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“#2 Other ”, what is their purpose and
are there any minimum envir onmental or social safeguards?
There may on occasion be inves tments in shares or units of UCITS or other UCIs managed by exte rnal managers that do not apply equivalent exclusions, financial te chniques and inst ruments and derivatives used for hedging or efficient portfolio management purposes, or for liquidity holding purposes (such as ancillary liquid assets, eligible deposits, money market inst ruments, money market funds) which would fall within “#2 Other ”. However, r, given the nature of the Sub-Fund “#2 Other ” inves tments, it is not possible to apply environ mental and/ or social safeguard t ests to such inves tments.
Reference benchmarks are indexes to measure whether the financial produc t at tains the environm ental or social character istics that they promot e.
Is a specific index designat ed as a reference benchmark to det ermine whether this financial pr oduct is aligned with the envir onmental and/or social characte risti cs that it pr omot es?
No reference benchmark has been designat ed for the purpose of at taining the envir onmental or social characteris tics pr omoted by the Sub-Fund.
� How is the reference benchmark continuously aligned with each of the en vironmental or social characteristics promoted by the financial product?
N/A.
� How is the alignment of the in vestm ent s trategy with the methodology of the index ex ensured on a continuous basis?
N/A.
� How does the designated index ex differ from a relevant broad market index ex?
N/A.
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� Where can the methodology used for the calculation of the designated index ex be found?
N/A.
Where can I find more pr oduct specific information online?
More pr oduct -specific information can be found on the website : htt ps://www .avivainves tors.com/en-lu/ capabilities/sustainab le-finance-disclosure-regulation/ article-8/
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Product name: Aviva Invest ors - Global Emerging Markets Equity Unconstrained Fund
Legal entity identifier: 549300WP5K20FSXRG005
Susta inable inves tment means an inves tment in an economic activity that contributes to an environm ental or social objective, provided that the investment does not significantly harm any environm ental or social objective and that the inves tee companies follow good governance practices.
The EU Tax onomy is a classification sy st em laid down in Regulation (EU) 2020/852, es tablishing a list of enviro nmentally susta inable economic activities . That Regulation does not include a lis t of socially sustai nable economic activities. Sustai nable inves tments with an environm ental objective might be aligned with the Tax onomy or not.
Environmental and/or social characteristics
Does this financial product have a sustainable investment objective?
� � �
� �
� Yes � � �
�� �
�� �
�� No
�
� �
� It will make a minimum of susta inable inves tments with an environ mental objective : ___%
�
� �
� It promot es Environmenta l/Social (E/ S) charact eristi cs and while it does not have as its objective a susta inable inves tment, it will have a minimum prop ortion of ___% of susta inable inves tments
�
� �
� in economic activities that qualify as environmentally sustainable under the EU Tax onomy
�
� �
� with an environmental objective in economic activities that qualify as environmentally sustainable under the EU Tax onomy �
� �
� in economic activities that do not qualify as enviro nmentally sustainable under the EU Tax onomy
�
� �
� with an environmental objective in economic activities that do not qualify as environmentally sustainable under the EU Tax onomy �
� �
� with a social objective
�
� �
� It will make a minimum of susta inable inves tments with a social objective: ___%
�
�� �
�� �
�� It prom otes E/S charact erist ics, but will not make any sustaina ble inves tments
What enviro nmental and/or social charact eris tics are pr omot ed by this financial
pr oduct?
The Sub-Fund generally promot es environmental and social charact eris tics by integrating materi al ESG factors into the inves tment pr ocess, excluding companies involved in contro versial sectors such as thermal coal and tobacco, and inves ting in issuer s that follow good governance practices and align with inter national st andards such as the UN Global Compact.
To ensure underlying inves tments align with the commitment to promoting envir onmental and social charact erist ics, the following binding criteria apply throu ghout the inves tment proces s: A. Aviva Inves tor s Baseline Exclusions Policy
The Invest ment Manager applies a firm-wide Baseline Exclusions Policy (“BEP”) which proh ibits inves tment in companies that have had mater ial violations of principles of the United Nations Global Compact (“UNGC”) or are involved in specific activities.
B. ESG Standard
Prospectus Page 173 of 353 Aviva Investors
EU SFDR Annex II – Pre-contractual Disclosures for the financial products referred to in article 8, paragraphs 1, 2 and 2a, of regulation (eu) 2019/2088 and article 6, first paragraph, of regulation (eu) 2020/852
Page 174
The Inves tment Manager will conduct analysis to ensure that issuers meet the minimum ESG Standard as defined below:
Corporate issuer s meet the good governance principles in line with the Inves tment Manager ’s Good Governance Policy . Please refer to section “What are the binding elements of the inves tment strat egy used to select the inves tments to at tain each of the environmental or social charact eristics promot ed by this financial prod uct? ” for additional detail on the Aviva Invest ors BEP and ESG Standard.
