Global Railway Manufacturers Cluster

The SE Global Railway Manufacturers Cluster was launched on 25th of June 2024.

Purpose

The Cluster aims to provide an overview of the level of Sustainability within the sector as well as to monitor the steps taken by the constituent companies to align with the voluntary guidelines and indications on Sustainability and Corporate Governance established by the OECD, EU and UN.

Each Standard Ethics’ Cluster is public and operates on a full disclosure basis: the methodology and selection criteria are publicly available and may therefore be freely used as benchmarks by decision-makers and stakeholders. Standard Ethics’ Clusters (formerly known as Indexes or Benchmarks) have been applying the same methodology since 2004 and are self-financed. Standard Ethics’ work focuses on sustainability ratings, and its clusters are not subject to commercial activity or used as financial products.

Constituents

This is a thematic Cluster consisting of 12 of the world's largest listed operators of train and rolling stock production (from metros to high-speed trains), rail transport services and systems including infrastructure maintenance and modernisation. The Cluster constituents were selected on the basis of their market capitalisation as well as taking into account other factors such as free float.  The weights of the individual constituents will be derived from the solicited or unsolicited Corporate Standard Ethics Rating (SER) assigned to each company.

Rebalancing and Review

If the Agency intends to track the Cluster’s performance, as it has done in the past, it will determine the weighting of each component based on the Standard Ethics Rating and rebalance the Cluster on a monthly basis.

The Cluster is reviewed every six months, at the end of the first and third quarter.

Rating actions will be recorded only on the dates when the review is scheduled to take place.