Liste over udelukkede selskaber

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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 February 2017 Nordea Asset Management decided to extend the scope of the policy for Responsible Investments to not only include development and production of nuclear weapons but to also include companies involved in the maintenance phase. As a result another 16 companies were excluded. 

In September 2017 Nordea Asset Management lowered the coal threshold to 30%. This means that another 45 companies were placed on the exclusion list associated with coal mining. 

The list was last updated in October 2017.  

CompanyComment
ABM Investama Tbk PTInvolved in Coal & Consumable Fuels
Adaro Energy Tbk PTInvolved in Coal & Consumable Fuels
Alliance Holdings GP LPInvolved in Coal & Consumable Fuels
Alliance Resource Partners LPInvolved in Coal & Consumable Fuels
Alpha Natural Resources IncInvolved in Coal & Consumable Fuels
Anglo Pacific Group plcInvolved in Coal & Consumable Fuels
Arch Coal IncInvolved in Coal & Consumable Fuels
Asia Resource Minerals PLCInvolved in Coal & Consumable Fuels
Banpu PCLInvolved in Coal & Consumable Fuels
Baralaba Coal Co LtdInvolved in Coal & Consumable Fuels
Bathurst Resources LtdInvolved in Coal & Consumable Fuels
Bayan Resources Tbk PTInvolved in Coal & Consumable Fuels
Berau Coal Energy Tbk PTInvolved in Coal & Consumable Fuels
Borneo Lumbung Energi & Metal Tbk PTInvolved in Coal & Consumable Fuels
Bumi Resources Tbk PTInvolved in Coal & Consumable Fuels
CCX Carvao da Colombia SAInvolved in Coal & Consumable Fuels
China Coal Energy Co LtdInvolved in Coal & Consumable Fuels

