1 | Best-impact investing list 2021 - 101 stocks | |
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2 | Author: Adrien Chopin - published 12/07/2021 | |
3 | Disclaimer: the following list is only indicative, I am no financial advisor. Do not invest any money that you are not ready to lose. I selected best-impact stocks to help them with some capital and thank them for significant past achievements in improving the world. I did not select these particular stocks for a great promise of return. If I lose that money, I would consider it a donation to them. Invest at your own risks, and no more than 10% of your savings. If you invest small amounts (~10 kEur), I advice degiro as broker to save significant amounts in fees while keeping a large selection. | |
4 | Objective: select best-impact stocks, that already demonstrated a significant contribution to the world and are likely to do a better one in the future. The goal is to create a pool of possible investments, a watchlist, rather than an exhausitve ranking of best-impact stocks | |
5 | Background: recent works (Bessembinder, 2018; Wong, 2019) show that the probabilty for individual random stocks to lose value is 44% after 10 years and the 2/3 underperforming the market (the market being usually an index of a large amount of the largest company, weighted by capitalisation, like S&P500 for the USA). Mean and median returns are very different, showing high skew (a few stock outperforming by a lot a large amount of bad stocks). By investing in 100 stocks, skew almost disappears (average 8% yearly return) and the risk of losing value drops to 0.4%. This is true for small and large caps, and all markets (Bessembinder, 2019; Fang et al., 2020). In other words, to avoid risk and get steady returns, one can simply invest in 100 random stocks (the more the better, but 50 also works while 25 still shows a 4%-probability to lose money). An alternative strategy would be to invest in mutual funds, professionnals who knows which stocks to choose. However, after paying fund expenses, mutual funds underperform the market (Fama & French, 2010). According to S&P persistence report (2017), one cannot predict from past performances which fund is going to outperform the market. Instead, there is no evidence that they can use knowledge for doing so. | |
6 | Strategy: Our goal is to chose 100 stocks among the ones that have the best impact on the world and the best work ethics (ESG indicators), and follow a long-term (8-10 years) buy-and-hold strategy. Indeed, there is no correlation between returns and ESG indicators (Limkriangkrai et al., 2017; La Torre et al., 2020; Auer & Schuhmacher, 2016) so that choosing them that way is equivalent to choosing them randomly, when it comes to returns. We can therefore choose 100 best-impact stocks and it should follow the market (average all-time returns for a decade: 7.5% yearly). Stocks are chosen among various countries, capitalization sizes and sectors. I think that it is worth bearing the higher costs of buying non-US stocks for the sake of diversification. However, diversification should also occur in time: you do not want to invest all the intended money at once to avoid the risk of a sudden crash. Therefore one wants to invest at different times of the year, ideally when one particular stock is low priced for example. For this, you should do your own due diligence to decide the right timing to invest in any of these stocks (using e.g. P/E, P/S...). ETFs is also a good way to achieve diversification but not time diversification. It may however a good way to achieve diversification rapidly before investing in individual stocks. In that case, consider ETF like the ones following the S&P Global Clean Energy Index. Contrary to the popular belief, I did not find significant differences in returns when comparing statistics of average returns for different months (data here http://www.moneychimp.com/features/monthly_returns.htm). | |
7 | Methodology for assessing impact: We used an absolute criterion approach (like sustainalytics), but taking into account the results from some best-in-class rankings (like Corporate Knights top 100). We favored several best-impact sectors: renewable energies (to address climate change goals), entertainement (videogaming and movies), organic farming and distribution, health-related sectors, semiconductors, softwares and IT, transportation (rail and bike), engineering, environmental & waste services, recyclable packaging, education, sustainable cosmetics, and any sustainable stock in other sectors. Individual stocks are judged according to the following methods. All companies start at 0, then they can lose points according to the below criteria or be discarded according to the below criteria. Selected companies have a score strictly above 0. Note that when a company reached a score bad enough (-2 or 0 after having exhausted all giving-point options), we stopped the review so that it is not an exhaustive review. For attributing points, all companies first went through a thorough review, with parsing of the following websites: wikipedia, sourcewatch.org, business-humanrights.org, knowthechain.org, and google parsing with keywords "scandal", "pollution", "fine", and "justice", the lookup of lobbying (Europe with https://lobbyfacts.eu/ or part of ALEC https://en.wikipedia.org/wiki/List_of_members_of_the_American_Legislative_Exchange_Council) and US fines (violationtracker.goodjobsfirst.org), part of toxic 100 list (www.peri.umass.edu). Any hint was investigated further. The methods used to discover the companies does not allow us to say that the 100 selected stocks are the best, only that they pass our criteria to be selected. Our criteria are described below. We recognized that most are arbitrary and judging them is often subjective. | |
8 | Criteria on renewable energy production | |
9 | * being a >80% renewable energy producer or provider, or renewable energy machinery supplier | gain 2 points |
10 | * share of 50-80% of renewable energy production or provider, or renewable energy machinery supplier and new investments are directed at 80% toward renewables | gain 1 point |
11 | * share of 50-80% of renewable energy production or provider, but new investments are directed at 50-80% toward renewables | lose 1 point |
12 | * still signitificantly investing in fossil fuel developpment (extraction, raffinery, plastic, energy plant, fuel engines, non-electric vehicles or vehicle parts, or anti-climate change lobbying), or owning <50% in non-renewable/nuclear assets or >50% but new investments are directed at <50% toward renewables | eliminated (exclusion) |
13 | ||
14 | Criteria for losing 2 points: | Criteria for gaining 2 points: |
15 | * evading fiscal taxes (justice fine or tax <5% when significant profit exists) with the exception of companies losing money or renewable energy companies benefiting from governemental incentive schemes | * public benefit corporation |
16 | * company known to be involved in a cartel in the last 20 years, or in justice for that | * owned >80% by a public state, a non-profit or a union, in a country with a corruption index better than 50 |
17 | * owns at >40% by a company that would be excluded according to below criteria | * organic products production or distribution, or meat substitutes |
18 | * known to help a dictature or a state increasing its population control | * sustainable transports or parts (electric or hydrogen transports/cars in countries where share of non-fossil fuels electricity is >50%, bikes, electric trains in countries where the share of non-fossil fuels for train energy is more than 50%, fuel cells) (see Annex A) |
19 | * monopoly: market share >50%, except if niche market (then -1pt) or considered monopoly (-1pt) | *waste valorisation / recycling |
20 | * CEO-Average worker pay ratio >200 | *zero waste products (works with 100% recyclable or compostable packages) |
21 | * clean revenues <2.5% (this indicator can be misleading) | * >95% clean revenues and >95% clean investment (CK100) |
22 | * fast-fashion (renew products very quickly, every one or two weeks, to increase consumption) | *carbon neutral (compensate its emissions through carbon compensation programs) |
23 | * a total of violations of more than 1/1000 of its capitalization since 2000: https://violationtracker.goodjobsfirst.org/prog.php | * second-hand products (e.g. vintage fashion) |
24 | Criteria for losing 1 point: | Criteria for gaining 1 point: |
25 | * sustainalytics ESG risk 2020 >25 | * sustainalytics ESG risk 2020 <=20 |
26 | * when available, % of women in boards of directors is below 10% | * being in the Global 100 (Corporate Knights ranking CK) either in 2020 or 2021 |
27 | * CEO-Average worker pay ratio >100 | * massive R&D leading to significant sustainable new technologies (or drugs and vaccines), more than 4% yearly |
28 | * massive lobbying >300.000$/year (content of lobbying not identified) - https://lobbyfacts.eu/reports/lobby-costs/companies | * company owned >45% by a public state, a non-profit or a union, or >51% in a country with a corruption index worse than 50 (https://www.transparency.org/en/cpi/2020/index/nzl) |
29 | * known to aquire significant independent studios with the only intent to close it for taking its IP (movies, video games, music) | * listed in a serious sustainability list, social or innovation list in the last 5 years (Fortune innovator list, FP WHEB Sustainability Fund, Fortune's world best company to work in BUT NOT CDP A list, DJSI, Ethisphere's or MSCI index) |
30 | * unethical managment practices (surveillance, or leading-to-suicide waves practices, misconducts, unionized worker firing, harassement) | * involved in significant entertainement production, books, movies, anime, comics, games or video games or supporting the field (studios, distribution, graphic cards, computer, consoles, esport) or studios creating significant movies or video games |
