Eksklusjonsliste

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rsi nordea ESG

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 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. 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. 

All actively managed funds 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 June 2019.

Company Comment 
ABM Investama Tbk PTInvolved in Coal & Consumable Fuels
Adaro Energy Tbk PTInvolved in Coal & Consumable Fuels
AECOMMaintenance of nuclear weapons
Aerojet Rocketdyne Holdings IncMaintenance of nuclear weapons
Aeroteh SAInvolvement in cluster munitions
Agritrade Resources LtdInvolved in Coal & Consumable Fuels
Airbus SEInvolvement in nuclear weapons
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
Anhui Great Wall Military Industry Co LtdInvolvement in cluster munitions
Arch Coal IncInvolved in Coal & Consumable Fuels
Aryt Industries LtdInvolvement in cluster munitions
Asia Resource Minerals PLCInvolved in Coal & Consumable Fuels
Atomenergoprom JSC (Atomic Energy Power Corp)Involvement in nuclear weapons
Babcock International Group PLCInvolvement in nuclear weapons
BAE Systems PLCInvolvement in nuclear weapons
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
Beijing Haohua Energy Resource Co LtdInvolved in Coal & Consumable Fuels
Berau Coal Energy Tbk PTInvolved in Coal & Consumable Fuels
Bharat Dynamics LtdInvolvement in cluster munitions & nuclear weapons
Boeing Co/TheInvolvement in nuclear weapons
Booz Allen Hamilton Holding CorpMaintenance of nuclear weapons
Borneo Lumbung Energi & Metal Tbk PTInvolved in Coal & Consumable Fuels
Bukit Asam Persero Tbk PTInvolved in Coal & Consumable Fuels
Bukit Makmur Mandiri Utama PTInvolved in Coal & Consumable Fuels
Bumi Resources Tbk PTInvolved in Coal & Consumable Fuels
BWX Technologies IncInvolvement in nuclear weapons
CACI International IncMaintenance of nuclear weapons
CCX Carvao da Colombia SAInvolved in Coal & Consumable Fuels
Cemex SAB de CVViolation of human rights related norms & extraction of non-renewable resources from occupied territory
China Aerospace Science & Technology CorpInvolvement in cluster munitions
China Coal Energy Co LtdInvolved in Coal & Consumable Fuels
China Coal Xinji Energy Co LtdInvolved in Coal & Consumable Fuels
China North Industries Group CorpInvolvement in cluster munitions & anti-personnel mines
China Poly Group CorpInvolvement in cluster munitions
China Shenhua Energy Co LtdInvolved in Coal & Consumable Fuels
China Shenhua Overseas Capital Co LtdInvolved in Coal & Consumable Fuels
China Shipbuilding Industry Co LtdInvolvement in nuclear weapons
China South Industries Group Co LtdInvolvement in cluster munitions & anti-personnel mines
Cloud Peak Energy IncInvolved in Coal & Consumable Fuels
Coal Energy SAInvolved in Coal & Consumable Fuels
Coal India LtdInvolved in Coal & Consumable Fuels
Cohort PLCMaintenance of nuclear weapons
CONSOL Energy IncInvolved in Coal & Consumable Fuels
Constructions Industrielles de la Mediterranee SAInvolvement in nuclear weapons
Contura Energy IncInvolved in Coal & Consumable Fuels
Corsa Coal CorpInvolved in Coal & Consumable Fuels
Datong Coal Industry Co LtdInvolved in Coal & Consumable Fuels
Delta Dunia Makmur Tbk PTInvolved in Coal & Consumable Fuels
Dian Swastatika Sentosa Tbk PTInvolved in Coal & Consumable Fuels
DMCI Holdings IncInvolved in Coal & Consumable Fuels
Elbit Systems LtdInvolvement in cluster munitions
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 LPNorms violation of indigenous peoples rights
ETP Legacy LPNorms violation of indigenous peoples rights
Energy Transfer Operating LPNorms violation of indigenous peoples rights
Engility Holdings IncMaintenance of nuclear weapons
Esterline Technologies CorpInvolvement in depleted uranium ammunition
Exxaro Resources LtdProduction of coal
Fluor CorpMaintenance of nuclear weapons
Foresight Energy LLC / Foresight Energy Finance CorpInvolved in Coal & Consumable Fuels
Gansu Jingyuan Coal Industry and Electricity Power Co LtdInvolved in Coal & Consumable Fuels
General Dynamics CorpInvolvement in depleted uranium ammunition & nuclear weapons
Golden Eagle Energy Tbk PTInvolved in Coal & Consumable Fuels
Golden Energy Mines Tbk PTInvolved in Coal & Consumable Fuels
GP Strategies CorpInvolvement in nuclear weapons
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
Hanwha CorpInvolvement in cluster munitions & anti-personnel mines
Harris CorpMaintenance of nuclear weapons
Harum Energy Tbk PTInvolved in Coal & Consumable Fuels
