Federated Hermes EOS regularly reports to PensionDanmark on listed companies with reprehensive behavior. In addition, we receive inputs from Sustainanalytics, MSCI and other suppliers about both listed and private companies. For the listed companies, PensionDanmark and Federated Hermes EOS tries to establish a dialogue in order to influence the companies and change their behavior.
PensionDanmark evaluates companies individually based on their business model and their approach to, for example, climate change, the environment, human rights, and working conditions. On this basis, PensionDanmark assesses and determines which companies will be excluded from PensionDanmark's investment universe.
PensionDanmark has a strict policy to exclude companies, that:
- Are involved in tobacco production
- Are involved in production of anti-personel mines, cluster munitions or chemical weapons
- Are mining corporations with a revenue share of more than 5% from thermal coal mining
- Are mining corporations that starts new extraction of thermal coal
- Are oil and gas companies with a revenue share of more than 5% from oil sands
- Are companies that construct new coal power plants, which were not planned or initiated before the end of 2023
- Are companies from Rusia and Belarus
Companies deviating from PensionDanmark's investment guidelines
| Company | Reason for Exclusion |
| SNT Dynamics & SNT Dynamics Holdings | Anti-Personel Mines (Ottawa-Convention) |
| Anhui GreatWall Military Industry | Cluster Munitions (Oslo-Convention) |
| Aryt Industries Ltd. | Cluster Munitions (Oslo-Convention) |
| Aselsan Elektronik Sanayi Ve T | Cluster Munitions (Oslo-Convention) |
| China Aerospace International Holdings | Cluster Munitions (Oslo-Convention) |
| China Spacesat Co. Ltd. | Cluster Munitions (Oslo-Convention) |
| LIG Nex1 co Ltd. | Cluster Munitions (Oslo-Convention) |
| NORINCO International Cooperation | Cluster Munitions (Oslo-Convention) |
| Poongsan Corporation & Poongsan Holdings | Cluster Munitions (Oslo-Convention) |
| United Aircraft Corp. PJSC | Cluster Munitions (Oslo-Convention) |
| CoreCivic | Controversial business practice |
| Geo Group | Controversial business practice |
| OMV AG | Controversial business practice |
| PDD Holdings | Controversial business practice |
| ACC Ltd | Controversial business practice |
| Adani Energy Solutions Ltd | Controversial business practice |
| Adani Green Energy | Controversial business practice |
| Adani Ports & Special Economic Zone Ltd | Controversial business practice |
| Adani Total Gas Ltd | Controversial business practice |
| Ambuja Cements Ltd | Controversial business practice |
| New Delhi Television Ltd | Controversial business practice |
| Sanghi Industries Ltd | Controversial business practice |
| Glencore International Plc | Environment and Labour Rights (e.g. ILO Convention 87 and 97) |
| AVIC | Human rights |
| Bank Hapoalim | Human rights |
| Bank Leumi Le-Israel | Human rights |
| Israel Discount Bank | Human rights |
| Mizrahi Tefahot | Human rights |
| Motorola | Human rights |
| Zijin Gold Mining | Labour rights |
| Zijin Mining Group Co Ltd | Labour rights |
| Tesla | Labour Rights (e.g. ILO Convention 87) |
| Walmart & Walmart de Mexico | Labour Rights (e.g. ILO Convention 87 and 97) |
| Wizz Air Holdings | Labour Rights (e.g. ILO Convention 87 and 97) |
| Saudi Aramco | Low score in PensionDanmark's oil and gas + Violation of Human Rights |
| Northern Oil & Gas Corp | Low score in PensionDanmark's oil and gas model |
| PBF Energy Inc | Low score in PensionDanmark's oil and gas model |
| Kunlun Energy | Low score in PensionDanmark's oil and gas model |
| China Oilfield Services | Low score in PensionDanmark's oil and gas model/irresponsible business conduct |
| China Petroleum & Chemical Corp. | Low score in PensionDanmark's oil and gas model/irresponsible business conduct |
| CNOOC Ltd. | Low score in PensionDanmark's oil and gas model/irresponsible business conduct |
| Exxon Mobile Corp. | Low score in PensionDanmark's oil and gas model/irresponsible business conduct |
| NK Rosneft' Pao | Low score in PensionDanmark's oil and gas model/irresponsible business conduct |
| Oil & Natural Gas Corporation | Low score in PensionDanmark's oil and gas model/irresponsible business conduct |
| PetroChina Company Ltd. | Low score in PensionDanmark's oil and gas model/irresponsible business conduct |
| Sasol Ltd. | Low score in PensionDanmark's oil and gas model/irresponsible business conduct |
| S-Oil Corp | Low score in PensionDanmark's oil and gas model/irresponsible business conduct |
| Surgutneftegas Public Jont Stock Company | Low score in PensionDanmark's oil and gas model/irresponsible business conduct |
| Tatneft' Pao | Low score in PensionDanmark's oil and gas model/irresponsible business conduct |
Furthermore, PensionDanmark does not invest in tobacco producers and oil companies with a revenue share of more than 5% from oil sands. PensionDanmark also excludes mining companies with a revenue share of more than 5% from thermal coal production, mining companies that start new extraction of thermal coal as well as companies that construct new coal power plants, which were not planned or initiated before the end of 2023. These are excluded from the investment universe, partly because of economic reasons as this is considered an obsolete technology for producing energy. In addition, PensionDanmark excludes companies from Rusia and Belarus due to the Russian invasion of Ukraine.
PensionDanmark exclusions covers all asset classes, including for unlisted companies.
Latest update: March 2026