31 | * overpriced drugs or products (luxury) | * copycat (similar products, generic drugs) or cartel-breaker company whose action decreases prices, or very affordable products (including banking) |
32 | * products designed for quick obsoloscence | * sustainable water provider or creation of recyclable packaging, or sustainable isolation |
33 | * when available (through CK ranking), clean investments <30% | * company involved in digitalizing systems (telehealth, electronic health or administration records) |
34 | *Personal care: their products are in the red category in the cosmetox guide from Greenpeace: https://www.penntybio.com/img/cms/Dossiers/PDF/guide-cosmetox.pdf | *Personal care: all their products are in the green category in the cosmetox guide from Greenpeace: https://www.penntybio.com/img/cms/Dossiers/PDF/guide-cosmetox.pdf |
35 | * D or F rating (laggards) on Greenpeace Guide to Greener Electronics https://www.greenpeace.org/usa/reports/greener-electronics-2017/ | *Electronics: A, B or C rating on Greenpeace Guide to Greener Electronics https://www.greenpeace.org/usa/reports/greener-electronics-2017/ |
36 | * business model is mostly based on selling ads | * company involved in education, as long as it does not brainwash students with brand content or political & religious views |
37 | * business model based on nocive addiction (social networks like FB, addictive incremental games like cookie clicker) | * sustainable transports (electric or hydrogen transports/cars in countries where share of non-fossil fuels electricity is 30-50%, bikes, electric trains in countries where the share of non-fossil fuels for train energy is 30-50%) (see Annex A) |
38 | * a total of violations of more than 1/2000 of its capitalization since 2000: https://violationtracker.goodjobsfirst.org/prog.php / or leaders involved in harassment misconducts | * REIT: sustainable buildings, or healthcare-related or nursing homes, houses for the senior and dependent |
39 | * part of ALEC, a pwerful lobbying machine, known to be climate change denier: https://en.wikipedia.org/wiki/List_of_members_of_the_American_Legislative_Exchange_Council | |
40 | * suspicion of tax evasion (tax <15% when significant profits exist, except if green deals) | |
41 | * supplier involved in an exclusion criteria below (not the company directly) | |
42 | ||
43 | Exclusion criteria: (coded -2) | |
44 | * CEO-Average worker pay ratio >900 | |
45 | * involved in a major pollution scandal recogniwed by the justice, or several minor ones, or clearly-polluting industries (non-sustainable mining) | |
46 | * part of any of US toxic 100 list 2020: https://www.peri.umass.edu/top-100-polluter-indexes or of the 10 worst polluters 2020 (plastics: https://www.breakfreefromplastic.org/wp-content/uploads/2020/12/BFFP-2020-Brand-Audit-Report.pdf) | |
47 | * still signitificantly investing in fossil fuel developpment (bank, investment companies, extraction, raffinery, non-recyclable plastics, energy plant, fuel engines, non-electric vehicles or vehicle parts, or anti-climate change lobbying), or owning <50% in non-renewable/nuclear assets and not investing significantly to green energies (>80%) | |
48 | * share of business of bio-ethanol (fuel from crops but fuel from waste is OK) is >25% | |
49 | * involved in non-sustainable real-estate construction (>25%) | |
50 | * investing or involved in child labor, slave labor, cement, non-organic fertlizers or insecticids, bee-killer insecticids, prisons or prison labor, gambling, GMO, corruption, illegal activity, oil sands, palm oil, environmental damage, human right violations, coal, tobacco, weapons, lobbying against or blocking climate policies, deforestation (instead of sustainable foresting), investing more in conventional energies than alternative ones, or >50% in fossil or nuclear fuels, chemicals when there is no evidence of non-polluting sustainable development | |
51 | * investing or involved in non-organic animal farming, non-organic food productions with the exclusions of vitamins, lipids, micro-organisms | |
52 | ||
53 | Notice for each column | |
54 | Description and pros - cons/controversies: We describe the company's activity and favorable aspects. It is not an exhausting listing of the content of the columns. In cons/controversies, we highlight the problems with the company, or suspicions. To find them, we look up the wikipedia article in English and French, and we google the name of the company with keyword scandal or controversy. | |
55 | Ind. Stocks / Impact score / Status: Ind. Stocks: 2 means that it is selected in the current best-impact list, 1, it is under review, and 0 that it is eliminated. Impact score is the best-impact score according to the rules above. Companies that are 0 or less cannot be selected. Companies that are eliminated because of an exclusion criteria get the -2 score. | |
56 | From Rank CK100 2020 to sustainalytics ESG risk 2020: These indicate some of the ethical or best-impact indicators that I have checked. % tax paid is taken from Morningstar, % Clean revenues, % clean investments are taken from CK100 list. % Women on board is calculated by looking at the board of directors on each company's website, CEO-Average worker pay ratio is calculated from the last known CEO total yearly compensation (or the highest from the board, when available) divided by the average salary in the company, when available, and if not, by the mean salary in the company's country. | |
57 | Violations since 2000 in $: if the total of fine from justice violations found in the US (https://violationtracker.goodjobsfirst.org/prog.php) is higher than 1/1000th of the company capitalization, loses 2 points | |
58 | Yealy EU lobbying in $: amount of yearly lobbying declared on https://lobbyfacts.eu/reports/lobby-costs/companies | |
59 | Sector / country / cap sizes: The columns are given to be sure you can diversify. It is important to diversify your assets across sector, country and cap sizes depending on capitalization in $: <200M: micro 200M-2B: small 2B-10B: mid 10B-200B: large >200B: giant | |
1 | Best-impact investing list 2021 - 101 stocks | Description and pros | cons / controversies | Ind. Stocks | Impact score | Status | Rank CK100 2020 | Rank CK100 2021 | % Taxes Paid | CEO-Average worker pay ratio | % Women on board | % Clean revenues | % Clean Investment | sustainalytics ESG risk 2020 | Violations since 2000 in $ | Yearly UE lobbying in $ | Sector | Country | Cap size | #NAME? | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2 | 2U | Provider of online program services for educating students (to university or individuals), not confering degrees. Creator of online classes and live video services for teaching. One of the 10 Forbes' 2012 start-ups changing the world, 2016's most innovative company by Fast Company. 20% in R&D. An online education company that contracts with non-profit colleges and universities to offer online degree programs. | 2 | 2 | Selected | - | 99 | 33% | 16 | $ - | $ - | Education | USA | mid | - | ||||||
3 | accell group | Bikes. Own the bicycle brands Atala, Babboe, Batavus, Carraro Cicli, Ghost, Haibike, KOGA, Lapierre, Loekie, Nishiki, Raleigh, Sparta, Torker, Tunturi, Van Nicholas, Winora, and XLC components, some R&D. The Accell Group has improved its Environmental Reporting score to a middle by setting environmental reduction targets, including reducing waste by 2-4% per bike per year and CO2e emissions by 1.5% annually. Accell group also monitors its energy efficiency, CO2 emission and waste reduction programmes on an annual basis. | no women on board | 2 | 1 | Selected | 43% | 18 | 0% | - | $ - | $ - | Transportation | Netherlands | small | ||||||
4 | Acciona SA | Wind farms, water treatment, waste treatment and airport services. Renewable energy production, distribution and commercialization, as well as construction of wind farms; construction and engineering activities, as well as transport and hospital concessions; Water, through construction of desalination and water treatments plants, drinking water stations, as well as management of water cycle process; Service, providing facility services, airport handling services, waste collection and treatment, as well as logistics services, among others, and Other Activities, including fund management, stock brokerage, wine production, activities related to Acciona Trasmediterranes business . Acciona obtained the distinctive RobecoSAM Silver Class 2015 in the Electric Utilities sector under the Sustainability Yearbook 2015 for its best practices in sustainability. It has also been included in the CDP Climate Leadership Index 2014 Performance index, which lists the 187 world companies that have received the highest rating for its performance in the fight against climate change. | CEO is paid too much, very low tax rate - probably evading | 2 | 2 | Selected | 70 | 31 | 5% | 108 | 27% | 57.7% | 80% | 21 | $ 8,800 | $ 150,000 | Construction, Water utilities & Energy production | Spain | mid | ||
5 | Agilent Technologies Inc | analytical instrumentation development, instruments, software, services and consumables for the entire laboratory workflow. Agilent focuses its products and services on six markets: food, environmental and forensics, pharmaceutical, diagnostics, chemical and energy, and research. For life sciences, diagnostics and applied chemical markets. Instruments and software that enable customers to identify, quantify and analyze the physical and biological properties of substances and products, as well as enable customers in the clinical and life sciences research areas to interrogate samples at the molecular level. Reagent partnership, pathology, companion diagnostics, genomics and the nucleic acid solutions businesses. 9% of R&D. Selected in FP WHEB Sustainability Fund. | CEO is overpaid | 2 | 2 | Selected | 23% | 171 | 11% | 17 | $ 6,553,000 | $ 15,000 | Biotechnology | USA | large | ||||||
