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Exclusion policy

Enhancing our management of extra-financial aspects


As a responsible asset manager, Ostrum Asset Management is careful to avoid endorsing a number of activities and practices that are contrary to the fundamental principles of responsibility. This essential requirement applies to t all the portfolios directly managed, and involves the following three sector policies:

Cluster munitions (CM) and anti-personnel mines (APM)
Ostrum AM excludes from all its investment portfolios any issuer involved in the use, development, production, marketing, distribution, storage or transportation of anti-personnel mines (APM) and cluster munitions (CM), in accordance with the Ottawa Treaty and the Oslo Accords, signed by many countries, including France.

Read our 2017 Cluster bombs and Anti-personnel mines policy

Coal sector policy
This policy excludes on the one hand issuers that derive more than 50% of revenues from coal production or from operating coalfired power plants; and on the other hand mining companies that use Mountain Top Removal methods, one of the most aggressive forms of coal mining.

Read our 2017 Coal sector policy

Worst Offenders
Ostrum AM excludes from its investments all companies identified as “Worst Offenders”, i.e. those that fail to comply with certain fundamental requirements.

  • Companies committing serious breaches of the United Nations' Global Compact principles;
  • Companies targeted by complaints following cases investigated by the OECD’s national contact points (NCPs) for non-compliance with OECD Guidelines For Multinational Enterprises;
  • Companies included in exclusion lists of several institutional investors (mostly pension funds) on the basis of the above-mentioned principles.

Read our Worst Offenders policy

Tobacco policy
Ostrum Asset Management is committed to exclude tobacco from its investment universe.
Indeed, tobacco represents massive health, social and environmental issues.
Having tobacco within our portfolios would be in total contradiction with our strong will to act as a responsible asset manager.

Find out more about our tobacco policy


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On 3 April 2018, Natixis Asset Management became Ostrum Asset Management.