Read our full NB Renaissance Responsible Investment Policy
Learn more about how we are integrating ESG considerations within our investment process. View online
Our ESG Philosophy
As an active manager, Neuberger Berman has a long-standing belief that financially material environmental, social and governance (ESG) factors may be an important driver of long-term investment returns from both an opportunity and a risk-mitigation perspective. We also understand that for some clients the outcomes that their portfolios enable are an important consideration in conjunction with investment performance.
On this basis, NB has defined an ESG Policy which provides a broad framework for our approach to integrating ESG factors into our investment management for those clients who seek various degrees of ESG integration. The ESG policy applies to all investment strategies and funds across our investment platform that make an ESG-related claim and that have been approved by Neuberger Berman’s ESG Product Committee, including equities, fixed income and private markets. The NB ESG Committee is responsible for reviewing the ESG Policy annually and amending it as needed.
NB ESG Integration Framework
For strategies that incorporate material ESG considerations into the investment process, each portfolio management team selects an approach from the NB ESG Integration Framework – Assess, Adapt, Amplify, Aim for Impact or Avoid, depending on various factors such as the objectives of the strategy, asset class and investment time horizon.
Climate-Related Factors
Neuberger Berman is committed to integrating climate-related factors into its business and investment risk assessments. In line with voluntary disclosure recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD), NB’s climate-related Corporate Strategy covers investment risk and opportunity, as well as the operational resilience of its business. NB’s Board of Directors oversees climate-related risks as a subset of all enterprise-wide risks. The Board reviews climate-related enterprise risk and the firm’s approach to climate-related risks and opportunities at least once a year. Neuberger Berman has been a signatory to the Net Zero Asset Managers Initiative since 2021. We have set interim targets for assets where clients have directed us to manage accounts in line with net zero by 2050.
The strategy is based on three core pillars:
Climate-related Risk Management
Integrating climate-related risks into the overall risk management framework across investments and business operations.
Climate-related Opportunities
Identifying attractive investment opportunities related to climate change and innovating new investment solutions for clients.
Communicating Metrics and Targets
Communicating to clients and stakeholders about climate-related risks and opportunities, including monitoring and reporting relevant metrics and targets.
NB Renaissance Responsible Investment Approach
NB Renaissance meticulously integrates a responsible investment approach across every stage of the investment cycle. This approach is detailed during two pivotal phases: (i) the pre-investment phase, which encompasses the sourcing, comprehensive due diligence, and execution of investment decisions, and (ii) the post-investment phase, which begins once the transaction concludes, covering the onboarding, active ownership, and exit stages. Our methodical approach to responsible investment is underscored by the integration of ESG factors within each critical phase, as illustrated in the figure below:
Our ESG vision: A Way to Stay “One-Step-Ahead”
NB Renaissance ESG Oversight
NB Renaissance is at the forefront of responsible investing, having established a comprehensive ESG governance and oversight structure, and clearly outlining roles and responsibilities to support its commitments and strategy.
The NB Renaissance ESG Committee, led by our Partners, is responsible of providing strategic direction in terms of the GP’s responsible investment approach and is accountable for the oversight of the RI Policy implementation. The NB Renaissance investment team, supported by the ESG team, is responsible for the implementation of the RI Policy within the pre- and post-investment activities and for periodically reporting to the NB Renaissance ESG Committee the compliance to such Policy.
The NB Renaissance ESG Committee, led by our Partners, is responsible of providing strategic direction in terms of the GP’s responsible investment approach and is accountable for the oversight of the RI Policy implementation. The NB Renaissance investment team, supported by the ESG team, is responsible for the implementation of the RI Policy within the pre- and post-investment activities and for periodically reporting to the NB Renaissance ESG Committee the compliance to such Policy.
