Our Sector Policies


"We refer to sector policies rather than exclusion policies, as we support companies and help them stage their transformations: we hold constant dialogue with them to encourage them to enhance their practices: exclusion is the last resort in our view."

Joséphine CHEVALLIER, ESG Strategy Expert Leader

Ostrum Asset Management has rolled out a series of strict exclusion and sector policies to exclude all sectors and issuers that do not comply with certain fundamental responsibility standards from our investment universe. Somme policies apply to all our funds (weapons), while others cover all our open-ended funds (coal, tobacco, worst offenders). We also offer tailored exclusion policies for our clients to support them in meeting their own individual goals.

Coal: an ambitious sector policy

In 2021, Ostrum AM stepped up its sector-based policy aimed at withdrawing from the coal sector. It now excludes companies that:

  • develop new coal capacity
  • have not by 2021 defined a coal exit plan in accordance with the Paris Agreement
  • exceed the following thresholds:
  • 20% of energy generation revenue
  • streams derived from coal or from coal production
  • 10 m tons of thermal coal
  • 5 GW of installed coal capacity
  • a coal share of power generation of 20%

The quality of our updated coal policy was commented by Reclaim Finance.

Oil and gas

As of 2022, we no longer conduct any fresh investments in companies that derive more than 10% of production in unconventional and/or controversial oil and gas exploration and production operations : categories have been defined as techniques that rely on fracking procedures (shale oil and gas, tight gas and liquids) or that use ultra-deep offshore drilling, drilling in the Arctic, and extraction from tar sands, coalbed methane and extra-heavy oil.

This policy will apply to all open-ended funds, dedicated funds and mandates (unless clients request otherwise).

Ostrum Asset Management’s move to fully withdraw from unconventional and/or controversial oil and gas exploration and production operations by 2030 will be a priority focus for our engagement – via dialogue and our voting policy – with the companies we invest in across our equity and bond portfolios. We will also undertake active dialogue with all sector issuers to discuss how their strategies fit with the recommendations from the International Energy Agency with a view to meeting the Paris Agreement

Controversial Weapons

Ostrum Asset Management excludes from all its portfolios companies involved in the use, development, production, sale, distribution, stockpiling or transport of the following weapons categories:

  • Anti-personnel mines;
  • Cluster bombs;
  • Chemical weapons;
  • Biological weapons;
  • Nuclear weapons (outside the framework set by the Treaty on Non-Proliferation);
  • Depleted uranium weapons.

These pledges comply with the Ottawa Treaty, the Oslo Convention, the Chemicals Weapon Convention, the Biological Weapons Convention, the Treaty on the Non-proliferation of Nuclear Weapons.


Since 2018, Ostrum AM has been committed to halting support for the tobacco sector, which has particularly negative social and environmental effects and runs contrary to the United Nations Sustainable Development Goals.

Worst Offenders

Ostrum AM excludes from the investment scope all companies – both listed and unlisted – that are proven to contravene a range of fundamental responsibility standards (United Nations Global Compact, OECD Guidelines), particularly as regards human rights, labor rights, environmental protection and business ethics.

Our CSR News