General ESG terms, Glossary

General ESG

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There are currently 72 general ESG terms in this directory
Asset Overlays
This refers to exclusionary screens that do not just apply to a specific sustainable investment product, but instead to the whole asset base of an asset manager or institutional investor. Often such criteria apply to controversial weapons such as cluster bombs, land mines and nuclear weapons. [Source: Swiss Sustainable Finance]

Best In Class / Positive Screening
Approach in which a company's or issuer's environmental, social and governance (ESG) performance is compared with the ESG performance of its peers (i.e. of the same sector or category) based on a sustainability rating. All companies or issuers with a rating above a defined threshold are considered as investable. The threshold can be set at different levels (e.g. 30% best performing companies or all companies that reach a minimum ESG score). [Source: Swiss Sustainable Finance]

Blended Finance
Blended finance refers to the complementary use of grants (usually from public sources) and non-grant financing from private and/or public sources. Such structures are used to make infrastructure and sustainability projects that would otherwise not be financially sustainable attractive for private investors. The IFC uses the term blended finance to distinguish it from ‘concessional finance’, which requires a minimum 25% grant element. Although blended finance has a concessional component, the subsidy portion of the investment is minimised in order to avoid crowding out private financing. [Source: Swiss Sustainable Finance]

Broad SI
Sustainability criteria and approaches can be applied to mainstream products or the full asset base of a fund manager or institutional asset owner by integrating them in the investment process. The application of sustainability in these cases relies on a general sustainability policy/approach instead of a product-specific policy referred to in the product prospectus. Usually, such mainstream sustainable investments apply one of the following approaches or a combination thereof: exclusions, norms-based screening, ESG integration, ESG voting, ESG integration. [Source: Swiss Sustainable Finance]

Ceres
Nonprofit organization that leads a national coalition of investors, environmental organizations, and other public interest groups working with companies to address sustainability challenges such as climate change and water scarcity. [Source: First Affirmative Financial Network]

Core SI
Sustainable investment products (investment funds and discretionary mandates) with a written sustainability investment policy as part of the prospectus or contract are considered Core SI. Usually, such sustainable investment products apply multiple approaches (i.e. exclusion criteria in combination with a best-in-class approach or an ESG integration approach in combination with ESG voting and engagement). [Source: Swiss Sustainable Finance]

Council of Institutional Investors
An organization of asset managers and asset owners promoting effective US corporate governance practice. [Source: Schroders]

Development Finance
Official Development Finance (ODF) describes funds from official development finance institutions to developing nations with the objective of reducing poverty and developing the economy of recipient countries. This includes (A) bilateral official development assistance (ODA), (B) grants and concessional and non-concessional development lending by multilateral financial institutions, and (C) other official flows for development purposes (including refinancing Loans) which have too low a Grant Element to qualify as ODA. [Source: Swiss Sustainable Finance]

Development Finance Institution
DFIs occupy the space between public aid and private investment. They are financial institutions, which provide finance to the private sector for investments that promote development. They focus on developing countries and regions where access to private sector funding is limited. They are usually owned or backed by the governments of one or more developed countries. [Source: Swiss Sustainable Finance]

Development Investments
Term established by SFF to describe investments with a clear intention to improve the social/environmental/economic situation in developing and emerging markets while targeting market or above-market returns. [Source: Swiss Sustainable Finance]

Divestment
The sale of an asset for social or political goals. Examples of divestment include the selling of South African assets during the apartheid era or, more recently, investments in fossil fuel-related assets. In many regions, local legislation drives divestment guidelines, which can influence the extent to which public funds can or cannot invest in certain regions. Divestment is also sometimes known as divestiture. [Source: Schroders]

Double Bottom Line
A term used to describe the combination of quantitative + qualitative analysis embraced by socially conscious investors. The qualitative analysis overlay generally differentiates responsible investing from its conventional roots and competitors. [Source: First Affirmative Financial Network]

Economically Targeted Investing
Investments that seek to promote economic development in local communities and organizations, in addition to competitive financial returns. The investments may be targeted at job creation, generating small business loans, improvement in the affordable housing stock or enhancing infrastructure. [Source: Schroders]

Engagement Clearinghouse
Platform offered by the Principles for Responsible Investments (PRI) for institutional investors and asset managers to collaborate on engagement activities with investee companies. An investor posts planned engagement activities and seeks other investors to co-sign letters or actively contribute to engagement activities. Accessible for PRI signatories only. [Source: Swiss Sustainable Finance]