No reference benchmark has been designat ed for the purpose of att aining the environ mental or social charact erist ics pr omot ed by the Sub-Fund.
Susta inability indicator s measure how the environm ental or social character istics promot ed by the financial product are at tained.
� What sus tainability indicato rs are used t o measure the attainment of each of the en vironmental or social characteristics promoted by this financial product?
It is anticipated that the sus tainability indicators report ed on for this Sub-Fund will include, but not be limit ed to:
1.The percentage of the portfolio inves ted in securities of issuer s whose revenue exposure exceeds the applicable thresholds for sector exclusions under the Aviva Invest ors Baseline Exclusions Policy, y, calculat ed as a proport ion of portfolio market value, excluding ancillary liquid assets, eligible deposits, money market ins truments, money market funds and derivatives used for hedging or efficient portfolio management. Any exposure arises only: (i) where permitt ed by prospectus exemptions; or (ii) where an issuer ’s involvement increases and, as a result, becomes exposed to sector exclusions during the holding period; in this case, the position may be retained t emporarily pending orderly dives tment in line with the policy . 2.The percentage of investments in companies that have mat erially violat ed the UNGC, unless there is clear evidence of any commitment to or already exist ing remediating action by the company, y, calculated as a pro portion of portfolio market value excluding ancillary liquid assets, eligible deposits, money market ins truments, money market funds and derivatives used for hedging or efficient portfolio management. Any exposure arises only where a change in the issuer ’s UNGC alignment results in new, w, mat erial violations, with no clear evidence of a commitment to, or exis ting remedial action by, y, the issuer. r. In such cases, the position may be retained t emporarily pending orderly dives tment in line with the policy . 3.The percentage of inves tments in securities of issuer s that are not aligned to the ESG s tandard, calculate d as a pro portion of portfolio market value excluding ancillary liquid assets, eligible deposits, money market ins truments, money market funds and derivatives used for hedging or efficient portfolio management. Any exposure arises only where a change in a company ’s governance practices results in mis-alignment with the Invest ment Manager's Good Governance policy . In such cases, the position may be retained t emporarily pending orderly divestment in line with the policy . Such exposures are excluded fr om the portfolio share that at tains the environmental or social character isti cs promot ed by the Sub-Fund.
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4.Additionally, y, the Sub-Fund will measure exposure to the Principal Adverse Impact indicators that the Invest ment Manager has committ ed to prioritizing in its Principal Adver se Impact State ment. For reference these include:
1. Indicator s relating to Greenhouse Gas (GHG) Emissions
2. Indicator s pertaining to activities negatively affecting biodiver sity -sensitive areas
3. Indicator s relating to Board Gender Diver sity
� What are the objectives of the sus tainable inv es tments that the financial product partially intends t o make and how does the sus tainable inv es tment contribute t o such objectives?
N/A
Principal adver se impacts are the most significant negative impacts of inves tment decisions on sustai nability factors relating to environm ental, social and employee mat ter s, respect for human rights, anti-corruption and anti bribery matt ers .
� How do the sus tainable in vestme nts that the financial product partially intends t o make, not cause significant harm t o any envi vironmental or social sus tainable inves tment objective?
N/A
- -How have the indicator s for adver se impacts on sus tainability factor s been taken into account? N/A - -How are the sust ainable inves tments aligned with the OECD Guidelines for Multinational Ent erprises and the UN Guiding Principles on Business and Human Rights? Details: N/A
The EU Tax onomy sets out a “do not significant harm” principle by which Tax onomy -aligned inves tments should not significantly harm EU Tax onomy objectives and is accompanied by specific EU crit eria.
The “do no significant harm” principle applies only to those inves tments underlying the financial produ ct that take into account the EU criteri a for environ mentally sus tainable economic activities. The inves tments underlying the remaining portion of this financial prod uct do not take into account the EU crit eria for envir onmentally sust ainable economic activities.
Any other sustainabl e inves tments mus t also not significantly harm any envir onmental or social objectives.
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Does this financial pr oduct consider principal adver se impacts on sus tainability factor s?
