The project BioTfuel exemplifies the oil company Total’s reliance on

second-generation biofuels. The plan is to produce 200,000 tonnes

of fuel from 1,000,000 tonnes of cellulose biomass (such as wood

waste and straw) until 2020. In contrast to first-generation biofuels,

which are produced from vegetable oils and sugar, the second

generation is based on raw materials that are not suitable for


  Excluded March/April/May 2014


Hennes & Mauritz AB (sector: apparel retail) is among the world’s best-known textile retailers. The H&M group

sells fashion, accessories, and shoes for men, women, and children under its own brand in a network of stores.


   Violation of the exclusion criterion “infringement with working rights” in connection with accusations

made against a supplier from Bangladesh concerning interference with trade unions

   Weak corporate governance assessment in the areas of shareholder rights and due to the

non-existence of a remuneration committee

   Initial, rudimentary efforts to increase the use of more environmentally friendly materials

   Comprehensive business strategy with regard to fur, leather, and animal welfare

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