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EXCLUSION

DEFINITION:

 Excluding entire sectors, companies or countries from a fund or portfolio based on ESG criteria, moral or ethical views, or religious beliefs.

OBJECTIVES:

 Align investors’ money with their perception of ESG risk or broader beliefs, and to mitigate ESG risks as investors exit ‘sin’ stocks, such as tobacco or gambling companies.

HERMES' APPLICATION:

Our proprietary exclusion list – or screen – is updated on a quarterly basis, and incorporates investors’ bespoke ESG preferences. The exclusion list includes companies:

  • Identified by Hermes EOS, our in-house stewardship team, as being involved in providing controversial weapons
  • Generating more than 10% of their revenue from the gambling, tobacco, logging, nuclear energy or armaments industries
  • With a High Severity rating for environmental and social risks in the Hermes EOS Controversial Companies report