� Yes
� No The Invest ment Manager considers Principal Adver se Impact (PAI) in accordance with SFDR. The Invest ment Manager ’s appr oach is outlined in the annual PAI s tat ement published online. The three priority themes include climat e, biodiver sity and people and the relevant PAI indicator s. The Sub-Fund does consider the following three principal adver se impact indicator s which are excluded in accordance with Aviva Inves tor s Baseline Exclusions Policy (link) and as captured below:
. Social PAI 14 relating to contr oversial weapons . Envir onmental PAI 4 relating to companies active in the fossil fuel sector . Social PAI 10 relating to UNGC violations
The Invest ment Manager ’s exclusions on contr oversia l weapons and the fossil fuel sectors are based on revenue thresholds of companies. Aviva Investor s firm-wide Baseline Exclusions Policy excludes issuers or securities that (a) exceed a maximum acceptable threshold of estim ated revenue from the specific activities lis ted above; or (b) have materiall y violat ed the UNGC principles after taking into account any commitment to remediating action by the company . This assessment is underpinned by third-party data as well as inter nal analysis.
More broa dly, y, PAIs are available in portfolio management s ys tems, and the Inves tment Manager consider s these indicator s alongside all other relevant ESG and financial metrics that inform inves tment decision making.
Information on how the Invest ment Manager consider s PAIs will be available in the Fund’s annual report in a dedicat ed section.
What inves tment Strate gy does this financial pr oduct follow?
Objective: To increase the value of the Shareholder ’s inves tment over the long ter m (5 year s or more).
Inves tments: At leas t 80% of the Fund is inves ted in equities and equity -related securities of emerging market companies that are lis ted or do most of their business in emerging markets. The Sub-Fund may also inves t in UCITS and/or other UCIs
Strat egy & Envir onmental, Social and Governance (ESG) crit eria: The Inves tment Manager actively engages with issuers and uses voting rights where applicable, with the aim of maximising the long-t erm value of clients' inves tments.
In addition, issuer s must meet the minimum ESG stand ard of the Inves tment Manager as defined in the websit e disclosures referred to under section “Where can I find more pr oduct specific information online? to be eligible for inves tment. Finally, y, the Invest ment Manager applies its Baseline Exclusions Policy . Whilst mat erial ESG factors are integrat ed into the inves tment process , the Inves tment Manager retains discretion over inves tment selection.
This Sub-Fund does not have a sust ainable inves tment objective and the Inves tment Manager will consider the adver se impacts of an inves tment to the ext ent they are financially mat erial.
For further information please refer to the sus tainability disclosures section of the prospectus and the website www .avivainvestor s.com .
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The investment s trat egy guides inves tment decisions based on factors such as inves tments objectives and risk tolerance.
� What are the binding elements of the inves tment s trategy used t o select the in vestm ents t o attain each of the envir ironmental or social characteristic ics promoted by this financial product?
As not ed previously, y, the crit eria mentioned in section "What environ mental and/or social charact erist ics are prom oted by this financial prod uct" above are binding on the inves tment process to ensure underlying inves tments are inclusive of those securities prom oting environmental or social charact erist ics, i.e:
A. Aviva Inves tor s Baseline Exclusions Policy
The Inves tment Manager applies a firm-wide Baseline Exclusions Policy (“BEP”) which prohib its inves tment in companies that have had mater ial violations of principles of the United Nations Global Compact (“UNGC”) or are involved in the following activities:
- Pr oduction or distri bution of controver sial weapons, including nuclear weapons;
- Manufacture or sale of civilian firearms;
- Thermal coal extraction;
- Non-conventional fossil fuels (e.g. arctic oil and tar sands); and
- Tobacco prod uction and, to a lesser ext ent, distri bution.
The exclusions are based on a maximum acceptable percentage of es timate d revenue derived fr om the specific activities.
For additional detail on the specific activities, including any exceptions, and on the maximum acceptable percentage of revenue thresholds please refer to section “1. Aviva Inves tor s Baseline Exclusions Policy ” ( here ).
Further details on Aviva Inves tor s Baseline Exclusions Policy are available at Policies and documents - Aviva Inves tors.
B. ESG Standard
The Inves tment Manager has defined an ESG s tandard that issuer s need to meet:
Corporate issuers meet the good governance principles, in line with the Inves tment Manager ’s Good Governance Policy . Good governance practices of inves tee companies are assessed throu gh a two tiered appr oach. Firs t, companies are screened for material violations of the UN Global Compact (“UNGC”), in accordance with Aviva Inves tor s Baseline Exclusions Policy . Second, a qualitative assessment is conducte d by the Inves tment Manager, r, which, at a minimum, consider s matt ers it deems relevant to the four identified pillars of good governance: sound management s tructures, employee relations, st aff remuneration, and tax compliance.
