Our ESG Philosophy


Neuberger Berman has a longstanding history of responsible investing and considering environmental, social and governance factors as important drivers of long-term investment returns from both an opportunity and a risk mitigation perspective. We also understand that for many of our clients the impact of their portfolio is an important consideration in conjunction with investment performance.

As such, we believe that material ESG factors, like any other material factor, should be incorporated in the investment decision-making process. There are various ways to integrate ESG considerations to help generate enhanced returns as well as to implement non-financial objectives within a portfolio. NB believes its approach to doing so not only benefits its clients, but can also support better-functioning capital markets and generate positive impact for people and planet as a whole.

On this basis, NB has defined an ESG Policy which provides a broad framework for its approach to ESG integration. The Policy is reviewed annually by the ESG Committee and Neuberger Berman’s Board of Directors, which is responsible for overseeing NB ESG integration efforts, setting goals, and reporting on the firm’s performance. The Policy applies to all asset classes across the investment platform, including equities, fixed income and private markets, and is intended to provide a broad framework for our approach to integrating ESG factors into investment management.

NB ESG Integration Framework
Each portfolio manager follows a customized approach selected from the NB ESG framework: Assess, Amplify, Aim for Impact or Avoid.

In building their portfolios, investment teams consider whether to reach a more holistic understanding of risk and return (Assess), tilt the portfolio to best-in-class ESG performers (Amplify), invest in issuers that are putting ESG at the centre of their strategy to generate positive social/environmental impact (Aim for Impact) or to simply exclude companies from sectors that damage the principles for sustainable development (Avoid).
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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. Furthermore, NB have joined the Net Zero Asset Managers Initiative, and committed to investing aligned with net-zero emissions by 2050 or sooner.
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 Process
NB Renaissance meticulously integrates responsible investment across every stage of our investment cycle. This approach is detailed during two pivotal phases: (i) the pre-investment phase, which encompasses the identification, 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 seamless integration of ESG factors within each critical phase, as illustrated in the figure below:
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ESG Report Cover ESG report
Read our full NB Renaissance Responsible Investment Policy

Learn more about how we are integrating ESG considerations within our investment process. View online

NB Renaissance ESG Oversight
NB Renaissance is at the forefront of responsible investing, having established a comprehensive ESG governance framework that guarantees the seamless incorporation of ESG principles into our investment processes. At the helm of this initiative is the NB Renaissance ESG Committee, comprising our Senior Partners who provide strategic direction. Further demonstrating our commitment, we have appointed Andrea Vallini, Operating Partner, as our ESG Practice Leader, alongside Paloma Lopez Imizcoz, our dedicated ESG Manager. Together, they ensure that our investments not only yield financial returns but also contribute positively to environmental, social, and governance outcomes.
ESG Report Cover ESG report
Read our NB Renaissance 2022 ESG Report

Learn about how we are building responsible businesses and creating value through ESG. View online

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ESG Highlights of Portfolio Companies
Cross-portfolio ESG highlights
100% of portfolio companies have adopted a Code of Ethics
100% of portfolio companies have adopted the Organizational, Management, and Control Model in compliance with Legislative Decree 231/2001
70% of portfolio companies have defined ESG roles and responsibilities
Fund III ESG highlights1
86% of portfolio companies have a UNI EN ISO 9001:2015 certified quality management system
43% of portfolio companies have adopted a Diversity & inclusion Policy
86% of portfolio companies have a UNI EN ISO 14001:2015 certified environmental management system
1 in 3 employees at portfolio companies is a woman
71% of portfolio companies utilize energy from renewable sources
43% of portfolio companies have at least one woman on the Board of Directors
Our Portfolio Companies ESG Performance
Industry Engagement
We recognise 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:
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Learn more about our comprehensive ESG
approach at nb.com
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Neuberger Berman’S PRI Assessment Scores
In the 2023 PRI Assessment, we scored above both the median of all reporting signatories and of large investment management peers globally3 for our ESG integration efforts in every reported category. This also marks the fourth 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.4

In addition, in October 2020, we were named to the PRI Leaders’ Group5 , a designation awarded to only 20 of approximately 2,100 investment manager PRI signatories.
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.