Hidili Industry International Development LtdInvolved in Coal & Consumable Fuels
Honeywell International IncMaintenance of nuclear weapons
Huntington Ingalls Industries IncInvolvement in nuclear weapons
Huolinhe Opencut Coal Industry Corp Ltd of Inner MongoliaInvolved in Coal & Consumable Fuels
Incitec Pivot LtdViolation of human rights related norms
Indika Energy Capital II Pte LtdInvolved in Coal & Consumable Fuels
Indika Energy Capital III Pte LtdInvolved in Coal & Consumable Fuels
Indo Energy Finance II BVInvolved in Coal & Consumable Fuels
Indo Tambangraya Megah Tbk PTInvolved in Coal & Consumable Fuels
Inner Mongolia Yitai Coal Co LtdInvolved in Coal & Consumable Fuels
Jacobs Engineering Group IncInvolvement in nuclear weapons
Jastrzebska Spolka Weglowa SAInvolved in Coal & Consumable Fuels
Jizhong Energy Resources Co LtdInvolved in Coal & Consumable Fuels
Johns Hopkins UniversityInvolvement in nuclear weapons
Komatsu Mining Corp.Involved in Coal & Consumable Fuels
Kuzbasskaya Toplivnaya Kompaniya PAOInvolved in Coal & Consumable Fuels
L3 Technologies IncMaintenance of nuclear weapons
Larsen & Toubro LtdProduction of nuclear weapons outside the NPT
Leidos Holdings IncMaintenance of nuclear weapons
Leonardo SpAInvolvement in nuclear weapons
LIG Nex1 Co LtdInvolvement in cluster munitions
Lockheed Martin CorpInvolvement in cluster munitions & nuclear weapons
Lubelski Wegiel Bogdanka SAInvolved in Coal & Consumable Fuels
Lumibird SAInvolvement in nuclear weapons
MC Mining LtdInvolved 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
Moog IncMaintenance of nuclear weapons
Motovilicha plants PJSCInvolvement in cluster munitions
MPLX LPNorms violation of indigenous peoples rights
Murray Energy CorpProduction of coal
NACCO Industries IncInvolved in Coal & Consumable Fuels
New Hope Corp LtdInvolved in Coal & Consumable Fuels
New World Resources PLCInvolved in Coal & Consumable Fuels
Northrop Grumman CorpInvolvement in cluster munitions & Maintenance of nuclear weapons
Northrop Grumman Innovation Systems Inc (previously known as Orbital ATK Inc)Involvement in cluster munitions & Maintenance of nuclear weapons
OCP SAFailure to protect the right to self-determination in terroritories under the disputed occupation by Morocco
Peabody Energy CorpInvolved in Coal & Consumable Fuels
Phillips 66Norms violation of indigenous peoples rights
Pingdingshan Tianan Coal Mining Co LtdInvolved in Coal & Consumable Fuels
Poongsan CorpInvolvement in cluster munitions
Premier Explosives LtdInvolvement in nuclear weapons
Ramaco Resources IncInvolved in Coal & Consumable Fuels
Raspadskaya OJSCInvolved in Coal & Consumable Fuels
Raytheon CoMaintenance of nuclear weapons
Resources Prima Group LtdInvolved in Coal & Consumable Fuels
Rhino Resource Partners LPInvolved in Coal & Consumable Fuels
Rolls-Royce Holdings PLCInvolvement in nuclear weapons
S&T Dynamics Co LtdInvolvement in anti-personnel mines
Sadovaya Group SAInvolved in Coal & Consumable Fuels
Safran SAInvolvement in nuclear weapons
Sakari Resources Ltd.Involved in Coal & Consumable Fuels
Sany Heavy Equipment International Holdings Co LtdInvolved in Coal & Consumable Fuels
Science Applications International CorpInvolvement in nuclear weapons
Semirara Mining & Power CorpInvolved in Coal & Consumable Fuels
Serco Group PLCMaintenance of nuclear weapons
SGL Carbon SEInvolvement in nuclear weapons
Shaanxi Coal Industry Co LtdInvolved in Coal & Consumable Fuels
Shanghai Datun Energy Resources Co LtdInvolved 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
Shanxi Xishan Coal & Electricity Power 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
TA MFG. LtdInvolvement in depleted uranium ammunition
Tata Power Co Ltd/TheProduction of nuclear weapons outside the NPT
Teck Resources LtdInvolved in Coal & Consumable Fuels
Tennessee Valley AuthorityInvolvement in nuclear weapons
Textron IncInvolvement in cluster munitions & Maintenance of nuclear weapons
Thales SAInvolvement in nuclear weapons
Ultra Electronics Holdings PLCMaintenance of nuclear weapons
United Technologies CorpInvolvement in nuclear weapons
United Tractors Tbk PTInvolved in Coal & Consumable Fuels
Up Energy Development Group LtdInvolved in Coal & Consumable Fuels
Walchandnagar Industries LtdInvolvement in nuclear weapons
Warrior Met Coal IncInvolved in Coal & Consumable Fuels
Washington H Soul Pattinson & Co 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
Zhengzhou Coal Industry & Electric Power Co LtdInvolved in Coal & Consumable Fuels