The ethical/sustainable valuation process for companies is frequently divided into three areas, namely environment, social and company management (governance). The abbreviation ESG stands for Environment, Social and Governance.

This term was established to express whether and how companies consider and implement ecological and social/societal aspects and the type of governance in their decision-making processes and business practices.

Hence sustainability is not only a purely environmental issue but is also concerned with how a company treats its employees or how it addresses the issue of human rights and the principles of good governance (e.g. compensation for directors). Each of the three aspects includes a number of different criteria. Areas under assessment include environmental performance, the development of air emissions and water consumption, occupational safety and health, non-discrimination, prohibition of child and forced labour, transparent measures to prevent corruption and bribery, as well as whistle-blower policies.

In essence, ESG assessments evaluate these areas by looking back into the past using the current (status quo) perspective.

An overview of our sustainability criteria can also be found in the FNG sustainability profiles (German language):

❯ ACATIS Fair Value Aktien Global

❯ ACATIS Aktien Deutschland ELM

❯ ACATIS Fair Value Modulor Vermögensverwaltungsfonds




  • Environmental directives
  • Environmental management system
  • Programs and targets for reducing CO2 emissions
  • Programs and targets for renewable energy use
  • Energy efficiency
  • Emissions
  • Water consumption


  • Freedom of assembly
  • Workers’ rights
  • Employee turnover
  • Training and qualification measures
  • Employee diversity
  • Health and safety management
  • Employee retention
  • Work/life balance


  • Directives on bribery and corruption
  • Tax transparency
  • Independence of the Management Board
  • Prevention of money laundering
  • Compensation system
  • Supplier chain
  • Relationship with customers / Customer loyalty



We are facing serious economic, social and ecological challenges. To address these challenges, the United Nations has defined globally applicable priorities and targets until the year 2030 on the basis of Sustainable Development Goals (SDGs). They represent a unique opportunity for moving the world towards a sustainable future. Governments around the world have already committed to these targets. Now it is time for businesses to implement the relevant measures so that the targets can be met by the year 2030.

The fact that 193 countries were able to agree on targets for a more sustainable world is a great achievement in itself. With 169 sub-targets, the Agenda is very comprehensive and addresses all dimensions of sustainability. Ending global poverty is the top item on this list of 17 targets. This includes the fight against hunger and access to clean water.

Other important targets include: improving infrastructure, enforcing gender equality, peace and security, health care, sustainable consumer behaviour, climate protection and the protection of the world's oceans. In addition, all children worldwide must have access to free basic education.

Industrial countries are explicitly called upon to achieve the sustainable development targets. For example, the “2030 Watch” portal is an instrument that monitors the implementation of the sustainable development targets.


1. No poverty
2. No hunger
3. Health and well-being
4. High-quality education
5. Gender equality
6. Clean water
7. Affordable and clean energy
8. Human work
9. Industry, innovation
10. Less inequality
11. Sustainable cities
12. Sustainable consumption
13. Climate protection
14. Life under water
15. Life on land
16. Peace and justice
17. Partnerships for achieving the targets


2021 – Companies

  • Oil and gas production

2020 – Companies

  • Fracking

2019 – Companies

  • SDG, the 17 sustainability goals of the UN, as a new additional sustainability filter     

2018 – Companies

  • Exclusion criterion power plant coal is set to zero tolerance

2017 – Companies

  • Companies excluded from the Norwegian pension fund

2016 - Companies

  • Oil from tar sands and shale
  • Power plant coal

2015 - States

  • All non-free states according to Freedom House
  • All states that have not ratified the UN Convention on Biodiversity.
  • All states that have received a low rating in the corruption perception index.
  • Violation of Non-Proliferation Treaty

 2014 - Companies

  • Management of water risks
  • Serious environmental scandals
  • Expansion of ILO core labour standards
    • Discrimination
    • Freedom of assembly
    • Health and safety

2013 - Companies

  • Child labour, human rights violations, also in the supply chain


Zero tolerance, followed by exclusion

  • Oil and gas production
  • Power plant coal
  • Oil from tar sands and shale
  • Embryonic stem cell research
  • Fracking
  • Green genetic engineering
  • Corruption, accounting fraud
  • Intensive livestock farming
  • Abusive child labour, also in the supply chain
  • Strategic armaments, weapons and components
  • Animal testing for cosmetics
  • Human rights violations
  • Abortion
  • Companies excluded from the Norwegian pension fund

Excluded because share of total sales revenues is greater than 5%

  • Alcohol production
  • General armaments
  • Nuclear energy
  • Gambling
  • Pornography
  • Tobacco production

Exclusion of states 

  • Nuclear weapons
  • Death penalty
  • Share of nuclear power > 15%
  • All non-free states according to Freedom House
  • All states that have not ratified the UN Convention on Biodiversity.
  • All states that have received a low rating in the corruption perception index.
  • Violation of Non-Proliferation Treaty