Cloud Peak Energy IncInvolved in Coal & Consumable Fuels
Coal Energy SAInvolved in Coal & Consumable Fuels
Coal India LtdInvolved in Coal & Consumable Fuels
Coal of Africa LtdInvolved in Coal & Consumable Fuels
CONSOL Energy IncInvolved in Coal & Consumable Fuels
Contura Energy IncInvolved in Coal & Consumable Fuels
Corsa Coal CorpInvolved in Coal & Consumable Fuels
Datong Coal Industry Co LtdInvolved in Coal & Consumable Fuels
Dian Swastatika Sentosa Tbk PTInvolved in Coal & Consumable Fuels
DMCI Holdings IncInvolved in Coal & Consumable Fuels
Gansu Jingyuan Coal Industry and Electricity Power Co LtdInvolved in Coal & Consumable Fuels
Golden Eagle Energy Tbk PTInvolved in Coal & Consumable Fuels
Golden Energy Mines Tbk PTInvolved in Coal & Consumable Fuels
Guizhou Panjiang Refined Coal Co LtdInvolved in Coal & Consumable Fuels
Gujarat Mineral Development Corp LtdInvolved in Coal & Consumable Fuels
Hallador Energy CoInvolved in Coal & Consumable Fuels
Harum Energy Tbk PTInvolved in Coal & Consumable Fuels
Hidili Industry International Development LtdInvolved in Coal & Consumable Fuels
Huolinhe Opencut Coal Industry Corp Ltd of Inner MongoliaInvolved in Coal & Consumable Fuels
Indo Tambangraya Megah Tbk PTInvolved in Coal & Consumable Fuels
Inner Mongolia Yitai Coal Co LtdInvolved in Coal & Consumable Fuels
Jastrzebska Spolka Weglowa SAInvolved in Coal & Consumable Fuels
Jizhong Energy Resources Co LtdInvolved in Coal & Consumable Fuels
Kuzbasskaya Toplivnaya Kompaniya PAOInvolved in Coal & Consumable Fuels
Lubelski Wegiel Bogdanka SAInvolved in Coal & Consumable Fuels
Mechel PJSCInvolved in Coal & Consumable Fuels
Mercator LtdInvolved in Coal & Consumable Fuels
Mitsui Matsushima Co LtdInvolved in Coal & Consumable Fuels
Mongolia Energy Corp LtdInvolved in Coal & Consumable Fuels
Mongolian Mining CorpInvolved in Coal & Consumable Fuels
New Hope Corp LtdInvolved in Coal & Consumable Fuels
New World Resources PLCInvolved in Coal & Consumable Fuels
Peabody Energy CorpInvolved in Coal & Consumable Fuels
Pingdingshan Tianan Coal Mining Co LtdInvolved in Coal & Consumable Fuels
Ramaco Resources IncInvolved in Coal & Consumable Fuels
Raspadskaya OJSCInvolved in Coal & Consumable Fuels
Resources Prima Group LtdInvolved in Coal & Consumable Fuels
Rhino Resource Partners LPInvolved in Coal & Consumable Fuels
Semirara Mining & Power CorpInvolved in Coal & Consumable Fuels
Shanxi Coal International Energy Group Co LtdInvolved in Coal & Consumable Fuels
Shanxi Lanhua Sci-Tech Venture Co LtdInvolved in Coal & Consumable Fuels
Shanxi Lu'an Environmental Energy Development Co LtdInvolved in Coal & Consumable Fuels
Shougang Fushan Resources Group LtdInvolved in Coal & Consumable Fuels
SouthGobi Resources LtdInvolved in Coal & Consumable Fuels
Stanmore Coal LtdInvolved in Coal & Consumable Fuels
Tambang Batubara Bukit Asam Persero Tbk PTInvolved in Coal & Consumable Fuels
Up Energy Development Group LtdInvolved in Coal & Consumable Fuels
Westmoreland Coal CoInvolved in Coal & Consumable Fuels
White Energy Co LtdInvolved 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 LtdInvolved in Coal & Consumable Fuels
S&T Dynamics Co LtdInvolvement in anti-personnel mines
Aeroteh SAInvolvement in cluster munitions
Aryt Industries LtdInvolvement in cluster munitions
Motovilicha plants PJSCInvolvement in cluster munitions
Poongsan CorpInvolvement in cluster munitions
Hanwha CorpInvolvement in cluster munitions & anti-personnel mines
Orbital ATK Inc (former Alliant Techsystems Inc.)Involvement in cluster munitions & Maintenance of nuclear weapons
Textron IncInvolvement in cluster munitions & Maintenance of nuclear weapons
General Dynamics CorpInvolvement in cluster munitions & nuclear weapons
Lockheed Martin CorpInvolvement in cluster munitions & nuclear weapons
Airbus SE (former European Aeronautic Defence and Space Co NV)Involvement in nuclear weapons
Babcock International Group PLCInvolvement in nuclear weapons
BAE Systems PLCInvolvement in nuclear weapons
Boeing Co/TheInvolvement in nuclear weapons
China Shipbuilding Industry Co LtdInvolvement in nuclear weapons
Constructions Industrielles de la Mediterranee SAInvolvement in nuclear weapons
Huntington Ingalls Industries IncInvolvement in nuclear weapons
Jacobs Engineering Group IncInvolvement in nuclear weapons
Leonardo SpA (former known as Finmeccanica SpA)Involvement in nuclear weapons
Northrop Grumman CorpInvolvement in nuclear weapons
Premier Explosives LtdInvolvement in nuclear weapons
Rolls-Royce Holdings PLCInvolvement in nuclear weapons
Safran SAInvolvement in nuclear weapons
Thales SAInvolvement in nuclear weapons
United Technologies CorpInvolvement in nuclear weapons
Walchandnagar Industries LtdInvolvement in nuclear weapons
AECOMMaintenance of nuclear weapons
Aerojet Rocketdyne Holdings IncMaintenance of nuclear weapons
Booz Allen Hamilton Holding CorpMaintenance of nuclear weapons
CACI International IncMaintenance of nuclear weapons
Cohort PLCMaintenance of nuclear weapons
Engility Holdings IncMaintenance of nuclear weapons
Fluor CorpMaintenance of nuclear weapons
Harris CorpMaintenance of nuclear weapons
Honeywell International IncMaintenance of nuclear weapons
L3 Technologies IncMaintenance of nuclear weapons
Leidos Holdings IncMaintenance of nuclear weapons
Moog IncMaintenance of nuclear weapons
Raytheon CoMaintenance of nuclear weapons
Serco Group PLCMaintenance of nuclear weapons
Ultra Electronics Holdings PLCMaintenance of nuclear weapons
Enbridge Energy Management LLCNorms violation of indigenous peoples rights
Enbridge Energy Partners LPNorms violation of indigenous peoples rights
Enbridge IncNorms violation of indigenous peoples rights
Energy Transfer Equity LPNorms violation of indigenous peoples rights
Energy Transfer LPNorms violation of indigenous peoples rights
Energy Transfer Partners LPNorms violation of indigenous peoples rights
MPLX LPNorms violation of indigenous peoples rights
Phillips 66Norms violation of indigenous peoples rights
Exxaro Resources LtdProduction of coal
Murray Energy CorpProduction of coal
Tata Power Co Ltd/TheProduction of nuclear weapons outside the NPT
Incitec Pivot LtdViolation of human rights related norms
Potash Corp of Saskatchewan IncViolation of human rights related norms 
Cemex SAB de CVViolation of human rights related norms & extraction of non-renewable resources from occupied territory