Nordea teams up with other investors to push companies on human rights issues

According to the 2020 rankings published by the Corporate Human Rights Benchmark, 106 companies – nearly half of the 230 assessed – scored zero on all five of the Benchmark’s human rights due diligence indicators. Of these 106 companies, 79 had also failed to score above zero in 2019. 

The findings have prompted calls for urgent action from a group of 208 international investors, including Nordea Asset Management. In a letter sent on 10 May 2021, the group called on the worst performing companies to publicly disclose information in five key areas, including how they prevent, mitigate and remediate adverse human rights impacts across their value chain. 

Recipients of the letter include PetroChina, Devon Energy, Costco Wholesale, Starbucks, Yum! Brands, Target, General Motors and Honda. 

The Corporate Human Rights Benchmark is a collaboration of investors and civil society organisations. Each year, it ranks the largest publicly traded companies in the world based on a set of human rights indicators informed by UN principles and guidance issued by the OECD. Nordea has been a partner of the Benchmark since January 2016. 

Together with the other signatories of the letter, Nordea is also a member of the Investor Alliance for Human Rights, a collective action platform for responsible investment. The Alliance’s members collectively represent over four trillion euros in assets under management and 18 countries.