FII Institute Inclusive ESG Score and Tool

Helping emerging market companies and global investors to unlock ESG investments.

Introducing the FII Institute Inclusive ESG Score and Tool

Launched by the Future Investment Initiative (FII) Institute, a global non-profit foundation dedicated to tackling global challenges, the Inclusive ESG Tool is a new solution to help emerging market companies and global investors unlock ESG investments.

Developed in collaboration with ESG Book, a global leader in sustainability data and technology, the Inclusive ESG Tool and accompanying Inclusive ESG Score have been created to empower companies in emerging markets to improve their sustainability efforts and results, while helping investors identify current and future performance leaders.

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Addressing the ESG Data Gap in Emerging Markets

While there has been a surge in ESG investing over the past decade, with an estimated $38 trillion in sustainability-led assets now under management worldwide, emerging markets continue to receive less than 10 percent of ESG capital flows, despite accounting for 58 percent of global GDP.

Interviews conducted by FII Institute with leading global investors have revealed that ESG rating agencies are one of the main barriers to increasing investment in emerging markets, with a core challenge being that many rating agencies use KPIs that are not relevant to emerging markets.

Inclusive ESG Framework and Scoring Methodology

In 2022, the Inclusive ESG Framework and Scoring Methodology developed by FII Institute met this need by answering the key question for investors: “What does good ESG performance look like in emerging markets?” Through the new Inclusive ESG Score and Tool, FII Institute has recognized the need for metrics that are tailored specifically to the challenges of emerging markets.

You can download an overview of the Inclusive ESG framework and scoring methodology here.

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The Inclusive ESG Tool

Accessible via ESG Book’s market-leading data and disclosure platform, the Inclusive ESG Tool is a cutting-edge solution that enables stakeholders to evaluate and monitor the real-time ESG performance of emerging market companies worldwide.

By navigating a cloud-based dashboard, investors can use the Inclusive ESG Tool to access high quality, timely, and transparent ESG insights into emerging market companies for enhanced decision-making.

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Transparent Methodology Gain access to framework, data mapping, and calculations.
Full Data Disclosure Ability to click through from scores to raw data, to source documentation.
Established Framework Inspired by an established, evidence-based ISSB framework.
Industry and Sector Materiality Systematic industry and sector-specific weighting with insight into material areas of sustainability performance.
Data Disclosure Emerging market companies can disclose, validate, and update their ESG data directly against the FII Institute Inclusive ESG Framework.
Secure Data and performance insights are accessible to stakeholders in a secure cloud environment, delivered via Google Cloud.

The Inclusive ESG Score

The Inclusive ESG Score is tailored specifically to the challenges of emerging markets. The score's systematic materiality approach emphasizes industry risk, ensuring an equitable evaluation of companies operating within diverse sectors.

To promote transparency and accuracy, the Inclusive ESG Score differentiates performance and disclosure analytics and positively weights year-on-year ESG improvement.

The Inclusive ESG Score is powered by ESG Book’s sophisticated sustainability data assets capture, and is built in alignment with latest global ESG standards.

Our global financial markets are more interconnected and driven by change than ever before.

Investing in ESG initiatives plays a pivotal role in the solution. These funds should be strategically directed toward emerging markets where their impact is most needed, all while ensuring the returns necessary for the vitality of these markets.

Richard Attias

CEO, FII Institute

How does the Inclusive ESG Score differ from other metrics?

The Inclusive ESG Score recognizes the need for metrics that are tailored specifically to the challenges of emerging markets. Its systematic materiality approach emphasises industry risk, ensuring an equitable evaluation of companies operating within diverse sectors. To promote transparency and accuracy, the score differentiates performance and disclosure analytics.

The primary analytic of the toolkit is the Inclusive ESG Momentum Score, which integrates current performance and ongoing change in companies’ sustainability performances. It acknowledges corporate commitment in driving positive change by indicating future ESG performance.

Combined with a company’s current ESG Performance Score and Disclosure Score, it provides a comprehensive and nuanced picture of corporate sustainability performance.

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The Top 250 Emerging Markets ESG Ranking

Explore the FII Institute Top 250 Emerging Markets ESG Ranking, which identifies the most sustainable emerging markets companies based on the Inclusive ESG Score.