In assessing good governance, the Inves tment Manager applies its propriet ary Good Governance assessment, in accordance with its Good Governance Policy . The Inves tment Manager conducts qualitative analysis of issuer s relative to peer s, support ed by inter nal and ext ernal research, and det ermines whether issuer s meet the required governance stand ards.
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� What is the committed minimum rate t o reduce the scope of the inv estments considered prior t o the application of that in vestmen t s trategy?
There is no commitment to a minimum rat e target to reduce the scope of the inves tments considered prior to the application of the Investment Manager ’s inves tment st rat egy . Issuer s that meet the criteri a of the Invest ment Manager ’s Baseline Exclusions Policy described above are excluded. The percentage of inves tments that are excluded fr om the Sub-Fund’s inves tment univer se will vary over time and be minimal given the nature of the inves tment univer se and the appr oved issuer pr ocess incorporating a st ro ng ESG assessment.
Good governance practices include sound management stru ctures, employee relations, remuneration of staff and tax compliance.
� What is the policy t o assess good governance practices of the in vestee companies?
The Invest ment Manager will avoid inves tments in companies that fail to prot ect the basic rights of inves tor s and employees, that are involved in tax evasion, corruption or other governance scandals (and fail to take adequat e remedial action). The Inves tment Manager will only inves t in companies that maintain governance practices in line with national st andards. The Inves tment Manager also expects companies to act in accordance with the UN Guiding Principles and the OECD Guidelines for Multinational Enter prises.
Good governance practices of inves tee companies are assessed throu gh a two tiered appr oach. Firs t, companies are screened for material violations of the UN Global Compact (“UNGC”), in accordance with Aviva Inves tor s Baseline Exclusions Policy . Second, a qualitative assessment is conducte d by the Inves tment Manager, r, which, at a minimum, consider s matt ers it deems relevant to the four identified pillars of good governance: sound management s tructures, employee relations, st aff remuneration, and tax compliance.
In assessing good governance, the Inves tment Manager applies its propriet ary Good Governance assessment, in accordance with its Good Governance policy . The Inves tment Manager conducts qualitative analysis of issuer s relative to peer s, support ed by inter nal and ext ernal research, and det ermines whether issuer s meet the required governance stand ards.
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� What is the asset allocation planned for this financial product?
Asset allocatio n describes the share of inves tments in specific assets. Tax onomy -aligned activities are expressed as a share of: - turnover reflecting the share of revenue from green activities of invest ee companies - capital expenditure (CapEx) showing the green inves tments made by inves tee companies, e.g. for a transition to a green economy . – operational expenditure (OpEx) reflecting green operational activities of inves tee companies.
#1 Aligned with E/S characteris tics #1B Other E/S charact eristics Investments
#2 Other
#1 Aligned with E/S charact eristi cs includes the inves tments of the financial produ ct used to at tain the environ mental or social characteris tics prom oted by the financial produ ct.
#2 Other includes the remaining inves tments of the financial pr oduct which are neither aligned with the environ mental or social characteri stics, nor are qualified as sus tainable inves tments. The cat egory #1 Aligned with E/S charact eristics cover s:
- The sub-category #1A Sus tainable cover s susta inable inves tments with environ mental or social objectives.
- The sub-category #1B Other E/S charact eris tics covers inves tments aligned with the envir onmental or social characteris tics that do not qualify as sus tainable inves tments.
It is expect ed that at leas t 80% of inves tments will be aligned with the envir onmental/social charact eristics of the Sub-Fund in #1 where possible.
Data fr om ESG data pr oviders may be unavailable, incomplete or inaccurate for certain assets, which may nonetheless be considered eligible for inves tment and would in such cases be included under #1.
For additional detail on data sources and limitations on data please see the websit e disclosures referred to under section “Where can I find more product specific information online?”.
The Sub-Fund may also hold inves tments for liquidity holding purposes, such as ancillary liquid assets, eligible deposits, money market ins truments, money market funds which would fall within “#2 Other ”.
The Sub-Fund may also hold inves tments in shares or units of UCITS or other UCIs managed by ext ernal managers that do not apply equivalent exclusions and derivatives used for hedging and efficient portfolio management purposes, which would fall within “#2 Other ”.
Amongs t the inves tments aligned with the envir onmental/social charact eristics of the Sub-Fund, there will be no sustainabl e inves tments, therefore all such inves tments will fall within the categ ory #1B Other E/S charact eristics.
� How does the use of derivatives attain the envi vironmental or social characteristic ics promoted by the financial product? N/A - Derivatives are used for hedging or for efficient portfolio management, and are not deemed to at tain the envir onmental or social charact eristics the Sub-Fund pro motes.