6 | Amalgamated Financial Corp | Ethical banking. Only public-benefit corporation in banking certified B Corps. Largest union-owned bank and one of the only unionized banks in the US, majority-owned by Workers United. One of the leading providers of investment and trust services to Taft-Hartley plans in the United States. Provides affordable and accessible banking to its customers, advocates for workers' rights, and promotes high standards of ESG practices. Clients include progressive individuals and organizations like presidential campaigns, labor unions and nonprofits. Fights (sometimes in justice) to limit golden parachutes of CEOs, against large companie's frauds, sweatshops. First bank to adopt minimal wage in the US. Invests in affordable housing, access to bank accounts. Carbon neutral. Pledged to not invest in fossil fuels and support 100% clean energy. First to endorse and to sign the UN Principles for Responsible Banking. Global leader of the Partnership for Carbon Accounting Financials, which measures the carbon footprint of bank loan and investment assets. Do not lend to fossil fuel companies, committed to $700M in impact lending, which includes the solar and sustainable food sectors, aligning all of our business practices with the Paris Climate Accords, composting and recycling at all offices and branches. Will not lend money to companies or organizations that promote hatred, to weapons manufactures or distributors and private prison operators, invest in companies that promote diversity and inclusion. Provide pro bono services for Immigration Equality and the Transgender Legal Defense and Education Fund. Good benefits for worker. | Can be difficult for foreigners to open an account (local papers required, passeport not accepted) | 2 | 8 | Selected | 25% | 17 | 40% | 100% | 100% | - | $ - | $ - | Banks | USA | small | ||||
7 | Arcadis NV | Sustainable asset design, engineering and consultancy in the area of infrastructure, water, environment and buildings. Infrastructure business line focuses on sustainable infrastructure solutions for transportation by road, rail, air and over water, and creating reliable energy supply systems. The Company is an environmental solutions provider to private industry, and delivers projects that protect the earth's resources. It offers water supply, treatment, management and conveyance solutions. The Company also offers contract solutions, master planning and sustainable urban development, commercially led program management, business advisory, data analysis and architecture and design solutions. Selected in FP WHEB Sustainability Fund. | 2 | 2 | Selected | 72% | 26 | 33% | 18 | $ - | $ 9,999 | Engineering/Construction | Netherlands | mid | |||||||
8 | ATLANTICA SUSTAINABLE INFRASTRUCTURE | Mixed renewable energy and regulated utility conglomerate with assets across North America. Actively invests in hydroelectric, wind and solar power facilities, and utility businesses (water, natural gas, electricity) | owned by Algonquin Power & Ut., mostly a fossil fuel company that is going toward renewables through that subsidary but evade taxes | 2 | 2 | Selected | 12 | 12% | 17 | 25% | 86.0% | 60% | 10 | $ - | $ - | Green & renewable energy | UK | mid | |||
9 | Autodesk Inc | Engineering and 3D softwares, CAO, licenses, main competitor of dassault systems, 25% of R&D. Autodesk tools are a critical component in the design and operation of more resource efficient products and buildings. Selected in FP WHEB Sustainability Fund. | some lobbying | 2 | 3 | Selected | 5 | 43 | 53% | 77 | 50% | 93.2% | 3% | 15 | $ 7,200 | $ 250,000 | Software (System & Application) | USA | large | ||
10 | Ball Corp | Recyclable metal packaging (beverage packaging, food and aerosol packaging; aerospace products). Producer. Invented the mason jar, now distributed by a different company. It produces steel food, aerosol and extruded aluminum aerosol containers and aluminum slugs. Its aerospace business designs, develops and manufactures aerospace systems for civil, commercial and national cyber security aerospace markets. It produces spacecraft, instruments and sensors, radio frequency systems and components, data exploitation solutions and a range of aerospace technologies and products. | CEO is paid too much, history of polluting air (in toxic 100 until 2014) but changed, condamned in a minor fine for bribery in Argentina in 2011, numerous employment-related offenses | 2 | 1 | Selected | 48 | 15% | 126 | 36% | 64.0% | 64% | 15 | $ 4,080,000 | $ - | Packaging / Aerospace | USA | large | |||
11 | beyond meat | Plant-based meat substitutes, design and produces, lots of R&D, champion of Earth 2018 for science and innvoation | Is sued by Don Lee Farms for stealing their manufacturing secrets. We should wait for this to settle before potentially investing (downgraded by 1 pt). High sustainalytics ESG risk (not sure why). Overpaid CEO | 2 | 1 | Selected | - | 116 | 22% | 42 | $ - | $ - | Food and beverage production | USA | mid | ||||||
12 | bioMérieux SA | Diagnostic solutions (reagents, instruments, software) which determine the source of disease and contamination to improve patient health and ensure consumer safety. Its products are used for diagnosing infectious diseases, cancer screening, and monitoring and cardiovascular emergencies. They are also used for detecting microorganisms. diagnosis of tuberculosis, respiratory infections, among others and industrial applications, such as for the analysis of industrial or environmental samples. 13% of R&D | some lobbying | 2 | 1 | Selected | 38 | 23% | 16 | 36% | 82% | 24 | $ - | $ - | Biotechnology | France | large | ||||
13 | BORALEX INC CLASS A | Mixed renewables. Electricity producer whose core business is the development and operation of renewable energy power stations. The Corporation operates assets in the following power generation types - wind, hydroelectric, thermal and solar - based in Canada, the Northeastern United States and France (Plum energie) | 2 | 2 | Selected | 59% | 12 | 27% | 24 | $ - | $ - | Green & renewable energy | Canada | mid | |||||||
14 | Brambles Ltd | Supply-chain logistics. Pooling of reusable unit-load equipment, pallets, crates and containers (2 pts). It offers a range of supply chain platforms, including pallets, timber, plastic and display; reusable plastic crates (RPCs), bins and specialized containers. Brands: CHEP. Committed to plant two trees for each tree cut (already 100% sustainably sourced timber), to zero landfill waste by upcycling their plastic waste, commit to at least 40% women in management (currently 33% in executive team, 33% in the board). They estimated that reusing their pallets and RPCs diverted the cut of 1.8M trees and 1.3M tons of waste. | large fine but was in 2008 with a subsidiary called IFCO systems (-1 pt) | 2 | 3 | Selected | 18 | 30% | 44 | 33% | 71.0% | 71% | 16 | $ 23,833,500 | $ 75,000 | Assorted Business Support Services | Australia | large | |||
15 | Canadian Solar Inc | Solar panels. It designs and manufactures solar photovoltaic modules and provides energy solutions. | 2 | 5 | Selected | 84 | 85 | 22% | ? | 11% | 100.0% | 100% | - | $ - | $ - | Green & renewable energy | Canada | mid | |||
16 | Capcom Co Ltd | independent studio developper of megaman, street fighters, resident evil, lost planet. Employees are well paid. | Mostly involved in creating sequels now, no women on board | 2 | 1 | Selected | 28% | ? | 0% | 19 | $ 396,000 | $ - | Softwares (Entertainment) | Japan | mid | ||||||
17 | Carl Zeiss Meditec | Microscopes and lenses. It manufactures tools for eye examinations and medical lasers as well as solutions for neurosurgery, dentistry, gynecology and oncology. Among its products are the most common tools used by ophthalmologists and optometrists, but also artificial lenses for surgery, and microscopes. 16% of R&D, parent company is a leader in microscope and lenses, based on research, and entiely owned by a non-profit foundation. The subsidiary is owned at 59% by the foundation | 2 | 2 | Selected | 31% | 29 | 19% | 31 | $ - | $ 5,000 | Healthcare Products | Germany | large | |||||||
18 | Cascades Inc | Recycled paper and cardboard packaging. Was among the first to do cogeneration, or to recycle paper. Owned Boralex energy at some point. | numerous minor offenses, very low tax rate - probably evading | 2 | 2 | Selected | 49 | 17 | 9% | 50 | 46% | 93.1% | 93% | 16 | $ 995,000 | $ - | Packaging | Canada | small | ||
19 | cash converters | Second-hand retailer and pawnbroker | what are their taxes when net is >0? / they had to pay significant fines because they were overcharging customers with short term loans or did not inquire about their loan burden. | 2 | 1 | Selected | - | 43 | 33% | - | $ - | $ - | Retail (general) | Australia | micro | ||||||
20 | CD projekt | Cyberpunk 2077, the witcher, developper of independent games, opposing inclusion of digital-right-management technology in their softwares | varying tax rate, often very low, no women on board | 2 | 1 | Selected | 10% | 95 | 0% | 16 | $ - | $ - | Softwares (Entertainment) | Poland | mid | ||||||
21 | Cerner Corp | Telehealth and electronic health records, IT systems. Secure cloud hosted health data, emegency department systems, radiology IT, and learning framework. Selected in FP WHEB Sustainability Fund. 13% in R&D | some old controversies on the system inefficiency, but if it keeps being implemented, it works / CEO is overpaid | 2 | 3 | Selected | 21% | 182 | 20% | 20 | $ - | $ 5,000 | Healthcare IT | USA | large | ||||||
