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Information Classification: Limited Access
State Street Multi-Factor r Global Equity Fund
Website disclosure for an Article 8 fund
A. Summary
The investment policy of the State Str eet Multi-Factor Global Equity Fund (“ Fund ”) is to generate a return in excess of the performance of the MSCI World Index (“ Index ”) over the medium to long term while screening out securities based on an asse ssment of their adherence to certain sustainable investing criteria defined by the Investment Manager.
The Fund promotes environmental or r social characteristics, but does not have as its objective a sustainable investment, it will seek to invest a minimum of 25% of its portfolio in sustainable investments under article 2(17) of SFDR using t he Investment Manager’s proprietary assessment methodology.
The environmental and social charac teristics promoted by the Fund is the use of sustainability ratings and other sustainable investing data metrics to tilt t he composition of the portfo lio towards securities with favourable exposures to the relevant sustainabl e investing criteria. In addition to this, further environmental or social characteristics are pr omoted by a negative and norms-based screen applied to the portfolio of the Fund to screen out securi ties based on an assessment of their adherence to sustainable investing criteria, i.e. international norms in relati on to environmental and social protection.
The Investment Manager, on behalf of the Fund, will in vest actively using the Multi-Factor Equity Strategy as further described in section 8.1 of the Prospectus and the Relevant Supplement and in Section J below. This strategy uses quantitative st ock selection and multi-factor models to evaluate stocks based on their exposure to certain factors that the Investment Manager has evaluated to be the most persistent in driving excess returns.
The Investment Manager employs a binding sustainable investing methodology which aims to build a portfolio where at least 90% of the Fund’s assets are invested in securities which are aligned with environmental and social characteri stics promoted by the Fund. The remaining portion (<10%) of the portfolio will not be aligned with t he promoted environmental and social c haracteristics. To the extent that the Fund may use financial derivative instruments, these will not be used to attain the environmental or social characte ristics promoted by the Fund.
The Fund does not commit to making sustainable investments within the meaning of the Taxonomy Regulation.
The attainment of the environmental and social char acteristics is measured th rough the sustainability ratings score of the portfolio and the % of the portfo lio invested in securities that are included in the negative and norms based screens.
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Information Classification: Limited Access
The investment policy of the Fund is to generate a return in excess of the performance of the Index over the medium to long term while screening out securities based on an assessment of their adherence to certain sustainable in vesting criteria defined by the Investment Manager. The Sustainalytics ESG Rating data is used in the c onstruction of the Fund’s portfolio to tilt the composition of the relevant portfolio towards securi ties with favourable expos ures to the relevant factors, as well as sustainable investing criter ia. In addition, a negative and norms based screen is applied to the portfolio of the Fund to scr een out the following exclusion criteria: • Controversial Weapons; • UN Global Compact (“ UNGC ”) Violations; • Thermal Coal; • Arctic Drilling; • Oil Sands; • Severe ESG Controversies; • Civilian Firearms; and • Tobacco.
The Fund uses data from Sustainalytics for sustai nability ratings and MSCI and Sustainalytics for the negative sustainable investing screens. State Street Investment Management implements an ongoing due diligence process in relation to sustainabl e investing data provider s resulting in regular data quality reports and may engage with the relevant data providers in relation to any data issues identified by the State Street Investment Management teams.
Sustainable investing data may be based on certain assumptions, forecasts, projections, views and opinions which may be based on current market tr ends or anticipated future events. Given the developing and innovative nature of data models, methodologies and assumptions and the inherent uncertainty in predicting forw ard-looking events, it cannot be guaranteed that the sustainable investing data is always accurate or correct or that the sustainable investing data will satisfy the aims or requirements of any specific client or inve stor. Furthermore, there may be data that cannot be sourced due to the lack of availability of data so urces. For certain markets and types of companies or securities there may be significant limitations in t he amount of screening data that is available or no screening data may be available such that no screeni ng is performed. In certain situations where screening data is not available for a company or a se curity, the screen provider r may, as a proxy, use data relating to a different entity to the company, which presents a risk this data may not accurately reflect the sustainability or other characteristics of the relevant company.
Engagement policies are not directly embedded into t he Fund’s investment strategy. Proxy voting and engagement activities are conducted pursuant to the terms of the Sustainability Stewardship Service Proxy Voting and Engagement Policy.
