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ECONOMIC AGENT

Responsible Investment

Fidelidade believes that adopting a sustainable investment approach foremost facilitates a better understanding of risks and opportunities of underlying investment portfolios, but at the same time strengthens the overall profile of environmental, social and governance practice of Fidelidade Group itself. It is, therefore, of paramount importance to incorporate the ESG factors into the conventional investment process alongside with traditional financial analysis factors.

Climate Change Adaptation  

RESPONSIBLE INVESTMENT AT FIDELIDADE

Responsible investment involves identifying and mitigating en​vironmental, social, and governance (ESG) risks to protect long-term value and avoid negative impacts.

SUSTAINABLE INVESTMENT AT FIDELIDADE

Sustainable investment goes beyond risk mitigation by actively supporting progressive ESG practices that can generate positive outcomes and enhance long-term value.

> CORE PRINCIPLES

  • Long term approach;

  • Consider ESG factors – particularly those having material financial impacts;

  • Reduce exposure to issuers whose behaviors are not aligned with the Group’s principles and strategy;

  • Identify ESG risk factors and incorporate them into general risk management and monitoring process;.

  • Consider that sustainable investment is an ongoing journey.




> INVESTMENT PROCESS – FINANCIAL ASSETS

SUSTAINABLE INVESTMENT PROCESS

Proxy Voting / Engagement

Exclusion / Negative screening

Best in Class Approach / Positive screening

SUSTAINABLE INVESTMENT PROCESS

Proxy Voting / Engagement

Exclusion / Negative screening

Best in Class Approach / Positive screening

Climate Change Adaptation  
Climate Change Adaptation  

> INVESTMENT PROCESS – FINANCIAL ASSETS

EXCLUSIONS

  • No new investments in controversial industries (tobacco and weapons);

  • No new investments in companies with >25% of its revenues towards gambling;

  • Legacy portfolio: reduce exposure to weapons, gambling and tobacco (getting to 0% within 3 years);

  • Reduce exposure to nuclear non-proliferation to no more than 5% within 3 years;

  • No investments in companies with high and/or controversial environmental practices;

  • Do not comply with UN Global Compact principles.

POSITIVE SCREENING

  • >60% of assets with ESG rating;

  • Minimum weighted avg. ESG rating of low risk (from Sustainalytics);

  • Companies with involvement in industries or sectors referred to in “Exclusions” are either excluded or strictly monitored.

ENGAGEMENT

Fidelidade aims to broaden the scope of shareholder voting and deepen the interaction on ESG matter. Main topics to address:

  • Net Zero Commitments;

  • Legislation;

  • International standards (UN Global Compact, SDGs, etc.).


> INVESTMENT PROCESS – REAL ESTATE

SUSTAINABLE INVESTMENT PROCESS

ACQUISITION STAGE

  • New investments undergo dedicated ESG due diligence, conducted by external consultants

REGULAR MONITORING

  • Quarterly ESG performance reviews for all real estate assets.

  • Assets underperforming in ESG criteria may be subject to corrective action plans or strategic divestment.

ASSET OPERATION AND MANAGEMENT STAGE

  • Net Zero Transition Plans for each asset;

  • Implementation for continuous improvement plan.

EXCLUSION CRITERIA

New investments categories generally excluded:

  • Assets with no viable pathway to meet ESG standards;

  • Assets in high-risk climate zones without adequate mitigation measures;

  • Properties that are incompatible with the Group’s Net Zero Transition Plan.

SUSTAINABLE INVESTMENT PROCESS

ACQUISITION STAGE

  • New investments undergo dedicated ESG due diligence, conducted by external consultants

REGULAR MONITORING

  • Quarterly ESG performance reviews for all real estate assets.

  • Assets underperforming in ESG criteria may be subject to corrective action plans or strategic divestment.

ASSET OPERATION AND MANAGEMENT STAGE

  • Net Zero Transition Plans for each asset;

  • Implementation for continuous improvement plan.