Rank	Company Name	Region	Country	Sector	Industry	Inclusive ESG Future Momentum Score	Inclusive ESG Current Performance Score	Disclosure Score
1	Mondi plc	Africa	South Africa	Resource Transformation	Containers & Packaging	70.7	69.7	81.0
2	Hindalco Industries Limited	Asia	India	Extractives & Minerals Processing	Metals & Mining	68.1	66.4	93.4
3	"E.SUN Financial Holding Co., Ltd."	Asia	Taiwan	Financials	Commercial Banks	68.0	64.4	83.8
4	Fraser & Neave Holdings Bhd.	Asia	Malaysia	Food & Beverage	Non-Alcoholic Beverages	67.8	66.4	82.3
5	Nan Ya Plastics Corporation	Asia	Taiwan	Resource Transformation	Chemicals	67.1	63.6	86.8
6	BRF SA	South America	Brazil	Food & Beverage	"Meat, Poultry & Dairy"	66.7	64.7	83.8
7	ACC Limited	Asia	India	Extractives & Minerals Processing	Construction Materials	66.6	65.6	88.5
8	United Microelectronics Corp.	Asia	Taiwan	Technology & Communications	Semiconductors	66.2	64.5	79.3
9	ICL-Israel Chemicals Ltd.	Middle East	Israel	Resource Transformation	Chemicals	66.1	64.4	86.0
10	Vale S.A.	South America	Brazil	Extractives & Minerals Processing	Metals & Mining	66.0	65.1	94.5
11	Central Pattana Public Co. Ltd.	Asia	Thailand	Infrastructure	Real Estate	65.9	65.4	71.9
12	Gold Fields Limited	Africa	South Africa	Extractives & Minerals Processing	Metals & Mining	65.9	64.8	94.0
13	Suzano SA	South America	Brazil	Renewable Resources & Alternative Energy	Pulp & Paper Products	65.7	63.7	92.8
14	Sociedad Quimica y Minera de Chile S.A.	South America	Chile	Resource Transformation	Chemicals	65.4	63.4	86.8
15	President Chain Store Corporation	Asia	Taiwan	Food & Beverage	Food Retailers & Distributors	65.3	61.9	87.1
16	Tata Steel Limited	Asia	India	Extractives & Minerals Processing	Iron & Steel Producers	65.2	64.1	91.8
17	Tiger Brands Limited	Africa	South Africa	Food & Beverage	Processed Foods	64.5	63.8	78.1
18	Embotelladora Andina SA	South America	Chile	Food & Beverage	Non-Alcoholic Beverages	64.5	63.3	82.3
19	"Taiwan Semiconductor Manufacturing Co., Ltd. "	Asia	Taiwan	Technology & Communications	Semiconductors	64.2	63.4	85.4
20	Teva Pharmaceutical Industries Limited	Middle East	Israel	Health Care	Biotechnology & Pharmaceuticals	64.2	62.5	82.1
21	Shree Cement Limited	Asia	India	Extractives & Minerals Processing	Construction Materials	64.1	62.6	87.6
22	Top Glove Corporation Bhd.	Asia	Malaysia	Health Care	Medical Equipment & Supplies	63.8	62.5	79.8
23	PTT Exploration & Production Plc	Asia	Thailand	Extractives & Minerals Processing	Oil & Gas Exploration & Production	63.7	63.4	94.5
24	Godrej Properties Limited	Asia	India	Infrastructure	Real Estate	63.6	61.8	71.9
25	Impala Platinum Holdings Limited	Africa	South Africa	Extractives & Minerals Processing	Metals & Mining	63.5	62.7	94.0
26	Asian Paints Ltd.	Asia	India	Resource Transformation	Chemicals	63.5	61.5	86.8
27	Fosun International Limited	Asia	China	Extractives & Minerals Processing	Iron & Steel Producers	63.3	62.7	91.8
28	WHA Utilities and Power Public Company Limited	Asia	Thailand	Infrastructure	Water Utilities & Services	63.3	62.3	79.5
29	Shoprite Holdings Limited	Africa	South Africa	Food & Beverage	Food Retailers & Distributors	63.2	61.4	86.1
30	MISC Bhd	Asia	Malaysia	Transportation	Marine Transportation	63.2	62.6	95.7
31	Aguas Andinas SA	South America	Chile	Infrastructure	Water Utilities & Services	62.9	62.7	79.5
32	Genpact Limited	Central America	Bermuda	Technology & Communications	Software & It Services	62.9	61.6	92.4
33	Havells India Limited	Asia	India	Resource Transformation	Electrical & Electronic Equipment	62.8	61.3	80.9
34	Accton Technology Corp.	Asia	Taiwan	Technology & Communications	Hardware	62.7	59.1	73.9
35	"JD.com, Inc. "	Asia	China	Consumer Goods	E-Commerce	62.4	59.0	76.8
36	Usinas Siderurgicas de Minas Gerais SA-Usiminas	South America	Brazil	Extractives & Minerals Processing	Iron & Steel Producers	62.4	60.0	92.9