Andrea Vallini
Operating Partner and Sustainability & ESG Practice Leader
Paloma Lopez Imizcoz
Sustainability & ESG Manager
Read our NB Renaissance 2023 ESG Annual Report
Learn about how we are building responsible businesses and creating value through ESG. View Online
> 2022 ESG Report
> 2021 ESG Spotlight
> 2020 ESG Spotlight
> 2019 ESG Spotlight
ESG Highlights of Portfolio Companies
Cross-portfolio ESG Goals as of September 20242
100% of Portfolio Companies publish a Corporate Sustainability Report in line with GRI Standards
100% of Portfolio Companies have appointed an internal role that drives ESG actions in the organization
90% of Portfolio Companies have established a corporate ESG Working Group/Committee
80% of the Portfolio Companies have initiated a periodic third-party evaluation and obtained an ESG rating (e.g., Ecovadis)
100% of Portfolio Companies have defined a 3-year ESG value creation plan with dedicated budget and responsibilities
Fund III ESG highlights3
67% of Portfolio Companies implemented circular economy initiatives
89% of Portfolio Companies monitor Scope 3 emissions
67% of Portfolio Companies performed an ESG training program for employees
56% of Portfolio Companies have a welfare program in place
100% of Portfolio Companies have a data protection policy and GDPR-related procedure
44% of Portfolio Companies have a code of conduct for suppliers
Our Portfolio Companies’ ESG Performance
| 2023 ESG Performance4 | Latest Corporate Sustainability Report | ||
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9% decrease in energy intensity | 80% decrease in rate of recordable work-related injuries | Available here |
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25% decrease in scope 2 GHG emissions (Location-based) | 26% decrease in unadjusted gender pay gap | Available here |
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8% decrease in total energy consumption | 53% decrease in turnover rate | Available here |
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26% decrease in scope 2 GHG emissions (Market-based) | 21% increase in average hours of training per employee | Available here |
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35% decrease in GHG emission intensity (Scope 1 + Scope 2 Market-based) | 6% decrease in percentage of turnover | Available here |
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52% decrease in scope 1 GHG emissions | 98% of employee with a permanent contract | Available here |
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24% decrease in waste generated intensity | 50% decrease in number of work-related injuries occurred to employees | Available here |
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13% reduction in energy intensity | 47% increase in new employee hires | Available here |
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19% decrease in waste intensity | 27% increase in number of employees under 30 years old | Available here |
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13% decrease in GHG emission intensity (Scope 1 + Scope 2 Location-based) | 64% decrease in days lost due to injuries | Available here |
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25% decrease in energy intensity | 16% increase in the percentage of women over total employees | First Corporate Sustainability Report expected in 2024 |
Industry Collaboration
We recognize that we have a responsibility to improve the functioning of capital markets as a whole by encouraging the broader implementation of ESG investing activities. We believe this can best be achieved by working collaboratively with clients and others in the investment industry, including by engaging with individual companies and whole industries, conducting joint research on ESG topics, and supporting the creation and use of industry-standard ESG disclosures.
We are a strong supporter of sustainability initiatives in investment markets and are active in the following industry-wide initiatives:
We are a strong supporter of sustainability initiatives in investment markets and are active in the following industry-wide initiatives:
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Learn more about our comprehensive ESG
approach at nb.com
Learn More
approach at nb.com
Neuberger Berman’s PRI Assessment Scores
In the 2024 PRI Assessment, we scored above the median of all reporting signatories for our ESG integration efforts in every reported category. This also marks the fifth consecutive year in which we obtained the top rating in the overarching Policy, Governance and Strategy category, which aims to capture signatories’ overall approach to responsible investment, including engagement and proxy voting.5
| PRI Modules | Neuberger Berman Ratings | Median Ratings of all Reporting Signatories |
| Policy, Governance & Strategy* | ★★★★★ | ★★★ |
| Indirect - Private Equity | ★★★★★ | ★★★★ |
| Direct - Listed Equity - Active Quantitative | ★★★★ | ★★★★ |
| Direct - Listed Equity - Active Fundamental | ★★★★ | ★★★★ |
| Direct - Fixed income - SSA** | ★★★★★ | ★★★ |
| Direct - Fixed income - Corporate | ★★★★★ | ★★★★ |
| Direct - Fixed income - Securitized | ★★★★★ | ★★★★ |
| Direct - Fixed income - Private Debt | ★★★★★ | ★★★★ |
| Confidence Building Measures | ★★★★★ | ★★★★ |
*Formerly Investment and Stewardship Policy. **SSA = Sovereign, Supranational and Agency.
To read more about Neuberger Berman’s historical PRI Assessment Scores, please visit nb.com.