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To what minimum ext ent are sus tainable inves tments with an enviro nmental objective aligned with the EU Tax onomy?
The Sub Fund does not commit to making inves tments that are inten tionally aligned with the EU Tax onomy . Accordingly, y, the Sub Fund’s actively targeted EU Tax onomy alignment is 0%.
The Sub Fund may, y, however, r, hold investments that are assessed by third party data pr oviders as being EU Tax onomy aligned. Any such alignment is incidental and does not reflect a binding inves tment objective or an int entional alignment with the EU Tax onomy . Periodic reporting may therefore show a level of EU Tax onomy alignment based on third party assessments.
� Does the financial product inves t in fossil gas and/or nuclear energy related activities that comply with the EU Tax onomy 1 ?
�
� �
� Yes �
� �
� In fossil gas �
� �
� In nuclear energy �
�� �
�� �
�� No
To comply with the EU Tax onomy, y, the crite ria for fossil gas include limitations on emissions and swit ching to renewable power or low carbon fuels by the end of 2035. For nuclear energy, y, the crite ria include comprehensive safety and wast e management rules. Enabling activities directly enable other activities to make a subs tantial contribution to an environmental objective. Transitional activities are activities for which low carbon alt ernatives are not yet available and among others have greenhouse gas emission levels corresponding to the best performance.
The two graphs below show in green the minimum percentage of inves tments that are aligned with the EU Tax onomy . As there is no appr opriate methodology to det ermine the Tax onomy alignment of sovereign bonds*, the fir s t graph shows the Tax onomy alignment in relation to all the investm ents of the financial produ ct including sovereign bonds, while the second graph shows the Tax onomy alignment only in relation to the inves tments of the financial product other than sovereign bonds.
* For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
Prospectus Page 180 of 353 Aviva Investors
1 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change mitigation”) and do not significantly harm any EU Taxonomy objective see explanatory note in the left hand margin. The full criteria for fossil gas and nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
Page 181
� What is the minimum share of in vestm ents in transitional and enabling activities? The percentage of inves tments in transitional and enabling activities is currently 0%.
are sustainable inves tments with an environm ental objective that do not take into account the criteria for environm entally sustai nable economic activities under the EU Tax onomy
What is the minimum share of sustainable inves tments with an enviro nmental objective that are not aligned with the EU Tax onomy?
N/A as the Sub-Fund does not make susta inable inves tments.
What is the minimum share of socially sus tainable inves tments?
N/A as the Sub-Fund does not make susta inable inves tments.
What inves tments are included under “#2 Other ”, what is their purpose and
are there any minimum envir onmental or social safeguards?
There may on occasion be inves tments in shares or units of UCITS or other UCIs managed by
exter nal managers that do not apply equivalent exclusions, derivatives used for hedging or efficient portfolio management purposes, or for liquidity holding purposes (such as ancillary liquid assets, eligible deposits, money market ins truments, money market funds) which would fall within “#2 Other ”. However, r, given the nature of the Sub-Fund “#2 Other ” inves tments, it is not possible to apply environmental and/or social safeguard tes ts to such inves tments.
Reference benchmarks are indexes to measure whether the financial produc t at tains the environm ental or social character istics that they promot e.
Is a specific index designat ed as a reference benchmark to det ermine whether this financial pr oduct is aligned with the envir onmental and/or social characte risti cs that it pr omot es?
No reference benchmark has been designat ed for the purpose of at taining the envir onmental or social characteris tics pr omoted by the Sub-Fund.
� How is the reference benchmark continuously aligned with each of the en vironmental or social characteristics promoted by the financial product?
N/A.
� How is the alignment of the in vestm ent s trategy with the methodology of the index ex ensured on a continuous basis?
N/A.
� How does the designated index ex differ from a relevant broad market index ex?
N/A.
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� Where can the methodology used for the calculation of the designated index ex be found?
N/A.
Where can I find more pr oduct specific information online?
More pr oduct -specific information can be found on the website : htt ps://www .avivainves tors.com/en-lu/ capabilities/sustainab le-finance-disclosure-regulation/ article-8/
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Product name: Aviva Invest ors - Global Equity Endurance Fund Legal entity identifier: 549300UY3TDNW0Y6U652
Susta inable inves tment means an inves tment in an economic activity that contributes to an environm ental or social objective, provided that the investment does not significantly harm any environm ental or social objective and that the inves tee companies follow good governance practices.
The EU Tax onomy is a classification sy st em laid down in Regulation (EU) 2020/852, es tablishing a list of enviro nmentally susta inable economic activities . That Regulation does not include a lis t of socially sustai nable economic activities. Sustai nable inves tments with an environm ental objective might be aligned with the Tax onomy or not.