37	Distell Group Holdings Ltd.	Africa	South Africa	Food & Beverage	Alcoholic Beverages	62.3	60.8	81.2
38	Empresas Copec S.A.	South America	Chile	Extractives & Minerals Processing	Oil & Gas Refining & Marketing	62.2	61.8	86.3
39	FGV Holdings Bhd.	Asia	Malaysia	Food & Beverage	Agricultural Products	62.2	61.6	86.1
40	Novatek Microelectronics Corp.	Asia	Taiwan	Technology & Communications	Semiconductors	62.1	58.9	84.5
41	Nestle (Malaysia) Bhd.	Asia	Malaysia	Food & Beverage	Processed Foods	62.1	61.6	78.1
42	"Nongfu Spring Co., Ltd."	Asia	China	Food & Beverage	Non-Alcoholic Beverages	62.1	61.4	83.4
43	Indorama Ventures Public Co. Ltd.	Asia	Thailand	Resource Transformation	Chemicals	61.9	60.5	85.2
44	Infosys Limited	Asia	India	Technology & Communications	Software & It Services	61.9	60.5	95.7
45	Formosa Plastics Corporation	Asia	Taiwan	Resource Transformation	Chemicals	61.9	60.3	85.2
46	Nanya Technology Corporation	Asia	Taiwan	Technology & Communications	Semiconductors	61.9	60.3	86.2
47	Itau Unibanco Holding SA	South America	Brazil	Financials	Commercial Banks	61.7	60.6	87.9
48	Sasol Limited	Africa	South Africa	Extractives & Minerals Processing	Oil & Gas Exploration & Production	61.6	62.0	93.9
49	Woolworths Holdings Limited	Africa	South Africa	Food & Beverage	Food Retailers & Distributors	61.5	61.3	86.1
50	Colbun S.A.	South America	Chile	Infrastructure	Electric Utilities & Power Generators	61.5	60.7	90.5
51	Exxaro Resources Limited	Africa	South Africa	Extractives & Minerals Processing	Coal Operations	61.5	60.7	90.2
52	MMI Holdings Limited	Africa	South Africa	Financials	Insurance	61.3	59.7	78.8
53	Bharti Airtel Limited	Asia	India	Technology & Communications	Telecommunication Services	61.3	60.1	97.3
54	Cipla Ltd	Asia	India	Health Care	Biotechnology & Pharmaceuticals	61.3	59.9	82.1
55	Nedbank Group Limited	Africa	South Africa	Financials	Commercial Banks	61.3	59.6	87.9
56	Adani Total Gas Ltd.	Asia	India	Infrastructure	Gas Utilities & Distributors	61.3	57.2	79.5
57	SOHO China Ltd.	Asia	China	Infrastructure	Real Estate	61.2	59.4	71.9
58	E Ink Holdings Inc.	Asia	Taiwan	Technology & Communications	Hardware	61.1	58.5	78.6
59	Qisda Corporation	Asia	Taiwan	Technology & Communications	Electronic Manufacturing Services & Original Design Manufacturing	61.0	58.6	79.7
60	Americanas SA	South America	Brazil	Consumer Goods	E-Commerce	60.9	58.5	76.8
61	Siemens Limited	Asia	India	Resource Transformation	Electrical & Electronic Equipment	60.8	60.3	80.9
62	Universal Robina Corp.	Asia	Philippines	Food & Beverage	Processed Foods	60.8	59.1	78.1
63	Bancolombia S.A.	South America	Colombia	Financials	Commercial Banks	60.7	59.9	87.9
64	Antofagasta plc	South America	Chile	Extractives & Minerals Processing	Metals & Mining	60.6	61.0	91.7
65	PT Indocement Tunggal Prakarsa Tbk	Asia	Indonesia	Extractives & Minerals Processing	Construction Materials	60.6	60.3	88.5
66	Press Metal Aluminium Holdings Berhad	Asia	Malaysia	Extractives & Minerals Processing	Metals & Mining	60.5	58.7	94.0
67	Klabin SA	South America	Brazil	Renewable Resources & Alternative Energy	Pulp & Paper Products	60.5	59.3	92.8
68	Adani Enterprises Limited	Asia	India	Extractives & Minerals Processing	Coal Operations	60.4	57.2	91.7
69	PT Indofood CBP Sukses Makmur Tbk	Asia	Indonesia	Food & Beverage	Processed Foods	60.4	59.3	78.1
70	"Far Eastone Telecommunications Co., Ltd."	Asia	Taiwan	Technology & Communications	Telecommunication Services	60.4	58.0	90.3
71	CIFI Holdings (Group) Co. Ltd.	Asia	China	Infrastructure	Real Estate	60.2	59.3	71.9
72	Empresas CMPC S.A.	South America	Chile	Renewable Resources & Alternative Energy	Pulp & Paper Products	60.1	59.8	92.8
73	Bosch Limited	Asia	India	Transportation	Auto Parts	60.1	58.1	74.2
74	Kiatnakin Phatra Bank Public Co. Ltd.	Asia	Thailand	Financials	Commercial Banks	59.9	57.4	86.9
