Our transition policy

 To fulfil our intention of playing an active role in building a more sustainable, just and transparent world, Noshaq’s Board of Directors adopted an ESG strategy on 30th September 2022 that integrates and transposes the United Nations Sustainable Development Goals at a group level. This policy aims to outline and formalise Noshaq’s role as a “transitioner” of the economic fabric of Liège by systematically incorporating environmental (E), social (S) and governance (G) factors into its investment policy.


Strategic vision

As a public/private financial organization with a public DNA, Noshaq has been working since its creation to preserve and develop employment and the region of Liège itself. Faced with the colossal challenges confronting society and our world today, this role has been progressively transformed, resulting in the 2021-2026 strategic plan, which features a strong ESG policy that acts as a true pillar of our vision and is built on the following elements:

  1. Environment: covering both our contribution to a decarbonised, less energy-intensive, more circular world and minimizing our impact on the limited resources available and biodiversity generally.
  2. Social: working on behalf of the wellbeing of our workers, suppliers and customers, as well as the local communities of which we are a part, in the most inclusive way possible, enabling everyone to achieve their full potential.
  3. Governance: developing initiatives for building a world that is more just, transparent, equitable and inclusive, where the rule of law holds sway.

In particular, this approach aims to encourage “impact companies” – i.e. businesses that operate a proactive and ambitious ESG policy and whose corporate purpose aims to respond to global issues such as:

  • Implementing positive projects on social and environmental issues
  • Improving the status of stakeholders in their value chain
  • Developing fresh, complementary activities to address new, more sustainable markets / business models, expanding their product and service ranges and testing disruptive and innovative models with low global impact.
  • Contributing to sectors of activity that are part of the solution (relocation, reindustrialisation, restraint, education, good health through prevention, etc.)



The ESG policy adopted by Noshaq aims to drive the entire investment portfolio of the group towards the systematic adoption of sustainable and virtuous behaviour, regardless of the starting point of project leaders and companies seeking support from Noshaq.

An individual analysis of the maturity of these themes is carried out by the managers of the holdings and aims, for each company, to find, in perfect collaboration with it, the solutions to include it in the transition process best suited to the context in which it lives and the challenges it faces.

Throughout this process, the company will benefit from the support of the Noshaq Group via the participation manager.

Noshaq’s Board of Directors has also validated the transition stages to be applied internally by the Group.

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