Federated Hermes EOS regularly reports to PensionDanmark on listed companies with re-prehensive behavior. In addition, we receive inputs from Sustainanalytics, MSCI and other suppliers about both listed and private companies. For the listed companies, Pension-Danmark 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.

Companies deviating from PensionDanmark's investment guidelines

Company Reason for Exclusion
S&T Dynamics & S&T 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)
Glencore International Environment and Labour Rights (e.g. ILO Convention 87 and 97)
E-MART Labour Rights (e.g. ILO Convention 87 and 97)
Ryanair Labour Rights (e.g. ILO Convention 87 and 97)
Walmart og Walmart de Mexico Labour Rights (e.g. ILO Convention 87 and 97)
Wizz Air Holdings Labour Rights (e.g. ILO Convention 87 and 97)
China Petroleum & Chemical Corp. Low score in in-house oil and gas/very reprehensible business conduct
CNOOC Ltd. Low score in in-house oil and gas/very reprehensible business conduct
Exxon Mobile Corp. Low score in in-house oil and gas/very reprehensible business conduct
NK Rosneft' Pao Low score in in-house oil and gas/very reprehensible business conduct
Oil & Natural Gas Corporation Low score in in-house oil and gas/very reprehensible business conduct
PetroChina Company Ltd. Low score in in-house oil and gas/very reprehensible business conduct
Saudi Aramco Low score in in-house oil and gas/very reprehensible business conduct
Surgutneftegas Public Jont Stock Company Low score in in-house oil and gas/very reprehensible business conduct
Tatneft' Pao Low score in in-house oil and gas/very reprehensible business conduct
Gazprom Security risks
SBERBANK Security risks
VTB Bank OJSC Security risks
Sasol Ltd. Significant climate- and environmental risk
Athabasca Oil Corp. Significant revenue from oil sands
Canadian Natural Resources Ltd. Significant revenue from oil sands
Canadian Oil Sands Ltd. Significant revenue from oil sands
Cenovus Energy Inc. Significant revenue from oil sands
CNOOC Petroleum North America ULC Significant revenue from oil sands
Connacher Oil & Gas Ltd. Significant revenue from oil sands
Husky Energy Inc. Significant revenue from oil sands
Imperial Oil Ltd. Significant revenue from oil sands
MEG Energy Corp. Significant revenue from oil sands
Obsidian Energy Ltd. Significant revenue from oil sands
Pengrowth Energy Corp. Significant revenue from oil sands
Petro-Canada Significant revenue from oil sands
Strata Power Corp. Significant revenue from oil sands
Suncor Energy Inc. Significant revenue from oil sands
Sunshine Oil Sands Ltd. Significant revenue from oil sands
Teck Resources Ltd. Significant revenue from oil sands

Furthermore, PensionDanmark does not invest in tobacco producers. PensionDanmark also excludes significant thermal coal production (more than 5% of revenue) as well as new thermal coal mining from the investment universe, partly because of economic reasons as this is considered an obsolete technology for producing energy. In addition, PensionDanmark excludes Russian companies where the state has decisive influence, due to the Russian invasion of Ukraine.

PensionDanmark excludes tobacco, thermal coal, oil sands and controversial weapons from the investment universe across all asset classes, including for unlisted companies.

Latest update: December 2022