75	Gerdau S.A.	South America	Brazil	Extractives & Minerals Processing	Iron & Steel Producers	59.8	59.3	92.9
76	NICE Ltd	Middle East	Israel	Technology & Communications	Software & It Services	59.8	58.2	87.8
77	YPF SA	South America	Argentina	Extractives & Minerals Processing	Oil & Gas Exploration & Production	59.7	59.4	93.9
78	Sands China Ltd.	Asia	Macau	Services	Casinos & Gaming	59.6	58.3	94.1
79	Ambuja Cements Limited	Asia	India	Extractives & Minerals Processing	Construction Materials	59.6	59.5	88.5
80	Tingyi (Cayman Islands) Holding Corp.	Asia	China	Food & Beverage	Non-Alcoholic Beverages	59.5	57.7	84.4
81	"Zijin Mining Group Co., Ltd."	Asia	China	Extractives & Minerals Processing	Metals & Mining	59.4	57.2	94.0
82	Shui On Land Ltd.	Asia	China	Infrastructure	Real Estate	59.3	57.6	71.9
83	AngloGold Ashanti Limited	Africa	South Africa	Extractives & Minerals Processing	Metals & Mining	59.3	58.8	94.5
84	Lynas Rare Earths Limited	Pacific Rim	Malaysia	Extractives & Minerals Processing	Metals & Mining	59.2	58.3	93.4
85	Public Bank Bhd.	Asia	Malaysia	Financials	Commercial Banks	59.2	58.5	87.9
86	Companhia Energetica de Minas Gerais SA	South America	Brazil	Infrastructure	Electric Utilities & Power Generators	59.1	59.0	90.5
87	PT Bank Central Asia Tbk	Asia	Indonesia	Financials	Commercial Banks	59.0	58.4	84.8
88	Osotspa Public Co. Ltd.	Asia	Thailand	Food & Beverage	Non-Alcoholic Beverages	59.0	58.0	83.4
89	PPB Group Bhd.	Asia	Malaysia	Food & Beverage	Agricultural Products	59.0	58.4	87.1
90	Genting Malaysia Bhd.	Asia	Malaysia	Services	Casinos & Gaming	58.9	58.3	94.1
91	Geely Automobile Holdings Limited	Asia	China	Transportation	Automobiles	58.9	57.3	70.7
92	CSPC Pharmaceutical Group Ltd.	Asia	China	Health Care	Biotechnology & Pharmaceuticals	58.7	57.1	84.0
93	"Catcher Technology Co., Ltd."	Asia	Taiwan	Resource Transformation	Industrial Machinery & Goods	58.7	57.2	79.1
94	Ambev SA	South America	Brazil	Food & Beverage	Alcoholic Beverages	58.7	58.3	81.2
95	"LARGAN Precision Co., Ltd."	Asia	Taiwan	Technology & Communications	Hardware	58.7	56.3	73.9
96	MTN Group Limited	Africa	South Africa	Technology & Communications	Telecommunication Services	58.6	57.6	96.0
97	China Petroleum & Chemical Corporation	Asia	China	Extractives & Minerals Processing	Oil & Gas Exploration & Production	58.6	58.1	93.9
98	CELCOMDIGI BERHAD	Asia	Malaysia	Technology & Communications	Telecommunication Services	58.6	57.1	96.0
99	Wiwynn Corp.	Asia	Taiwan	Technology & Communications	Electronic Manufacturing Services & Original Design Manufacturing	58.6	56.5	82.0
100	PT Indofood Sukses Makmur Tbk	Asia	Indonesia	Food & Beverage	Processed Foods	58.5	56.6	78.1
101	PETRONAS Chemicals Group Bhd.	Asia	Malaysia	Resource Transformation	Chemicals	58.4	58.5	86.8
102	"3SBio, Inc."	Asia	China	Health Care	Biotechnology & Pharmaceuticals	58.4	56.8	84.6
103	Harmony Gold Mining Co. Ltd.	Africa	South Africa	Extractives & Minerals Processing	Metals & Mining	58.4	58.8	93.4
104	CTBC Financial Holding Company Ltd.	Asia	Taiwan	Financials	Commercial Banks	58.4	58.1	86.9
105	PTT Global Chemical Public Company Limited	Asia	Thailand	Resource Transformation	Chemicals	58.3	57.4	89.9
106	Companhia Paranaense de Energia	South America	Brazil	Infrastructure	Electric Utilities & Power Generators	58.3	57.2	91.3
107	Luxshare Precision Industry Co. Ltd.	Asia	China	Resource Transformation	Electrical & Electronic Equipment	58.3	56.0	80.9
108	Standard Bank Group Limited	Africa	South Africa	Financials	Commercial Banks	58.3	58.6	87.9
109	"COSCO SHIPPING Development Co., Ltd. "	Asia	China	Transportation	Marine Transportation	58.2	57.0	93.5
110	TISCO Financial Group Public Co. Ltd.	Asia	Thailand	Financials	Commercial Banks	58.2	56.6	87.9
111	China Steel Corporation	Asia	Taiwan	Extractives & Minerals Processing	Iron & Steel Producers	58.2	57.4	92.9
112	Clicks Group Limited	Africa	South Africa	Health Care	Drug Retailers	58.2	57.8	79.8
