Consultation on potential
enhancements to theBloomberg Barclays MSCI
Fixed Income SRI Indexes
MARCH 2021

This consultation may or may not lead to the implementation of any or all of the proposedchanges in the highlighted or any other Bloomberg Barclays MSCI indexes. Consultation
feedback will remain confidential. Bloomberg/MSCI may publicly disclose feedback if
specifically requested by specific market participants. In that case, the relevant feedback would
be published together with the final results of the consultation.
© 2021 MSCI Inc. All rights reserved.
Information Classification: GENERAL

Please refer to the disclaimer at the end of this document.

Proposed enhancements to the Bloomberg Barclays MSCI
Fixed Income SRI Indexes
Bloomberg (BBG)/MSCI are proposing a series of methodology changes aiming to enhancevalues-based exclusion screens used in the Bloomberg Barclays MSCI Fixed Income (FI) SRI
Indexes to clarify their objectives, simplify their design and reflect the latest consensus in themarket with regards to controversial activities.
No.

Proposed Enhancements

1

Introduce a screen for companies involved in Thermal Coal and/or Unconventional
Oil & Gas (O&G) businesses with an aim to improve the climate risk profile of the SRI
Indexes.

2

Alignment to MSCI ESG Framework i.e. categorize activities based on the level ofinvolvement.

Bloomberg/MSCI invite feedback from market participants on or before 08 April 2021 and will
announce the results of the consultation on or before 15 April 2021.

Information Classification: GENERAL

2

Proposed Enhancement 1 –To incorporate climate risk in SRI
methodology

Information Classification: GENERAL

Incorporating Climate Risk in SRI Indexes
Understanding the significance of climate risk:•

Regulatory scrutiny on climate risk considerations are increasing and may impose a significant short -term risk for some investors.

•

The level of carbon footprint of the current Bloomberg Barclays MSCI Fixed Income SRI Indexes might not be aligned with somerecent ESG and Climate benchmark labeling requirements.

•

Incorporating Climate Risk may support investors in their ESG integration strategies.

•

Some institutional ESG investors are seeking greater climate awareness to support their use of ESG Indexes.

ESG Objective of Bloomberg Barclays
MSCI Fixed Income SRI Indexes

Enhancement Proposals

Rationale for Proposal

Negatively screen out issuers that may be
involved in business lines or activities thatare in conflict with investment policies,
values or social norms• Exclude companies involved in thermal coaland unconventional oil and gas businesses• Exclude companies with Fossil Fuel (FF)Reserves.

• Fossil Fuel reserves screen aims todivest from companies withstranded assets*.
• Additional revenue screen ensures
exclusion of power generationcompanies that do not own fossil
fuel reserves.

*Stranded assets are now generally accepted to be those assets that at some time prior to the end of their economic life (as assumed at the investment decision
point), are no longer able to earn an economic return (i.e. meet the company’s internal rate of return), as a result of chang es associated with the transition to a lowcarbon economy (lower than anticipated demand / prices).

Information Classification: GENERAL

Proposed Methodology Enhancements - 1
Rationale for proposal is to have a set of exclusions 1 which –– Help reduce index carbon footprint and exposure to stranded assets– Are sensible and consistent with ESG objectives of the index– Would likely not cause deterioration in overall ESG profile of the index– Would likely not cause significant changes in the composition of the index
New Climate Screens

Proposal2

Thermal Coal (Mining and Sale) +Unconventional Oil & Gas (Extraction)

Exclude all companies deriving any revenue (either reported or estimated) fromthermal coal mining or unconventional oil and gas extraction.

Thermal Coal (Power Generation)

Exclude all companies deriving 5% or more revenue (either reported or
estimated) from thermal coal-based power generation.

Fossil Fuel Reserves Ownership

Exclude all companies with evidence of owning proven & probable coal reserves
and/or proven oil and natural gas reserves used for energy purposes

1.
2.

Implemented as additional screens in the above methodologies. Other aspects of index methodologies like – ranking,sorting, weighting, are not changed.
Exact definitions of screens are provided in Appendix.

