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, 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
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)
Anglo American Environment and Labour Rights (e.g. ILO Convention 87 and 97)
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)
S&T Dynamics & S&T Dynamics Holdings Anti-Personel Mines (Ottawa-Convention)
Walmart og Walmart de Mexico Labour Rights (e.g. ILO Convention 87 and 97)
Athabasca Oil Corp Significant revenue from oil sands
Baytex Energy Corp. Significant revenue from oil sands
Canadian Natural Resources Ltd. Significant revenue from oil sands
Cenovus 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
Suncor Energy Inc. Significant revenue from oil sands
Sunshine Oil Sands Ltd. Significant revenue from oil sands

Latest update: July 2021

Furthermore, PensionDanmark does not invest in tobacco producers. PensionDanmark also excludes (thermal) coal production from the investment universe for economic reasons, as this is considered an obsolete technology for producing energy.  

PensionDanmark is unwilling to buy corporate bonds issued by companies that are excluded from the list above. The same goes for any private company that is involved in the production of anti-personel mines or cluster munitions.