Index profile

VBV-Österreichischer Nachhaltigkeitsindex (VÖNIX)

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Principles

The VBV-Österreichischer Nachhaltigkeitsindex (VÖNIX) is a capitalization-weighted price index that is composed of those Austrian companies, which are leaders as concerns social and environmental achievements.
The base universe is composed of all Austrian stocks issued by the Prime Market of Mid Market and the Standard Market Continuous of the Vienna stock market (except when a delisting is imminent, in case of a planned change of the market segment or if the criteria merchantability and sustainability potential will no longer be met ) and Austrian stocks pre-selected according to their merchantability and sustainability potential in the Auction Market of the Vienna Stock Exchange. Criteria for marketability are free-float market capitalization and trading volume.

Excluding criteria

All shares of the underlying universe are checked for the following sustainability-related exclusion criteria:
Weapons
- ABC weapons, weapon systems and core components
- Conventional military weapons, weapon systems and core components
- Specific military material and services
Nuclear energy
- Electricity from nuclear power plants
- Nuclear power plants and nuclear-specific components and services
- Nuclear Fuels
Substance
- Tobacco and tobacco products as well as specific ingredients
- Spirits with an alcohol content of about 20 volume percent
Genetic Engineering
- Ethical or socially problematic human genetic engineering
- Ethically and ecologically problematic genetic engineering in agriculture and livestock
Gambling
- operation of gambling and betting games
- Gambling and sweepstake-specific installations and core components and services
Other
- other activities or practices that include very negative ethical, social or environmental effects or risks.

For all exclusion criteria definitions exist concerning the type of activity - for example, development, production, distribution, financing, etc. demarcations for non relevant exclusion activities (eg dual use products with military application possiblities).

Companies that meet one or more of the exclusion criteria will not be included in the index. If several criteria will be, but in each case below the tolerance limit, tangent, the respective share of sales are summed according to the cumulation rule and may also be excluded.

Positive criteria

In an annual sustainability analysis approximately 100 individual criteria are with the aid of public company information (annual and sustainability reports, websites, press releases, ...), questionnaires, company contacts, media reports, databases, etc. evaluated.

The weighting of the criteria is based on their relevance to a particular company. Determining factors are for example Industry affiliation, geographic structure and position in the value chain. The procuration for a trading company has for example a greater importance than for a fully integrated producer, and the environmental impact of a service provider differs from that in the heavy industry.

Each relevant criterion is assessed and is considered with its specific weight in the general assessment. The rating scale consists of nine levels (A +, A, C ...). If the data is limited, an indicative rating is carried out on a coarser scale, characterized by lower case letters (a, ab, ...). Insufficient data leads to a "No Rating" (NR).

Included in the VÖNIX are all companies with ratings A +, A, A-, B +, a, ab and ba in the upper range (Absolute Inclusion rule). Furthermore, those companies are qualified, which are in the top third of their industry and if the rating is at least ba (Best in Sector Inclusion).

Research done by

Mag. Friesenbichler Unternehmensberatung

 
Funds based on the index n.s.
Finance-/tech. - support by VINIS GmbH
Benchmark Wiener Börse AG
Company profiles n.s.
 

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