113	PT Unilever Indonesia Tbk	Asia	Indonesia	Consumer Goods	Household & Personal Products	58.1	57.8	73.9
114	Seplat Energy PLC	Africa	Nigeria	Extractives & Minerals Processing	Oil & Gas Exploration & Production	58.1	58.0	93.2
115	PT Bank Rakyat Indonesia (Persero) Tbk	Asia	Indonesia	Financials	Commercial Banks	58.1	57.4	84.8
116	Asustek Computer Inc.	Asia	Taiwan	Technology & Communications	Hardware	58.0	57.7	77.5
117	Hindustan Unilever Limited	Asia	India	Consumer Goods	Household & Personal Products	57.9	57.4	73.9
118	Ayala Land Inc.	Asia	Philippines	Infrastructure	Real Estate	57.9	57.1	71.9
119	Oil & Natural Gas Corp. Ltd.	Asia	India	Extractives & Minerals Processing	Oil & Gas Exploration & Production	57.9	56.5	93.9
120	Grasim Industries Ltd	Asia	India	Extractives & Minerals Processing	Construction Materials	57.8	57.9	86.6
121	PT Kalbe Farma Tbk	Asia	Indonesia	Health Care	Biotechnology & Pharmaceuticals	57.8	57.6	85.2
122	Inventec Corporation	Asia	Taiwan	Technology & Communications	Electronic Manufacturing Services & Original Design Manufacturing	57.8	56.0	79.7
123	Dialog Group Bhd.	Asia	Malaysia	Extractives & Minerals Processing	Oil & Gas Services	57.8	56.6	95.9
124	Coal India Ltd.	Asia	India	Extractives & Minerals Processing	Coal Operations	57.8	58.0	91.7
125	Malaysia Airports Holdings Bhd.	Asia	Malaysia	Services	Professional & Commercial Services	57.7	56.2	85.4
126	Shin Kong Financial Holding Co. Ltd.	Asia	Taiwan	Financials	Insurance	57.7	56.1	77.1
127	My E.G. Services Bhd.	Asia	Malaysia	Technology & Communications	Internet Media & Services	57.7	56.2	88.4
128	"Home Product Center Public Co., Ltd."	Asia	Thailand	Consumer Goods	Multiline And Specialty Retailers & Distributors	57.7	56.9	81.2
129	Tatung Co.	Asia	Taiwan	Resource Transformation	Electrical & Electronic Equipment	57.6	56.5	80.9
130	Saudi Arabian Oil Co.	Middle East	Saudi Arabia	Extractives & Minerals Processing	Oil & Gas Exploration & Production	57.6	56.5	93.9
131	Hong Leong Financial Group Bhd.	Asia	Malaysia	Financials	Commercial Banks	57.6	57.6	87.9
132	Braskem S.A.	South America	Brazil	Resource Transformation	Chemicals	57.5	57.0	84.4
133	Uni-President Enterprises Corp.	Asia	Taiwan	Food & Beverage	Processed Foods	57.4	56.1	78.1
134	GOL Linhas Aereas Inteligentes S.A.	South America	Brazil	Transportation	Airlines	57.4	56.7	93.3
135	"Foxconn Technology Co., Ltd."	Asia	Taiwan	Technology & Communications	Electronic Manufacturing Services & Original Design Manufacturing	57.4	56.3	80.9
136	Innolux Corp.	Asia	Taiwan	Technology & Communications	Hardware	57.3	55.8	79.8
137	Housing Development Finance Corporation Limited	Asia	India	Financials	Mortgage Finance	57.3	55.8	70.7
138	Pampa Energia SA	South America	Argentina	Infrastructure	Electric Utilities & Power Generators	57.3	56.5	90.5
139	Companhia de Saneamento Basico do Estado de Sao Paulo SABESP	South America	Brazil	Infrastructure	Water Utilities & Services	57.3	55.4	79.5
140	Wilson Bayly Holmes-Ovcon Limited	Africa	South Africa	Infrastructure	Engineering & Construction Services	57.2	56.4	82.4
141	CIMB Group Holdings Bhd	Asia	Malaysia	Financials	Commercial Banks	57.2	56.3	87.9
142	Growthpoint Properties Limited	Africa	South Africa	Infrastructure	Real Estate	56.9	56.7	71.9
143	Petronas Dagangan Bhd.	Asia	Malaysia	Extractives & Minerals Processing	Oil & Gas Refining & Marketing	56.9	57.3	84.2
144	FirstRand Limited	Africa	South Africa	Financials	Commercial Banks	56.9	57.0	87.9
145	CCR S.A.	South America	Brazil	Infrastructure	Engineering & Construction Services	56.9	56.4	83.5
146	Mega First Corp. Bhd.	Asia	Malaysia	Infrastructure	Electric Utilities & Power Generators	56.9	55.8	91.3
147	Central Retail Corporation Public Company Limited	Asia	Thailand	Consumer Goods	Multiline And Specialty Retailers & Distributors	56.9	55.3	81.2
