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Exclusion policy

Enhancing our management of extra-financial aspects


As a responsible asset manager, Natixis Asset Management is careful to avoid endorsing a number of activities and practices that are contrary to the fundamental principles of responsibility. This essential requirement applies to t all the portfolios directly managed, and involves the following three sector policies:

Cluster munitions (CM) and anti-personnel mines (APM)
Natixis AM excludes from all its investment portfolios any issuer involved in the use, development, production, marketing, distribution, storage or transportation of anti-personnel mines (APM) and cluster munitions (CM), in accordance with the Ottawa Treaty and the Oslo Accords, signed by many countries, including France.

Coal sector policy and Mountain Top Removal
As part of its actions regarding climat change issues, and in line with the commitment of its parent company Natixis, which in 2015 pledged to stop coal project finance (mines and power stations) and will no longer accept advisory or arrangement mandates associated with financings of this type, Natixis AM excludes from its portfolios companies which revenues are strongly depending on coal. Natixis Asset Management also exclude companies employing the “mountaintop removal” technique, one of the most aggressive methods of mining coal, in the Appalachian Mountains in the eastern United States.

Worst Offenders
Natixis AM excludes from its investments all companies identified as “Worst Offenders”, i.e. those that fail to comply with certain fundamental requirements.

  • Companies committing serious breaches of the United Nations' Global Compact principles;
  • Companies targeted by complaints following cases investigated by the OECD’s national contact points (NCPs) for non-compliance with OECD Guidelines For Multinational Enterprises;
  • Companies included in exclusion lists of several institutional investors (mostly pension funds) on the basis of the above-mentioned principles.


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