Information Classification: GENERAL

5

Proposed Enhancement 2 –To align SRI exclusion screens under
MSCI’s revised ESG framework

Information Classification: GENERAL

Basis for ESG SRI Screen Migration
Objective:
To migrate the current SRI* ESG exclusion screens to align with the MSCI ESG Framework and to the latest versionof MSCI Standard SRI Indexes.
Advantages of migration to the new framework✓ Clearer focus on the intent of exclusion (primary vs. secondary involvement – e.g., Tobacco producer vs. retailer)✓ Would remove over-exclusion in certain screens to align with the primary objective of the index, which is focusedon Values✓ Will remove absolute thresholds and categorize activities based on the level of involvement*Bloomberg Barclays MSCI Fixed Income SRI
Information Classification: GENERAL

7

Proposed Methodology Enhancements - 2
Align Bloomberg Barclays MSCI FI SRI exclusion screen with MSCI Standard SRI Indexes.

Most Restrictive1
Proposed
Valuesbased
screens for
the SRI Index

1•

Controversial weapons

Highly Restrictive1•••

Nuclear weapons
Civilian firearms
TobaccoModerately
Restrictive1
•
•
•
•
•
•

Alcohol
Gambling
Conventional weapons
Adult Entertainment
GMO
Nuclear power

Least Restrictive1-

Details mentioned in the Appendix

Information Classification: GENERAL

8

Simulated impact of enhancements on
Bloomberg Barclays MSCI USD
Corporate Bond SRI Index

Information Classification: GENERAL

Simulated impact of enhancements on Bloomberg Barclays
MSCI USD Corporate Bond SRI Index
The proposed exclusion screens resulted in ~39% lower Carbon Intensity while maintaining similar
characteristics compared to the current indexes
Bloomberg Barclays MSCI USD Corp SRI Proposal Bloomberg Barclays MSCI USD
Index
Corp SRI Index
5616
5219

Key Metrics*

Bloomberg Barclays USD Corp Index

Number of constituents

6647

Yield**

1.74

1.69

1.67

OAD

8.84

8.60

8.58

OAS (bps)

96

92

92

Index Rating

A3

A3

A3

Transition Turnover (%)

6.31***

Included in Transition

40 (6 Issuers)

Deleted in Transition

437 (50 Issuers)
Bloomberg Barclays MSCI USD Corp SRI Proposal Bloomberg Barclays MSCI USD
Index
Corp SRI Index

ESG Metrics*

Bloomberg Barclays USD Corp Index

ESG score

5.42

5.45

5.43

ESG leaders (AAA-AA) (%)

18.7

18.3

19.0

ESG laggards (B-CCC) (%)

6.5

6.7

6.9

Environmental pillar score

6.6

6.7

6.8

Weighted Average Carbon Intensity

287.8

140.1

85.0

*As of December 31, 2020**Yield to Worst*** Maintenance = 2.57, Additions = 0.59%, Deletions = 3.15%

Information Classification: GENERAL

10

Sector Distribution: Bloomberg Barclays MSCI USD
Corporate Bond SRI Index
Sector Distribution - %Market Value
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
2

Bloomberg Barclays USD Corp Index

Bloomberg Barclays MSCI USD Corp SRI Index

Proposal Bloomberg Barclays MSCI USD Corp SRI Index*As of December 31, 2020, based on Bloomberg Classification

Information Classification: GENERAL

11

Sector Distribution: Bloomberg Barclays MSCI USD
Corporate Bond SRI Index
Sector Distribution - Number of Bonds
1200
1000
800
600

400
200
0
2

Bloomberg Barclays USD Corp Index

Bloomberg Barclays MSCI USD Corp SRI Index

Proposal Bloomberg Barclays MSCI USD Corp SRI Index*As of December 31, 2020, based on Bloomberg Classification

Information Classification: GENERAL

12

Simulated Impact – Top issuer additions
Ticker*Issuer Name

Parent Weight

Prior Exclusion Reason

GE

General Electric

0.74%

Nuclear Power: GE designs and manufactures nuclear reactors, such as boiling water reactors andfast breeder reactors. Now, with focus being on primary involvement in nuclear power generation, GE
becomes eligible.

RIOLN

Rio Tinto Alcan

0.12%

Nuclear Power: Rio Tinto, through its subsidiary Energy Resources of Australia Ltd., produces uraniumoxide and was flagged under nuclear uranium mining. Now, with focus being on primary involvement in
nuclear power generation, Rio Tinto becomes eligible.

