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Business Ethics

We will avoid investing in companies involved in major controversies related to unethical business practices. These may include controversies over bribery and corruption, taxation (such as illegal tax evasion or aggressive tax avoidance schemes), money laundering, fraud and conflict of interests in business dealings. In assessing such controversies a significant parameter will be a company’s formal and/or informal compliance with the principles of the Extractive Industries Transparency Initiative.  Formal acceptance and implementation of these principles is not required; however “reasonable and accountable” compliance with the principles is required.