148	IOI Corp. Bhd.	Asia	Malaysia	Food & Beverage	Agricultural Products	56.9	56.1	87.1
149	Delta Electronics (Thailand) Public Co. Ltd.	Asia	Thailand	Resource Transformation	Electrical & Electronic Equipment	56.8	57.7	80.9
150	CP All Public Co. Ltd.	Asia	Thailand	Food & Beverage	Food Retailers & Distributors	56.8	55.0	87.1
151	Intouch Holdings Public Company Limited	Asia	Thailand	Technology & Communications	Telecommunication Services	56.8	56.5	96.0
152	"WuXi AppTec Co., Ltd."	Asia	China	Health Care	Biotechnology & Pharmaceuticals	56.7	56.7	85.2
153	Jollibee Foods Corp.	Asia	Philippines	Food & Beverage	Restaurants	56.7	55.5	86.1
154	momo.com Incorporated	Asia	Taiwan	Consumer Goods	E-Commerce	56.7	54.9	76.8
155	National Bank of Bahrain BSC	Middle East	Bahrain	Financials	Commercial Banks	56.6	55.0	87.9
156	Pegatron Corporation	Asia	Taiwan	Technology & Communications	Electronic Manufacturing Services & Original Design Manufacturing	56.6	56.2	80.9
157	"Asymchem Laboratories (Tianjin) Co., Ltd. "	Asia	China	Health Care	Biotechnology & Pharmaceuticals	56.6	54.0	84.6
158	"Taiwan Cooperative Financial Holding Co., Ltd."	Asia	Taiwan	Financials	Commercial Banks	56.5	56.1	85.8
159	PT Merdeka Copper Gold Tbk	Asia	Indonesia	Extractives & Minerals Processing	Metals & Mining	56.5	54.6	92.8
160	PT Aneka Tambang Tbk	Asia	Indonesia	Extractives & Minerals Processing	Metals & Mining	56.5	56.2	93.4
161	Win Semiconductors Corp.	Asia	Taiwan	Technology & Communications	Semiconductors	56.5	56.0	86.2
162	KWG Group Holdings Limited	Asia	China	Infrastructure	Real Estate	56.5	55.7	71.9
163	Bank of China Limited	Asia	China	Financials	Commercial Banks	56.4	55.1	87.9
164	Fortress Real Estate Investments Limited	Africa	South Africa	Infrastructure	Real Estate	56.4	54.9	80.9
165	Investec plc	Africa	South Africa	Financials	Commercial Banks	56.4	56.1	68.8
166	"SinoPac Financial Holdings Co., Ltd."	Asia	Taiwan	Financials	Commercial Banks	56.4	55.6	86.9
167	"Argo Group International Holdings, Ltd."	Central America	Bermuda	Financials	Insurance	56.3	54.3	78.8
168	Uni-President China Holdings Ltd.	Asia	China	Food & Beverage	Non-Alcoholic Beverages	56.3	55.3	82.3
169	Lite-On Technology Corp.	Asia	Taiwan	Technology & Communications	Hardware	56.2	54.8	82.0
170	Saudi Arabian Mining Co.	Middle East	Saudi Arabia	Extractives & Minerals Processing	Metals & Mining	56.2	54.8	91.7
171	Saudi Telecom Co.	Middle East	Saudi Arabia	Technology & Communications	Telecommunication Services	56.1	55.1	96.0
172	"Intco Medical Technology Co., Ltd. "	Asia	China	Health Care	Medical Equipment & Supplies	56.1	53.9	79.8
173	AVI Limited	Africa	South Africa	Food & Beverage	Processed Foods	56.1	55.5	79.1
174	Longfor Group Holdings Ltd.	Asia	China	Infrastructure	Real Estate	56.1	56.2	71.9
175	Assured Guaranty Ltd.	Central America	Bermuda	Financials	Insurance	56.0	54.6	78.8
176	"Mega Financial Holding Co., Ltd."	Asia	Taiwan	Financials	Commercial Banks	56.0	55.2	86.9
177	Manila Water Co. Inc.	Asia	Philippines	Infrastructure	Water Utilities & Services	56.0	55.1	79.5
178	AUO Corporation	Asia	Taiwan	Technology & Communications	Hardware	56.0	54.4	78.6
179	Telefonica Brasil S.A.	South America	Brazil	Technology & Communications	Telecommunication Services	56.0	56.0	94.6
180	Quanta Computer Inc.	Asia	Taiwan	Technology & Communications	Electronic Manufacturing Services & Original Design Manufacturing	55.9	55.2	79.7
181	"Minor International Public Co., Ltd."	Asia	Thailand	Food & Beverage	Restaurants	55.9	54.7	86.1
182	Qatar National Bank QPSC	Middle East	Qatar	Financials	Commercial Banks	55.8	55.3	83.8
183	IndusInd Bank Ltd.	Asia	India	Financials	Commercial Banks	55.8	55.0	86.9
184	Petroleo Brasileiro SA	South America	Brazil	Extractives & Minerals Processing	Oil & Gas Exploration & Production	55.8	56.7	94.5
185	Fleury SA	South America	Brazil	Health Care	Health Care Delivery	55.8	55.9	81.6
