Exclusion Policy

At Covéa Finance, our investments are based on our sectoral and normative exclusion policy

Covéa Finance’s exclusion policy, in line with the AFG (Association Française de la Gestion Financière – the French asset management association) recommendations on banning the financing of Cluster Munitions (CM) and Anti-personnel Mines (APM), excludes all direct investment in equities or bonds of companies involved in controversial weaponry:

  • cluster munitions and anti-personnel mines as defined by the Ottawa Convention (1997) and the Oslo Convention (2008) and signed by France;
  • bacteriological and/or chemical weapons.

In addition to the standard exclusions, we have also undertaken to exclude tobacco companies and companies that generate more than 5% of their direct sales in the gambling and betting sector.

We also exclude from our investments:

  • Energy companies with over 30% of their electricity production generated from coal (i.e. thermal coal), with the exception of those that have made a clear commitment to reduce this proportion below the 30% threshold by 2025.
  • Companies deriving over 30% of their turnover from coal.

In general, we prefer shareholder dialogue with companies to exclusion as a means of promoting more responsible practices.

Exclusion policy (pdf - 718.29 KB)