The Carlsberg Foundation’s available resources comprise the investments and liquid assets that are not placed in shares in the Carlsberg Group. The Carlsberg Foundation invests its available resources in the investment portfolio of around DKK 8bn in accordance with the Foundation’s investment policy, which is presented below. The purpose of the Carlsberg Foundation’s investment policy is to achieve an attractive long-term risk-adjusted return on the Foundation’s available resources that is also balanced in respect of sustainability. This requires focused risk management incorporating an assessment 0f matters relating to environmental, social and governance (ESG) issues. The investment policy is also in line with the Carlsberg Group’s Together Towards Zero sustainability programme. The Carlsberg Foundation has established an Investment Committee that monitors and advises on the Foundation’s investments on a regular basis. Read more about the Investment Committee (in Danish) General approach to investment In general, the Carlsberg Foundation wants the investment portfolio to be placed in companies that disclose ESG-related issues and work with one or more of the UN’s 17 Sustainable Development Goals. The Carlsberg Foundation expects the chosen partners in the area of capital management to be signatories to the UN’s six Principles for Responsible Investment (UN PRI) or to have other external validation of their ESG level. Signatories to the principles commit to the following: We will incorporate ESG issues into investment analysis and decision-making processes. We will be active owners and incorporate ESG issues into our ownership policies and practices. We will seek appropriate disclosure on ESG issues by the entities in which we invest. We will promote acceptance and implementation of the principles within the investment industry. We will work together to enhance our effectiveness in implementing the principles. We will each report on our activities and progress towards implementing the principles. The Carlsberg Foundation believes that investment in companies that have ESG goals and report on progress in relation to ESG issues – including respecting international principles for social responsibility – results in healthier long-term generation of returns and a higher risk-adjusted return that also has social benefits. The Carlsberg Foundation is not independently drawing up a white or black list, but instead takes its starting point in assessments carried out by recognised screening agencies and exclusion lists used by the chosen capital managers. Exempted from this policy is the Carlsberg Foundation’s temporary placement of liquid assets that we may need to be able to quickly realise for use in the Foundation’s short-term liquidity management or may be awaiting capital calls in accordance with given investment limits. In this context, the primary consideration is that the investments should be very liquid. In selecting and routinely monitoring partners that advise and invest on the Carlsberg Foundation’s behalf, the selection criteria include ESG-related competences, transition to sustainable finance and active ownership.