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ESG Sustainability strategy

Sustainability strategy

GRI 2-22

Sustainability is an important factor in the Bellevue Group’s business strategy. It is the key to securing our long-term success and at the same time creating value for all of our stakeholders. In line with the «triple bottom line» principle, we seek to generate growth while simultaneously taking into account the needs of the environment and society. As an independent asset manager, we are in a position to promote sustainable development to the benefit of all of our stakeholders.

Our sustainability thrusts 2030 support our aspiration and was developed as part of our stakeholder engagement process, which also incorporated a materiality assessment.

2030 sustainability agenda

Integration of sustainability into business strategy

The importance of ESG and sustainable investing is now widely recognized. Bellevue Group endeavors to continuously increase and integrate sustainability at corporate as well as portfolio level. Our values lay the foundation for the sustainable, responsible and values-driven business practices that guide our employees every day and they are absolutely essential for creating long-term value for our stakeholders. Based on these core values, we have established clearly defined, transparent ESG policies and investment guidelines that integrate binding environmental, social and governance aspects into our standards and conduct. Please consult the ESG policy document that we have published on our website for further information.

Reducing the CO2 footprint of business operations and initiation of the net zero process

We measured Bellevue’s carbon footprint at company level for the first time in 2021 for the year 2020. Business travel, commuting travel, heating and electricity are the main sources of our carbon emissions and we have therefore introduced sustainability measures in all of these areas. For example, video conferences are now a prioritized form of communication; we give employees financial incentives to commute by public transport; and we use lake water to cool or heat our company headquarters in Küsnacht. Having offset its CO2 emissions by supporting top-quality climate projects in Switzerland (a forest management project in the canton of Schwyz), Bellevue was certified by Swiss Climate for the fourth consecutive year in 2023. We are also committed to achieving net zero by 2050 and our 2030 climate strategy therefore includes a pledge to reduce our carbon emissions per employee (FTE) by 30%.

Improving gender diversity and fostering inclusion

Bellevue Group values employee diversity and believes this is an integral part of its success as a business. Our approach is founded upon mutual respect and a collaborative work culture across languages, cultures and nationalities. This variety of perspectives and approaches, experiences, ideas and talents leads to innovation and underpins Bellevue’s success on a lasting basis – including its ability to attract qualified specialist personnel. Our goal of increasing the proportion of women on the Board of Directors to 30% was achieved in 2023. The proportion of women on the board as of December 31, 2023, was 50%. The targeted minimum proportion of women at executive management level remains 20%. This goal should be achieved by 2030 within the scope of our succession planning.

Anchoring sustainability throughout the investment process

Sustainability aspects have been an integral part of Bellevue’s investment and risk management processes for many years. In 2018, we launched the Bellevue Sustainable Healthcare Fund, which adheres to strict formal ESG requirements. This was followed in 2021 by our second sustainability fund, Bellevue Sustainable Entrepreneur Europe, which is managed in accordance with internationally recognized ESG quality standards. Environmental, social and governance factors are taken into consideration across all portfolios within the scope of our ESG integration policy. In addition to clearly defined exclusion criteria based on global norms and values, these include, in particular, the relevant ESG risks are integrated into the fundamental analysis of investment candidates. The ESG profiles of potential investments and their impact alignment in connection with the UN’s sustainable development goals are also screened. Potentially adverse effects of our investments on sustainability factors are monitored centrally and are formally included in the assessment of an investment as part of its sustainability profile. An internal working paper «Consideration of PAI» regulates the details. Environmental and climate aspects are an integral part of the overall assessment. Financed greenhouse gas emissions have also been systematically measured in accordance with the PCAF standards (Partnership for Carbon Accounting Financials) since 2023 and disclosed in accordance with the TCFD recommendations. Lastly, our portfolio managers are actively engaged in a constructive dialog with executive managers and relevant stakeholders on ESG matters. Bellevue Asset Management AG firmly embraces the United Nations Principles for Responsible Investment (UN PRI) and continuously adapts its ESG investment guidelines to meet the latest PRI reporting framework.

Sustainability governance

GRI 2-12
GRI 2-13
GRI 2-14

Over the past three years, Bellevue has strengthened its sustainability governance practices and its corporate sustainability framework and introduced new roles and responsibilities at management level as well as throughout the organization.

Sound sustainability governance is essential for ensuring that we continue to embed sustainability within our business practices and product offer, achieve steady progress towards our sustainability targets, and identify potential opportunities and challenges at an early stage. In September 2023, the Board of Directors introduced a new corporate framework for sustainability.

Stakeholder engagement

GRI 2-29

We believe interaction with our stakeholders is crucial in identifying, analyzing, planning, prioritizing and implementing our 2030 sustainability goals, as well as the underlying objectives and measures. That is why we maintain regular contact with internal as well as external stakeholders.

In 2023, the following stakeholders were asked to participate in our double materiality assessment:




Topics discussed

Shareholders and analysts

Bellevue is in regular contact with its shareholders and analysts, in particular through the publication of its semi-annual and annual results. Investor Relations maintains a constant dialog with investors and analysts through the year. In accordance with the Listing Rules of SIX Exchange Regulation, key business developments are published via media releases or ad-hoc notices on at least two electronic information systems. These announcements are simultaneously published on the corporate website, having been sent to SIX Exchange Regulation in advance. The shareholder notices required under Swiss company law are published in the Swiss Official Gazette of Commerce (SOGC).

• Annual general meeting • Conferences and events • Corporate website • Media releases • Annual and interim reports • ESG survey • Interview major shareholder

• Business performance • Share price performance • Sales developments • Product developments • Sustainability


Employees are given information about business developments, changes within the company and product updates on a regular basis. Communication is via various channels including e-mails and employee information meetings. In addition, Bellevue conducts a group-wide survey every three years to monitor employee satisfaction and commitment as well as ensure employees understand the business. Employee feedback is passed on to the Group Executive Board, which uses the findings to devise concrete measures.

• ESG survey • Training • Talent management

• Job satisfaction • Health & safety • Sustainability • Strategy • Next generation

Clients and sales partners

Our clients and partners are served by a committed sales team comprising industry experts. Clients and partners have regular personal contact with their key account manager and receive a regular newsletter containing product and business information. They can also subscribe to a free e-mail service.

• ESG survey • Key account manager relationships • One-to-one meetings • Conferences and events • Complaint handling

• Products • Sustainable products • Client relationships and satisfaction


Bellevue is in constant contact with its suppliers and service providers. Local suppliers and service providers are preferred where possible. Every supplier or service provider is subject to pre-qualification to ensure compliance with the rules, while correspondence continues throughout the business relationship in order to review requirements, make payments and negotiate contracts.

• ESG survey • Assessments • Direct dialog

• Responsible procurement • Traceability

Portfolio companies

In the interests of our investors, best possible corporate performance, role as professional investor, etc. Activities: meetings with company representatives at all levels (top management, board, IR, etc.)

• ESG survey • Management meetings (top management, board, IR) • Proxy voting • Sharing of experience

• Sustainability • Innovation • Costs • Capital structure • Corporate governance

ESG rating agencies

Bellevue uses sustainability research produced by ESG rating agencies MSCI ESG and Sustainalytics for the purpose of integrating ESG into investment processes.

• Meetings

• Small vs. large caps • Coverage • Rating methodology

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