MASSIN

Massachusetts Institute Of
Technology

0.06%

Military Weapons: Massachusetts Institute of Technology (MIT) develops defense systems against
ballistic and cruise missiles with total global weapons revenue of 9.99%. Conventional Weaponscategory falls under ‘moderately restrictive’ in proposed values and the new revenue threshold of
secondary involvement in 15% (from 5% earlier) and hence MIT becomes eligible

0.01%

Nuclear Power: AngloGold Ashanti produces uranium oxide as a by-product from its wholly owned
Great Noligwa, Kopanang, and Moab Khotsong mines in South Africa and was flagged under nuclear
uranium mining. Now, with focus being on primary involvement in nuclear power generation, Anglogold
holdings becomes eligible.

0.01%

Military Weapons: Oshkosh designs and manufactures tactical vehicles for combat with total global
weapons revenue of 5.50%. Conventional Weapons category falls under ‘moderately restrictive’ inproposed values and the new revenue threshold of secondary involvement in 15% (from 5% earlier)and hence Oshkosh becomes eligible

0.01%

Military Weapons: FLIR Systems develops and manufactures weapon-mounted thermal and infrared
imaging systems with total global weapons revenue of 5.50%. Conventional Weapons category falls
under ‘moderately restrictive’ in proposed values and the new revenue threshold of secondary
involvement in 15% (from 5% earlier) and hence Flir System becomes eligible.

ANGSJ

OSK

FLIR

Anglogold Holdings

Oshkosh Corporation

FLIR Systems* If Bloomberg Barclays MSCI USD Corporate Bond SRI Index wastransitioned to proposed methodology as of 31st Dec 2020.

Information Classification: GENERAL

13

Simulated Impact – Top issuer deletions
Ticker*Issuer Name

Parent Weight

Current Bloomberg Barclays MSCI USD CorpSRI Index WeightExclusion Reason

XOM

Exxon Mobil Corp

0.58%

0.69%

Thermal Coal, Fossil Fuel

BPLN

BP Capital

0.51%

0.60%

Thermal Coal, Fossil Fuel

KMI

Kinder Morgan EN

0.44%

0.52%

Thermal Coal, Fossil Fuel

BNSF

Burlington North

0.37%

0.44%

Thermal Coal, Fossil Fuel

CVX

Chevron USA Inc

0.33%

0.39%

Thermal Coal, Fossil Fuel

TRPCN

TransCanada Pl

0.26%

0.31%

Nuclear Power

TOTAL

Total Cap Intl

0.24%

0.28%

Thermal Coal, Fossil Fuel

COP

ConocoPhillips Co

0.23%

0.27%

Thermal Coal, Fossil Fuel

PEG

Public Service

0.20%

0.24%

Nuclear PowerPPL

Ppl Capital FDG

0.17%

0.20%

Thermal Coal*Top 10 Ineligible Issuers by %Market Value. Complete list provided in Appendix.
If Bloomberg Barclays MSCI USD Corporate Bond SRI Index was transitioned to proposed methodology as of 31st Dec 2020.

Information Classification: GENERAL

14

Simulated impact ofenhancements on Bloomberg
Barclays MSCI EUR Corporate
Bond SRI Index

Information Classification: GENERAL

Simulated impact of enhancements on Bloomberg Barclays
MSCI EUR Corporate Bond SRI Index
The proposed exclusion screens resulted in ~16% lower Carbon Intensity while maintaining similar
characteristics compared to the current indexes
Key Metrics*

Bloomberg Barclays EUR Corp Index

Bloomberg Barclays MSCI EUR CorpSRI Index

Proposal Bloomberg Barclays MSCIEUR Corp SRI Index

Number of constituents

3126

2753

2625

Yield**

0.22

0.20

0.20

OAD

5.27

5.20

5.16

OAS (bps)

92

90

90

Index Rating

A3

A3

A3

Transition Turnover (%)

6.24***

Included in Transition

22 (3 Issuers)

Deleted in Transition

150 (24 Issuers)