For further information and details please refer to the relevant sections below, the Prospectus and Relevant Supplement.
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Information Classification: Limited Access
B. No sustainable investment objective
The Fund promotes environmental or r social characteristics, but does not have as its objective a sustainable investment, it will seek to invest a minimum of 25% of its portfolio in sustainable investments under article 2(17) of SFDR using t he Investment Manager’s proprietary assessment methodology.
The Investment Manager applies a negative and norms-based screen to the Fund to screen out securities based on an assessment of their adherenc e to sustainable investing criteria including securities of companies identified as being non- compliant with UNGC Principles (relating to environmental protection, human rights, labour standards and anti-corruption) and securities of companies associated with Severe ESG Controve rsies, controversial weapons, civilian firearms, tobacco, thermal coal, arctic oil & gas exploration and oil sands extr action. By applying the relevant negative and norms-based screen, the Invest ment Manager deems the Fund’s sustainable investments not to cause significant harm to any environmental or social sustainable investment objective.
The Fund considers princi pal adverse impacts (“ PAI ”) on sustainability factors as part of the Multi Factor Equity Strategy and by applying the n egative and norms-based sust ainable investing screen prior to the construction of the portfoli o. Specifically, the Fund considers:
• Greenhouse Gas emissions • Carbon footprint • Greenhouse gas intensity of investee companies • Exposure to companies active in the fossil fuel sector • Share of non-renewable energy consumption and production • Energy consumption intensity per high impact climate sector
• Activities negatively affecti ng biodiversity-sensitive areas
• Emissions to water
• Hazardous waste and radioactive waste ratio • Violations of UN Gl obal Compact Principles
• Unadjusted gender pay gap • Board gender diversity • Exposure to controversial weapons
The Fund excludes companies that the Investment Manager has deemed to viol ate UNGC principles as part of the negative screening utilised by the Fund. The OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Busines s and Human Rights are considered as part of the UNGC principles assessment.
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Information Classification: Limited Access
C. Environmental or social characteristics of the financial product
The environmental and social charac teristics promoted by the Fund is the use of sustainability ratings and other sustainable investing data metrics to tilt t he composition of the portfo lio towards securities with favourable exposures to the relevant sustainabl e investing criteria. In addition to this, further environmental or social characteristics are pr omoted by a negative and norms-based screen applied to the portfolio of the Fund to screen out securi ties based on an assessment of their adherence to sustainable investing criteria, i.e. international norms in relati on to environmental and social protection. Specifically, the Fund promotes certain environmental ch aracteristics through exclusion of investments in companies which violate UNGC principl es relating to environment (Principles 7 to 9) and which are active in thermal coal, arctic oi l & gas exploration, and oil sands extraction.
The Fund also promotes certain social characterist ics through exclusion of investments in companies which violate UNGC Principles relating to hum an rights Principles 1 and 2), labour standards (Principles 3 to 6), anti-corruption (Principle 10) and companies associated with controversial weapons, civilian firearms and tobacco. The UNGC Pr inciples is the world largest corporate sustainability initiative aimed at companies to a lign their strategies and operations with universal principles on human rights, labour, environment and anti-corruption, and take actions that advance societal goals.
The Fund may use additional sustainable investing sc reens from time to time in order to exclude securities based on their involvement with an activi ty that is deemed non-compliant with one or more of such sustainable investing criteria.
For further details of the exclusions applied by the Investment Manager at any time please refer to Section G below.
D. Investment Strategy
The Investment Manager, on behalf of the Fund, will in vest actively using the Multi-Factor Equity Strategy as further described in section 8.1 of the Prospectus and the Relevant Supplement and in Section J below. This strategy uses quantitative stock selection and multi-factor models to evaluate stocks based on their exposure to certain factors that the Investment Manager has evaluated to be the most persistent in driving excess returns.
In implementing this strategy, the Investment Manager r will tilt the composition of the portfolio towards securities with favourable exposure to the releva nt factors considered in the investment process including the sustainability ra tings of individual securities. The securities in the Fund are selected primarily from the constituents of the Index and the Investment Manager applies the negative and norms-based sustainable investing screen prior to t he construction of the portfolio of the Fund and on an ongoing basis.
