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
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

Banpu Public Company Limited

Thermal coal producer

Canadian Natural Resources Limited  

Tar sands producer
enovus 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
Goldcorp. Inc. Breach of human rights and norms safeguarding the environment
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
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
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

PT Adaro Energy Tbk

Thermal coal producer
Roketsan Roket Sanayi ve Ticaret Anonim Sirketi 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
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 September 2018.