We were among the first asset managers to put in place a blanket exclusion for companies which derive more than 30% of revenues from coal. We also exclude assets linked to food commodities, deforestation and other unsustainable practices causing natural ecosystem conversion. and follow exclusion rules on controversial weapons such as Anti-Personnel Landmines. We also manage Environmental, Social and Governance (ESG) and Responsible Investment funds applying additional exclusions policies to help systematically address the most severe sustainability risks in the investment decision-making process. As stewards of our clients’ assets, our primary goal is to help them preserve and grow their wealth. An important part of achieving this is by investing responsibly. We believe that responsible investment (RI) can not only deliver sustainable, long-term value for clients but that it can also make a positive impact on society. As a responsible investor, at AXA Investment Managers (“AXA IM”) we want to manage ESG risks and opportunities when investing on behalf of our clients. We have identified certain sectors, products and services, in which we will not invest in, above a certain threshold due to ESG-related risk factors. These standards reflect our convictions as a responsible investor and apply to our ESG and Responsible Investment open-ended funds1. They are also available to institutional clients on an opt-in basis. They complement the Responsible Investment sectorial policies which are applied across AXA IM (incl. climate risks policy, controversial weapons policy, ecosystem protection and deforestation policy etc.) and are one dimension of our ESG integration approach2.