First ESG Discretionary Mandates labelled by LuxFLAG as at 1st January 2023

The Luxembourg Finance Labelling Agency (LuxFLAG) is pleased to announce that LuxFLAG ESG Discretionary Mandate (ESGDM) Label has been granted for the first time to its first applicants from the following three institutions:


  • BGL BNP Paribas for Responsible Investment Mandate – Balanced Strategy, Responsible Investment Mandate – Conservative Strategy, Responsible Investment Mandate – Dynamic Strategy, and Responsible and Engaged Mandate – Balanced Strategy;
  • Raiffeisen for R-Gestion Sustainable; and
  • Spuerkeess for ActivMandate Green – Balanced, ActivMandate Green – Growth and ActivMandate Green – Offensive.


The LuxFLAG ESGDM Label is granted to eligible discretionary mandates that are enabling the transition toward a more sustainable economy.

LuxFLAG defined the following key features of the eligibility criteria for an Applicant Discretionary Mandate:


  • Concern an Article 8 or Article 9 financial product in the meaning of the SFDR;
  • 100% of the portfolio selected on the basis of an ESG screening, including any underlying invested assets; and
  • Comply with the LuxFLAG’s ESG Exclusion Policy which excludes specific controversial sectors.


Isabelle Delas, LuxFLAG’s CEO commented: “We have launched in September 2022 our seventh label, dedicated to ESG Discretionary Mandates. It is the first sustainability label of this kind in Europe, developed in close cooperation with the Luxembourg banking industry. It applies to standard mandates for High Net Worth clients, not tailored/custom mandates. We are confident that this new label will further boost the sustainability transition, by adding a new layer of ESG review to a significant financial product in Luxembourg and also available for equivalent international jurisdictions.

We are pleased to grant this new label for the first time to mandates from BGL, Raiffeisen and Spuerkeess.”


LuxFLAG labels are valid for a period of 12 months and are subject to renewal on expiry.




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Luxembourg Finance Labelling Agency (LuxFLAG)



Editorial Notes:

About LuxFLAG

LuxFLAG is an independent and international non-profit labelling agency which was founded in Luxembourg by seven public and private partners in July 2006.

LuxFLAG aims to contribute to sustainable development and promotes transparency by awarding a recognizable label to financial and insurance products. At present, LuxFLAG offers seven different labels which can be broadly classified into two different categories namely Impact Labels (Microfinance, Climate Finance, Environment, Green Bonds) and Sustainability Transition Labels (ESG, ESG Insurance Product and ESG Discretionary Mandate). Please visit our website for more detailed information on LuxFLAG’s labels, the application process and eligibility criteria.


In January 2020, LuxFLAG became the first sustainable finance labelling agency in Europe to obtain the ISAE 3000 Type II certification (International Standard on Assurance Engagement) for its system of internal controls for label issuance services to Sustainable Finance vehicles.

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