Engagement Overlay Service
A third-party service that engages investee companies on ESG issues on behalf of shareholder clients. [Source: Swiss Sustainable Finance]

ESG - Environmental, Social, Governance
A wide spectrum of environmental, social, and corporate governance considerations that may impact a company’s ability to execute its business strategy and create value over the long term. ESG analysis includes collecting information on how an investment target manages environmental, social and governance factors. When an investment institution wishes to track how potential investments (i.e. companies, countries and issuers) actively manage ESG risks and opportunities they carry out an ESG Analysis. There is growing evidence suggesting that companies with a strong performance in managing environmental, social and governance factors manage their risks and opportunities more effectively and have lower costs of capital. ESG factors, when integrated into investment analysis and decision-making, may therefore offer investors better insights into opportunities and risks. [Source: Global Affairs Associates]

ESG Engagement
Engagement is an activity performed by shareholders with the goal of convincing management to take account of environmental, social and governance criteria. This dialogue includes communicating with senior management and/or boards of companies and filing or co-filing shareholder proposals. Successful engagement can lead to changes in a company' s strategy and processes so as to improve ESG performance and reduce risks. [Source: Swiss Sustainable Finance]

ESG Integration
The explicit inclusion by investors of ESG risks and opportunities into traditional financial analysis and investment decisions based on a systematic process and appropriate research sources. In the context of Sustainable Investment, this refers to ensuring that environmental, social and governance factors are given full consideration and research support, as an integral part of the investment decision-making process. This analysis therefore becomes fully integrated into the overall financial analysis of standard investment products. [Source: Swiss Sustainable Finance]

ESG Voting
This refers to investors addressing concerns of environmental, social and governance (ESG) issues by actively exercising their voting rights based on ESG principles or an ESG policy. [Source: Swiss Sustainable Finance]

ETF - Exchange Traded Fund
A security that tracks an index, a commodity, or a basket of assets like a mutual fund, but trades like a stock on an exchange. Like a stock, ETFs experience intradaily price changes. [Source: First Affirmative Financial Network]

Ethical Investment
Investments where the main motivation is aligning the ethical values of an organisation or a person with investments. In comparison to sustainable investments which are based on the conviction that an active management of environmental, social and governance risks and opportunities improves the long-term performance of a company, an ethical investment is mainly guided by ethical codes, religious beliefs or personal values and is often carried out using exclusionary screening. [Source: Swiss Sustainable Finance]

Eurosif
Eurosif is the European association whose mission is to promote sustainability through European financial markets. It works as a partnership of several Europe-based national Sustainable Investment Forums (SIFs).  Eurosif engages in a range of promotional activities such as public events or discussion fora, both with the industry and policy- makers. [Source: Swiss Sustainable Finance]

Exclusionary Screening
An investment strategy excluding companies, countries or issuers on the grounds of activities considered as not investable. Exclusion criteria can refer to product categories (e.g. weapons, tobacco) activities (e.g. animal testing) or practices (e.g. severe violation of human rights, corruption). They can also be based on personal values (e.g. gambling) or on risk considerations (e.g. nuclear power). Exclusionary screening is also known as negative screening. It is a common mistake to assume that SRI “screening” is simply exclusionary, or only involves negative screens. In reality, SRI screens are being used more and more frequently to identify and invest in companies that are leaders in adopting clean technologies, managing environmental impacts, and integrating exceptional social and governance practices. [Source: Swiss Sustainable Finance]

Extra-financial factors
Factors that are not the usual, fi nancial variables considered in investment analysis and whose monetary impacts are typically hard to quantify. The term can be applied to any measure whose unit of measurement is not monetary. [Source: Schroders]

Financial Centres For Sustainability
The Financial Centres for Sustainability (FC4S) Network is a partnership between financial centres and the United Nations Environment Programme, with the objective to exchange experience and take common action on shared priorities to accelerate the expansion of green and sustainable finance. The long-term vision of the FC4S Network is rapid global growth of green and sustainable finance across the world’s financial centres, supported by strengthened international connectivity, and a framework for common approaches. [Source: Swiss Sustainable Finance]