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Information Classification: Limited Access
Application of the sustainable investing screens resu lts in the exclusion of any securities from the portfolio based on an assessment of their adherence to certain sustainable investing criteria defined by the Investment Manager. The F und will screen out securities t hat fail to comply with UNGC principles relating to environment al protection, human rights, labour standards and anti-corruption, or are associated with Severe ESG Controversies, controversial weapons, civilian firearms, tobacco, thermal coal, arctic oil & gas exploration and oil sands extraction. The Fund may use additional sustainable investing screens from time to time in order to exclude securities of issuers based on their involvement with an activity that is deemed non- compliant with one or more of such sustainable investing criteria.
The assessment of good governance practices is implemented through the negative screening utilised by the Fund. Companies deemed by the Inve stment Manager to not violate UNGC principles are considered to exhibit good governance.
E. Proportion of investments
The Investment Manager employs a binding sustainable investing methodology which aims to build a portfolio where at least 90% of the Fund’s assets are invested in securities which are aligned with environmental and social characteri stics promoted by the Fund. It is intended that, within such portion of the portfolio, at least 25% of the Fund’s assets are invested in securities which are sustainable investments with environmental and / or social obje ctives, at the point of rebalance of the portfolio which typically occurs on a quarterly basis. The re maining portion (<10%) of the portfolio will not be aligned with the promoted environmental and social characteristics.
To the extent that the Fund may use financial derivati ve instruments, these will not be used to attain the environmental or social charac teristics promoted by the Fund.
The Fund does not commit to making sustainable investments within the meaning of the Taxonomy Regulation.
F. Monitoring of environmenta l or social characteristics
The attainment of the environmental and social char acteristics is measured th rough the sustainability ratings score of the portfolio.
Further attainment of the environmental characteri stics is measured through the % of the portfolio invested in securities that are included in the neg ative and norms-based screen specifically related to environmental characteristics, namely companies violating UNGC principles in regards to the environment and which are active in thermal coal, ar ctic oil & gas explorati on and oil sands extraction and further attainment of the social characterist ics is measured through the % of the portfolio invested in securities that are included in the neg ative and norms-based screen specifically related to social characteristics, namely companies violatin g UNGC principles and companies associated with controversial weapons, civili an firearms and tobacco.
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Information Classification: Limited Access
The environmental and social characteristics are embedded in the investment policy of the Fund and the associated sustainability indicators are m onitored by the Investment Manager through its investment oversight pr ogram including pre and post-trade co mpliance monitoring for sustainable investing screens and regular reviews by a sub-committee of the Investment Manager.
G. Methodologies
The investment policy of the Fund is to generate a return in excess of the performance of the Index over the long term while screening out securiti es based on an assessment of their adherence to sustainable investing criteria.
To implement this investment policy, the Invest ment Manager uses quantitative stock selection and multi-factor models to evaluate stocks based on their exposure to certain factors that have been evaluated to be the most persistent in driving excess returns. In addition to factor exposures, this model also considers the sustainab ility characteristics of individual securities using sustainability ratings and other sustainable investing data metrics.
Sustainability Ratings
Sustainalytics ESG Rating data are used in the c onstruction of the Fund’s portfolio to tilt its composition towards securities with favourable ex posures to the relevant factors, as well as sustainable investing criteria.
Negative Sustainable Investing Screens
The negative sustainable investing screens applied to the Fund include the following: 1. Controversial Weapons 2. UNGC Violations 3. Thermal Coal 4. Arctic Drilling 5. Oil Sands 6. Severe ESG Controversies 7. Civilian Firearms 8. Tobacco
Further details on the methodologies used for t he negative sustainable investing screens is as follows:
1. Controversial Weapons: The following types of weapons are covered by State Street Investment Management’s screen:
• Cluster munitions • Antipersonnel mines and land mines • Biological and chemical weapons • Nuclear Weapons • Depleted Uranium • Incendiary weapons and white phosphorus
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Information Classification: Limited Access
• Blinding laser weapons • Non-detectable fragments
Indicator Definition Controversial weapons noted above for which: There is evidence of activity The weapon is a core weapon system or a core weapon activity The product has a dedicated scope The scope is key to the production of the weapon
The company is involved in the core weapon system, or components/ services of the core weapon system that are considered tailor-made and essential for the lethal use of the weapon.
