Federated Hermes EOS regularly reports to PensionDanmark on listed companies with re-prehensive behavior. In addition, we receive inputs from Sustainanalytics, MSCI and other suppliers about both listed and private companies. For the listed companies, Pension-Danmark and Federated Hermes EOS tries to establish a dialogue in order to influence the companies and change their behavior.
PensionDanmark evaluates companies individually based on their business model and their approach to, for example, climate change, the environment, human rights, and working conditions. On this basis, PensionDanmark assesses and determines which companies will be excluded from PensionDanmark's investment universe.
PensionDanmark has a strict policy to exclude companies, that:
- Are involved in tobacco production
- Are involved in production of anti-personel mines, cluster munitions or chemical weapons
- Are mining corporations with a revenue share of more than 5% from thermal coal mining
- Are mining corporations that starts new extraction of thermal coal
- Are oil and gas companies with a revenue share of more than 5% from oil sands
- Are companies from Rusia and Belarus
Companies deviating from PensionDanmark's investment guidelines
| Company | Reason for Exclusion |
| Anhui GreatWall Military Industry | Cluster Munitions (Oslo-Convention) |
| Aryt Industries Ltd. | Cluster Munitions (Oslo-Convention) |
| Aselsan Elektronik Sanayi Ve T | Cluster Munitions (Oslo-Convention) |
| China Aerospace International Holdings | Cluster Munitions (Oslo-Convention) |
| China Spacesat Co. Ltd. | Cluster Munitions (Oslo-Convention) |
| LIG Nex1 co Ltd. | Cluster Munitions (Oslo-Convention) |
| NORINCO International Cooperation | Cluster Munitions (Oslo-Convention) |
| Poongsan Corporation & Poongsan Holdings | Cluster Munitions (Oslo-Convention) |
| United Aircraft Corp. PJSC | Cluster Munitions (Oslo-Convention) |
| OMV AG | Controversial business practice |
| PDD Holdings | Controversial business practice |
| Petroliam Nasional Bhd (Petronas) | Controversial business practice |
| Petronas Capital Ltd | Controversial business practice |
| Petroleos del Peru SA | Controversial business practice |
| Glencore International | Environment and Labour Rights (e.g. ILO Convention 87 and 97) |
| Adani enterprises | Governance issues and thermal coalmining |
| Adani Ports & Special Economic Zone Ltd | Governance issues |
| Adani Green Energy | Governance issues |
| Adani Energy Solutions Ltd | Governance issues |
| AVIC | Human rights |
| Bank Hapoalim | Human rights |
| Bank Leumi Le-Israel | Human rights |
| Israel Discount Bank | Human rights |
| Mizrahi Tefahot | Human rights |
| Motorola | Human rights |
| E-MART | Labour Rights (e.g. ILO Convention 87 and 97) |
| Tesla | Labour Rights (e.g. ILO Convention 87) |
| Walmart og Walmart de Mexico | Labour Rights (e.g. ILO Convention 87 and 97) |
| Wizz Air Holdings | Labour Rights (e.g. ILO Convention 87 and 97) |
| Zijin Mining Group Co Ltd | Labour Rights |
| CNOOC Ltd. | Low score in in-house oil and gas/very reprehensible business conduct |
| China Petroleum & Chemical Corp. | Low score in in-house oil and gas/very reprehensible business conduct |
| Exxon Mobile Corp. | Low score in in-house oil and gas/very reprehensible business conduct |
| Kunlun Energy | Low score in in-house oil and gas |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp | Low score in in-house oil and gas/very reprehensible business conduct |
| NK Rosneft' Pao | Low score in in-house oil and gas/very reprehensible business conduct |
| Oil & Natural Gas Corporation | Low score in in-house oil and gas/very reprehensible business conduct |
| PetroChina Company Ltd. | Low score in in-house oil and gas/very reprehensible business conduct |
| Saudi Aramcov | Low score in in-house oil and gas/very reprehensible business conduct |
| Surgutneftegas Public Jont Stock Company | Low score in in-house oil and gas/very reprehensible business conduct |
| Tatneft' Pao | Low score in in-house oil and gas/very reprehensible business conduct |
| Sasol Ltd. | Significant climate- and environmental risk |
Furthermore, PensionDanmark does not invest in tobacco producers and oil companies with a revenue share of more than 5% from oil sands. PensionDanmark also excludes mining companies with a revenue share of more than 5% thermal coal production as well as new thermal coal mining from the investment universe, partly because of economic reasons as this is considered an obsolete technology for producing energy. In addition, PensionDanmark excludes companies from Rusia and Belarus due to the Russian invasion of Ukraine.
PensionDanmark exclusions covers all asset classes, including for unlisted companies.
Latest update: Februar 2025