Freshfields Report
Freshfields is an international law firm based in London. The original report, A Legal Framework for the Integration of Environmental, Social and Governance Issues into Institutional Investment (2005), provided assurance to institutional investors that the consideration of ESG issues is firmly grounded within the bounds of fiduciary duty. This landmark report was followed by Fiduciary Responsibility—Legal and Practical Aspects of Integrating Environmental, Social and Governance Issues into Institutional Investment (2009). The report provides a legal roadmap for fiduciaries looking for concrete steps to operationalize their commitment to responsible investment. [Source: First Affirmative Financial Network]

GIIN - Global Impact Investing Network
The GIIN is a not-for-profit organization dedicated to increasing the scale and effectiveness of impact investing which are investments made to generate a social & environmental impact alongside a financial return. [Source: Swiss Sustainable Finance]

GIIRS - Global Impact Investing Ratings System
A system for assessing the social and environmental impact of companies and funds. [Source: Swiss Sustainable Finance]

Global Reporting Initiative (GRI)
The Global Reporting Initiative is the most widely used global framework for the standardized reporting of economic, social and environmental performance. The GRI guidelines are created through a multi-stakeholder, consensus-seeking process that involves an international network of business, civil society, labour and professional institutions. [Source: Swiss Sustainable Finance]

Greenwashing
Falsely communicating the environmental benefits of a product, service or organisation in order to make a company seem more environmentally-friendly than it really is. [Source: Allianz]

GRI - Global Reporting Initiative
A voluntary global reporting framework used by thousands of companies and governments worldwide. It is a modular reporting framework that covers economic, environmental, and social impacts addressing all stakeholders groups. Disclosures are typically made in sustainability reports. [Source: Global Affairs Associates]

GSIA - Global Sustainable Investment Alliance
A Global network of membership-based sustainable investment organisations. GSIA’s purpose is to extend the impact and visibility of sustainable investment organisations on a global level. GSIA was founded by Eurosif together with other regional and national SIFs. [Source: Swiss Sustainable Finance]

IIRC - International Integrated Reporting Council
An international cross section of leaders from the corporate, investment, accounting, securities, regulatory, academic and standard-setting sectors and civil society. Promotes communication about value creation as the next step in the evolution of corporate reporting. [Source: Global Affairs Associates]

ILO - International Labour Organization
A United Nations agency that sets international labour standards and promotes social protection and work opportunities for all. ILO brings together governments, employers and workers of 187 member States to set labour standards, develop policies, and devise programs promoting decent work for all women and men. [Source: Global Affairs Associates]

Impact Investing
Impact investing refers to investments made with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return. Impact investments provide private capital to address social and/or environmental issues. Impact investments can be made in both emerging and developed markets, and target a range of returns from below-market to above-market rates, depending upon the circumstances. Typically, these are investments in small companies or projects with clear social goals, providing them with capital they may not otherwise have accessed. [Source: Global Affairs Associates]

Integrated Reporting
An integrated report (IR) combines a company's financial report and sustainability report in order to give a concise view about how an organisation’s strategy, governance, performance and prospects lead to the creation of value over the short, medium and long term. [Source: Swiss Sustainable Finance]

Integration / Mainstreaming
In the context of Sustainable Investment, this refers to ensuring that environmental, social and governance factors are given full consideration and research support, as an integral part of the investment decision-making process. This analysis therefore becomes fully integrated into the overall financial analysis of standard investment products. [Source: Swiss Sustainable Finance]

International Integrated Reporting Framework
Created IIRC, the International Integrated Reporting Framework is used to accelerate the adoption of integrated reporting across the world. An integrated report is a concise communication about how an organization’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value in the short, medium and long term. [Source: Global Affairs Associates]

IRIS
IRIS is a catalogue of generally accepted performance metrics that impact investors use to measure social, environmental, and financial success, evaluate deals, and improve the credibility of the impact investing industry. The catalogue is prepared by the Global Impact Investing Network (GIIN), a non-profit organisation dedicated to increasing the scale and effectiveness of impact investing. [Source: Swiss Sustainable Finance]

Materiality
In the sustainability context, information is material if there is a clear link to the financial performance of a company. [Source: Swiss Sustainable Finance]

Mission Based Investing
The incorporation of an organisation’s mission into its investment decision-making process. Most often used in reference to foundations and other non-governmental organisations working for social or environmental change. Mission-based investing ensures that organisations’ investments are aligned with the overall goals of the organisation itself and are helping, not hindering, the achievement of those goals. [Source: Swiss Sustainable Finance]