22 | China Everbright Environment Groupt Ltd | Energy, water and waste treatment. Construction and operation of waste-to-energy plants, food waste treatment projects, sludge treatment and disposal projects, integrated biomass utilisation projects, waste treatment plants, environmental protection technology research and development, consultancy services, waste to energy facilities, power from biomass and water treatment. Owned at 41% by China Everbright Holdings (and 7% more by other state entities), a Chinese state-owned company. Owns 65% of Greentech and manufactures and designs energy-saving street lamps. Selected in FP WHEB Sustainability Fund. | no women on board, fined heavily for inside trading in 2013 | 2 | 2 | Selected | 22% | 8 | 0% | 24 | $ - | $ - | Environmental & Waste Services | China | mid | ||||||
23 | China Water Affairs Group | City water supply operation and construction. Provision of water supply operation and construction services, of sewage treatment and drainage operation and construction services, solid waste and hazardous waste business, environmental sanitation and water environment management, and development of properties for sale and investment in properties for long term rental. Selected in FP WHEB Sustainability Fund. | chairman/CEO is overpaid | 2 | 1 | Selected | 23% | 108 | 29% | - | $ - | $ - | Utility (water) | China | small | ||||||
24 | Chr. Hansen A/S | Natural biochemicals. It develops natural solutions for the food, beverage, nutritional, pharmaceutical and agricultural industries (food colorings, microbiological cultures, probiotics, phytonutrients, enzymes used in cheese production, fermented milk, meat, food service, beverages, wine, fruit preparation, ice cream and desserts, confectionery, cereals, spreads, bakery products, snacks, dietary supplements, pharmaceuticals and agricultural products). 7% in R&D. | only 12% of clean investments | 2 | 2 | Selected | 2 | 24 | 15% | 33 | 36% | 82.3% | 12% | 19 | $ - | $ 150,000 | Biotechnology | Denmark | large | ||
25 | City Developments Ltd | REIT and real estates, hotels, malls, commercial estates and residences, significant recognition for sustainability (12 listings), for example, BCA green mark platinum champion in 2011 (only 3 in the world), world tallest vertical garden (tree house condominium) | are the developments really that sustainable? | 2 | 2 | Selected | 36 | 40 | 15% | 47 | 25% | 73.6% | 80% | 9 | $ - | $ - | Real Estate (Development) | Singapore | mid | ||
26 | Copel - Comparanhia Paranaense de Energia | Hydraulic, wind and thermal electricity. In 2019, Copel announced a plan to divest their natural gas and telecommunications holdings to focus entirely on electricity. In 2020, Copel Telecom was sold. Cia Paranaense De Energia Copel is primarily involved in the production of power in the Brazilian state of Parana, through hydraulic, wind and thermal projects. Owned at >80% by state of Parana and the state-owned Brazilian Bank of Development | Only a tiny fraction left in thermal power plant. Yet to sell their gas distribution subsidiary in 2021. State-owned in a country with corruption index<50 | 2 | 2 | Selected | 28% | ? | 33% | - | $ - | $ - | Green & renewable energy | Brazil | mid | ||||||
27 | Cree Inc | LEDs products, and semiconductor products for power and radio-frequency (RF) applications. The Company's products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems. Only company with OSRAM to invest in IoT for smart lighting. 22% R&D, inventor of blue light LED. | overpaid CEO | 2 | 1 | Selected | 15% | 118 | 22% | - | $ 17,290 | $ - | Semiconductor | USA | large | ||||||
28 | CSL Limited | Blood-related bioetchnology. Researches, develops, manufactures, and markets products to treat and prevent many serious human medical conditions. CSL's product areas include blood plasma derivatives, vaccines, antivenom, and cell culture reagents used in various medical and genetic research and manufacturing applications. Selected in WHEB sustainability fund. 9% in R&D. Used to be a public lab until 1994, that developped numerous critical vaccines, anti-venom or anti-HIV researches. Second largest influenza vaccine company. Produced large numbers of vaccines during H1N1 episode and COVID. | High sustainalytics score. CSL was involved in the contaminated blood scandal in the 80's, manufacturing hemophilia products, but were never recognized any fault and were protected from justice by the government. | 2 | 1 | Selected | 18% | 19 | 44% | 25 | $ 62,780 | $ 75,000 | Biotechnology | Australia | large | ||||||
29 | DAQO NEW ENERGY Corp | Solar products: manufacture of monocrystalline silicon (mono-Si) and polysilicon (poly-Si), primarily for use in solar photovoltaic systems. 1-2% in R&D | no women in board | 2 | 1 | Selected | 21% | ? | 0% | - | $ - | $ - | Green & renewable energy | China | mid | ||||||
30 | DocuSign | Software company allowing the management of electronic agreements and document signature through secure authentification, through a mobile device app. Helps with document digitalization and avoid ink and paper. 18% of R&D | 2 | 3 | Selected | - | 97 | 33% | 17 | $ - | $ 75,000 | Software (System & Application) | USA | large | |||||||
31 | EDPR - Energias de Portugal Renovaveis | Mixed renewables. Fourth-largest generator of wind energy globally. Hydroelectric, wind, solar, tidal, biomass and waste plants | owned by EDP, tax green deal (not evading) | 2 | 1 | Selected | 10% | 26 | 13% | - | $ - | $ - | Green & renewable energy | Portugal | large | ||||||
32 | ENCAVIS AG | Solar and wind. 187 solar parks and 82 wind turbines with a capacity of over 2.4 GW in Germany, Denmark, Finland, France, the United Kingdom, Italy, the Netherlands, Sweden, Spain, and Austria. | only 10% of women in board | 2 | 1 | Selected | 58% | ? | 10% | - | $ - | $ - | Green & renewable energy | Germany | mid | ||||||
33 | Enphase energy | designs and manufactures software-driven home energy solutions that span solar generation, home energy storage and web-based monitoring and control. Enphase was the first company to successfully commercialise the microinverter on a wide scale, and remains the market leader in their production. The S230 and S280 microinverters have the highest efficiency for module-level power electronics at 97%. In 2019 the IQ8 series will enable continuous power production during grid outages during daytime without the need for batteries. Exclusive provider of microinverters to SunPower. 10% of R&D | seems to fraudulently falsify revenues in 2020 | 2 | 2 | Selected | - | 40 | 14% | 30 | $ - | $ - | Green & renewable energy | USA | large | ||||||
34 | ERG SpA | Wind and solar. ERG Group is now the leading operator in wind energy in Italy and is currently among the top ten in Europe (onshore). It also owns a combined cycle power plant (ERG Power, 480 MW) in Priolo Gargallo in Sicily and in 2015 purchased the Terni (527 MW) hydroelectric unit from EON Produzione. ERG is also active in Italy in the generation of electricity from solar sources (140 MW). | 2 | 3 | Selected | 35 | 15% | 17 | 33% | 61% | 23 | $ - | $ 10,000 | Green & renewable energy | Italy | mid | |||||
35 | EssilorLuxottica | Lenses and glasses - designs, manufactures and markets a range of lenses, frames and sunglasses to improve and protect eyesight. It also develops and markets equipment for prescription laboratories and instruments, and services for eye care professionals, which includes machines and consumables used by plants and prescription laboratories. The Company operates under a number of brands, including Ray-Ban, Oakley and Varilux, among others. It merged with Italian eyewear giant Luxottica. 3.6% in R&D, inventor of first progressive lens. | 2 | 1 | Selected | 37% | 13 | 25% | 21 | $ 332,000 | $ - | Healthcare Products | France | large | |||||||
36 | Freelancer Ltd | Affordable online gig provider. Plateforme to hire service/gigs (online outsourcing). While the main competitor takes 20% (Fiverr), Freelancer only takes 10% for the plateforme or less. Through Escrow.com, they provide secure online payments. Through its marketplace, employers can hire freelancers to do work in areas, such as software development, writing, data entry and design right through to engineering, the sciences, sales and marketing, accounting and legal services. The Company also operates Freightlancer.com, a global marketplace for freight, shipping and transportation spanning from enterprise haulage to consumer metro deliveries. | Minor offenses regarding privacy. | 2 | 1 | Selected | - | 20 | 17% | - | $ - | $ - | Information Services | Australia | micro | ||||||
37 | Games Workshop Plc | Games. Fantasy miniatures and related products, role-playing games, board, card and video games, all fantasy-related. | 2 | 2 | Selected | 20% | 37 | 57% | 13 | $ - | $ - | Entertainement | UK | mid | |||||||
38 | Garmin | Satellite GPS, Radar, sonar, portable devices (fitbit-like), trackers, 15% of R&D | 2 | 2 | Selected | 10% | 70 | 17% | 20 | $ - | $ - | Electronics (Consumer & Office) | USA | large | |||||||
39 | Getlink | Eurotunnel train line operated by Eurostar (different company). Entirely electrified with non-fossil fuel electric mix >50%. Freight and passenger line, electric interconnexion. | would be selected but too dangerously close to bankruptcy (has a history of bankruptcy), very low tax rate - probably evading | 2 | 2 | Selected | 13% | ? | 40% | 10 | $ - | $ 150,000 | Transportation (rail) | France | mid | ||||||
40 | Grand Canyon Education Inc | University education on Grand Canyon University campus, which is a large Christian college (20000 on campus, 90000 online), accredited to deliver degrees, including Doctor of Education, Doctor of Business Administration, Doctor of Nursing Practice, Doctor of Philosophy, Education Specialist, Master of Divinity, Master of Arts, Master of Education, Master of Business Administration and Master of Public Administration, Master of Public Health, Master of Science, Bachelor of Arts, Bachelor of Science, and certificate programs. The company provides flexible and affordable education to students coming from all socio economic backgrounds. Selected in FP WHEB Sustainability Fund. | It is a Christian university but they seem to encourage welcoming of other faiths (only 80% of Christian students, which is similar to the proportion in the USA) and not to teach creationism or flat-earthism. | 2 | 3 | Selected | 23% | 27 | 60% | 14 | $ 299,300 | $ - | Education | USA | mid | ||||||
