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Exclusion list definitions
Background information
While Vision Super determines the types of companies to exclude (e.g. Tobacco Producers), it uses the MSCI ESG platform for determining the specific companies to exclude. The MSCI platform groups companies by factor and Vision Super excludes the factors that are most closely aligned with the exclusions determined by the Board. The tables below show the factors selected by Vision Super within the MSCI ESG Manager platform for this purpose. Some factors include “Specific Inclusions” and “Specific Exclusions” as part of their definitions.
- The “Specific Inclusions” defined by MSCI Analytics are included in our excluded securities list and, as a result, are not part of our portfolio. For example, under the tobacco producer factor, the “Specific Inclusions” state: “Companies that produce tobacco products, such as cigars, blunts, cigarettes …”. One such company is British American Tobacco plc, which is part of our excluded securities list and is therefore not part of our portfolio.
- For two of the MSCI Analytics factors shown (i.e. Tobacco Producers and Tobacco Producers – Alternative Smoking Products), the term “Specific Exclusions” is used. This refers to the types of companies that are not part of the excluded securities list from the perspective of the respective factor.
Controversial weapons (including nuclear weapons)
Controversial weapons – Any tie
Indicates whether the company is involved in the production of whole weapon systems, delivery platforms or components of cluster munitions; production of whole weapon systems or components of landmines and biological or chemical weapons; production of depleted uranium weapons, blinding laser weapons, incendiary weapons, or weapons with non-detectable fragments; or is involved indirectly through ownership ties to companies involved in such products. Nuclear weapons are not considered for this screen.
Weapons - Nuclear maximum percentage of revenue (>5%)
Tobacco
Companies involved in the production of tobacco products. Tobacco products include nicotine- containing products, including traditional and alternative tobacco smoking products.
Tobacco producer
- Companies that produce tobacco products, such as cigars, blunts, cigarettes, tobacco inhalers, beedis, kreteks, smokeless tobacco, snuff, snus, dissolvable and chewing tobacco. This also includes companies that grow or process raw tobacco leaves;
- Contract manufacturing companies that produce the whole/complete electronic nicotine delivery system (ENDS); and
- E-cigarette devices with injected e-liquid/tobacco substance.
- Companies that sell private-label tobacco products manufactured by a third party; and
- Companies that applied for or hold license to manufacture tobacco products, including e-cigarettes, but have not yet started production.
Tobacco - Alternative smoking products
Companies that exclusively produce products that are alternatives to traditional smoking products. Companies that produce traditional smoking products are excluded from Tobacco Producer - Alternative Smoking Products.
- This includes electronic nicotine delivery systems (ENDS), including but not limited to vapes, vaporizers, vape pens, hookah pens, electronic cigarettes (“e-cigarettes” or “e-cigs”), tobacco inhalers, e-pipes and heated tobacco products (HTP).
- ENDS/E-cigarette devices should be disclosed as having nicotine or tobacco content.
- Companies that produce traditional smoking products; and
- Cessation products.