Moskowitz Prize
The only global academic award that recognizes outstanding quantitative research in areas of interest to responsible investors. Since 1996, prize winners have explored topics like shareowner engagement and the question of whether SRI investment strategies inhibit or enhance financial performance. The Moskowitz Prize is awarded annually at The SRI Conference. The Haas School of Business at UC Berkeley conducts the review of applications. [Source: First Affirmative Financial Network]

Norms-based Screening
Screening of investments against minimum standards of business practice based on national or international standards and norms such as the ILO conventions, the OECD Guidelines for Multinational Enterprises, the UN Global Compact or the UN Guiding Principles on Business and Human Rights. [Source: Swiss Sustainable Finance]

OECD Guidelines for Multinational Enterprises
This is a comprehensive set of government-backed recommendations on responsible business. The governments who aim to adhere to the Guidelines intend to encourage and maximise the positive impact multinational enterprises can make to sustainable development and enduring social progress. [Source: Swiss Sustainable Finance]

Official Development Finance / Development Finance
Official Development Finance (ODF) describes funds from official development finance institutions to developing nations with the objective of reducing poverty and developing the economy of recipient countries. This includes (a) bilateral official development assistance (ODA), (b) grants and concessional and non-concessional development lending by multilateral financial institutions, and (c) other official flows for development purposes (including refinancing Loans) which have too low a Grant Element to qualify as ODA. [Source: Swiss Sustainable Finance]

Positive Screening
Investment approach based on a sustainability rating in which a company's or issuer's environmental, social and governance (ESG) performance is compared with the ESG performance of its sector peers. All companies with a rating above a defined threshold are considered as investable. The threshold can be set at different levels (i.e. 30% best companies eligible). “Buy” lists may include enterprises with, for example, good employer-employee relations, strong environmental practices, products that are safe and useful, and operations that respect human rights around the world. Positive screening is also known as 'Best in class'. [Source: First Affirmative Financial Network]

PPP - Public Private Partnership
Typically medium to long-term arrangements between the public and private sectors, whereby some of the service obligations of the public sector are provided by the private sector, with clear agreement on shared objectives for delivery of public infrastructure and/or public services. In the finance context, PPPs often form the basis for long-term investments by the private sector in infrastructure or other services of the public domain. [Source: Swiss Sustainable Finance]

PSI - Principles for Sustainable Insurance
Launched by UNEP FI in 2012, The Principles for Sustainable Insurance (PSI) serve as a global framework for the insurance industry to address environmental, social and governance risks and opportunities. The purpose of the PSI Initiative is to better understand, prevent and reduce environmental, social and governance risks, and better manage opportunities to provide quality and reliable risk protection. [Source: Swiss Sustainable Finance]

SASB - Sustainability Accounting Standards Board
Sustainability Accounting Standards Board (SASB) is a voluntary sustainability reporting framework for U.S. publicly listed companies with a unique sector-based materiality approach. It is an investor-driven and business focused framework. SASB encourages integrated disclosure in a company's financial filings. [Source: Global Affairs Associates]

Screening
An investment approach used to filter companies based on pre-defined criteria before investment. As an investor, you can use a negative screen (in which you deliberately exclude certain companies because of their involvement in undesirable activities or sectors) or a positive screen (in which you select companies based on their sustainability practices). In the jargon, this can also be a “best-in-class investment” – where you only invest in companies that lead their peer groups in terms of sustainability practices and performance. [Source: Allianz]

SI - Sustainable Investment
Sustainable investment (analogous to responsible investment) refers to any investment approach integrating environmental, social and governance factors (ESG) into the selection and management of investments. There are many different approaches of sustainable investing, including best-in-class, ESG integration, exclusions and impact investing. [Source: Swiss Sustainable Finance]

SIF - Sustainable Investment Forum
A sustainable investment forum is an association promoting sustainable investments and finance in a national or multinational financial market. There are many SIFs in Europe, most of which are partners and founders of Eurosif. Eurosif together with other regional and national SIFs has founded the Global Sustainable Investment Alliance (GSIA) to align activities and gain a market overview on sustainable investments globally. [Source: Swiss Sustainable Finance]

