Hermes EOS reports to PensionDanmark regarding companies with inappropriate conduct on an ongoing basis. On our behalf, Hermes EOS engages in dialogue with these companies to spur a change in their actions.
We evaluate companies individually based on their business model and enter into dialogue with relevant companies regarding their approach to e.g. climate concerns.
Based on these reports, PensionDanmark evaluates and determines which companies will be excluded from PensionDanmark's investment universe.
Companies deviating from PensionDanmark's investment guidelines
| January 2020 | Reason for Exclusion |
| Anglo American | Environment and Labour Rights (e.g. ILO Convention 87 and 98) |
| Anhui GreatWall Military Industry | Cluster Munitions (Oslo-Convention) |
| Aryt | Cluster Munitions (Oslo-Convention) |
| Aselsan Elektronik Sanayi Ve T | Cluster Munitions (Oslo-Convention) |
| BHP Billiton | Environment and Labour Rights (e.g. ILO Convention 87 and 98) |
| China Aerospace International Holdings | Cluster Munitions (Oslo-Convention) |
| China Spacesat | Cluster Munitions (Oslo-Convention) |
| E-MART | Labour Rights (e.g. ILO Convention 87 and 98) |
| Glencore International | Environment and Labour Rights (e.g. ILO Convention 87 and 98) |
| Hanwha | Cluster Munitions (Oslo-Convention) |
| LIG Nex1 co Ltd. | Cluster Munitions (Oslo-Convention) |
| NORINCO International Cooperation | Cluster Munitions (Oslo-Convention) |
| Poongsan Corporation and Poongsan Holdings | Cluster Munitions (Oslo-Convention) |
| Ryanair | Labour Rights (e.g. ILO Convention 87 and 98) |
| S&T Dynamics and S&T Dynamics Holdings | Anti-Personel mines (Ottawa-Convention) |
| Walmart and Walmart de Mexico | Labour Rights (e.g. ILO Convention 87 and 98) |
Furthermore PensionDanmark does not invest in tobacco producers.
PensionDanmark is unwilling to buy corporate bonds from the companies excluded above. The same goes for any private company involved in the production of Anti-Personal mines or Cluster Munitions.