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) |
| Sasol Limited | Climate |
| Anhui GreatWall Military Industry | Cluster Munitions (Oslo-Convention) |
| Aryt | Cluster Munitions (Oslo-Convention) |
| Aselsan Elektronik Sanayi Ve T | Cluster Munitions (Oslo-Convention) |
| China Aerospace International Holdings | Cluster Munitions (Oslo-Convention) |
| China Spacesat | Cluster Munitions (Oslo-Convention) |
| InnoWireless 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) |
| 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) |
| Saudi Aramco | Low score in in-house oil and gas model + Human Rights |
| NK Rosneft' Pao | Low score in in-house oil and gas model/very reprehensible business conduct |
| Tatneft' Pao | Low score in in-house oil and gas model/very reprehensible business conduct |
| Surgutneftegas Public Jont Stock Company | Low score in in-house oil and gas model/very reprehensible business conduct |
| PetroChina Company Ltd. | Low score in in-house oil and gas model/very reprehensible business conduct |
| China Petroleum & Chemical Corp. | Low score in in-house oil and gas model/very reprehensible business conduct |
| CNOOC Ltd. | Low score in in-house oil and gas model/very reprehensible business conduct |
| Exxon Mobile Corp. | Low score in in-house oil and gas model/very reprehensible business conduct |
| Gazprom | Security risks |
| SBERBANK | Security risks |
| VTB Bank OJSC | Security risks |
| 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 |
| Connacher Oil & Gas Ltd. | Significant revenue from oil sands |
| Harvest Operations Corp. | Significant revenue from oil sands |
| Husky Energy Inc. | Significant revenue from oil sands |
| Imperial Oil Ltd | Significant revenue from oil sands |
| Japan Petroleum Exploration Co., 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 |
| 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 (thermal) coal production from the investment universe, partly because of economic reasons as this is considered an obsolete technology for producing energy. In addition, Pensiondenmark excludes Russian companies where the state has decisive in-fluence, due to the enhanced risk of Russian invasion of Ukraine.
PensionDanmark is unwilling to buy corporate bonds issued by companies that are ex-cluded from the list above. The same goes for any private company that is involved in the production of chemical weapons, anti-personel mines or cluster munitions and tobacco or companies with significant involvement in production of (thermal) coal or oil sands.
Latest update: February 2022