PIE Fixed Income Fund

Companies of concern

• Human Rights Violations

  • Wells Fargo & Company 2.39%
    Business Ethics

    Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.

    WELLS FARGO & COMPANY Business Ethics

    Well Fargo is one of the largest banks in the United States. From 2002 to 2016, Wells Fargo employees created 3.5 million unauthorised customer accounts to meet sales targets. These accounts generated improper fees and negatively affected customers' credit scores. The fake accounts, aggressive sales practices, alleged price fixing, and mistreatment of whistleblowers have led to lawsuits against Wells Fargo, raising concerns about the company's business ethics.

• Animal Cruelty

  • LVMH Moet Hennessy Vuitt 2.71%
    Animal Welfare Issues

    Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.

    Fur & Speciality Leather

    Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).

  • Unilever Finance 2.18%
    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.

• Fossil Fuels

  • Totalenergies Cap Intl 3.03% !!
    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
    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.

    TOTALENERGIES CAP INTL Fossil Fuel Production

    TotalEnergies, headquartered in France, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in oil and gas exploration, production, refining, storage and transportation, as well as in the production of petrochemicals and specialty chemicals. Production of hydrocarbons in 2021 was 998.2 mmboe. Expansion countries include Uganda, Australia, Papua New Guinea, Azerbaijan, Iraq, Qatar, UAE, Oman, Egypt, Libya, Kenya, Mozambique, Angola, Congo, Cameroon, Nigeria, Brazil, Argentina, USA, Norway, Denmark, Russia. Currently 6854.0mmboe resources under development as of 2022. Overshoots the IEA NZA Expansion by 48.0%. Exploration CAPEX is 1012.8 MUSD (3-year average 2020-2022).

  • Iberdrola Finanzas Sau 1.75% 1.5°C
    This company is on a 1.5°C pathway
    Fossil Fuel Power Generation

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