41 | Horiba Ltd | Measurement instruments for pollution, science and medical diagnostics: manufacture and sale. Engine exhaust gas measuring devices, driveline test systems, engine test systems, brake test systems, flue gas analyzers, water quality measuring devices, air pollution monitoring analyzers, blood cell counting devices, immunoassay devices, mass flow controllers, chemical solution concentration monitors, particle size distribution measuring devices, metal analyzers. Selected in FP WHEB Sustainability Fund. | World monopoly on niche product: auto exhaust gaz measurements | 2 | 1 | Selected | 27% | ? | 18% | 16 | $ - | $ 15,000 | Environmental & Waste Services | Japan | mid | ||||||
42 | INNERGEX RENEWABLE ENERGY INC | Hydroelectric facilities, wind energy, and solar farms, developer, owner and operator in North America (22 run-of-river hydro plants, five wind farms and one solar farm). | 2 | 2 | Selected | 20% | 13 | 33% | 22 | $ - | $ - | Green & renewable energy | Canada | mid | |||||||
43 | JinkoSolar | world's largest solar panel manufacturer, lot of R&D, world record for P-type Poly PERC and Mono PERC cell efficiency at 22.04% and 23.95%. Vertical model from installation at individuals to utility and maintenance. | no women on board of directors, involved in a fluorure pollution in Haining | 2 | 1 | Selected | 27% | ? | 0% | - | $ - | $ - | Green & renewable energy | China | mid | ||||||
44 | JungFraubahn | Railway - JungFrauHoch gauge passenger train line, inside JungFray tunnel. Entirely electrified line with 100% renewable electric mix. Approximately 50% of the energy required for an ascent is recovered during the descent. | 2 | 2 | Selected | 30% | 5 | 14% | - | $ - | $ - | Transportation (rail) | Switzerland | small | |||||||
45 | Kao Corp | Cosmetic and personal products company with a strong ESG policy. | 2 | 2 | Selected | 86 | 26% | 20 | 22% | 15% | 18 | $ 14,000 | $ - | Household Products | Japan | large | |||||
46 | KONE Oyj | Elevator and escalator company. Lots of R&D. On Forbes list of world's most innovative companies. This was the fourth consecutive year KONE was recognized in this ranking. KONE was ranked six times and KONE was the only elevator company. In 2014, KONE was ranked the world's 12th greenest company by the American magazine Newsweek. Worked on energy efficiency in elevators with a lot of success | The EU gave a fine of 992m euros ($1.3bn; £666.8m) on four lift and escalator manufacturers for price-fixing between 1995 and 2004. Kone was fined for taking part in a market-rigging cartel. In 2015, about 300 KONE UK employees took industrial action. The protest was over the company's introduction of tracking devices on vehicles. | 2 | 1 | Selected | 32 | 22% | 89 | 38% | 53% | 20 | $ 260,000 | $ 75,000 | Machinery | Finland | large | ||||
47 | Littelfuse Inc | Circuit protection products but also manufactures a variety of electronic switches and automotive sensors. Selected in WHEB sustainability fund. | 2 | 1 | Selected | 18% | 45 | 22% | 24 | $ 406,000 | $ - | Electrical Equipment | USA | mid | |||||||
48 | L'OCCITANE INTERNATIONAL | Natural cosmetics and personal products. international retailer of body, face, fragrances and home products from France, mostly made of natural, traditional and local aroma and phytotherapy, mostly organic / all their products are in the green category in the cosmetox guide from Greenpeace | only 9% of women in board | 2 | 1 | Selected | 27% | 9 | 9% | - | $ - | $ - | Household Products | France | mid | ||||||
49 | LTC properties (REIT) | real estate investment trust (REIT) investing in seniors housing and health care primarily through sale-leasebacks, mortgage financing, joint-ventures, construction financing and structured finance solutions including preferred equity, bridge, mezzanine & unitranche lending. The portfolio is comprised of approximately 50% seniors housing and 50% skilled nursing properties. | REIT do not pay taxes, legally | 2 | 1 | Selected | - | 60 | 40% | - | $ - | $ - | REIT | USA | small | ||||||
50 | MercadoLibre | Online marketplace and second-hand auctionner (e-commerce), similar to ebay, secure payment systems, including a credit card reader (similar to square), and software systems to allow creation of e-commerces, 8% of R&D | 2 | 2 | Selected | 30% | 97 | 13% | 24 | $ - | $ - | Retail (online) | Argentina | large | |||||||
51 | MERIDIAN ENERGY | Mixed renewable energies: Electricity generator and retailer. Leader in New Zealand's electricity, generating 35% of its electricity in 2014, and is the 4th largest retailer, with 14 percent of market share in 2015. The government retains a 51.02% shareholding. Operates seven hydroelectric power stations and one wind farm in the South Island of New Zealand, four wind farms in the North Island, and two wind farms in southern Australia – one in South Australia and one in Victoria. It is one of three major electricity generators to only generate electricity from renewable sources (the others being Trustpower and Mercury Energy). | was found to mislead consumers when they implied the electricity they retailed was 100% renewable (all electricity sold in New Zealand is identical). Additionally, Meridian Energy was found to have pushed up power prices in December 2019 by unnecessarily spilling water from its south island dams that could have been used for generation, according to a preliminary ruling from New Zealand's Electricity Authority. | 2 | 2 | Selected | 26% | 28 | 42% | 22 | $ - | $ - | Green & renewable energy | New-Zeland | large | ||||||
52 | Natural Grocers by Vitamin Cottage | Organic food and healthy grocery stores. Products include vitamins, dietary supplements, natural and organic food, organic produce and natural body care products. The company has a manifesto entitled "What We Won't Sell and Why", which includes artificial colors and flavors, artificial preservatives, irradiated food and meat raised using artificial hormones and antibiotics, and many other chemicals. Natural Grocers by Vitamin Cottage, Inc. is a specialty retailer of natural and organic groceries, and dietary supplements. Also sells Pet Care, Household and General Merchandise, and Books and Handouts. Bulk Food, Meats and Seafood; Dairy Products, Dairy Substitutes and Eggs; Prepared Foods; Bread and Baked Goods, and Beverages. Some gluten free, vegetarian and non-dairy. Source from local and organic producers. | 2 | 3 | Selected | 22% | 14 | 29% | 90% | - | $ - | $ - | Retail (grocery and food) | USA | small | ||||||
53 | NCSOFT CORP OD | developper of video games, specialized in MMORPG, author of guild wars and lineage | not on degiro, overpaid CEO | 2 | 1 | Selected | 26% | 156 | 14% | 17 | $ - | $ - | Softwares (Entertainment) | South Korea | large | ||||||
54 | Nel ASA | Hydrogen fuel cells and electrolizers (#1), solutions for the production, storage and distribution of hydrogen from renewable energy sources. Also developping environmentally friendly solutions to produce fertilizers. 50% of R&D | in 2019, a blast at a fuel station near Oslo was due to an assembly error and fined $3M. | 2 | 2 | Selected | 110% | 50 | 50% | 39 | $ - | $ - | Green & Renewable Energy (Fuel cell) | Norway | mid | ||||||
55 | NEOEN SA | Solar and wind renewable energies: mainly active in the solar power (59% of portfolio) and wind power (39%) sectors, for a total of 1 125 MW ′in operation or under construction′ in April 2017. | owned at 49.8% by Impala, which is not particularly a green company | 2 | 1 | Selected | 58% | 8 | 38% | 25 | $ - | $ - | Green & renewable energy | France | mid | ||||||
56 | NetEase Inc. ADR | MMORPG (Fantasy Westward Journey), licenses of video games, 163.com, free games, mobile games. The games include Westward Journey, Onmyoji series and Chinese versions of WoW, starcraft II and overwatch. Intelligent learning services. Its products and services include Youdao Premium Courses, Youdao Dictionary and Youdao Dictionary Pen. Netease Cloud Music, Netease Mail, Netease News. | business model is strongly on ads | 2 | 1 | Selected | 20% | ? | 17% | 18 | $ - | $ - | Softwares (Entertainment) | China | large | ||||||
57 | NEXON Co. Ltd. | video game publisher that specializes in online games for PC and mobile, counterstrike, final fantasy, fifa mobile, numerous female characters, the largest game company in South Korea | no woman on board, fined for deceptive lootbox practices | 2 | 1 | Selected | 53% | 9 | 0% | 17 | $ 888,000 | $ - | Softwares (Entertainment) | Japan | large | ||||||
58 | Novo Nordisk A/S | pharmaceutical products - manufactures and markets pharmaceutical products and services specifically diabetes care medications and devices. Novo Nordisk is also involved with hemostasis management, hemophilia care, growth hormone therapy, obesity and hormone replacement therapy. The company makes several drugs under various brand names, including Levemir, Tresiba, NovoLog, Novolin R, Novomix, NovoNorm, NovoSeven, NovoEight and Victoza, Norditropin, and Vagifem. Owned by Novo holdings which is itself own by the Novo Nordisk Foundation, a non-profit whose goal is to improve health, and fight bacterial resistance. 74th best company to work for (fortune). Products include insulin, GLP-1, other protein-related products, such as glucagon, protein-related delivery systems and needles, and oral anti-diabetic drugs. | massive lobbying, not enough clean investments, condamned for false claims, kickbacks and bribery or off-label promotion | 2 | 1 | Selected | 71 | 98 | 16% | 78 | 38% | 3.2% | 3% | 22 | $ 104,500,000 | $ 450,000 | Biopharmaceuticals | Denmark | large | ||
