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)
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)
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
Suncor Energy Ventures Holding Corporation 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