186	Globe Telecom Inc.	Asia	Philippines	Technology & Communications	Telecommunication Services	55.8	55.3	97.3
187	Manila Electric Co.	Asia	Philippines	Infrastructure	Electric Utilities & Power Generators	55.8	54.9	92.1
188	"eMemory Technology, Inc."	Asia	Taiwan	Technology & Communications	Semiconductors	55.8	53.2	84.5
189	"Weichai Power Co., Ltd."	Asia	China	Resource Transformation	Industrial Machinery & Goods	55.8	54.5	77.1
190	Inari Amertron Berhad	Asia	Malaysia	Technology & Communications	Semiconductors	55.7	54.8	85.4
191	Standard Foods Corporation	Asia	Taiwan	Food & Beverage	Processed Foods	55.7	54.2	78.1
192	China Shineway Pharmaceutical Group Limited	Asia	China	Health Care	Biotechnology & Pharmaceuticals	55.7	53.8	85.8
193	China Shenhua Energy Co. Ltd.	Asia	China	Extractives & Minerals Processing	Coal Operations	55.7	55.0	90.9
194	China Lesso Group Holdings Limited	Asia	China	Extractives & Minerals Processing	Construction Materials	55.6	54.8	87.6
195	Grindrod Limited	Africa	South Africa	Transportation	Marine Transportation	55.6	55.1	94.6
196	Petronas Gas Bhd.	Asia	Malaysia	Extractives & Minerals Processing	Oil & Gas Midstream	55.6	55.0	94.1
197	LPI Capital Bhd	Asia	Malaysia	Financials	Insurance	55.6	54.0	85.4
198	Gulf Energy Development Public Co. Ltd.	Asia	Thailand	Infrastructure	Electric Utilities & Power Generators	55.6	55.3	92.1
199	Westports Holdings Bhd.	Asia	Malaysia	Transportation	Marine Transportation	55.6	56.0	94.6
200	Saudi Basic Industries Corp.	Middle East	Saudi Arabia	Resource Transformation	Chemicals	55.6	55.4	86.8
201	Sime Darby Bhd.	Asia	Malaysia	Consumer Goods	Multiline And Specialty Retailers & Distributors	55.6	55.2	77.2
202	"Yum China Holdings, Inc."	Asia	China	Food & Beverage	Restaurants	55.5	54.4	85.1
203	Hong Leong Bank Bhd.	Asia	Malaysia	Financials	Commercial Banks	55.5	55.4	87.9
204	Pavilion Real Estate Investment Trust	Asia	Malaysia	Infrastructure	Real Estate	55.5	53.6	80.9
205	Magazine Luiza S.A.	South America	Brazil	Consumer Goods	Multiline And Specialty Retailers & Distributors	55.5	53.6	78.6
206	MicroPort Scientific Corp.	Asia	China	Health Care	Medical Equipment & Supplies	55.4	54.7	79.8
207	Omnia Holdings Limited	Africa	South Africa	Resource Transformation	Chemicals	55.4	54.4	76.7
208	"Everest Re Group, Ltd."	Central America	Bermuda	Financials	Insurance	55.4	55.2	85.4
209	Santam Limited	Africa	South Africa	Financials	Insurance	55.4	54.9	78.8
210	Eastern Water Resources Development & Mgmt Public Co. Ltd.	Asia	Thailand	Infrastructure	Water Utilities & Services	55.4	54.7	79.5
211	Asset World Corporation Public Company Limited	Asia	Thailand	Infrastructure	Real Estate	55.4	54.4	71.9
212	Want Want China Holdings Limited	Asia	China	Food & Beverage	Processed Foods	55.3	56.6	74.0
213	Lojas Renner SA	South America	Brazil	Consumer Goods	"Apparel, Accessories & Footwear"	55.3	54.6	79.1
214	Telekom Malaysia Bhd.	Asia	Malaysia	Technology & Communications	Telecommunication Services	55.2	55.3	90.3
215	TOTVS S.A.	South America	Brazil	Technology & Communications	Software & It Services	55.2	54.5	93.5
216	Redefine Properties Ltd.	Africa	South Africa	Infrastructure	Real Estate	55.2	55.6	71.9
217	Credicorp Ltd.	South America	Peru	Financials	Commercial Banks	55.1	53.7	86.9
218	Qatar Fuel Q.S.C (WOQOD)	Middle East	Qatar	Extractives & Minerals Processing	Oil & Gas Refining & Marketing	55.1	52.8	84.2
219	Mizrahi Tefahot Bank Ltd	Middle East	Israel	Financials	Commercial Banks	55.1	53.9	87.9
220	"Haier Smart Home Co., Ltd."	Asia	China	Consumer Goods	Appliance Manufacturing	55.1	53.5	50.0
221	SABIC Agri-Nutrients Co.	Middle East	Saudi Arabia	Resource Transformation	Chemicals	55.1	55.0	86.8
222	Abu Dhabi National Energy Company	Middle East	United Arab Emirates	Infrastructure	Electric Utilities & Power Generators	55.1	54.4	92.1
223	"Tsingtao Brewery Co., Ltd."	Asia	China	Food & Beverage	Alcoholic Beverages	55.0	53.3	81.2