59 | Novozymes A/S | Sustainable biotechnology: research, development and production of industrial enzymes, microorganisms, and biopharmaceutical ingredients. Owned by Novo holdings which is itself own by the Novo Nordisk Foundation, a non-profit whose goal is to improve health, and fight bacterial resistance. Leader of sustainable crops through EMD/Merck Crop BioScience Inc. Invests in microbiome health through Microbiome Lab. Developped biological solutions to replace insecticids and fertilizers, and to degrade plastic waste. 13% of R&D | Said to produce insecticides/fertilizer but it seems that it is only natural solutions (through biodegrable enzymes). Not enough clean investments, massive lobbying. | 2 | 3 | Selected | 6 | 36 | 18% | 23 | 30% | 89.0% | 11% | 16 | $ 45,000 | $ 550,000 | Biotechnology | Denmark | large | ||
60 | Okta Inc | software company based on identity and access management, the ability to login quickly and securely in multiple softwares at once | 2 | 1 | Selected | - | 70 | 33% | 15 | $ - | $ - | Software (System & Application) | USA | large | |||||||
61 | ORMAT TECH INC | Mixed enewable energy technology. The company has built over 150 power plants and installed over 2,000 MW. In 2016 it owns and operates 697 MW of geothermal and recovered energy based power plants. | Developped efficient oil sands technology in the past, before fully reconverting to renewables. Applied and received grant for green energies that they should not have done. | 2 | 1 | Selected | 42% | 9 | 20% | - | $ 5,600,000 | $ - | Green & renewable energy | USA | mid | ||||||
62 | Ørsted A/S | wind turbines offshore, leader in danemark, 51% public. Procuring, producing, distributing and trading energy and related products in Northwestern Europe. With Wind Power, engaged in the development, construction and operations of wind farms; with Bioenergy and Thermal Power, responsible for the generation of electricity and heat from thermal power stations. Largest wind farm in the world (UK). | 2 | 4 | Selected | 1 | 2 | 29% | 21 | 33% | 62.2% | 100% | 20 | $ - | $ - | Green & renewable energy | Denmark | large | |||
63 | OSRAM Licht AG | LED and lightbulb company, 10% R&D, high-tech photonics company that is increasingly focusing on sensor technology, visualization and treatment by light, infrared LEDs and laser diodes, among others, lamps and systems for the automotive sector, stage and cinema applications, and industrial and medical applications, such as ultraviolet (UV) disinfection lamps, light management software with application in intelligent facility automation and the Internet of Things (IoT) - the only investing in IoT with Cree. | owned mostly by the semiconductor company ams AG. Has a significant car lightning segment. | 2 | 1 | Selected | 11 | 23 | 27% | 64 | 33% | 69.4% | 51% | 12 | $ 550,000 | $ - | Semiconductor | Germany | mid | ||
64 | Pearson plc | Education publishing and assessment service to schools and corporations, as well for students directly. Textbooks and online education. Pearson's school brands include BTEC, Bug Club, Edexcel, Fronter, GradPoint, Schoolnet, and SuccessNet. Pearson's higher education brands include eCollege, Mastering/MyLabs, Revel, online tutoring (Smarthinking), and Financial Times Publishing. Pearson College London is a private academic degree provider based in London. It operates Pearson Business School, which offers business-related degrees and degree apprenticeships, and Escape Studios, a visual effects academy which offers degrees and short courses in the creative arts ranging from VFX to Game Art and Animation. The fee is between 6000 and 9000 pounds. | May have used a scheme to avoid taxes through Luxembourg but unclear. | 2 | 2 | Selected | 64 | 75 | 20% | 30 | 50% | 14% | 8 | $ - | $ - | Education | UK | mid | |||
65 | Plug power | Hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity (quick charge, no drop of performance). Many large industrial customers (amazon, USPS) | 2 | 3 | Selected | - | 24 | 13% | - | $ - | $ - | Green & Renewable Energy (Fuel cell) | USA | large | |||||||
66 | POWERCELL SWEDEN | Fuel cell stacks and systems, powered by hydrogen. develops and produces. Huge amount of R&D (sometimes 100% of their revenues or more) | 2 | 3 | Selected | - | 6 | 25% | - | $ - | $ - | Green & Renewable Energy (Fuel cell) | Sweden | small | |||||||
67 | Premier Inc. | healthcare improvement. Uniting an alliance of approximately 4,100 United States hospitals and health systems and approximately 200,000 other providers and organizations to transform healthcare. Operates healthcare group purchasing organizations (GPO), direct sourcing activities, integrated data and analytics, software as a service (SaaS) informatic products, consulting services, performance improvement collaborative, government services and insurance management services. Selected in WHEB sustainability fund. Three quarters of the company’s revenue comes from helping hospitals to reduce the cost of procurement. | The (Premier-owned) Atrium medical center agreed to pay the US to settle allegations that they submitted false claims to Medicare for kyphoplasty. | 2 | 1 | Selected | 24% | 63 | 20% | 19 | $ 4,242,492 | $ - | Healthcare Support Services | USA | mid | ||||||
68 | Regeneron Pharmaceuticals | biopharmaceuticals, drugs based on neurotrophic factors and their regenerative capabilities, cytokine and tyrosine kinase receptors, or antibodies drugs. Include Arcalyst for rare autoimmune condition, Eylea for treating AMD, Zaltrap, for metastatic colorectal cancer, Parluent, a statin, Dupixent for atopic dematitis, Kevzara against rheumatoid arthritis, Libtayo for carcinoma, Inmazeb for Ebola, and a drug to treat covid-19. Lots of R&D (32%). Numerous recent sustainable and innovator recognition prizes. | Tax rate is low recently, why? CEO is far overpaid, among the most paid Pharmaceutical CEO. | 2 | 1 | Selected | 8% | 219 | 25% | 21 | $ 506,000 | $ - | Biopharmaceuticals | USA | large | ||||||
69 | Renishaw Plc. | Technologies for high-precision industrial measurement, motion control, healthcare, spectroscopy and is best known for its calibrating machines and tools. Leader in metal additive manufacturing where machines print parts from metal powder. Selected in FP WHEB Sustainability Fund. | 2 | 2 | Selected | 21% | 97 | 33% | 12 | $ - | $ - | Engineering/Construction | UK | mid | |||||||
70 | Salesforce | softwares for companies and cloud services, customer relationship management, marketing automation, analytics, app development for management, 2020's Forbes #6 best company to work for. Owns Slack. 15% of R&D | CEO is very overpaid | 2 | 1 | Selected | 36% | 280 | 18% | 11 | $ 21,000 | $ - | Software (System & Application) | USA | large | ||||||
71 | SCATEC ASA | Solar and mixed renewable energies. Developing, constructing, owning and operating large scale photovoltaic systems in emerging markets. In 2020, Scatec Solar acquired SN Power, reflecting the company's broadened strategy of including hydropower, windpower, floating solar and energy storage systems in its portfolio. | 2 | 3 | Selected | 36% | 9 | 40% | 13 | $ - | $ - | Green & renewable energy | Norway | mid | |||||||
72 | Secureworks | Cybersecurity. Majority-owned by Dell. Provides intelligence-driven information security solutions, protecting clients from cyber-attacks. Cloud security. Managed security and threat intelligence on a subscription basis under contracts with initial terms that typically range from one to three years. 15% of R&D | 2 | 1 | Selected | - | 50 | 17% | - | $ - | $ - | Information Services | USA | small | |||||||
73 | Shimano Inc | bikes and cycling components (but also fishing & rowing) | 2 | 3 | Selected | 26% | ? | 20.00% | 16 | $ - | $ - | Transportation | Japan | large | |||||||
74 | SIEMENS GAMESA RENEWABLE ENERGY SA | Wind turbines and provides onshore and offshore wind services. It is the world's second largest wind turbine manufacturer. It is the world's second largest wind turbine manufacturer. The company is notable for its SG 14.0-222 wind turbine, the largest variant based on the Siemens D7 Platform, as well as being the largest wind turbine in the world. Its main competition will be the General Electric Haliade-X and the MHI-Vestas V164. Lots of R&D. It is listed on the Dow Jones Sustainability Index, the FTSE4Good Index which is concerned with corporate social responsibility, on the KLD Global Climate 100 Index. | 2 | 4 | Selected | 26% | 17 | 17% | 15 | $ 24,000 | $ 15,000 | Green & renewable energy | Spain | large | |||||||
75 | Silicon Labs | Semiconductors, and electronic components, firmwares and solutions for the Internet of Things (IoT), Internet infrastructure, industrial, consumer and automotive markets. It provides analog-intensive, mixed-signal solutions for use in a range of electronic products in various applications for the IoT market. It provides a range of timing and isolation products for infrastructure applications, including clocks, microcontrollers (MCUs), wireless system on chips (SoCs) and oscillators for networking equipment, data centers and wireless base stations, as well as digital isolators and current sensors for industrial power supplies and hybrid-electric vehicles. It provides broadcast products, such as television tuners and demodulators and automotive radio tuners, and access products, including subscriber line interface circuits for voice over Internet Protocol, embedded modems, and Power over Ethernet power source equipment and powered device integrated circuits. The company’s expertise in ultra low power devices are particularly valuable in ‘internet of things’ applications that are used to increase the resource efficiency of physical systems and networks. It developped the first CMOS RF synthesizer for mobile phones, and owns 1770 patents (30% of R&D). Fabless. Selected in FP WHEB Sustainability Fund. | 2 | 3 | Selected | 18% | 32 | 22% | - | $ - | $ - | Semiconductor | USA | mid | |||||||
