Ethical principles
Since 2003, RJ has applied ethical standards for investments. Demands for ethical standards and sustainability are specified in RJ’s investment policy and are based on the UN’s Global Compact and its principles regarding human rights, labour law, environmental considerations and corruption.
During the first quarter, RJ changed comparative benchmark index for its international share portfolio to MSCI World ESG Screened Index. The new index consists of 1,208 shares in 23 countries and is based on the broad index MSCI World.
The carbon footprint in scope 1–3 in relation to the companies’ sales is 21% lower in RJ’s new comparative benchmark index than in MSCI World. From the start of 2026, RJ is changing supplier of ethical screening from Morningstar Sustainalytics to an equivalent service from MSCI.
For its 2016 and 2018–2024 annual accounts and in November 2025, RJ commissioned S&P Trucost to measure the carbon dioxide footprint of its share portfolios. On all nine occasions, RJ’s carbon dioxide footprint was considerably lower in the total equity portfolio than in relevant stock market indexes. In the most recent measurement, the carbon dioxide footprint was 45 per cent lower than in an index portfolio consisting of S&P Global LargeMid Cap and SIX Portfolio Return Index.
Improved energy efficiency is the major focus of the property sector. Through its property investments, RJ contributes to this transition and has confidence in the work of the Foundation’s managers moving forward. Within interest management, RJ has continued to invest in green bonds. Through infrastructure funds, RJ’s capital enables
companies with a focus on sustainability to improve their operations.