Sin Stocks
Stocks of companies either directly or indirectly associated with activities considered to be unethical or immoral, such as tobacco, alcohol, gambling and adult entertainment. Also known as 'vice stocks'. [Source: Schroders]

SRI - Responsible Investment / Sustainable Investment
Responsible investment (analogous to sustainable investment) refers to any investment approach, integrating environmental, social and governance factors (ESG) into the selection and management of investments. There are many different forms of responsible investing, such as best-in-class investments, ESG integration, exclusionary screening, thematic investing and impact investing. They are all components of responsible investments and have played a part in its history and evolution. SRI funds seek to build a portfolio with an above average ESG quality; in practice most often use a combination of a positive and a negative screening. [Source: Swiss Sustainable Finance]

Sustainability
Sustainability focuses on meeting the needs of the present without compromising the ability of future generations to meet their needs. The concept of sustainability is composed of three pillars: economic, environmental, and social—also known informally as profit, planet, and people. [Source: Global Affairs Associates]

Sustainability Index / Benchmark
A sustainability index / benchmark is a tool to measure the value of a section of the stock market. It is computed from the prices of stocks selected by applying a sustainable investment approach. Investors use this tool to describe the market and to compare the return on specific investments. [Source: Swiss Sustainable Finance]

Sustainability Ratings
Ratings reflecting a company's/country's/fund's performance with regards to environmental, social and governance (ESG) factors. Sustainability ratings enable investors to gain a quick overview of the sustainability performance of a company/country/fund and are the basis for a best-in-class investment approach. [Source: Swiss Sustainable Finance]

Sustainability Research Provider / Sustainability Rating Provider
Organisation providing research and/or ratings on the sustainability performance of companies, issuers, countries or sectors. Most investors and asset managers use such third-party information when preparing sustainable investment products. [Source: Swiss Sustainable Finance]

Sustainable
Balancing economic ecological and social goals in such a way that the people living on our planet today can meet their needs without compromising the ability of future generations to meet their own needs. [Source: Swiss Sustainable Finance]

Sustainable Assets Under Management
Widely applied key performance indicator referring to the total volume of sustainable investments of an investor, asset manager or country. Often expressed as a percentage of total assets under management. [Source: Swiss Sustainable Finance]

Sustainable Finance
Sustainable finance refers to any form of financial service integrating environmental, social and governance (ESG) criteria into the business or investment decisions for the lasting benefit of both clients and society at large. Activities that fall under the heading of sustainable finance include but are not limited to the integration of ESG criteria in asset management, sustainable thematic investments, active ownership, impact investing, green bonds, lending with ESG risk assessment and development of the whole financial system in a more sustainable way. [Source: Swiss Sustainable Finance]

Sustainable Financial Centre
A sustainable financial centre is a financial marketplace that, as a whole, contributes to sustainable development and value creation in economic, environmental and social terms. In other words, one that ensures and improves economic efficiency, prosperity, and economic competitiveness both today and in the long-term, while contributing to protecting and restoring ecological systems, and enhancing cultural diversity and social well-being. [Source: Swiss Sustainable Finance]

Sustainable Investment Mandate
Investment mandate based on an investment process integrating ESG criteria in different forms (i.e. best-in-class, ESG integration, exclusionary screening). [Source: Swiss Sustainable Finance]

Sustainable Thematic Investments / Thematic Investing
Investment in businesses contributing to sustainable solutions, both in environmental or social topics. In the environmental segment this includes investments in renewable energy, energy efficiency, clean technology, low-carbon transportation infrastructure, water treatment and resource efficiency. In the social segment this includes investments in education, health systems, poverty reduction, and solutions for an ageing society. [Source: Swiss Sustainable Finance]

SVVK - ASIR
The Swiss Association for Responsible Investments (SVVK - ASIR) is an association of large pension funds aiming to provide services to its members that enable them to invest responsibly. This entails the inclusion of ESG criteria in their investment decisions, where the association supports its members through norms-based and product- based portfolio screening and engagement. The normative standards applied are the Swiss constitution and Swiss law, ILO conventions and the Global Compact. The association was founded in December 2015. [Source: Swiss Sustainable Finance]

Thematic Investing
Investment in businesses contributing to sustainable solutions both in environmental or social topics (or themes). In the environmental segment this includes investments in renewable energy, energy efficiency, clean technology, low-carbon transportation infrastructure, water treatment and resource efficiency. In the social segment this includes investments in education, health systems, poverty reduction and solutions for an ageing society. [Source: Swiss Sustainable Finance]

