While to date Zurich Life has not adopted a broad-based exclusionary approach to investments there are certain situations where we believe exclusion criteria are justified. The exclusion criteria cover activities that are irreconcilable with Zurich’s values, sustainability strategy and reputational risk. The exclusion criteria cover activities in thermal coal, oil sands and oil shale. Zurich has also engaged in divestment from investee companies that derive greater than 30% of their revenues from mining thermal coal or generate more than 30% of their electricity from coal. The criteria also exclude investment in companies which produce, stockpile, distribute, market, or sell banned cluster munitions or anti-personnel landmines.