Integration into the securities portfolio

Integration into the securities portfolio is effected partly by regularly reviewing the investments on the basis of objective criteria and excluding the companies that do not meet the normative requirements («negative criteria»); and partly by annually prioritising risks that are difficult to quantify in the context of ESG criteria and subjecting them to an in-depth analysis («ESG risk analysis»). This examines risks that could have a significant financial impact on individual companies or sectors. At present, positive criteria are chiefly taken into account directly in the financial analysis, especially where the more illiquid asset classes are concerned. Where the risk/return profile is the same, for example, investments in private infrastructure debt that involve renewable energy sources are preferred to those relating to fossil energy sources.