排除（エクスクルージョン）

投資家は、人道上問題のある武器の生産者など、国際的な条約や合意に従わない国・企業をポートフォリオから排除する投資手法を選択することも可能です。

サステナブル運用を行う運用会社は、顧客のために優れたパフォーマンスを提供することが第一の使命であり、それを持続可能な方法で遂行したいと考えています。従って、国や企業の排除よりも、企業のサステナビリティへの取り組み成果を向上させるように、むしろ企業との建設的な対話を好みます。ある企業が投資対象から外された場合には、運用会社は、その企業に対して影響を及ぼす機会を失うことになります。

倫理的価値観を重視するファンドでは、これをさらに推し進め、たばこ会社や森林破壊、児童就労を行う企業など、運用会社の信念やモラルに添わない企業は全て排除します。

As the world combats climate change, companies heavily involved in thermal coal production, deforestation and unacceptable levels of pollution have joined the ranks of the routinely excluded. In July 2020, Robeco expanded the range for exclusions for companies involved in thermal coal, oil sands and Arctic drilling. This was, however, subject to the proportion of their business engaged in these activities.

Robeco set the threshold of 25% of revenues derived from thermal coal and oil sands, and 10% from Arctic drilling, for its Sustainability Inside range of funds. Stricter levels of 10% of revenues for thermal coal and oil sands, and 5% for Arctic drilling, were imposed for the Sustainability Focused and Impact Investing ranges of funds.

Exclusion is only used as a last resort when engagement is either not possible, or has failed to achieve the required objective due to a lack of cooperation from the company. Generally, it is possible to engage on corporate behavior, but not on a product. This means excluding an industry such as tobacco, since it cannot change the harmful nature of its product; but engaging with an energy company to try to persuade it to move more of its business away from fossil fuels.

Countries can also be excluded if they are subject to sanctions by the United Nations, European Union, or other international authorities. This bars Robeco from buying sovereign bonds from governments on the exclusion list, or from purchasing equities or credits or companies that are domiciled in these countries. This currently includes Iran, North Korea and Zimbabwe.

For more information, see Robeco’s exclusion policy and exclusion list.

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