76 | Sims Limited | metals and electronics recycler. Includes the collection, processing and trading of iron and steel secondary raw material. Its non-ferrous secondary recycling includes the collection, processing and trading of other metal alloys and residues, principally aluminum, lead, copper, zinc and nickel bearing materials. The energy savings generated were in excess of 14.3 million MWh, enough to power around 4.3 million average households. Saving this energy also prevented the emission of 15.2 million metric tons of CO2 to the atmosphere, equivalent to that absorbed by 15 million trees over a 100-year life span. In 2013, Sims Metal Management was nominated as one of the world’s 100 most sustainable companies at the World Economic Forum for the fifth Year in a row. The company also joined as an Index Component in the World Index of the Dow Jones Sustainability Index (DJSI). The company was also recently added to the Euronext Vigeo World 120 index for exemplary corporate social responsibility. | condamned a minor fine in 2014 for polluting the Bay area, very low tax rate - probably evading | 2 | 5 | Selected | 47 | 57 | 13% | 26 | 38% | 100.0% | 100% | 15 | $ - | $ - | Environmental & Waste Services | USA | mid | ||
77 | Smurfit Kappa Group Plc. | Recyclable paper packaging - recycling corrugated board, producing packaging for food, beverage and household consumables. Forestry and energy from wood waste. Selected in FP WHEB Sustainability Fund. | 2 | 3 | Selected | 30% | 31 | 33% | 12 | $ 70,206 | $ 50,000 | Paper & Forest products | Ireland | large | |||||||
78 | SOLAREDGE TECHNOLOGIES INC | Solar electronics. Provider of power optimizer, solar inverter and monitoring systems for photovoltaic arrays. These products aim to increase energy output through module-level Maximum Power Point Tracking (MPPT). 10%+ of R&D. 2010 World Top Ten Innovative Energy, 2009 Global Cleantech 100, 100 Global Award 2010 | 2 | 4 | Selected | 19% | 50 | 14% | - | $ - | $ - | Green & renewable energy | USA | large | |||||||
79 | SOLARIA ENERGIA Y MEDIO AMBIENTE S | Solar energy provider (installer, maintener) and producer of photovoltaic panels | 2 | 2 | Selected | - | ? | 14% | - | $ - | $ - | Green & renewable energy | Spain | mid | |||||||
80 | Sprouts farmer market | affordable organic food distributer (supermarket chain), commited to waste reduction (waster diverter system, with donation to hunger relief, cattle and composting) with a wide selection of natural and organic foods, including fresh produce, bulk foods, vitamins and supplements, packaged groceries, meat and seafood, deli, baked goods, dairy products, frozen foods, natural body care and household items. 256 stores in 14 states. 90% of its products are free of artificial colors, flavors and preservatives. One third of the store is always on promotion, for affordability. | CEO overpaid | 2 | 3 | Selected | 24% | 109 | 25% | 22 | $ 58,000 | $ - | Retail (grocery and food) | USA | mid | ||||||
81 | square enix | multiplaform video game holding company and entertainment conglomerate (movie, anime, manga), best known for its Final Fantasy, Dragon Quest, and Kingdom Hearts role-playing video game franchises, among numerous others (space invaders, deus ex, the tomb raider series, the mana series, anime full metal alchemist, legacy of kain). Highest salary average income for video game companies. | no women on board | 2 | 1 | Selected | 46% | 10 | 0% | 19 | $ - | $ - | Softwares (Entertainment) | Japan | mid | ||||||
82 | square inc | Affordable commerce ecosystem, credit card reader (on the phone or ipad) for small businesses or individuals, cheap online payments, money transfer and debit card, also food delivery (Caviar company, Zesty) and internet design (weebly platform). Does not allow to use its services to buy weapons. 15% of R&D. | 2 | 2 | Selected | - | 1 | 50% | 21 | $ - | $ - | Banks | USA | large | |||||||
83 | Stantec Inc | services to the companies: planning, engineering, architecture, interior design, environment consulting. Ranked among 2020 Forbes best employer list. 10% of R&D | involved in the Keystone pipeline construction | 2 | 3 | Selected | 57 | 5 | 26% | 29 | 38% | 39.7% | 40% | 19 | $ - | $ - | Engineering/Construction | Canada | mid | ||
84 | stillfront group AB | free games online (goodgame series, supremacy 1914 and many others). Acquires independent studios and let them develop their games. | not on degiro | 2 | 1 | Selected | 28% | ? | 50% | - | $ - | $ - | Softwares (Entertainment) | Germany | mid | ||||||
85 | Strategic Education Inc. | Higher education - for-profit, online Capella University (online, 52 degrees, 38000 students, 74% female, 54% from ethnic minorities) and Strayer University (online and 15 campuses, 50000 students, 56% black, mostly full-time after-hour students, created 58 fraudulous transcripts in 2014 to prevent foreign students to be deported), as well as coding schools DevMountain, Generation Code, Hackbright Academy (coding for women), and The New York Code + Design Academy. In 2017, the University offered undergraduate and graduate degree programs in business administration, accounting, information technology, education, nursing, public administration and criminal justice at 74 physical campuses located in the Mid-Atlantic and Southern regions of the United States, and online. The University also offers an executive Master of Business Administration (MBA) online through its Jack Welch Management Institute. NYCDA provides non-degree courses in Web and application software development, primarily at its campus in New York City. Capella provides post-secondary education and job-skills programs. Selected in FP WHEB Sustainability Fund. | May have lied about time and cost of enrolling | 2 | 2 | Selected | 24% | 99 | 20% | - | $ - | $ - | Education | USA | mid | ||||||
86 | SUNNOVA ENERGY INTERNATIONAL INC | Residential solar and energy storage service provider (vertical), with customers across the U.S. and its territories. Business model is to lend the solar panels to residents. | not much information, some customer complaints and abusive contract practices: https://energynews.us/2019/02/19/southeast/puerto-rico-energy-bureau-declares-sunnovas-residential-solar-panel-lease-contracts-illegal/ | 2 | 1 | Selected | - | 70 | 13% | - | $ - | $ - | Green & renewable energy | USA | mid | ||||||
87 | Sunrun | Solar. provider of residential solar panels and home batteries, significant R&D | The Wall Street Journal reported in 2017 that SEC was investigating Sunrun and SolarCity, with regard to whether they adequately disclosed canceled contracts, a metric that the paper said is used by investors to gauge how well such companies are performing. Cancellations of contracts with Sunrun were around 40%. | 2 | 2 | Selected | - | 64 | 44.44% | - | $ 630,000 | $ - | Green & renewable energy | USA | large | ||||||
88 | Sysmex Corp | biotechnology - diagnostic instruments and reagents, particularly, haematology analysers, or oncology, and health management software, 7% of R&D | not enough women onboard | 2 | 3 | Selected | 32 | 30% | 1 | 8% | 96.7% | 100% | 24 | $ - | $ - | Healthcare Products | Japan | large | |||
89 | Taiwan Semiconductor Manufacturing Co Ltd (TSMC) | Semiconductors production for Nvidia, Qualcomm, AMD and Apple, 8% of R&D leading to significant progress in chip miniaturization, like the N7+ extreme ultraviolet lithographic process. In 2020, it signed a 20 year deal with Ørsted to buy the entire production of two offshore wind farms under development. At the time of its signing it was the largest corporate green energy order ever made | CEO is paid too much, very low tax rate - probably evading | 2 | 1 | Selected | 25 | 20 | 10% | 137 | 20% | 60.7% | 50% | 15 | $ - | $ - | Semiconductor | Taiwan | giant | ||
90 | Tandem group | Bikes and sport/leisure equipments. Design, develop, source and distribute bicycles, bicycle accessories, Sports, leisure and toys. Tandem Group Cycles Limited (bikes), MV Sports & Leisure Limited (franchised sport items); Pro Rider Limited, and E.S.C. (Europe Limited - garden and outdoor products). Their bikes are rated 8.5/10 on ethicalconsumer.org. | 2 | 2 | Selected | 15% | 1 | 20% | - | $ - | $ - | Transportation | UK | micro | |||||||
91 | Teladoc health | Telehealth. Primary services include telehealth, medical opinions, AI and analytics, and licensable platform services. In particular, Teladoc Health uses telephone and videoconferencing software as well as mobile apps to provide on-demand remote medical care. The company's physicians treat non-emergencies such as the flu, pink eye, infections, sinus issues, mental health issues, and dermatological conditions, among others. While medication can be prescribed remotely, physicians do not prescribe narcotics or "lifestyle" drugs such as Viagra. Physicians overall follow "more than 100 proprietary clinical guidelines" developed by Teladoc Health. Contracting largely with insurers and large employers, Teladoc Health generates revenue through a yearly or monthly fee charged per subscriber, as well as a fee for individual consults. 10% of R&D. | 2 | 2 | Selected | - | 37 | 23% | - | $ - | $ - | Healthcare IT | USA | large | |||||||
92 | Toho co ltd | Anime, movie, theater and real estate businesses. Movie and anime studios, distributing your name, princess kaguya, spirited away and most movies from studio Ghibli (myazaki) | not enough women on board | 2 | 1 | Selected | 31% | ? | 7% | 16 | $ - | $ - | Entertainment | Japan | mid | ||||||
93 | TPI composites | Wind turbine manufacturer, of 13% of all onshore wind blades in 2020. Selected in FP WHEB Sustainability Fund. | 2 | 2 | Selected | 33% | 27 | 27% | - | $ 180,686 | $ - | Green & renewable energy | USA | small | |||||||
