The policy applies to all the Group’s activities – with the exception of asset management, where the investment decisions are made with reference to market benchmarks and therefore cannot be based on screening on specific issues – and it involves periodic assessment of the foreign countries to which arms are destined or from which they come – except for those belonging to the European Union and/or NATO – on the basis of criteria which consider not only international embargos on arms, but also involvement in armed conflicts, violations of human rights perpetrated or tolerated by government authorities, the levels of human development and the level of military expenditure compared to spending on human development (health and education).