Our ESG Research Methodology

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Our ESG research methodology is based on one Framework and two dimensions, ESG Research Scope and ESG Rating


We only base our ESG research on PUBLIC INFORMATION, i.e. annual reports, sustainability/CSR reports, official websites only. Why? Because this is information that commits strongly the companies. Therefore it is important that the companies are explicit about ESG related information. New information is only taken into account when published through these official channels.

We are INDEPENDENT, this means we do our research and conclusions without being influenced by either companies or investors.

We are CERTIFIED, our analysts are certified through the EFFAS CESGA program.

ESG Research Framework - Public Information
ESG Research Dimension - Research

Dimension – ESG Research Scope

In the initial work we seek to UNDERSTAND THE COMPANY INCLUDING THE SECTOR(S) they operate in and where they operate. This gives a rough guideline on the INHERENT ESG RISKS the company is exposed to. Combined with work on the GLOBAL MEGA TRENDS we IDENTIFY THE MATERIAL ESG FACTORS for the company. Going deeper into the company ESG research this is finetuned and we research HOW THE COMPANY HAS ADDRESSED THE MATERIAL ESG FACTORS and also other ESG factors. Our research then targets to IDENTIFY THE RESIDUAL ESG RISKS of the company that forms the base of our ESG RESEARCH CONCLUSION. In addition to this we also include many elements relative to EU regulation like SFDR (including PAI data) and EU Taxonomy. New in 2023 was our NET ZERO communication pertinence assessment. It joins our SDG communication pertinence assessment.

Dimension – ESG Rating

We SCORE COMPANIES ON ESG, E, S and G based on scores we set on over 152 DIFFERENT METRICS (V6, April 2024) where the selection depends on the relevant sector.

Our ESG ratings are absolute, but when we publish sector reports, we can also publish relative ratings to the group of companies researched for the specific sector report.

Our ESG ratings focus on MATERIAL ESG FACTORS, that is they carry the most weight. This is differing on sector levels.

All research will have a small degree of subjectivity, the analyst doing the ESG research report will have a personal style, but we minimise this by ensuring our analysts have the CESGA FROM EFFAS. We have also developed an ESG RESEARCH METHODOLOGY with clear guidance that is used for all ESG research in the name of sustainAX.

Certified ESG Analysts by EFFAS

With certified ESG analyst qualification, we conduct ESG analysis of smaller, non-listed and private Nordic companies. Our analysts are certified through EFFAS’ CESGA.