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Sustainability-related disclosures

Sustainability-related disclosures for our advisory mandates

Integration of sustainability risks

At Julius Baer Investment Advisory GesmbH, we consider sustainability risks as defined by Regulation (EU) 2019/2088, as critical aspect in the overall risk management framework of the Julius Baer-Group worldwide. Sustainability risk is defined as, an event or a condition in the environmental, social or corporate governance whose occurrence may actually or potentially have material negative consequences regarding the value of the investment. Due to the ongoing change of climate, climate risks are more and more in focus, beside the other sustainability risks. Climate risks are also subsumed under the sustainability risks. Climate risks include all those risks that are caused by climate change or which are exacerbated as a result of climate change. Here again a differentiation has to be made, between physical risks and transition risks. Physical risks of climate change arise directly from the consequences of climate change, e.g. increase in global average temperature, natural disasters occurring more frequently and extreme weather events such as floods, periods of heat / drought, storms and hail. Transition risks are risks caused by the transition to a climate-neutral and resilient economy and society and can thus lead to a depreciation of assets, such as the change of political and legal framework conditions in the real economy (introduction of a CO2 tax, changes to building regulations and zoning, etc.), technological developments (e.g. renewable energies) as well as changes in consumer behaviour. These risks can affect the value/performance as well as the development of the value of the investments, of all categories.
Within our Products and Services Platform, ESG risk factors and assessments on an instrument level are made available to relationship managers and investment advisors, allowing for an integration of ESG considerations into individual assessment of existing risk categories.

When it comes to the successful integration of sustainability risks into the investment advisory processes (for clients that have entered into an advisory mandate), we believe that the baseline is a sound product governance framework. In this context, Julius Baer Investment Advisory GesmbH – being embedded into the measures of Julius Baer-Group - has initiated the implementation as and where required of new policies – respectively integration in existing policies - as well as the adaptation of existing processes to enhance the screening of sustainability risks for our investment universe. Today, Julius Baer-Group already adheres to a group-wide policy pertaining to the prohibition to finance companies that are active in the development, manufacture or acquisition of prohibited war material, which ultimately results in the exclusion of affected companies from the investment universe. Furthermore, a dedicated governing body of Julius Baer-Group continuously monitors investee companies, taking into account ESG data from third party vendors and publicly available information, in order to screen for (but not automatically exclude) controversially rated instruments.

Within our advisory process we are able to provide our clients, upon their request, with ESG-related information, particularly ESG ratings and ESG controversies from our rating and data providers. For this purpose, the available investment universe and consequently the advice provided also depends on the expressed preferences and selected financial service by our clients.
Furthermore, we plan to integrate ESG modules into our regular training program for all our employees.

No consideration of sustainability adverse impacts

Julius Baer Investment Advisory GesmbH, being embedded in the Julius Baer-Group, does not consider the adverse impacts of investment decisions on sustainability factors in its investment advice. These sustainability factors refer inter alia, to impacts on the climate, on social and employee matters or on human rights.

Due to the lack of clear, reliable and structured data on principal adverse impacts from investee companies as well as data providers at this point in time, Julius Baer Group does not believe there is currently enough maturity on this topic to consider such factors in a comprehensive and coherent manner.  However, Julius Baer Group is monitoring, and will continue to closely monitor, supervisory developments and availability of data in this area and re-evaluate this position on a periodic basis.

Information about remuneration policy

Julius Baer Investment Advisory GesmbH is a wholly owned subsidiary of Julius Baer Group, Ltd. (the Group). We recognize the importance of Environmental, Social and Governance (ESG) sustainability elements throughout its business activities, including naturally within its compensation systems. In accordance with the Group’s standards, ESG is reflected in various aspects of our compensation systems at regional, divisional and individual employee levels through proper governance, long-term performance measurement standards (around values, client satisfaction and employee development) and risk management considerations. The remuneration policy does not provide any incentives to take excessive sustainability risks.

At Julius Baer Group, the compensation schemes are fully designed alongside consistent rules and provisions, and moreover consider the respective ESG-approach. Thus, we promote a sound risk culture. Group-wide compensation rules comprise assessments of financial-, market-, legal-, risk-, and compliance-related metrics to ensure compensation – including variable components – as well as proper reflection of both internal and external factors. Julius Baer even employs a compensation deferral mechanism, with risk-adjusted performance metrics, to deter excessive risk-taking. Socially, Julius Baer operates various initiatives related to talent management, workforce diversity, and employee satisfaction, which we strengthen each year to help us attain our Employer of Choice goals and support our sustainability aspirations. At the individual level, all employees are held to high conduct standards via our Code of Ethics and Business Conduct (redefined in 2020) and are specifically measured on their ability to reflect our core Values (“Care, Passion, and Excellence”) and Risk Behaviours in their daily business activities.