Excluded companies
When we receive confirmed information on breach of conventions or similar, we engage in a dialogue with the company about a change of conduct.
We organise a structured dialogue and set a clear objective of regularly monitoring progress. We engage in a dialogue either directly with the company or together with other investors – typically a mixture of the two. We often choose to vote at the company's annual general meeting. If the company shows no desire to change its conduct, or if it is unrealistic that this will happen, we will exclude the company from Nykredit's investments and review our decision within two years. The following companies have been excluded:
| Company | Background |
| Aerojet Rocketdyne Holdings, Inc |
Producer of depleted uranium munitions |
| Anhui Great Wall Military Industry Co Ltd |
Producer of weapons in breach of Oslo and Ottawa Conventions |
| Arch Coal, Inc. |
Thermal coal producer |
| Aryt Industries Ltd. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| Ashot - Ashlekon Industries Ltd. | Producer of weapons in breach of Oslo and Ottawa Conventions |
|
Athabasca Oil Corporation |
Tar sands producer |
|
Avibras Industria Aeroespacial SA |
Producer of weapons in breach of Oslo and Ottawa Conventions |
|
Banpu Public Company Limited |
Thermal coal producer |
|
BEML Limited |
Producer of weapons in breach of Oslo and Ottawa Conventions |
|
Bharat Dynamics Ltd. |
Producer of weapons in breach of Oslo and Ottawa Conventions as well as Non-Proliferation Treaty |
|
Bharat Heavy Electricals |
Producer of weapons in breach of Oslo and Ottawa Conventions |
|
Canadian Natural Resources Limited |
Tar sands producer |
| Cenovus Energy Inc. | Tar sands producer |
| China Aerospace Science and Technology Corporation | Producer of weapons in breach of Oslo and Ottawa Conventions |
| China Coal Energy Company Limited | Thermal coal producer |
| China North Industries Group Corporation | Producer of weapons in breach of Oslo and Ottawa Conventions |
| China Shenua Energy Company Limited | Thermal coal producer |
| China Spacesat Co., Ltd. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| Coal India Ltd. | Thermal coal producer |
| Consol Energy Inc. | Thermal coal producer |
| Enbridge Inc. | Breaches of human rights |
| Energy Transfer Partners, L.P. | Breaches of human rights |
| Freeport-McMoRan Copper & Gold Inc. | Breach of human rights and norms safeguarding the environment |
| General Dynamics Corporation | Producer of weapons in breach of Oslo and Ottawa Conventions and producer of depleted uranium munitions’ |
| Hanwha Corporation | Producer of weapons in breach of Oslo and Ottawa Conventions |
| Hanwha Techwin CO., LTD | Producer of weapons in breach of Oslo and Ottawa Conventions |
|
Inner Mongolia Yitai Coal Co., Ltd. |
Thermal coal producer |
| Israel Military Industries Ltd. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| Jastrzebska Spolka Weglowa Spolka Akcyjna | Thermal coal producer |
| Korea Aerospace Industries Ltd. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| Larsen & Toubro Ltd. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| LIG Nex1 CO., Ltd. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| Lockheed Martin Corp. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| Marathon Petroleum Corp. | Breaches of human rights |
| Motorola Solutions Inc | Breaches of human rights in occupied territories |
| Motovilikhinskiye Zavody Pao | Producer of weapons in breach of Oslo and Ottawa Conventions |
| National Presto Industries, Inc. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| North Huajin Chemical Industires Co., Ltd. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| North Navigation Control Technology Co Ltd. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| Northrop Grumman Corporation | Producer of depleted uranium munitions |
| Nutrien Ltd. | Breaches of human rights in occupied territories |
| OCP S.A. | Breaches of human rights in occupied territories |
| Peabody Energy Corporation | Thermal coal producer |
| Phillips 66 | Breaches of human rights |
| Poongsan Corp. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| Poongsan Holdings Corp. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| Premier Explosives Ltd. | Producer of weapons in breach with Non-Proliferation Treaty |
|
PT Adaro Energy Tbk |
Thermal coal producer |
| Roketsan Roket Sanayi ve Ticaret Anonim Sirketi | Producer of weapons in breach of Oslo and Ottawa Conventions |
| S&T Dynamics Co Ltd. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| S&T Holdings Co Ltd. | Producer of weapons in breach of Oslo and Ottawa Conventions |
|
Shanxi Lu'an Environmental Energy Dev. Co., Ltd. |
Thermal coal producer |
|
Shanxi Xishan Coal and Electricity Power C., Ltd. |
Thermal coal producer |
|
Shaanxi Coal Industry Company Limited |
Thermal coal producer |
|
Suncor Energy Inc. |
Tar sands producer |
| Sunoco Logistics Partners L.P. | Breaches of human rights |
| Tata Power Co Ltd. | Producer of weapons in breach of Non-Proliferation Treaty |
| Textron Inc. | Producer of weapons in breach of Oslo and Ottawa Conventions |
| Transdigm Group Inc. | Producer of depleted uranium munitions |
| Walchandnagar Industries Limited | Producer of weapons in breach of Non-Proliferation Treaty |
|
Washington H. Soul Pattinson and Company Limited |
Thermal coal producer |
|
Whitehaven Coal Limited |
Thermal coal producer |
| Yanzhou Coal Mining Company Limited | Thermal coal producer |
Updated July 2020.