European labels Governance Awarding Type of label # of funds AuM ( bn)

S R

I

SRI Label France

An independent committee supported by the Ministry of Finances

Certified auditors ESG / SRI investment processes: ESG assessment of at least 90% of the portfolio. 20% reduction in the investment universe. Average ESG rating significantly higher than that of the starting universe.

321 121

FNG-Siegel Germany, Austria & Switzerland

A committee of experts supervised by the FNG

GNG (the FNG s labelling organisation) and the University of Hamburg

ESG / SRI investment processes with ethical and sectorial exclusions (points system) ESG assessment of 100% of the portfolio.

104 30

LuxFLAG ESG Luxembourg

LuxFLAG, an independent agency, Luxembourg financial services

LuxFLAG ESG / SRI investment processes based on a pre-set ESG strategy (e.g. best-in-universe, best-in- class, etc.). ESG assessment of 100% of the portfolio.

82 34

Towards Sustainability Belgium

Febelfin QS External auditors Application of quality standards to the portfolio: standards regarding the investment process (sustainability, transparency, disclosures, supervision and ethical and sector exclusions). ESG assessment of 100% of the portfolio.

271 125

Umwelt- zeichen Austria

Ministry of the Environment

Ministry ESG / SRI investment processes: integration of mandatory ESG criteria, meaning that less than 50% of the investment universe can be invested in. Ethical and sector exclusions.

123 15

G re

e n

Fi na

nc e

Nordic Swan Ecolabel Nordic countries

Committee mandated by the governments of Nordic countries

Nordic Swan ESG / SRI investment processes with climate exclusions and green reporting (point-based system). ESG assessment of at least 90% of the portfolio. More than 50% of the fund is invested in securities with strong ESG practices . Ethical and sector exclusions.

32 10

LuxFLAG Environment Luxembourg

LuxFLAG LuxFLAG Thematic investments and ESG criteria. Minimum thresholds at the company level (at least 20% of revenues generated in environmentally responsible businesses) and at the portfolio level (75% green companies).

9 7

LuxFLAG Climate Finance Luxembourg

LuxFLAG LuxFLAG ESG monitoring, environmental themes & climate exclusions 3 1

Greenfin Label France

Ministry of the environment and the energy transition

Certified auditors Thematic investments and ESG criteria. Climate exclusions. Distinction between three types of companies: type 1 (> 50% of revenues in environmentally responsible companies) / type 2 (between 10% and 50% of revenues in environmentally responsible companies) / type 3 (less than 10%). At least 20% of the portfolio must be made up of type-1 companies; no more than 25% may consist of type-3 companies.

36 5

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