Labels and certificates


Forum Ethibel has developed two labels based on the sustainable investment universe, namely Ethibel PIONEER and Ethibel EXCELLENCE. 

Extra info:

  • The funds may also include government bonds and bonds issued by international institutions.
  • The labels are not indicative of the ‘financial quality’ of a fund (e.g. expected return, risk profile).


Forum Ethibel awards certificates to demonstrate that a product or service is in line with self-imposed criteria. These certificates guarantee compliance with conditions concerning corporate social responsibility (CSR). 

Certificates are only issued for agreed periods (one year, one trimester, one semester). Afterwards, new audits are carried out to check whether the client still meets the criteria. 


Certificates may be awarded to different types of ‘products’. An overview of some products that Forum Ethibel has certified is shown below. The most recent certificates can be consulted here. Previous certificates must be requested.  

Verification assignment

Forum Ethibel acts as a verifier of Febelfin's sustainable quality standard (launched in November 2019), with which financial products are awarded the "Towards Sustainability" label. As an independent party, we screen incoming applications on their sustainability policy. Wheter or not a product is awarded the label, is decided by another body: the Central Labelling Agency.

More information can be found on the website of Towards Sustainability.

Verification of investment policies

  • Kempen Capital Management (2019)

Verification of sustainable savings products

= Verification of the sustainable reinvestment of the entire portfolio of the ethical savings product(s) being offered.

Verification of stock indices

= Verification and monitoring of an index concerning the index’ conformity with non-financial aspects of the rulebook and due diligence of the index composition process.
  • Ethical Europe Equity Index (EEEI) (2022 - 2nd trimester)

    Besides the certification of the index, Forum Ethibel also checks whether the reinvestment of the entire deposit of the savings component conforms with predetermined socio-ethical criteria.

    1. SecurAsset (LU) Responsible Coupon Note 22 (2020 - Only available in Dutch)

      A structured bond issued by SecurAsset & distributed by vdk bank

    2. Smart Invest Bon (2020 - Only available in Dutch and French)

      A range of investment insurance products based on EEEI, issued by AG Insurance & BNP Paribas Fortis
      Collective certification statement of the Smart Invest Bon SRI Series, applicable to the Smart Invest Bon SRI Europe 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, Smart Invest Bon SRI 90 Europe Booster 1, 2, 3 & Smart Invest Bon SRI 90 Europe 1, 2

    3. Collective certification statement of the BP2F SRI Note Series (2020 - Only available in Dutch and French)

      A range of structured bonds based on EEEI, issued by BNP Paribas Fortis

  • Finvex Sustainable & Efficient Europe 30 Index (2020 - second trimester)

Verification of the carbon reduction programme

= Verification of the financial and content-specific aspects of carbon accounting.

Verification of solidarity and impact investments

= Verification of the financial and operational aspects of an organisation’s solidarity support programmes.

Verification of social purpose, code of ethics and good governance


The certificate describes how cities or towns manage their finances and which policy areas are targeted. It indicates the board's motivation for good financial management and transparent communication about it.