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Exclusion as the last resort

Excluding a company from our fund portfolio is always the 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 to be a good investment either for investors or society at large. 

In February 2017 Nordea Asset Management decided to extend the scope of the policy for Responsible Investment to not only cover companies involved in the development and production of nuclear weapons, but also those involved in the maintenance phase. 

In 2015, Nordea Asset Management decided to exclude companies with 75% of revenues derived from sales of coal mining and do not have a meaningful opportunity to diversify from coal. In 2017, this threshold was lowered to 30%. In 2019, Nordea Asset Management decided to further limit our coal mining exposure by implementing a 10% revenue threshold on thermal coal and a 30% revenue threshold on total coal (including metallurgical coal). 

In August 2019, Nordea Asset Management decided to exclude companies with large and sustained exposure to oil sand extraction with a 10% revenue threshold. 

More recently, in 2022, we have decided to take a stricter approach to thermal coal and oil sand by lowering our revenue threshold to 5%.

All funds managed by Nordea are subject to annual norm-based screening which identifies companies that are allegedly involved in breaches of international law and norms on environmental protection, human rights, labour standards and anti-corruption. If a company is identified in this screening process, we will initiate an internal assessment of the company and the incident. The screening also identifies companies that are subject to exclusion based on our exclusion criteria.

The list was last updated in April 2024. Download the exclusion list here

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