Environmental and/or social characteristics
Does this financial product have a sustainable investment objective?
� � �
� �
� Yes � � �
�� �
�� �
�� No
�
� �
� It will make a minimum of susta inable inves tments with an environ mental objective : ___%
�
� �
� It promot es Environmenta l/Social (E/ S) charact eristi cs and while it does not have as its objective a susta inable inves tment, it will have a minimum prop ortion of ___% of susta inable inves tments
�
� �
� in economic activities that qualify as environmentally sustainable under the EU Tax onomy
�
� �
� with an environmental objective in economic activities that qualify as environmentally sustainable under the EU Tax onomy �
� �
� in economic activities that do not qualify as enviro nmentally sustainable under the EU Tax onomy
�
� �
� with an environmental objective in economic activities that do not qualify as environmentally sustainable under the EU Tax onomy �
� �
� with a social objective
�
� �
� It will make a minimum of susta inable inves tments with a social objective: ___%
�
�� �
�� �
�� It prom otes E/S charact erist ics, but will not make any sustaina ble inves tments
What enviro nmental and/or social charact eris tics are pr omot ed by this financial
pr oduct?
The Sub-Fund generally promot es environmental and social charact eris tics by integrating materi al ESG factors into the inves tment pr ocess, excluding companies involved in contro versial sectors such as thermal coal and tobacco, and inves ting in issuer s that follow good governance practices and align with inter national st andards such as the UN Global Compact.
To ensure underlying inves tments align with the commitment to promoting envir onmental and social charact erist ics, the following binding criteria apply throu ghout the inves tment proces s: A. Aviva Inves tor s Baseline Exclusions Policy
The Invest ment Manager applies a firm-wide Baseline Exclusions Policy (“BEP”) which proh ibits inves tment in companies that have had mater ial violations of principles of the United Nations Global Compact (“UNGC”) or are involved in specific activities.
B. ESG Standard
Prospectus Page 183 of 353 Aviva Investors
EU SFDR Annex II – Pre-contractual Disclosures for the financial products referred to in article 8, paragraphs 1, 2 and 2a, of regulation (eu) 2019/2088 and article 6, first paragraph, of regulation (eu) 2020/852
Page 184
The Inves tment Manager will conduct analysis to ensure that issuers meet the minimum ESG Standard as defined below:
Corporate issuer s meet the good governance principles in line with the Inves tment Manager ’s Good Governance Policy . Please refer to section “What are the binding elements of the inves tment strat egy used to select the inves tments to at tain each of the environmental or social charact eristics promot ed by this financial prod uct? ” for additional detail on the Aviva Invest ors BEP and ESG Standard.
No reference benchmark has been designat ed for the purpose of att aining the environ mental or social charact erist ics pr omot ed by the Sub-Fund.
Susta inability indicator s measure how the environm ental or social character istics promot ed by the financial product are at tained.
� What sus tainability indicato rs are used t o measure the attainment of each of the en vironmental or social characteristics promoted by this financial product?
It is anticipated that the sus tainability indicators report ed on for this Sub-Fund will include, but not be limit ed to:
1.The percentage of the portfolio inves ted in securities of issuer s whose revenue exposure exceeds the applicable thresholds for sector exclusions under the Aviva Invest ors Baseline Exclusions Policy, y, calculat ed as a proport ion of portfolio market value, excluding ancillary liquid assets, eligible deposits, money market ins truments, money market funds and derivatives used for hedging or efficient portfolio management. Any exposure arises only: (i) where permitt ed by prospectus exemptions; or (ii) where an issuer ’s involvement increases and, as a result, becomes exposed to sector exclusions during the holding period; in this case, the position may be retained t emporarily pending orderly dives tment in line with the policy . 2.The percentage of investments in companies that have mat erially violat ed the UNGC, unless there is clear evidence of any commitment to or already exist ing remediating action by the company, y, calculated as a pro portion of portfolio market value excluding ancillary liquid assets, eligible deposits, money market ins truments, money market funds and derivatives used for hedging or efficient portfolio management. Any exposure arises only where a change in the issuer ’s UNGC alignment results in new, w, mat erial violations, with no clear evidence of a commitment to, or exis ting remedial action by, y, the issuer. r. In such cases, the position may be retained t emporarily pending orderly dives tment in line with the policy . 3.The percentage of inves tments in securities of issuer s that are not aligned to the ESG s tandard, calculate d as a pro portion of portfolio market value excluding ancillary liquid assets, eligible deposits, money market ins truments, money market funds and derivatives used for hedging or efficient portfolio management. Any exposure arises only where a change in a company ’s governance practices results in mis-alignment with the Invest ment Manager's Good Governance policy . In such cases, the position may be retained t emporarily pending orderly divestment in line with the policy . Such exposures are excluded fr om the portfolio share that at tains the environmental or social character isti cs promot ed by the Sub-Fund.