94 | Ubisoft | Producers of the games Rayman, Raving Rabbids, Prince of Persia, Assassin's Creed, Far Cry, Watch Dogs, Just Dance, and the Tom Clancy' | controversy around sexual harassement in 2020 with many high-ranked employees forced to resign. Related controversy about few female characters in games. | 2 | 1 | Selected | 32% | 13 | 38% | 17 | $ - | $ - | Softwares (Entertainment) | France | mid | ||||||
95 | UPM KYMMENE | forestry and paper production, world leader, renewable biofuels from wood work waste, R&D for recyclable advanced wood-made products like grada, formi and profi | cartel in 1990 | 2 | 2 | Selected | 24 | 22 | 20% | 86 | 30% | 80.0% | 52% | 14 | $ 419,000 | $ 150,000 | Paper & Forest products | Finland | large | ||
96 | Verbund AG | Mixed renewable energy production. Austria's largest electricity provider. Verbund covers around 40 percent of electricity demands in Austria and generates 90 percent thereof from hydro power (other is thermal and wind). In addition, Verbund operates the supraregional power grid through its subsidiary APG. Owned at 51% by Austria's republic and 25% by a union. | massive lobbying, likely overpaid CEO (2019 compensation divided by average Austrian paycheck) | 2 | 1 | Selected | 33 | 27 | 21% | 368 | 47% | 92.3% | 20% | 18 | $ - | $ 350,000 | Green & renewable energy | Austria | large | ||
97 | Vestas Wind Systems A/S | Wind turbines. World leader for manufacturer, seller, installer, and servicer of wind turbines. Vestas Wind System's product line comprises 2 Megawatt (MW) and 3MW energy capture platforms equipped with ice, smoke and shadow detection systems. Its services range consists of data-driven consultancy services, fleet optimization, blade maintenance and inspection, power generator repairs and gearbox exchange, among others. Uses supercomputer to predict weather. Developped the most powerful turbine worldwide. <5% in R&D. Selected in FP WHEB Sustainability Fund. | Some minor fines and rumors of shady business. | 2 | 6 | Selected | 37 | 21 | 17% | 30 | 25% | 100.0% | 100% | 16 | $ 163,000 | $ 200,000 | Green & renewable energy | Denmark | large | ||
98 | Westinghouse Air Brake Technologies Corporation (Wabtec) | technology-based equipment and services for the global freight and transit rail industries. Builds new switcher locomotives, rebuilds freight locomotives, supplies railway electronics, positive train control equipment, signal design and engineering services, related heat exchange and cooling systems. The Transit Segment primarily manufactures and services components for new and existing passenger transit vehicles, typically regional trains, high speed trains, subway cars, light-rail vehicles and buses, builds new commuter locomotives, refurbishes subway cars, provides heating, ventilation, and air conditioning equipment, and doors for buses and subways. Selected in WHEB sustainability fund. | High sustainalytics score | 2 | 1 | Selected | 26% | 86 | 20% | 32 | $ 2,779,853 | $ 5,000 | Transportation (rail) | USA | large | ||||||
99 | Workday Inc | Company software for human ressources, and carbon-neutral cloud service, subscription-based service, #4 company to work for (Fortune), 100% renewable energy | massive lobbying, not paying taxes but it is because they never had a profit | 2 | 1 | Selected | 77 | 95 | 4% | 52 | 18% | 85.4% | 3% | 14 | $ - | $ 350,000 | Software (System & Application) | USA | large | ||
100 | Xinyi Solar holdings | Solar panels and farms. Manufacturing and sale of solar glass products, including ultra-clear processed glass (PV) raw glass, as well as other PV processed glass such as ultra-clear PV tempered glass, ultra-clear PV anti-reflective coating glass and back glass, operation of utility-scale ground mounted solar farms and in the provision of EPC services for solar farms. | very low tax rate - probably evading | 2 | 1 | Selected | 11% | 88 | 18% | 24 | $ - | $ - | Green & renewable energy | China | large | ||||||
101 | Wise Plc | Fintech company, similar to a bank, specialized in money transfers similar to the hawala money transfer system, resulting in affordable transfers, with no hidden fees, contrary to the common practice. The Company develops infrastructure with local payment systems, regulatory and compliance coverage, payments technology over application programming interface (API), and customer support and operations. The Company's payments infrastructure products include Wise Transfer, Wise Account, Wise Business and Wise Platform. The Wise Transfer enables its customers to send money abroad. The Wise Account offers multi-currency banking services. The Wise Business provides business account with features of the Wise account tailored to the needs of small and medium businesses, like bank feeds, mass payouts and multi-user access. The Company’s Wise Platform is used by banks, credit unions, financial institutions and enterprise partners. Its Wise Platform provides customers with payments and account features. | 2 | 2 | Selected | 25% | 3 | 25% | - | $ - | $ 250,000 | Banks | UK | large | |||||||
102 | Xylem Inc | Water technology company. Designs, manufactures and services engineered solutions across a range of critical applications. Equipment and service provider for water and wastewater applications with a portfolio of products and services addressing the cycle of water, from collection, distribution and use to the return of water to the environment. It invented the first submersible water pump, the first quartz crystal electronic stopwatch, and the first practical electronic thermometer. In 1956, first commercial heart-lung machine, in 1957, the first instantaneous blood-gas analyzer. Products are water and wastewater pumps, systems, metering, dissolved oxygen meters, networked communications, measurement and control technologies in water and health, software and services, including cloud-based analytics, remote monitoring and data management. Current R&D is 4%. Selected in FP WHEB Sustainability Fund. | suspicion of tax evasion, overpaid CEO | 2 | 2 | Selected | 11% | 100 | 25% | 16 | $ 26,087 | $ 75,000 | Engineering/Construction | USA | large |
1 | Best-impact investing list 2021 - 101 stocks | |||||
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2 | The basic idea is that a train in a country with no electification is a diesel train, and one in a electrifed rail country with coal plants is a coal train (with large greenhouse gases emissions). In the future, we will take into account the fact that some freight rail (for example, diesel freight rail in Canada; Steenhof et al., 2016) can still be better for greenhouse gases emissions that road-based freight. That said, it is difficult to judge, given articles often do not take into account the full life cycles and the situation could be reversed in countries with rail electrificaiton and coal-based electricity. | |||||
3 | ||||||
4 | Country | Train electrification (%) | Share of renewable electricity (%) | Share of nuclear electricity (%) | Total non-fossil fuels electicity (%) | Non-fossil fuel share of train energy (%) |
5 | Switzerland | 100 | 66 | 34 | 100 | 100 |
6 | Sweden | 85 | 100 | 0 | 100 | 85 |
7 | Norway | 68 | 100 | 0 | 100 | 68 |
8 | Austria | 69 | 92 | 0 | 92 | 63 |
9 | Finland | 55 | 100 | 0 | 100 | 55 |
10 | France | 56 | 17 | 72 | 89 | 50 |
11 | Spain | 69 | 40 | 18 | 58 | 40 |
12 | Portugal | 64 | 53 | 5 | 58 | 37 |
13 | Denmark | 32 | 100 | 0 | 100 | 32 |
14 | Germany | 56 | 46 | 10 | 56 | 31 |
15 | Italy | 81 | 37 | 0 | 37 | 30 |
16 | Brazil | 31 | 80 | 3 | 83 | 26 |
17 | China | 68 | 27 | 5 | 32 | 22 |
18 | Russia | 51 | 17 | 20 | 37 | 19 |
19 | Japan | 74 | 15 | 8 | 23 | 17 |
20 | UK | 32 | 40 | 19 | 59 | 19 |
21 | India | 58 | 17 | 3 | 20 | 12 |
22 | Canada | 1 | 65 | 15 | 80 | 1 |
23 | USA | 1 | 17 | 20 | 37 | 0 |
24 | Argentina | 1 | 21 | 6 | 27 | 0 |
25 | Mexico | 1 | 15 | 5 | 20 | 0 |
1 | Best-impact investing list 2021 - 101 stocks | |
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2 | Corporate Knight global 100 has a best-in-class approach so that the best bad-impact company in and bad-impact sector is rated like a good-impact company. It can also bypass its own criteria for the top 100 largest companies. | |
3 | Major CK100 criteria in 2020: Corporate Knight global 100 is for cap size (>1B$ - small to large caps), and either in top 100 in last 2 years, OR in top 100 largest companies, OR >25% revenue in clean revenues OR transparent, financially healthy (Piotroski F score>=5), not laggards in animal welfare, child labor, cement, not involved in for-profit prison, gambling, GMO, porn, corruption, illegal activity, oil sands, palm oil, environmental damage, human right violations, coal, tobacco, weapons, not bottom quartile of access to medicine and nutrition index, not lobbying against or blocking climate policies, deforestation, investing more in conventional energies than alternative ones, or >80% in fossil fuels. Then included companies are ranked according to Percentage Tax Paid, Pension Fund Status, Supplier Sustainability, Women in Executive Management, Women on Boards, Sustainability Pay Link, Score, Sanction Deductions and Clean Revenue, with a fixed weight, and according to productivity ($ revenue) for each unit of used water, energy, GHG, waste, VOC emissions, NOx and SOx emissions, particular matter. They are also ranked according to R&D, tax paid, CEO to average pay ratio, pensions, and supplier sustainaibility. Unfortunately, companies are only rated on the indicators that are priority for their sector, and with a weight depending on the importance in their sector so that we obtain a best-in-class ranking rather than a real ranking. | |
4 | Major CK100 criteria changes in 2021: unfortunately, it is still possible to overide the exclusion screening if one is in the global 100 (CK) in the last 2 years or having >25% of clean revenues, but not anymore if part of the top 100 largest companies. | |
5 | ||