Exclusion & Avoidance


Screening Exclusion

We are convinced that focus on engagement in the long term will lead to the best results for our clients. However, there are several instances when Kempen directly excludes companies from its investable universe. 

Controversial weapons

  • The effects of the weapons are disproportional and there is a lack of distinguishing between military and civil targets.
  • Biological, chemical, nuclear, anti-personnel landmines, cluster munition 

Exclusion Avoidance Header

Shield Avoidance

Company level (conduct)
Companies and fund managers where engagement efforts have led to insufficient results can be excluded from any investment portfolio 
  • Violation of and lack of international guidelines & no willingness to change
  • We have a policy to address serious concerns over the safeguarding of the OECD Responsible Business Conduct guidelines.

Sector level (product)
In order to determine which products and services should be avoided, we developed an exclusion criteria framework and applied this framework to tobacco.

  • Via exclusion framework: tobacco  

Exclusions and Avoidances

2022, 19 September

Avoidance list

2022, 19 September

Exclusion list

2022, 19 September

Tobacco list

2022, 19 September

Government bond exclusion list


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