Prospectus Page 184 of 353 Aviva Investors
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4.Additionally, y, the Sub-Fund will measure exposure to the Principal Adverse Impact indicators that the Invest ment Manager has committ ed to prioritizing in its Principal Adver se Impact State ment. For reference these include:
1. Indicator s relating to Greenhouse Gas (GHG) Emissions
2. Indicator s pertaining to activities negatively affecting biodiver sity -sensitive areas
3. Indicator s relating to Board Gender Diver sity
� What are the objectives of the sus tainable inv es tments that the financial product partially intends t o make and how does the sus tainable inv es tment contribute t o such objectives?
N/A
Principal adver se impacts are the most significant negative impacts of inves tment decisions on sustai nability factors relating to environm ental, social and employee mat ter s, respect for human rights, anti-corruption and anti bribery matt ers .
� How do the sus tainable in vestme nts that the financial product partially intends t o make, not cause significant harm t o any envi vironmental or social sus tainable inves tment objective?
N/A
- -How have the indicator s for adver se impacts on sus tainability factor s been taken into account? N/A - -How are the sust ainable inves tments aligned with the OECD Guidelines for Multinational Ent erprises and the UN Guiding Principles on Business and Human Rights? Details: N/A
The EU Tax onomy sets out a “do not significant harm” principle by which Tax onomy -aligned inves tments should not significantly harm EU Tax onomy objectives and is accompanied by specific EU crit eria.
The “do no significant harm” principle applies only to those inves tments underlying the financial produ ct that take into account the EU criteri a for environ mentally sus tainable economic activities. The inves tments underlying the remaining portion of this financial prod uct do not take into account the EU crit eria for envir onmentally sust ainable economic activities.
Any other sustainabl e inves tments mus t also not significantly harm any envir onmental or social objectives.
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Does this financial pr oduct consider principal adver se impacts on sus tainability factor s?
� Yes
� No The Invest ment Manager considers Principal Adver se Impact (PAI) in accordance with SFDR. The Invest ment Manager ’s appr oach is outlined in the annual PAI s tat ement published online. The three priority themes include climat e, biodiver sity and people and the relevant PAI indicator s. The Sub-Fund does consider the following three principal adver se impact indicator s which are excluded in accordance with Aviva Inves tor s Baseline Exclusions Policy (link) and as captured below:
. Social PAI 14 relating to contr oversial weapons . Envir onmental PAI 4 relating to companies active in the fossil fuel sector . Social PAI 10 relating to UNGC violations
The Invest ment Manager ’s exclusions on contr oversia l weapons and the fossil fuel sectors are based on revenue thresholds of companies. Aviva Investor s firm-wide Baseline Exclusions Policy excludes issuers or securities that (a) exceed a maximum acceptable threshold of estim ated revenue from the specific activities lis ted above; or (b) have materiall y violat ed the UNGC principles after taking into account any commitment to remediating action by the company . This assessment is underpinned by third-party data as well as inter nal analysis.
More broa dly, y, PAIs are available in portfolio management s ys tems, and the Inves tment Manager consider s these indicator s alongside all other relevant ESG and financial metrics that inform inves tment decision making.
Information on how the Invest ment Manager consider s PAIs will be available in the Fund’s annual report in a dedicat ed section.
What inves tment Strate gy does this financial pr oduct follow?
Objective: to increase the value of the shareholder ’s inves tment over the long ter m (5 year s or more).
Inves tments: the Sub-Fund will inves t principally in a concentrated portfolio of equity securities of global companies that are regarded as leading companies in their respective markets. The Sub-Fund will be managed on an unconst rained basis with no res trictions in ter ms of regional or sector allocations. Specifically, y, the Sub-Fund inves ts in equities and equity -related securities of companies that have their regis ter ed office, or do most of their business, in developing or emerging markets anywhere in the world, UCITS and/or other UCIs, preference shares, convertibles.
The Sub-Fund may inves t in China A-Shares throu gh Shanghai Hong Kong Stock Connect and throu gh Shenzhen Hong Kong Stock Connect.
Strat egy & Envir onmental, Social and Governance (ESG) crit eria: The Inves tment Manager actively engages with issuers and uses voting rights where applicable, with the aim of maximising the long-t erm value of clients' inves tments.