ESG Metrics*

Bloomberg Barclays EUR Corp Index

Bloomberg Barclays MSCI EUR CorpSRI Index

Proposal Bloomberg Barclays MSCIEUR Corp SRI Index

ESG score

6.5

6.6

6.6

ESG leaders (AAA-AA) (%)

40.9

41.2

42.5

ESG laggards (B-CCC) (%)

4.1

2.4

2.0

Environmental pillar score

6.9

7.0

7.1

Weighted Average Carbon Intensity

132.9

114.4

95.6

*As of December 31, 2020**Yield to Worst*** Maintenance = 2.65, Additions = 0.47%, Deletions = 3.12% Information Classification: GENERAL

16

Sector Distribution Bloomberg Barclays MSCI EUR Corp SRI
Index
Sector Distribution (%Market Value)
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%

Bloomberg Barclays EUR Corp Index
Proposal Bloomberg Barclays MSCI EUR Corp SRI Index

Bloomberg Barclays MSCI EUR Corp SRI Index*As of December 31, 2020, based on Bloomberg Classification

Information Classification: GENERAL

17

Sector Distribution Bloomberg Barclays MSCI EUR Corp SRI
Index
Number of Bonds - Sector Distribution
800
700
600
500
400
300
200
100
0

Bloomberg Barclays EUR Corp Index

Bloomberg Barclays MSCI EUR Corp SRI Index

Proposal Bloomberg Barclays MSCI EUR Corp SRI Index*As of December 31, 2020, based on Bloomberg Classification

Information Classification: GENERAL

18

Simulated Impact – Top issuer additions

Ticker*Issuer Name

Parent Weight

Prior Exclusion Reason

GE

General Electric

0.42%

Nuclear Power: GE designs and manufactures nuclear reactors, such as boiling water reactors andfast breeder reactors. Now, with focus being on primary involvement in nuclear power generation, GE
becomes eligible.

BASGR

BASF SE

0.34%

Genetic Engineering (GMO): BASF, through its wholly-owned subsidiary, BASF Plant Science,develops genetically modified plants including rice, soybeans, and corn with total revenue fromgenetic engineering of 2%. GMO category falls under ‘moderately restrictive’ in proposed values andthe new revenue threshold of in 5% (from 0% earlier) and hence BASF becomes eligible

RIOLN

Rio Tinto Alcan

0.02%

Nuclear Power: Rio Tinto, through its subsidiary Energy Resources of Australia Ltd., produces
uranium oxide and was flagged under nuclear uranium mining. Now, with focus being on primary
involvement in nuclear power generation, Rio Tinto becomes eligible.

* If Bloomberg Barclays MSCI EUR Corporate Bond SRI Index was transitioned to proposed methodology as of 31 st Dec 2020.

Information Classification: GENERAL

19

Simulated Impact – Top issuer deletions
Ticker*Issuer Name

Parent Weight

Current Bloomberg Barclays MSCI EUR CorpSRI Index WeightExclusion Reason

TOTAL

Total Cap Intl

1.21%

1.41%

Thermal Coal, Fossil Fuel

BPLN

BP Capital

0.93%

1.08%

Thermal Coal, Fossil FuelENIIM

ENI Spa

0.69%

0.80%

Thermal Coal, Fossil FuelOMVAVOMV AG

0.44%

0.51%

Fossil Fuel

CFRVXRichemont Int

0.27%

0.31%

Civilian Firearms

CKHH

CK HUTCHISON FIN

0.21%

0.24%

Fossil FuelGLENLN

Glencore Finance

0.21%

0.24%

Thermal Coal, Fossil Fuel

SLB

Schlumberger Fin

0.20%

0.24%

Fossil Fuel

XOM

Exxon Mobil Corp

0.18%

0.21%

Thermal Coal, Fossil Fuel

REPSM

Repsol Intl Fin

0.17%

0.20%

Fossil Fuel*Top 10 Ineligible Issuers by %Market Value. Complete list provided in Appendix.
If Bloomberg Barclays MSCI EUR Corporate Bond SRI Index was transitioned to proposed methodology as of 31st Dec 2020.

Information Classification: GENERAL

20

Appendix

Information Classification: GENERALESG Definitions: Modification to current screens
BISR Screen

Existing Definition

New Definition••
Alcohol•Excludes all issuers classified as tobacco producers or
distributors, retailers, or suppliers that derive 15% or more of
their revenue from tobacco-related products.

