Nordea Funds divests and suspends investments in BP
2010.06.07 The Nordea Responsible Investments (RI) Committee on June 4 2010 decided to divest from BP in the Nordea dedicated RI funds and mandates. Further on it was decided to suspend further investments in BP for all other Nordea funds until clarification from BP on systematic risk management has been evaluated. In total, some 20 Nordea funds available in the Nordic countries with BP investments are directly affected.
The environmental catastrophe in the Mexican Gulf is an extraordinary situation given the size of the spill, weak response from BP, criminal investigation towards the company as well as anticipated risk for other accidents.
The decision of the RI Committee was taken due to:
- the company has failed to comply with its own safety and environmental rules according to the informations available
- the company does not disclose information and is not transparent regarding how other similar operations are managed from a safety and environmental perspective
The RIG team (Responsible Investments & Governance) within Nordea is also currently conducting thorough analysis on the oil & gas sector companies in order to identify systematic safety and environmental risks associated with deep water drilling operations.
Should you have any questions, please contact the RIG-team:
Erik Feldt, chairman of the RI Committee:
(+46) 08-579 421 10, erik.feldt@nordea.com
Sasja Beslik, head of RIG-team:
(+46) 08-579 423 10, sasja.beslik@nordea.com
