Exclusion list

Excluded companies

Exclusion of a company from our fund portfolio is always a last resort. However, Nordea Asset Management never invests in companies that manufacture biological and chemical weapons, anti-personnel mines, cluster bombs and/or nuclear weapons as we in no way consider this a good investment for you as an investor or for society as a whole.

 

In March 2015 Nordea AM decided to exclude companies with large and sustained exposure to thermal mining, the most environmentally compromising fossil fuel resource and with 75% of revenues derived from sales of coal products and do not have a meaningful opportunity to diversify from coal.

Company nameReason
Aeroteh S.A.Involvement in cluster munitions

Airbus Group NV (former European Aeronautic Defence and Space Co NV)

Involvement in nuclear weapons

Areva SA

Involvement in nuclear weapons
Aryt Industries LtdInvolvement in cluster munitions & anti-personnel mines
Babcock International Group plcInvolvement in nuclear weapons
BAE Systems plcInvolvement in nuclear weapons

Boeing Co

Involvement in nuclear weapons
European Aeronautic Defence and Space Company EADS N.V.Involvement in nuclear weapons
Contructions industrielles de la Méditerranée SAInvolvement in nuclear weapons
Cemex SabViolation of human rights related norms
China Shipbuilding LtdInvolvement in nuclear weapons
Doosan CorporationInvolvement in cluster munitions
Finmeccanica SpAInvolvement in nuclear weapons
General Dynamics CorporationInvolvement in cluster munitions & nuclear weapons
Hanwha CorporationInvolvement in cluster munitions & anti-personnel mines
Huntington Ingalls Industries Inc.Involvement in nuclear weapons
Incitec Pivot LtdViolation of human rights related norms
L-3 Communications CorporationInvolvement in cluster munitions
Lockheed Martin CorporationInvolvement in cluster munitions & nuclear weapons
Motovilikhinskiye Zavody PAOInvolvement in cluster munitions
Northrop Grumman CorporationInvolvement in nuclear weapons
Orbital ATKInvolvement in cluster munitions

Poongsan Holdings Corporation

Involvement in cluster munitions
Potash Corporation of SaskatchewanViolation of human rights related norms
Premier Explosive LtdInvolvement in nuclear weapons
Rolls-Royce Holdings plcInvolvement in nuclear weapons
S&T Dynamics CoInvolvement in anti-personnel mines
Safran SAInvolvement in nuclear weapons
Textron Inc.Involvement in cluster munitions
Thales SAInvolvement in nuclear weapons
Jacobs Engineering Group IncInvolvement in nuclear weapons
Walchandnagar Industries LtdInvolvement in nuclear weapons
United Technologies CorporationInvolvement in nuclear weapons
Adaro Energy Tbk PTInvolved in Coal & Consumable Fuels
Alpha Natural Resources IncInvolved in Coal & Consumable Fuels
Arch Coal IncInvolved in Coal & Consumable Fuels
Asia Resource Minerais PLCInvolved in Coal & Consumable Fuels
Banpu PLCInvolved in Coal & Consumable Fuels
Bathurst Resources LtdInvolved in Coal & Consumable Fuels
Bomeo Lumbung Energi & Metal Tbk PTInvolved in Coal & Consumable Fuels
Bumi Resources Tbk PTInvolved in Coal & Consumable Fuels
China Coal Energy Co LtdInvolved in Coal & Consumable Fuels
Coal India LtdInvolved in Coal & Consumable Fuels
Guizhou Panjiang Refined Coal Co LtdInvolved in Coal & Consumable Fuels
Hidili Industry International Development LtdInvolved in Coal & Consumable Fuels
Indo Tambangraya Tbk PTInvolved in Coal & Consumable Fuels
Inner Mongolia Yitai Coal Co LtdInvolved in Coal & Consumable Fuels
Jastrzebska Spolka Weglowa SAInvolved in Coal & Consumable Fuels
Lubelski Wegiel Bogdanka SAInvolved in Coal & Consumable Fuels
New World Resource PLCInvolved in Coal & Consumable Fuels
Peabody Energy CorpInvolved in Coal & Consumable Fuels
Raspadskaya OAOInvolved in Coal & Consumable Fuels
Shanxi Coal International Energy Group LtdInvolved in Coal & Consumable Fuels
Shanxi Lu'an Environmental Energy Development Co LtdInvolved in Coal & Consumable Fuels
Shougang Fushan Resources Goup LtdInvolved in Coal & Consumable Fuels
SouthGobi Resources LtdInvolved in Coal & Consumable Fuels
Tambang Batubara Bukit Asam Persero Tbk PTInvolved in Coal & Consumable Fuels
Whitehaven Coal LtdInvolved in Coal & Consumable Fuels
Wintime Energy Co LtdInvolved in Coal & Consumable Fuels
Yang Quan Coal Industry Group Co LtdInvolved in Coal & Consumable Fuels
Yanzhou Coal Mining Co Ltd

Involved in Coal & Consumable Fuels