•

Excludes all issuers classified as involved in gambling
operations or support that earn more than 5% in revenue, ormore than $500 million in revenue, from gambling-related
activities.

TobaccoGambling

•
GMO
•

•
Adult Entertainment

Excludes all issuers classified as alcohol producers that earnmore than 5% in revenue, or more than $500 million inrevenue, from alcohol-related products.

Companies that derive any revenue from activities likegenetically modifying plants, such as seeds and crops, andother organisms intended for agricultural use or humanconsumption.
Companies that are only involved in GMO Research &Development activities are not excluded.

Excludes all issuers classified as adult entertainment
producers that earn more than 5% in revenue, or more than$500 million in revenue, from adult entertainment materials.

Information Classification: GENERAL•

All companies deriving 5% or more revenue from theproduction of alcohol related products
All companies deriving 15% or more aggregate revenue fromthe production, distribution, retail and supply of alcoholrelated products••

All companies classified as a “Producer”
All companies deriving 5% or more aggregate revenue fromthe production, distribution, retail, supply and licensing of
tobacco-related products•

All companies deriving 5% or more revenue from ownershipof operation of gambling-related business activities
All companies deriving 15% or more aggregate revenue fromgambling related business activities••

All companies deriving 5% or more revenue from activities
like genetically modifying plants, such as seeds and crops,
and other organisms intended for agricultural use or humanconsumption•

All companies deriving 5% or more revenue from theproduction of adult entertainment materials
All companies deriving 15% or more aggregate revenue fromthe production, distribution and retail of adult entertainment
materials•

22

ESG Definitions: Modification to current screens
BISR Screen

Nuclear Weapons

Existing Definition

New Definition•

Excludes all issuers classified as involved in manufacturing of
nuclear weapons, nuclear weapons components.

•

Excludes all issuers that earn more than 5% in revenue, ormore than $500 million, from manufacturing conventional
weapons, conventional weapons components, or conventional
weapons support systems and services.

Conventional Weapons•
Controversial Weapons•
Civilian Firearms•

Nuclear Power•

Excludes all issuers classified as involved in manufacturing ofchemical and biological weapons components, cluster
munitions, landmines or depleted uranium weapons.

Excludes all issuers classified as civilian firearms producers or
retailers that derive 5% or more of their revenue, or more than
$20 million in revenue, from civilian firearms-related products.

Excludes all issuers classified as nuclear utilities or involved inuranium mining, designing nuclear reactors, or enrichment offuel for nuclear reactors.
Excludes all issuers that earn 15% or more revenues as asupplier to the nuclear power industry

Information Classification: GENERAL•

Excludes all issuers classified as involved in manufacturing of
nuclear weapons, nuclear weapons components,
manufacturing or assembly of nuclear weapons delivery
platforms, or components of nuclear-exclusive delivery
platforms•

All companies deriving 5% or more revenue from theproduction of conventional weapons and components
All companies deriving 15% or more aggregate revenue from
weapons systems, components, and support systems andservices••

All companies with any tie to Controversial Weapons (cluster
munitions, landmines, depleted uranium weapons,
biological/chemical weapons, blinding lasers, non-detectable
fragments and incendiary weapons)•

All companies classified as “Producer” of firearms and smallarms ammunitions for civilian markets. It does not include
companies that cater to the military, government, and law
enforcement markets
All companies deriving 5% or more aggregate revenue fromthe production and distribution (wholesale or retail) of firearms
or small arms ammunition intended for civilian use

•

•
•
•

All companies generating 5% or more of their total electricity
from nuclear power in a given year
All companies that have 5% or more of installed capacity
attributed to nuclear sources in a given fiscal year
All companies deriving 15% or more aggregate revenue from
nuclear power activities

23

ESG Definitions: New Screens•

THERMAL_COAL_MAX_REV_PCT - The maximum percentage of revenue (either reported or estimated) greater than 0% that a company deri ves fromthe mining of thermal coal (including lignite, bituminous, anthracite and steam coal) and its sale to external parties. It excludes: revenue frommetallurgical coal; coal mined for internal power generation (e.g. in the case of vertically integrated power producers); int ra-company sales of minedthermal coal; and revenue from coal trading.