224	Emirates Telecommunications Group Company PJSC	Middle East	United Arab Emirates	Technology & Communications	Telecommunication Services	55.0	54.6	97.3
225	Crompton Greaves Consumer Electricals Ltd.	Asia	India	Resource Transformation	Electrical & Electronic Equipment	54.9	53.9	55.5
226	"China Vanke Co., Ltd"	Asia	China	Infrastructure	Real Estate	54.9	55.1	71.9
227	Spar Group Limited	Africa	South Africa	Food & Beverage	Food Retailers & Distributors	54.9	54.4	85.2
228	PT United Tractors Tbk	Asia	Indonesia	Extractives & Minerals Processing	Metals & Mining	54.9	54.2	92.8
229	Aboitiz Equity Ventures Inc.	Asia	Philippines	Infrastructure	Electric Utilities & Power Generators	54.9	55.7	91.3
230	Yanbu National Petrochemical Co.	Middle East	Saudi Arabia	Resource Transformation	Chemicals	54.8	53.7	85.2
231	Multichoice Group Ltd	Africa	South Africa	Technology & Communications	Telecommunication Services	54.8	54.3	97.3
232	Sanlam Limited	Africa	South Africa	Financials	Insurance	54.8	53.1	78.8
233	"Advanced Info Service Public Co., Ltd."	Asia	Thailand	Technology & Communications	Telecommunication Services	54.8	54.3	94.6
234	"KCE Electronics Public Co., Ltd."	Asia	Thailand	Technology & Communications	Hardware	54.7	53.7	77.5
235	San Miguel Corp.	Asia	Philippines	Extractives & Minerals Processing	Oil & Gas Refining & Marketing	54.7	53.3	85.3
236	Xtep International Holdings Limited	Asia	China	Consumer Goods	"Apparel, Accessories & Footwear"	54.7	53.4	79.1
237	Kossan Rubber Industries Bhd.	Asia	Malaysia	Health Care	Medical Equipment & Supplies	54.7	53.3	79.8
238	Essent Group Ltd.	Central America	Bermuda	Financials	Insurance	54.6	53.1	78.8
239	MicroPort CardioFlow Medtech Corp.	Asia	China	Health Care	Medical Equipment & Supplies	54.6	53.5	79.8
240	Compania Cervecerias Unidas S.A.	South America	Chile	Food & Beverage	Alcoholic Beverages	54.6	54.2	81.2
241	Bidvest Group Limited	Africa	South Africa	Food & Beverage	Food Retailers & Distributors	54.5	53.8	86.1
242	Old Mutual Ltd.	Africa	South Africa	Financials	Insurance	54.5	53.9	78.8
243	Megaworld Corp.	Asia	Philippines	Infrastructure	Real Estate	54.5	54.0	71.9
244	Ooredoo Q.P.S.C	Middle East	Qatar	Technology & Communications	Telecommunication Services	54.5	54.1	96.0
245	Axiata Group Bhd.	Asia	Malaysia	Technology & Communications	Telecommunication Services	54.5	53.0	96.0
246	Noah Holdings Ltd.	Asia	China	Financials	Asset Management & Custody Activities	54.4	54.1	86.6
247	Alliance Bank Malaysia Bhd.	Asia	Malaysia	Financials	Commercial Banks	54.4	55.2	68.8
248	China Medical System Holdings Ltd.	Asia	China	Health Care	Biotechnology & Pharmaceuticals	54.3	53.5	84.6
249	TCS Group Holding Plc	Middle East	Cyprus	Financials	Commercial Banks	54.3	52.8	83.8
250	"Innovent Biologics, Inc."	Asia	China	Health Care	Biotechnology & Pharmaceuticals	54.3	53.4	84.0

Who can use the Inclusive ESG Tool?

Investors can leverage the Inclusive ESG Tool to strengthen ESG investment decisions in emerging markets, with stakeholders including:

Asset Managers

Wealth Managers

Banks

Insurance Companies

Asset Owners

Private Equity Investors

The Inclusive ESG Tool is also a next generation solution for companies to disclosure their ESG data more efficiently to stakeholders, optimize sustainability performance, and benchmark against peers.

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About FII Institute

The Future Investment Initiative (FII) Institute is a global non-profit foundation with an investment arm and one agenda: Impact on Humanity. Global, inclusive and driven by data, we foster great minds from around the world and turn ideas into real-world solutions and actions in four critical areas: Artificial Intelligence (AI) and Robotics, Education, Healthcare and Sustainability.

Visit the FII Institute website to learn more