EEP_INT_AR_2023_EN_FINAL_short

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8. Breaches of international norms For institutional investors, violations of international standards by companies in their portfolios represent both a reputational and an investment risk. This is why Ethos is conducting an engagement campaign against violations of international standards that targets companies that commit serious and/or systemic violations of international minimum standards of good conduct in the areas of human and labour rights, the environment and anti-corruption. The ten principles of the UN Global Compact and the OECD Guidelines for Multinational Enterprises serve as the normative basis. The selection of companies is based on the existing Ethos process for identifying controversies. The objective of the dialogue is defined as follows: • Elimination and proven remediation of the violation and improvement of the management processes to avoid a new violation. If the objective is not achieved within a reasonable period, Ethos recommends the exclusion of the company in question from the investment universe. 40
ENGAGEMENT POOL INTERNATIONAL SUMMARY OF 2023 ACTIVITIES 8.1 CAMPAIGN 2022 CONTEXT AND OBJECTIVES In September 2022, the EEP International launched a new engagement campaign to urge several companies that have seriously violated international standards or have repeatedly violated them to take action to remedy these violations. Specifically, the following requirements have been defined: • Removal of the violation. • Improvement of management processes to avoid further violations. • Possibly additional company-specific targets. At the start of this multi-year campaign, the EEP International sent letters of introduction to the chairmen of the boards of directors of the targeted companies: Bayer, Canadian Natural Resources, Carnival, Glencore, Jardine Matheson, JPMorgan Chase, PG&E, Uber and Wells Fargo. By the end of 2022, direct contact had been established with eight of the nine companies. The dialogue continued intensively in 2023. ACTIONS AND RESULTS IN 2023 • While four companies made no progress in their commitments, five made progress. • In total, eight conference calls were held with seven companies. • Glencore and Uber were not available for direct dialogue, while two conference calls were arranged with JPMorgan Chase. 41
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