Any controversial weapon for a subsidiary that the company has >= 50% ownership of
The company is involved, through corporate ownership, in the core weapon system, or componen ts/services of the co re weapon system that are considered tailor-made and essential for the lethal use of the weapon. Cluster Munitions Manufacturer = True
Companies that produce cluster munitions whole weapons systems, intended-use components, dual-use components, or delivery platforms. Land mines Manufacturer = True
Companies that produce whole weapons systems or essential intended or dual-use components for anti-personnel landmines and anti-vehicle landmines. Nuclear Weapons Manufacturer Maximum Revenue Percentage >= 10%
The company's reported revenue (or, where not disclosed, maximum estimated revenue) from nuclear weapons, intended and dual-use components for such products, delivery platforms capable of deploying nuclear weapons, essential components for such delivery platforms, and support services for such products as a percentage of total revenue in its most recently completed fiscal year. Depleted Uranium Manufacturer = True
Companies involved in the production of depleted uranium weapons, ammunition and armour. Incendiary Weapons (White Phosphorous) = True
Companies that produce incendiary weapons using white phosphorus.
Biological/Chemical Weapons Maximum Revenue Percentage >= 10%
The company’s reported revenue (or, where not disclosed, maximum estimated revenue) from the production of biological and chemical weapons and components for such products as a percentage of total revenue in its most recently completed fiscal year. Blinding laser weapons = True Companies that produce blinding laser weapons, that cause permanent blindness t o the target. Non-detectable fragments = True
Companies that produce weapons that use non-detectable fragments.
2. UNGC Principles: The UNGC is the world’s largest corporate sustainability initiative. It sets forth 10 responsible business principles for companies to follow. Companies who are in violation of the UNGC Principles are screened.
Human Rights
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights.
Principle 2: They should make sure that they are not complicit in human rights abuses.
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Information Classification: Limited Access
Labour
Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining.
Principle 4: They should promote the elimination of all form s of forced and compulsory labour.
Principle 5: They should endorse the effective abolition of child labour.
Principle 6: They should support the elimination of di scrimination in respect of employment and occupation.
Environment
Principle 7: Businesses should support a precau tionary approach to environmental challenges.
Principle 8: They should undertake initiatives to prom ote greater environmental responsibility.
Principle 9: They should encourage the development and diffusion of environmentally friendly technologies.
Anti-Corruption
Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.
Indicator Definition Global compact principles breached = Noncompliant
A company is assessed as Noncompliant when it is found to be responsible for egregious and severe violations of commonly accepted international norms related to human rights, labor rights, the environment and business ethics. In other words, a company is assessed as Noncompliant when it does not act in accordance with the UN Global Compact Principles and its associated standards, conventions and treaties. The data provider also assesses companies that facilitate third parties in huma n rights violations due to their involvement in weapons with disproportional and/or nondiscriminatory impact on citizens and society as Noncompliant (with Principle 2 of the UN Global Compact). However, this assessment is limited to companies involved in the production and development of antipersonnel mines, cluster munitions, and chemical and biological weapons, or producers of nuclear weapons who support their proliferation outside of the five designated nuclear states or who violate UN sanctions/ International Atomic Energy Agency rules.
3. Thermal Coal: Companies involved in the extraction or r power generation of thermal coal are excluded.
Indicator Definition Thermal Coal Extraction >=10% The company derives revenue from thermal coal extraction
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Information Classification: Limited Access
Thermal Coal Power Generation >=10%
The company derives revenue from generating electricity from thermal coal.
4. Arctic Drilling: Companies involved in oil and gas exploratio n in the Arctic regions are excluded.
Indicator Definition Arctic Oil and Gas Exploration, level of involvement >=10%
The company derives revenue from oil and gas exploration and extraction in the Arctic.
5. Oil Sands: Companies for whom a meaningful portion of their average daily production comes from oil sands are excluded.
Indicator Definition Oil Sands Extraction, level of involvement >=10%
The company derives revenue from the extraction of oil sands.
6. Severe ESG Controversies: Companies involved in incidents/events that may pose business or reputational risk due to the potential impact on stakeholders, the environment, or the company’s operations are excluded.
Indicator Definition Category 5 — Severe Controversies
The event has a severe impact on the environment and society, posing serious business risks to the company. This category represents exceptionally egregious corporate behavior, high frequency of recurrence of incidents, very poor management of sustainability-relate d risks, and a demonstrat ed lack of willingness by the company to address such risks.
7. Civilian Firearms : Companies involved in the manufacturi ng and/or retailing of small arms and associated ammunition/components for civilian use are excluded.
