Kernel S&P Global Dividend Aristocrats Fund

Companies of Concern

• Animal Cruelty 3.0%

  • Solvay SA

    3.00%

    3.00%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

• Social Harm 1.57%

  • Universal Corp.

    1.57%

    1.57%
    Tobacco

    Where companies are involved in the production or retail of tobacco, or tobacco-related products and services.

• Fossil Fuels 27.03%

  • Oneok, Inc.

    2.64%

    2.64%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Pinnacle West Capital Corp.

    1.39%

    1.39%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Keyera Corp.

    1.38%

    !!

    This company is expanding their fossil fuel production and
    is off track with the UN target to limit global temperature
    rise to 1.5°C

    1.38%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Evergy, Inc.

    1.36%

    1.36%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Northwestern Corp.

    1.34%

    1.34%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Oge Energy Corp.

    1.34%

    1.34%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Entergy Corp.

    1.33%

    1.33%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Avista Corp.

    1.30%

    1.30%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • American Electric Power Co., Inc.

    1.28%

    1.28%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Black Hills Corp.

    1.25%

    1.25%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Pembina Pipeline Corp.

    1.22%

    !!

    This company is expanding their fossil fuel production and
    is off track with the UN target to limit global temperature
    rise to 1.5°C

    1.22%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Spire Inc.

    1.21%

    1.21%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Portland General Electric Co.

    1.16%

    1.16%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • A2A Spa

    1.14%

    1.14%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Duke Energy Corp

    1.14%

    1.14%
    Environmental Damage

    Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Allete, Inc.

    1.07%

    1.07%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Hera Spa

    1.04%

    1.04%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Edp-Energias De Portugal SA

    0.85%

    1.5°C

    This company is on a 1.5°C pathway

    0.85%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

    EDP-ENERGIAS DE PORTUGAL SA Fossil Fuel Power Generation

    EDP is a Portugal’s largest generator and distributor of electricity. Evidence shows that 12.5% of the company’s revenue was is generated from fossil fuels, including 5% from coal-fired plants and 7.5% from oil and gas. However, EDP have committed to being coal-free by 2025 and carbon neutral by 2030. The decision to shut down rather than offload their fossil fuel assets contrasts with many other energy companies who instead choose to sell up when faced with dropping profits or a need to improve their sustainability credentials. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.

  • Canadian Natural Resources Ltd.

    0.84%

    !!

    This company is expanding their fossil fuel production and
    is off track with the UN target to limit global temperature
    rise to 1.5°C

    0.84%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Capital Power Corp.

    0.57%

    0.57%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Canadian Utilities Ltd.

    0.43%

    0.43%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Atco Ltd.

    0.41%

    0.41%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Emera, Inc.

    0.41%

    0.41%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Fortis, Inc.

    0.33%

    !!

    This company is expanding their fossil fuel production and
    is off track with the UN target to limit global temperature
    rise to 1.5°C

    0.33%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Northland Power, Inc.

    0.32%

    0.32%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Power Assets Holdings Ltd.

    0.16%

    0.16%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Clp Holdings Ltd.

    0.13%

    0.13%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

• Weapons 0.94%

  • Canadian Tire Corp. Ltd.

    0.94%

    0.94%
    Firearms

    Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.

• Environmental Harm 1.14%

  • Duke Energy Corp

    1.14%

    1.14%
    Environmental Damage

    Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.