Sustainable investment research

80%

of the companies
in the portfolios
were engaged with

At the end of 2017, the investment universe of Triodos SICAV I included a total of 276 companies. Of these companies 107 qualified as pioneers due to the nature of the products and services that they offer and 169 companies qualified as best-in-class. Compared with year-end 2016, the number of companies included in the investment universe decreased slightly by a net total of eleven. At year-end 2017 two companies were under review: BMW due to investigations after illegal price setting and Delphi Technologies, which is awaiting a separate assessment following its recent spin-off from universe constituent Aptiv (formely Delphi Automotive).

The fund actively monitors the companies in its investment universe. When it suspects a potential breach of the minimum standards, it initiates a dialogue with the company involved. If a breach of the minimum standards is indeed found and the company has no convincing plan to solve such issue, or if the fund concludes that the issue is a major breach of the minimum standards, that company will be removed from the investment universe.

In March 2017, Spanish bank BBVA was removed from the investment universe due to involvement in the Dakota Access Pipeline. Furthermore, UK pest control company Rentokil Initial was removed for involvement in animal testing and Swiss cement producer LafargeHolcim was removed from the investment universe because of human rights violations. In the second half of the year US medical services companies PerkinElmer and DaVita, and US household products firm Kimberly-Clark were taken off the list, all due to missing or unsatisfactory animal testing policies. Also, US medical waste processor Stericycle was removed for repeated and major violations of legislation.

Italy has been added to the list of countries (for sovereign bonds) that are included in the investment universe and Île-de-France was added to the list of regions that are eligible for investment.

A full overview of the changes in the investment universe is provided in Appendix A.

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