All companies deriving 5% or more aggregate gross revenue from:

Production

• Companies that produce alcoholic products including brewers, distillers and vintners and companies that own or operate wine vineyards.

Distribution

• Companies involved in the wholesale distribution of alcohol products to retailers.

Retail

• Companies that generate revenue from sale of alcoholic products, excluding distribution. This includes supermarkets, liquor stores, bars and pubs and duty-free stores.

Licensing

• Companies that license a brand name to alcoholic products.

Supply

• Companies that produce and supply key raw materials and other products used specifically to produce alcoholic products.  

All companies that:

• Are involved in commercial animal husbandry for the purpose of food production. This means:
  • Companies with farms that focus exclusively on organics or that are free-range;
  • Companies such as supermarkets that have “private label” animal products, unless they are involved in the supply chain;
  • Companies that own milk or dairy processing facilities, unless they also own or operate the dairy farms where cows are raised and milked;
  • Companies that own or operate meat-processing facilities but do not raise or slaughter animals;
  • Companies involved in the raising, breeding, or processing of fish and other aquaculture products; and
  • Companies involved in the raising, breeding, or processing of animals exclusively for entertainment, leisure, labor, scientific, industrial and other similar purposes.
• All companies that conduct animal testing for non-medical products.    

All companies:

• that create, fabricate, produce or manufacture firearms and small arms ammunitions for civilian markets. It does not include companies that cater to the military, government, and law enforcement markets; or
• deriving 5% or more gross revenue from the distribution (wholesale or retail) of firearms or small arms ammunition intended for civilian use.    

All companies deriving:  

• 5% or more gross revenue from the production of conventional weapons; or
• 15% or more aggregate gross revenue from weapons systems, components, and support systems and services. This means:

• • Companies that provide weapons support and services, including research, development, testing and evaluation; analysis and planning; equipment maintenance, repair, and overhaul; systems support; weapons training and simulation systems and services;
  • Companies that produce critical components for conventional weapons systems;
  • Companies that produce conventional weapon systems intended for military markets;
  • Companies that produce nuclear warheads, missiles, and delivery platforms capable of deploying nuclear weapons;
  • Companies that provide support services for nuclear weapons;
  • Companies that produce essential intended or dual-use components for nuclear weapons and nuclear weapon delivery systems;
  • Companies that produce biological or chemical weapons systems; and
  • Companies that produce critical components for biological and chemical weapons systems;  

All companies with an involvement in the production of cluster bombs, landmines, depleted uranium weapons, chemical and biological weapons, blinding lasers, non-detectable fragments and incendiary weapons.

• Cluster Bombs
  • cluster bombs and munitions, or the essential components of these products.
• Landmines
  • anti‐personnel landmines, anti‐vehicle landmines, or the essential components of these products.
• Depleted Uranium Weapons
  • depleted uranium weapons and armor.
• Chemical and Biological Weapons
  • chemical and biological weapons, or the essential components of these products.
• Blinding Laser Weapons
  • weapons utilising laser technology to cause permanent blindness.
• Non-Detectable Fragments
  • weapons that use non-detectable fragments to inflict injury.
• Incendiary Weapons (White Phosphorus)
  • weapons using white phosphorus.

All companies with an industry tie to fossil fuels (thermal coal, oil and gas). MSCI refers to this as an "any tie" screen and is defined as companies deriving revenue (either reported or estimated) from the following activities:

• owning fossil fuel reserves; or
• direct thermal coal mining activities:
  • mining of thermal coal; and
  • selling to third parties; or
  • contract mining services
• generating power from fossil fuels; or
• oil and gas activities, being distribution/retail, equipment and services, extraction and production, petrochemicals, pipelines and transportation and refining but excluding biofuel production and sales and trading activities.

Companies with evidence of owning metallurgical coal are not in the scope of the above screens.

A company may have exposure to fossil fuels through its direct or indirect equity investment in other companies owning fossil fuel reserves. If a company is a holding company with indirect holdings in fossil fuels related entities, the screen is activated if these holdings either constitutes 10% or more of the holding company’s portfolio of assets, or the holding company owns 20% or more of the identified fossil fuels related entities.

For further details, please refer to the MSCI Fossil Fuels and Power Generation Metrics Methodology (p. 15-16/26) and Climate Change Metrics Methodology page 92/113 which are found in the Documents section below.

All companies deriving 5% or more aggregate gross revenue from:

Operations
Companies that own or operate gambling facilities such as casinos, racetracks, bingo parlors or other betting establishments.

Support

• Companies that provide key products or services fundamental to gambling operations.
• Companies that provide products or services solely support end users, rather than company gambling operations are excluded from this screen.

Licensing

• Companies that license their brand name to gambling products.

All companies that:

• manufacture nuclear warheads and/or whole nuclear missiles; or
• manufacture components that were developed or are significantly modified for exclusive use in nuclear weapons (warheads and missiles); or
• manufacture or assemble delivery platforms that were developed or significantly modified for the exclusive delivery of nuclear weapons; or
• provide auxiliary services related to nuclear weapons; or
• manufacture components that were not developed or not significantly modified for exclusive use in nuclear weapons (warheads and missiles) but can be used in nuclear weapons; or
• manufacture or assemble delivery platforms that were not developed or not significantly modified for the exclusive delivery of nuclear weapons but have the capability to deliver nuclear weapons; or
• manufacture components for nuclear-exclusive delivery platforms.    

Companies that produce tobacco products, sell private-label tobacco products manufactured by a third party or hold a licence to manufacture tobacco products (including e-cigarettes) are excluded outright.

All companies deriving 5% or more aggregate gross revenue from:

Production

• Companies that produce tobacco products; or
• Companies that sell private-label tobacco products manufactured by a third party; or
• Companies that applied for or hold license to manufacture tobacco products, including e-cigarettes, but have not yet started production are excluded from this screen.

Distribution

• Companies involved in the wholesale of tobacco products to retailers and other distributors. Tobacco products include nicotine-containing products, including traditional and alternative tobacco smoking products.

Retail

• Companies that sell tobacco products to consumers. Tobacco products include nicotine-containing products, including traditional and alternative tobacco smoking products.

Licensing

• Companies that license brand names to tobacco products. Tobacco products include nicotine-containing products, including traditional and alternative tobacco smoking products.

Supply

• Companies that produce and supply essential products for the production of tobacco products. tobacco products include nicotine-containing products, including traditional and alternative tobacco smoking products.