Triple Bottom Line
An accounting framework originally developed in an effort to measure sustainability. Triple bottom line is also referred to as TBL or 3BL. TBL goes beyond traditional measures to incorporate three additional dimensions of performance: social, environmental (or ecological) and economic. Michael Porter has more recently popularized a Shared Value framework that has similar elements and emphasizes the importance of expanding the value created for shareholders to all stakeholders. [Source: Schroders]

UN PRB - United Nations Principles of Responsible Banking
These are six principles that shape a framework for a sustainable banking system and will help the industry to demonstrate how it makes a positive contribution to society. The areas of strategy covered by these principles are alignment, impact & target setting, clients & customers, stakeholders, governance and culture, and transparency & accountability. The Principles for Responsible Banking were launched by 130 banks from 49 countries, representing more than USD $47 trillion in assets. [Source: Global Affairs Associates]

UN PRI - Principles for Responsible Investment
The United Nations-supported Principles for Responsible Investment (PRI) Initiative is an international network of investors and asset managers working together to put the six Principles for Responsible Investment into practice. Its goal is to understand the implications of sustainability for investors and support signatories to incorporate these issues into their investment decision making and ownership practices. Asset owners, investment managers and service providers can become signatories which obliges them to annually report on their progress regarding the six principles covering ESG integration, active ownership and promotion of sustainable investments. Organizations follow these principles to meet commitments to beneficiaries while aligning investment activities with the broader interests of society. As of 2019, there were 2,372 signatories with a combined USD $86 trillion in asset under management. [Source: Swiss Sustainable Finance]

UN SDGs - Sustainable Development Goals
The Sustainable Development Goals are a collection of 17 global goals designed to be a ""blueprint to achieve a better and more sustainable future for all."" The SDGs, set in 2015 by the United Nations General Assembly to be achieved by the year 2030. The goals recognize that ending poverty and other deprivations must go hand-in-hand with strategies that improve health and education, reduce inequality, and spur economic growth. They include goals such as no poverty, gender equality, decent work, sustainable consumption, climate action and reduced inequalities. The goals were developed to replace the Millennium Development Goals (MDGs) which ended in 2015. Unlike the MDGs, the SDG framework does not distinguish between ""developed"" and ""developing"" nations. [Source: Global Affairs Associates]

UNGC - United Nations Global Compact
UNGC is a non-binding United Nations agreement to encourage businesses worldwide to adopt sustainable and socially responsible policies grounded in 10 Principles on human rights, labor, environment, and anti-corruption. This UN initiative aims to encourage businesses worldwide to align their operations and strategies with the ten universally principles. Companies signing the UNGC commit to regularly reporting on progress on the ten principles. [Source: Global Affairs Associates]

Values-based Exclusions
This refers to exclusions that are based on personal values (as opposed to exclusions based on risk considerations or the violation of international norms). Prominent examples are exclusions of companies involved in gambling, production of weapons or alcohol. [Source: Swiss Sustainable Finance]

Sources:

  1. Allianz Global Investors, ESG Glossary, Retrieved: September 12,2020
  2. First Affirmative Financial Network, Glossary of Responsible Investing Terms, Retrieved: September 12,2020
  3. Global Affairs Associates, ESG Glossary, Retrieved: September 12,2020
  4. Invesco Ltd., Glossary: Understanding ESG jargon, Retrieved: September 12,2020
  5. Nuveen, LLC., Glossary: Responsible investing, Retrieved: September 12,2020
  6. Schroders Investment Management North America Inc., Understanding sustainable investment and ESG investment terms, Retrieved: September 12,2020
  7. Stanford Graduate School of Business, Corporate Governance Research Initiative, Retrieved: September 12,2020
  8. Swiss Sustainable Finance, Glossary, Retrieved: September 12,2020

Disclaimer: This glossary is NOT intended to be an authoritative reference document. All information in this glossary is for educational use only. This glossary has been compiled based on public domain information available on the websites of the mentioned sources. While due care has been taken in compiling this glossary, ESGSense does not assume any liability for any inaccuracy or factual error. Any term or definition mentioned here does NOT constitute financial or investment advice. ESGSense assumes no liability for any financial decisions and/or investments made on the basis of information gained from this glossary.