Indicator Definition Small Arms, Civilian Customers, Assault Weapons, level of involvement >=10%
The company derives revenue from manufacturing and selling small arms to civilian customers.
Manufacture of key components, level of involvement >=10%
The company derives revenue from manufacturing and selling key components of small arms. Small Arms, Retail and Distribution of Assault Weapons, level of involvement >=10%
The company derives revenue from retailing and/or distribution of small arms.
Firearms Production Maximum Revenue >=10%
The company’s reported revenue (or, where not disclosed, maximum estimated revenue) from the production of firearms and small-arms ammunition intended for civilian markets as a percentage of total revenue in its most recently completed fiscal year. Firearms Retailer Maximum Revenue >=10%
The company’s reported revenue (or, where not disclosed, maximum estimated revenue) from the wholesale or retail distribution of firearms or small-arms ammunition intended for civilian use as a percentage of total revenue in its most recently completed fiscal year.
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Information Classification: Limited Access
8. Tobacco : Companies that are involved in the production, manufacturing, retailing and/or distribution of tobacco and tobacco-related produ cts/services (including vaping, pipes and other related products) are excluded.
Indicator Definition Tobacco Production, Level of Involvement >=10%
The company derives revenue from the production of tobacco and tobacco-related products. Tobacco Production Maximum Revenue Percentage >= 10%
The company derives revenue from the distribution and/or retail sale of tobacco products. Tobacco products related products/services, level of involvement >= 25%
The company supplies tobacco-related products/services.
Tobacco production maximum revenue >= 10%
The company’s reported revenue (or, where not disclosed, maximum estimated revenue)from the production of tobacco products as a percentage of total revenue in its most recently completed fiscal year. Tobacco products include nicotine containing products, including traditional and alternative tobacco smoking products. Tobacco retailer maximum revenue >= 25%
The company’s reported revenue (or, where not disclosed, maximum estimated revenue) from the retail of tobacco products as a percentage of total revenue in its most recently completed fiscal year. Tobacco products include nicotine-containing products, including traditional and alternative tobacco smoking products. Tobacco distributor maximum revenue >= 25%
The company’s reported revenue (or, where not disclosed, maximum estimated revenue) from the distribution of tobacco products as a percentage of total revenue in its most recently completed fiscal year. Tobacco products include nicotine containing products, including traditional and alternative tobacco smoking products.
The exclusion list generated by the negative sustai nable investing screening process is updated once per quarter.
The negative sustainable investing screen methodol ogy and screening criteria applied to the Fund are subject to State Street Investment Management ’s governance approval process.
H. Data sources and processing
The Fund utilises Sustainalytics ESG Rating data in the portfolio construction process.
The Fund utilises the following data sources to de rive the negative sustainable investing screens:
Controversial Weapons State Street Investment Management receives universe-level data from two data providers: Sustainalytics and MSCI. A screen is then applied to the data to generate lists from each data provider of excluded securities for th is category. State Street Investment Management determines the parameters that define the screen which are then approved by the firm’s Global
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Information Classification: Limited Access
Product & Investment Committee (“ GPIC ”). Companies are excluded if they appear on either or both of the lists from the two data providers.
UNGC Violations Data is sourced from Sustainalytics. A screen is then applied to the data to generate a list of excluded securities for this category. State Street Investment Management determines the parameters that define the scree n which are then approved by the firm’s GPIC.
Thermal Coal Data is sourced from Sustai nalytics. A screen is then applied to the data to generate a list of excluded securities for this category. State Street Investment Management determines the parameters that define the screen which ar e then approved by the firm’s GPIC.
Arctic Drilling Data is sourced from Sustainalytics. A sc reen is then applied to the data to generate a list of excluded securities for this category. State Street Investment Management determines the parameters that define the screen which ar e then approved by the firm’s GPIC.
Oil Sands Data is sourced from Sustainalytics. A scr een is then applied to the data to generate a list of excluded securities for this category. Stat e Street Investment Management determines the parameters that define the screen which are then approved by the firm’s GPIC.
Severe ESG Controversies Data is sourced from Sustainalytics. A screen is then applied to the data to generate a list of excluded securities for this category. State Street Investment Management determines the parameters that define the scree n which are then approved by the firm’s GPIC.
