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Robeco puts tobacco on exclusion list

Robeco puts tobacco on exclusion list

08-03-2018 | インサイト

Robeco excludes investments in the tobacco industry from its mutual funds. This is a logical next step in its Sustainability Investing approach.

  • Carola van Lamoen
    Carola
    van Lamoen
    Head of Active Ownership
  • Sylvia van Waveren
    Sylvia
    van Waveren
    Senior Engagement Specialist

Speed read

  • Society’s stance is increasingly negative towards tobacco
  • Engagement will not lead to fundamental change
  • Tobacco exposure in funds was already relatively low

Robeco has been a leader in Sustainability Investing (SI) for years. Not only are Environmental, Social and Governance (ESG) considerations fully integrated into its investment processes, active ownership also plays an important role, as dedicated specialists vote at Annual General Meetings of listed companies and actively engage with companies in the investment portfolios to improve their sustainability profile.

Robeco already excluded tobacco from its sustainable fund range. This exclusion is now extended to the mainstream Robeco funds, including sub-advised funds. The exclusion does not apply to client-specific funds and mandates, where the client’s exclusion list is leading.

Reasons for the exclusion

The harmful effects of the tobacco industry are increasingly exposed. The World Health Organization estimates that by 2030 tobacco will become the world's biggest single cause of death and disease, killing 10 million people each year. In 2017, the UN Global Compact excluded tobacco companies from participating in the initiative. Clients are increasingly unwilling to accept investments in tobacco.

Robeco takes its responsibility as an investor seriously and actively engages with companies it invests in. As a result, exclusion is only applied when other means are exhausted. In the case of the tobacco industry, engagement will not lead to fundamental change, as tobacco companies are not expected to stop producing cigarettes. Therefore, for Robeco, investing in tobacco is no longer compatible with the company’s commitment to SI.

As some funds had already divested tobacco, investments in tobacco and related companies had already decreased to 0.22% of total assets in funds managed by Robeco.

Peter Ferket: “Robeco has been at the forefront of SI since the 1990s and sees sustainability as a long-term force for change in markets, countries and companies. Given the significant international concerns about the risks posed by tobacco and in view of recent developments, such as the UN Global Compact’s decision, we think the time is ripe for excluding tobacco altogether.”

Carola van Lamoen: “Excluding tobacco is a logical addition to our Sustainability Investing approach; it complements a diverse set of SI instruments such as ESG integration, active ownership, impact investing and our existing exclusions.”

Scope of the exclusion

The exclusion applies to all listed companies that are involved in the production of tobacco or significant components of cigarettes. The process of excluding tobacco stocks will be completed by the end of the third quarter of this year.

重要事項

当資料は情報提供を目的として、Robeco Institutional Asset Management B.V.が作成した英文資料、もしくはその英文資料をロベコ・ジャパン株式会社が翻訳したものです。資料中の個別の金融商品の売買の勧誘や推奨等を目的とするものではありません。記載された情報は十分信頼できるものであると考えておりますが、その正確性、完全性を保証するものではありません。意見や見通しはあくまで作成日における弊社の判断に基づくものであり、今後予告なしに変更されることがあります。運用状況、市場動向、意見等は、過去の一時点あるいは過去の一定期間についてのものであり、過去の実績は将来の運用成果を保証または示唆するものではありません。また、記載された投資方針・戦略等は全ての投資家の皆様に適合するとは限りません。当資料は法律、税務、会計面での助言の提供を意図するものではありません。

ご契約に際しては、必要に応じ専門家にご相談の上、最終的なご判断はお客様ご自身でなさるようお願い致します。

運用を行う資産の評価額は、組入有価証券等の価格、金融市場の相場や金利等の変動、及び組入有価証券の発行体の財務状況による信用力等の影響を受けて変動します。また、外貨建資産に投資する場合は為替変動の影響も受けます。運用によって生じた損益は、全て投資家の皆様に帰属します。したがって投資元本や一定の運用成果が保証されているものではなく、投資元本を上回る損失を被ることがあります。弊社が行う金融商品取引業に係る手数料または報酬は、締結される契約の種類や契約資産額により異なるため、当資料において記載せず別途ご提示させて頂く場合があります。具体的な手数料または報酬の金額・計算方法につきましては弊社担当者へお問合せください。

当資料及び記載されている情報、商品に関する権利は弊社に帰属します。したがって、弊社の書面による同意なくしてその全部もしくは一部を複製またはその他の方法で配布することはご遠慮ください。

商号等: ロベコ・ジャパン株式会社  金融商品取引業者 関東財務局長(金商)第2780号

加入協会: 一般社団法人 日本投資顧問業協会