•

GENERAT_MAX_REV_THERMAL_COAL - The maximum percentage of revenue (either reported or estimated) that a company derives from the thermal
coal based power generation.

•

UNCONV_OIL_GAS_MAX_REV_PCT – The maximum percentage of revenue (either reported or estimated) greater than 0% that a company derives
from unconventional oil and gas. It includes revenues from oil sands, oil shale (kerogen-rich deposits), shale gas, shale oil, coal seam gas, and coal
bed methane. It excludes all types of conventional oil and gas production including Arctic onshore/offshore, deepwater, shall ow water and otheronshore/offshore.

•

Ex FF (Ex Fossil Fuel) - This screen identifies companies, regardless of their industries, with evidence of owning fossil fuel r eserves used most likely
for energy applications. For high-intensity industries (belonging to Energy and Utilities GICS Sector & Diversified Metals & Mining GICS Sub-Industry),
this factor flags companies with evidence of fossil fuel reserves (excluding Metallurgical Coal). For other industries, it fl ags companies with evidenceof fossil fuel reserves (excluding Metallurgical Coal) and deriving revenue from business segments associated with energy app lication of fossil fuelssuch as Thermal Coal mining, Oil & Gas exploration & production and downstream activities e.g. refining; distribution & retai l; pipeline & transportation;
trading and fossil fuel- based power generation.

Information Classification: GENERAL

24

ESG Exclusions Framework(1/2)
The standard screens are based on MSCI ESG Research’s Exclusions framework and can be used
to implement values-based exclusions in indexes in a simple and consistent manner.
Restriction
LevelsAbsolute
Tie vs.
Revenue
Threshold** Shaded cells refer to Aggregate Revenue including the relevant business activities

Information Classification: GENERAL

25

ESG Exclusions Framework(2/2)

Information Classification: GENERAL

26

Example of Revenue Screen: Alcohol
Most
Restrictive/
Zero Tolerance

Revenue

Alcohol

Any Tie• Producer• Distributor• Retailer• Supplier• Licensor• Ownership

HighlyRestrictive

Moderately
Restrictive

Least
Restrictive

Alcohol
Producer OR

5% Production
Revenue OR
15% Aggregate
Revenue

10% Production
Revenue

5%Aggregate
Revenue

Absolute
Tie

Information Classification: GENERAL

Revenue
Threshold27

Example of Non-Revenue Screen: Animal Welfare
Most
Restrictive/
Zero Tolerance

Non-Revenue

Animal
WelfareHighlyRestrictive

Any Tie• Non-medical
Testing• Medical Testing• Factory Farming• Licensed Breeder• Licensed
Exhibitor• Ownership Of• Ownership By

Non-medical TestingOR
Medical TestingOR
Factory FarmingOR
Licensed BreederOR
Licensed Exhibitor

Moderately
Restrictive
Non-medical TestingOR
Medical TestingOR
Factory Farming

Least
Restrictive
Non-medical Testing

Absolute
Tie

Information Classification: GENERAL

28

Simulated Impact – USD deletions (1/2)
Ticker*Issuer Name

Parent Weight

Current Bloomberg Barclays
MSCI USD SRI Index Weight

Bloomberg Classification

XOM
BPLN
KMI
BNSF
CVX
TRPCN
TOTAL
COP
PEG
PPL
NI
CNQCN
SUCN
CMS
HES
GLPI
DVN
EOG
PSD
NUE
WEC
MRO
CXO
LNT

Exxon Mobil Corp
Bp Cap Mkts Amer
Kinder Morgan En
Burlington North
Chevron Usa Inc
Transcanada Pl
Total Cap Intl
Conocophil Co
Public Service
Ppl Capital Fdg
Nisource Inc
Can Natural Res
Suncor Inc
Consumers Energy
Hess Corp
Glp Cap/Fin Ii
Devon Energy
Eog Resources In
Puget Sound Enrg
Nucor Corp
Wisc Elec Power
Marathon Oil Cor
Concho Res/Midla
Interstate P&L

0.58%
0.51%
0.44%
0.37%
0.33%
0.26%
0.24%
0.23%
0.20%
0.17%
0.15%
0.14%
0.13%
0.12%
0.10%
0.09%
0.08%
0.08%
0.08%
0.07%
0.07%
0.07%
0.07%
0.07%

