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
Aryt Industries Ltd. Producer of weapons in breach with Oslo and Ottawa Conventions
Ashot - Ashlekon Industries Ltd.  Producer of weapons in breach with Oslo and Ottawa Conventions
China Aerospace Science and Technology Corporation Producer of weapons in breach with Oslo and Ottawa Conventions
China North Industries Group Corporation Producer of weapons in breach with Oslo and Ottawa Conventions
China Spacesat Co., Ltd. Producer of weapons in breach with Oslo and Ottawa Conventions
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 with Oslo and Ottawa Conventions
Goldcorp. Inc. Breach of human rights and norms safeguarding the environment
Hanwha Corporation Producer of weapons in breach with Oslo and Ottawa Conventions
Hanwha Techwin CO., LTD Producer of weapons in breach with Oslo and Ottawa Conventions
Israel Military Industries Ltd. Producer of weapons in breach with Oslo and Ottawa Conventions
Korea Aerospace Industries Ltd. Producer of weapons in breach with Oslo and Ottawa Conventions
Larsen & Toubro Ltd. Producer of weapons in breach with Oslo and Ottawa Conventions
Lockheed Martin Corp. Producer of weapons in breach with 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 with Oslo and Ottawa Conventions
National Presto Industries, Inc. Producer of weapons in breach with Oslo and Ottawa Conventions
North Huajin Chemical Industires Co., Ltd. Producer of weapons in breach with Oslo and Ottawa Conventions
North Navigation Control Technology Co Ltd. Producer of weapons in breach with Oslo and Ottawa Conventions
Nutrien Ltd. Breaches of human rights in occupied territories
OCP S.A.  Breaches of human rights in occupied territories
Orbital Atk Inc. Producer of weapons in breach with Oslo and Ottawa Conventions
Phillips 66 Breaches of human rights
Poongsan Corp. Producer of weapons in breach with Oslo and Ottawa Conventions
Poongsan Holdings Corp. Producer of weapons in breach with Oslo and Ottawa Conventions
Roketsan Roket Sanayi ve Ticaret Anonim Sirketi Producer of weapons in breach with Oslo and Ottawa Conventions
Sunoco Logistics Partners L.P. Breaches of human rights
Textron Inc. Producer of weapons in breach with Oslo and Ottawa Conventions
Walchandnagar Industries Limited Producer of weapons in breach with Non-Proliferation Treaty

Updated March 2018.