EXCLUSION CRITERIA

  • Assets with no viable pathway to meet ESG standards;

  • Assets in high-risk climate zones without adequate mitigation measures;

  • Properties that are incompatible with the Group's Net Zero Transition Plan.

NET-ZERO EMISSION FOR THE INVESTMENT PORTFOLIO BY 2050

INTERIM TARGETS

2030 vs 2022


NET ZERO TARGETS

EQUITIES & CORPORATE BONDS


-40%

ktCO2e/Mn€

emission intensity over AuM


2050

REAL ESTATE


-45%

ktCO2e/sqm

emission intensity over sqm


2050

SEE NET ZERO TRANSITION FOR MORE DETAIL
SEE ANNUAL REPORT FOR MORE DETAILS

>RESPONSIBLE AND SUSTAINABLE INVESTMENT PERFORMANCE

2024 Performance


  • 1.329 M € amount invested in climate solutions investments

    Scope: Fidelidade Via Directa, Multicare, Fidelidade Re and Fidelidade Assistência. Includes green, social, sustainable linked bonds e assets under EU Taxonomy.

  • 623 M € of real estate assets with ESG certifications

    Scope: The Medelan in Milan (LEED Core & Shell Platinum) and BC140 in Budapest (BREEAM In-Use Very Good), which represented 29% of the portfolio managed by FPE at the end of 2024.

  • 500 M € green bond issued by Fidelidade Group with proceeds invested in green assets

  • 6 M € invested in the Forestry Fund Florestas de Portugal managed by Fidelidade Group

  • 659.3 M € Taxonomy-aligned investments (Turnover)

  • 529.6 M € Taxonomy-aligned investments (CapEx)

  • -12.6% equities and corporate bonds related CO2 emissions reduction (vs 2022 - baseline)

    Scope: Fidelidade, Fidelidade Assistência, Fidelidade Re, Multicare, Tenax e Via Directa

  • -1.1% real estate related CO2 emissions reduction (vs 2022 - baseline)

    Scope: Fidelidade, Fidelidade Assistência, Fidelidade Re, Multicare, Tenax e Via Directa

  • 0.59 ASCOR score Fidelidade Sovereign Portfolio

    Scope: Fidelidade Via Directa, Multicare, Fidelidade Re and Fidelidade Assistência

>RELEVANT POLICIES

INVESTMENT POLICY

Fidelidade Group is strongly committed to integrating sustainability objectives into its investment process. According to Fidelidade’s Investment Policy, investment decisions must consider the overall ESG (Environmental, Social, and Governance) performance of its portfolios.

This policy, referred to as “ESG Factor Compliant,” incorporates principles that assess key aspects such as the composition and accountability of the board of directors, the stability of human capital, and the adoption of sound and responsible environmental practices — all indicators of operational excellence and management quality.

In this context, Fidelidade aligns with the European Union’s Taxonomy, a unified classification system for sustainable economic activities, and supports the development of benchmarks to compare the carbon footprint of different investments. This is an ongoing process, subject to further refinement, as several pending issues are expected to be clarified by the European Commission.


The Investment Policy is a core document for Fidelidade’s business operations and contains strategic and commercially sensitive information. For this reason, it is not disclosed in full, and only its key principles and general guidelines (presented in this website section) are publicly available.

SUSTAINABLE INVESTMENT POLICY

The Company has published a Sustainable Investment Policy that complements the Investment Policy and establishes the framework to facilitate sustainable investment.

This Policy further embeds ESG factors across its investment process by preferring investees with sustainable business models that promote long-termism, which should create lasting performance benefits.

SUSTAINABLE INVESTMENT
POLICY HERE

>INITIATIVES AND PARTNERSHIPS

UN PRINCIPLES FOR RESPONSIBLE INVESTMENT (PRI)

Fidelidade is a signatory of the PRI, which requires the integration of ESG factors in investment decisions and active ownership practices.

NET-ZERO ASSET OWNER ALLIANCE (NZAOA)

Fidelidade is a member of the NZAOA, committing to transition its investment portfolios to net-zero greenhouse gas emissions by 2050, with intermediate targets every five years.

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