Civilian Firearms State Street Investment Management rece ives universe-level data from two data providers: Sustainalytics and MSCI. A screen is then applied to the data to generate lists from each data provider of excluded securities for this category. State Street Investment Management determines the parameters that define the scree n which are then approved by the firm’s GPIC. Companies are excluded if they appear on either or r both of the lists from the two data providers.
Tobacco State Street Investment Management rece ives universe-level data from two data providers: Sustainalytics and MSCI. A screen is then applied to the data to generate lists from each data provider of excluded securities for this ca tegory. State Street Investment Management determines the parameters that define the scree n which are then approved by the firm’s GPIC. Companies are excluded if they appear on either or r both of the lists from the two data providers.
State Street Investment Management leverages mult isource data architecture for the sustainable investing analysis and to generate its proprietary su stainability scores, where applicable. State Street Investment Management receives sustainable invest ing data from a wide vari ety of data providers covering various themes including, but not limite d to, climate, controversies and governance.
State Street Investment Managem ent implements an ongoing due dili gence process in relation to sustainable investing data providers resulting in regular data quality reports. Such process tracks correlation and coverage dimensions of key su stainable investing and climate metrics and scores between a selection of data providers over time fo r the covered universe. State Street Investment Management may engage with the relevant data providers in relation to any data issues identified by the State Street Investment Management teams.
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Information Classification: Limited Access
I. Limitations to methodologies and data
Sustainable investing data may be based on certain assumptions, forecasts, projections, views and opinions which may be based on current market tr ends or anticipated future events. To assess company involvement in different activities and to es timate revenue shares as accurately as possible, data providers strive to obtain information dire ctly from companies and issuers. Sources of data include annual reports, regulatory filings, sustai nability reports, pres s releases, investor presentations, company websites, and other company disclosures. Given the developing and innovative nature of data models, methodologies and assumptions and the inherent uncertainty in predicting forward-looking events, it cannot be guaranteed that the sustainable investing data is always accurate or correct or that the sustainable investing data will satisfy fy the aims or requirements of any specific client or investor. Furthermore , there may be data that cannot be sourced due to the lack of availability of data sources. For certain markets and types of issuers, companies or securities there may be significant limitations in the amount of sustainable investing data that is available or no sustainable investing data may be available such that no screening is performed. In certain situations where screening data is not available for an issuer , an investee company or a security, the screen provider may, as a proxy, use data relating to a diffe rent entity to the issuer or the investee company, which presents a risk this data may not accurately re flect the sustainability or other characteristics of the issuer or the investee company. In certain si tuations, even where screening data is available it may not be used as part of the screen provider’s screening process. It is not expected that such limitations would affect how the environmental and social characteristics promoted by the Fund are met given that sustainable investing data for dev eloped market large and midcap equities is widely available.
J. Due diligence
The Investment Manager, on behalf of the Fund, will in vest actively using the Multi-Factor Equity Strategy as further described in section 8.1 of the Prospectus and the Relevant Supplement.
This strategy uses quantitative stock selection a nd multi-factor models to evaluate stocks based on their exposure to certain factors that the Investm ent Manager has evaluated to be the most persistent in driving excess returns, in particular quality, value and momentum. In addition to factor exposures, this model also considers the sustainable investi ng characteristics of indi vidual securities using sustainability ratings and other sustainable investing data metrics. In following this strategy, the Investment Manager will tilt the composition of the relevant portfolio towards securities with favourable exposures to quality, value and momentum, as well as sustainable investing criteria. The Investment Manager employs a negative and norm s-based screen prior to the construction of the portfolio and on an ongoing basis.
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Information Classification: Limited Access
K. Engagement policies
Is engagement part of the environm ental or social investment strategy?
☐ Yes
☒ No
While engagement policies are not directly embedded into the Fund’s investment strategy, proxy voting and engagement activities in respect of securi ties held by the Fund are conducted pursuant to the terms of the Sustainability Stewardship Service Proxy Vo ting and Engagement Policy (the “ Sustainability Policy ”). The Sustainability Policy focuses on risks and opportunities that may impact long-term value creation, wi th a focus on sustainability priorities such as climate change, nature, human rights and diversity.
L. Reference benchmark
Has a reference benchmark been designated fo r the purpose of attaining these characteristics promoted by the Fund?
☐ Yes ☒ No
The MSCI World Index is a trademark of MSCI Inc.
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