ScoreRatingConditionExample 1Example 2
+2Vegan friendly#Zero harm on animals, veganism is integrated in the business model, vegan activities are material
#Or zero harm with significant beneficial actions for animals

A car company that does not use animal leather and has developed innovative vegan products as animal detection to avoid collision with animals. Its environmental performance is on the upwards.A clothing company that does not use animal products and sells innovative vegan products made with synthetic down or premium synthetic leather
+1Vegan compliant#Zero harm on animals either by direct activity, value-chain, sponsoring or financing
An IT consulting company that does not directly exploit animals and has no indirect impact on animals through sponsoringA clothing company that has definitely stopped selling products made from animal sources (no leather, no down, no feather, no skins, no fur, etc.)
0Transition / Neutral#Some harm with high animal-welfare standards
#Or neutral-for-animal industry but some harm is due to sponsoring or ESG issues
#If there is any animal harm, no total offset is possible, the company can never be rated vegan compliant
A non-renewable energy company that has started its transition to renewable energyA clothing company that still sells down jacket, with animal-welfare standards that guarantee no live pluck and no forced-feed, and has committed to stop the use of animal products at a close date in the future
-1Vegan non compliant#Massive harm on animals with some animal-welfare standards and commitments measurable by metrics
#Or the activity causes occasional harm and is not a core business
An oil company that makes hydraulic fracking and has not significantly start its transition to renewables energiesA clothing company that sells down jacket but with animal-welfare standards that guarantee no live-plucked nor forced-feed
-2Non vegan#Animal exploitation / suffering is a core business or an indirect consequence of the activity
#Or Massive or repeated harm
#Or no / weak commitments, no measurable outcomes, weak results
A pharmaceutical company that still does tests on animals after years of commitment to reduce and replaceA clothing company that sells down jacket from ducks that have been live plucked or forced feed
Presentation of the VF methodology  at the Vegan Finance Conference organized by ESSEC business school, June 2021

The hereunder harmful activities will have the following score by default:

ScoreRatingHarmful activities that should be excluded from Vegan investing
-2Non vegananimal killing (e.g hunting)
-2Non vegananimal for food (meat and fish industries)
-2Non vegananimal for skins (leather, fur industries)
-2Non vegananimal testing (pharmaceutical industries)
-2Non vegananimal for entertainment (circus, delphinarium)
-2Non veganweapon industry


A bonus / penalty system is applied to the scoring:

Add or substractDescriptionCondition
+1BONUSif recently (from the latest registration document known to date) a significant action was achieved for the benefit of animals
-1PENALTYif recently (from the latest registration document known to date) any harmful action was done against animals


Harmfulness evaluation takes into account Absolute Values [AV] (ex: how many USD millions of revenue comes from animal exploitation) and Relative Values [RV] that impact animals (ex: which percentage of revenue is the result of animal exploitation)

Hereunder indicators and thresholds are indicative and non-binding to the vegan rating analyst that considers other factors, among which qualitative (ex: improvements, policy evolution) to decide on the final rating:

Absolute Values [AV] thresholdsScoreRating
Harmful-for-animals Revenue  < $100K0Neutral / Transitional
Harmful-for-animals Revenue  >= $100K and < $ 1 million1Non Compliant
Harmful-for-animals Revenue  >= $ 1 million-2Non vegan
Relative values [RV] thresholdsScoreRating
Harmful-for-animals Percentage of Revenue  < 1%0Neutral / Transitional
Harmful-for-animals Percentage of Revenue  >= 1% and < 10%-1Non Compliant
Harmful-for-animals Percentage of Revenue  >= 10%-2Non vegan