In addition, issuer s must meet the minimum ESG stand ard of the Inves tment Manager as defined in the websit e disclosures referred to under section “Where can I find more pr oduct specific information online? to be eligible for inves tment. Finally, y, the Invest ment Manager applies its Baseline Exclusions Policy .
Prospectus Page 186 of 353 Aviva Investors
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Whilst mat erial ESG factors are integrat ed into the inves tment process , the Inves tment Manager retains discretion over inves tment selection.
This Sub-Fund does not have a sus tainable inves tment objective and the Inves tment Manager will consider the adver se impacts of an inves tment to the ext ent they are financially material. For further information please refer to the sus tainability disclosures section of the pro spectus and the website www .avivainves tors .com.
The investment s trat egy guides inves tment decisions based on factors such as inves tments objectives and risk tolerance.
� What are the binding elements of the inves tment s trategy used t o select the in vestm ents t o attain each of the envir ironmental or social characteristic ics promoted by this financial product? As noted previously, y, the criteria mentioned in section "What envir onmental and/ or social characteris tics are promot ed by this financial pr oduct" above are binding on the inves tment proc ess to ensure underlying inves tments are inclusive of those securities prom oting environ mental or social characteris tics, i.e: A. Aviva Inves tor s Baseline Exclusions Policy
The Inves tment Manager applies a firm-wide Baseline Exclusions Policy (“BEP”) which prohib its inves tment in companies that have had mater ial violations of principles of the United Nations Global Compact (“UNGC”) or are involved in the following activities:
- Pr oduction or distri bution of controver sial weapons, including nuclear weapons;
- Manufacture or sale of civilian firearms;
- Thermal coal extraction;
- Non-conventional fossil fuels (e.g. arctic oil and tar sands); and
- Tobacco prod uction and, to a lesser ext ent, distri bution.
The exclusions are based on a maximum acceptable percentage of es timate d revenue derived fr om the specific activities.
For additional detail on the specific activities, including any exceptions, and on the maximum acceptable percentage of revenue thresholds please refer to section “1. Aviva Inves tor s Baseline Exclusions Policy ” ( here ).
Further details on Aviva Inves tor s Baseline Exclusions Policy are available at Policies and documents - Aviva Inves tors.
B. ESG Standard
The Inves tment Manager has defined an ESG s tandard that issuer s need to meet:
Corporate issuers meet the good governance principles, in line with the Inves tment Manager ’s Good Governance Policy . Good governance practices of inves tee companies are assessed throu gh a two tiered appr oach. Firs t, companies are screened for material violations of the UN Global Compact (“UNGC”), in accordance with Aviva Inves tor s Baseline Exclusions Policy . Second, a qualitative assessment is conducte d by the Inves tment Manager, r, which, at a minimum, consider s matt ers it deems relevant to the four identified pillars of good governance: sound management s tructures, employee relations, st aff remuneration, and tax compliance.
Prospectus Page 187 of 353 Aviva Investors
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In assessing good governance, the Inves tment Manager applies its propriet ary Good Governance assessment, in accordance with its Good Governance Policy . The Inves tment Manager conducts qualitative analysis of issuer s relative to peer s, support ed by inter nal and ext ernal research, and det ermines whether issuer s meet the required governance stand ards.
� What is the committed minimum rate t o reduce the scope of the inv estments considered prior t o the application of that in vestmen t s trategy?
There is no commitment to a minimum rat e target to reduce the scope of the inves tments considered prior to the application of the Investment Manager ’s inves tment st rat egy . Issuer s that meet the criteri a of the Invest ment Manager ’s Baseline Exclusions Policy described above are excluded. The percentage of inves tments that are excluded fr om the Sub-Fund’s inves tment univer se will vary over time and be minimal given the nature of the inves tment univer se and the appr oved issuer pr ocess incorporating a st ro ng ESG assessment.
Good governance practices include sound management stru ctures, employee relations, remuneration of staff and tax compliance.
� What is the policy t o assess good governance practices of the in vestee companies?
The Invest ment Manager will avoid inves tments in companies that fail to prot ect the basic rights of inves tor s and employees, that are involved in tax evasion, corruption or other governance scandals (and fail to take adequat e remedial action). The Inves tment Manager will only inves t in companies that maintain governance practices in line with national st andards. The Inves tment Manager also expects companies to act in accordance with the UN Guiding Principles and the OECD Guidelines for Multinational Enter prises.
Good governance practices of inves tee companies are assessed throu gh a two tiered appr oach. Firs t, companies are screened for material violations of the UN Global Compact (“UNGC”), in accordance with Aviva
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