0.69%
0.60%
0.52%
0.44%
0.39%
0.31%
0.28%
0.27%
0.24%
0.20%
0.18%
0.17%
0.16%
0.14%
0.12%
0.10%
0.09%
0.09%
0.09%
0.09%
0.09%
0.08%
0.08%
0.08%

EnergyEnergyEnergyEnergyEnergyTransportation
EnergyEnergyEnergyEnergyElectric
Electric
Natural Gas
Basic Industry
EnergyEnergyElectric
Basic Industry
EnergyConsumer Cyclical
EnergyEnergyElectric
Basic Industry* If Bloomberg Barclays MSCI USD Corp SRI Index was transitioned
to proposed
methodology
as of 31 st Dec 2020.
Information
Classification:
GENERAL

29

Simulated Impact – USD deletions (2/2)
Ticker*Issuer Name

Parent Weight

Current Bloomberg Barclays
MSCI USD SRI Index Weight

Bloomberg Classification

TCKBCN
SLB
BKH
AES
PCP
HSECN
EMACN
NFG
XEC
TE
OGE
CPGX
PXD
FE
CELARA
ENELCH
WGL
IDA
NWE
ENIIM
ENELGX

Teck Resourc
Schlumberger Inv
Black Hills Corp
Ipalco Entprs In
Precision Cast
Husky Energy Inc
Emera Us Finance
National Fuel Ga
Cimarex Energy
Tampa Electric
Oklahoma Gas & E
Columbia Pipelin
Pioneer Natural
Ohio Edison Co
Celulosa Arauco
Enel Chile Sa
Washington Gas
Idaho Power Co
Northwestern Crp
Lasmo (Usa) Inc
Endesa (Chile)

0.06%
0.05%
0.05%
0.05%
0.04%
0.04%
0.04%
0.03%
0.03%
0.03%
0.03%
0.03%
0.02%
0.02%
0.02%
0.02%
0.01%
0.01%
0.01%
0.01%
0.01%

0.07%
0.06%
0.06%
0.06%
0.05%
0.05%
0.04%
0.04%
0.04%
0.04%
0.03%
0.03%
0.03%
0.03%
0.03%
0.02%
0.02%
0.01%
0.01%
0.01%
0.01%

Basic Industry
EnergyElectric
Electric
Capital Goods
EnergyElectric
EnergyEnergyElectric
Electric
EnergyEnergyElectric
Basic Industry
Electric
Natural Gas
Electric
Electric
EnergyElectric* If Bloomberg Barclays MSCI USD Corp SRI Index was transitioned to proposed methodology as of 31 st Dec 2020.

Information Classification: GENERAL

30

Simulated Impact – EUR deletions
Ticker*Issuer Name

Parent Weight

Current Bloomberg Barclays
MSCI EUR SRI Index Weight

Bloomberg Classification

CKHGTHCk Hutchison

0.17%

0.20%

Communications

SSELN

Sse Plc

0.17%

0.20%

Electric

IREIM

Iren Spa

0.13%

0.15%

Electric

AALLN

Anglo American

0.10%

0.11%

Basic Industry

MOLHB

Mol Hungarian

0.06%

0.07%

EnergyKMI

Kinder Morgan

0.05%

0.06%

EnergyPKNPW

Orlen Capital

0.03%

0.04%

EnergyKKR

Kkr Gr Fin Co

0.03%

0.03%

Brokerage Assetmanagers Exchanges

SIGMA

Sigma Alimentos

0.03%

0.03%

Consumer Non-Cyclical

GALPNA

Galp Gas Natural

0.02%

0.03%

Natural Gas

CKINF

Cheung Kong Infr

0.02%

0.03%

Other Industrial

ORGAU

Origin Ener Fin

0.02%

0.03%

Electric

TPEPW

Tauron Polska Sa

0.02%

0.02%

Electric

BRLS

Borealis Ag

0.01%

0.01%

Basic Industry* If Bloomberg Barclays MSCI EUR Corp SRI Index was transitioned to proposed methodology as of 31 st Dec 2020.

Information Classification: GENERAL

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