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Our ESG analysis methodology

We have been shaping our own ESG company analysis and rating methodology since 2007. Our fund management team applies it systematically and rigorously to all the stocks present in our investment funds. The methodology is specially adapted for funds subject to ESG integration.

A policy of sectoral and normative exclusions

Our responsible investment approach is based first and foremost on a policy of sectoral and normative exclusions. By refusing to finance certain controversial sectors and practices, we avoid the negative social and/or environmental impact of the companies concerned. A common set of exclusions applies to all managed funds, covering, for example, controversial weapons, tobacco production and thermal coal. From a normative point of view, companies that are mired in controversy, including those guilty of violating the United Nations Global Compact, are also excluded. Stricter exclusion policies apply to our SRI funds, especially our impact funds. Sectors such as fossil fuels, weapons, gambling and GMOs may be excluded on this basis.

Find out more about our exclusion policy
A policy of sectoral and normative exclusions

Company valuation

Environmental, social and governance (ESG) analysis of companies is an essential part of our investment process, both to gain a better understanding of the companies in which we invest and to better assess the risks associated with them. The methodology presented below applies to all Echiquier funds. All Tocqueville funds have the SRI label. They are based on the GREaT analysis methodology, shareholder engagement for sustainability, transparent exclusions and a holistic thematic policy for a committed range of funds.


Industry & Services

≈ 60% of the rating

Skill of the management team

Checks and balances

Respect for minority shareholders

Evaluation of non-financial risks


Industry ≈ 20% of the rating

Services ≈ 15% of the rating

Policy & actions



Environmental impact of products


Industry ≈ 20% of the rating

Services ≈ 25% of the rating

Loyalty & progression



Social impact of products

Relationship with civil society

Penalty for controversies

Depending on the severity of the controversy, the overall ESG score of the company (out of 10) can be penalised by a maximum of 2 points.

Case-by-case analysis of controversies and focus on their materiality for the company analysed.

An Ethics Committee rules on the most sensitive cases.

Proprietary methodologies

We can also draw on the complementary methodologies and exacting expertise developed by our shareholder LBP AM, particularly GREaT. Adapted to the specific features of different asset classes, this SRI analysis method aims to assess companies on two dimensions: the responsibility of their practices and the contribution of their products and services to solving sustainability challenges. Nearly 10,000 issuers have received GREaT quantitative analysis.

SDG contributions

To identify companies that make a positive contribution to the UN Sustainable Development Goals (SDGs). A core methodology within the Echiquier Positive Impact Europe management process, which is based on an in-depth analysis of companies’ products and services and the impact of their CSR initiatives.

Climate transition

To assess the maturity of companies in how they address climate and biodiversity issues. This “Climate & Biodiversity Maturity” methodology is central to the Echiquier Climate & Biodiversity Impact Europe management process.

Responsible practices

To analyse the non-financial rating of the funds and the commitment of the management companies, and to select only those whose approaches seems to us the most rigorous. This “SRI Maturity” methodology has developed from a partnership between our RI research and asset allocation teams.

Beyond the analysis, a shareholder dialogue

Shareholder dialogue is an integral part of our responsible investment approach. For all our funds, we aim to vote systematically at general meetings and in this way to make our contribution to improving corporate governance. For a number of years, we have also adopted a shareholder engagement approach, sharing progress on ESG challenges with the companies in which we invest and monitoring their progress over time.

In addition, we participate in collaborative engagement initiatives alongside other investors, with the sole aim of helping companies improve their ESG practices. See the details of our Voting and Engagement Policy and our Voting and Engagement Report.


Transparency is both a challenge and a fundamental requirement. It is crucial that we report on our methodologies and investments with the utmost transparency. We make every effort to share our know-how and insights. We produce clear and precise content. We are in favour of increased transparency on climate-related financial risks, and therefore support the Task Force on Climate-related Financial Disclosures (TCFD). All the documentation we produce is readily accessible on our website.

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Our convictions

SRI, a conviction from the very beginning

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Our SRI offer

Our investment solutions to combine meaning and performance.

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Find out more

Access our SRI documentation, or explore the theme.

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