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Sustainable investing framework
Ratings methodology applicable to the definition of sustainable characteristics
Sustainable characteristics are defined as issuers rated by MSCI, or in the absence of a rating from MSCI, by the Fidelity Sustainability Rating, as follows:
• Developed market issuers with an ESG rating from MSCI of AAA - BBB
• Non-developed market issuers with an ESG rating from MSCI of AAA - BB
• Issuers with no ESG rating assigned by MSCI will be assessed by Fidelity Sustainability Ratings and are required to have an ESG rating of A - C
Global market classifications are as set out in MSCI’s annual market classification review.
Criteria to determine which issuers demonstrate improving sustainable indicators
(applicable to the Fidelity Sustainable Family of Funds, with the exception of the Sustainable ETFs, only)
Issuers that are not assessed as having positive sustainable characteristics for the purposes of the primary objective (minimum 70% of net assets) are eligible for inclusion, with up to 30% of net assets (save for the Sustainable ETFs, which are exempted from this 30% limit), provided they are able to demonstrate that they are on an improving trajectory with respect to their sustainable characteristics. Improving sustainable indicators are issuers classified as such through the trajectory outlook of Fidelity Sustainability Ratings or issuers which in our view demonstrate the potential for improvement through the implementation and execution of a formal engagement plan. Engagement plans must include key objectives and milestones to validate the improvement being sought and must be recorded in Fidelity’s internal research platform. If the engagement has not resulted in an improvement in the sustainability characteristics of the issuer within a specified period of time, the security is subject to divestment in accordance with Fidelity’s exclusion divestment procedure.
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