Economic Sector Classification

Final Version:

Past Versions:

This document proposes a common economic sector classification that:

  • Can be used by investors and FSPs to identify and manage ESG risks of their portfolio

  • Satisfies the needs of proxy data providers to calculate PAI 1-3

  • Prepares investors and FSPs to report on other PAIs (4, 6,7,8,9)

  • Strikes the right balance between usefulness of information and feasibility of reporting

  • Can be broadly adopted by investors and FSPs to promote harmonisation

This document was developed in close cooperation over many months by asset managers and investors in the financial inclusion industry.  We particularly wish to thank Christophe Bochatay of Triple Jump, Lucia Spaggiari of MFR, Tatiana Kalinina of Triodos, Anne Rosales and Emmanuelle Javoy of Symbiotics, Ariane Schoen of Invest in Vision, Christelle Champetter of Innpact S.A., and Gaëlle Guignard of Incofin IM for all their thoughtful discussion and effort.  

If you have any questions about this document, please contact Christophe Bochatay at