Danske Bank Group is a Danish financial enterprise, operating in 16 countries mainly in the Nordic region and serving around 2.7 million personal customers. Danske Bank offers advisory services and a broad range of financial products and services in the fields of banking, property financing, leasing, insurance and pensions[1] At the end of 2017, Danske Capital held DKK 1,530 million (€205 million) assets under management.[2]
Danske Bank’s 2016 Arms and Defence position statement says “While weapons such as cluster munitions are considered illegal according to international law, nuclear weapons, according to the Non Proliferation Treaty, are not. Even so, Danske Bank believes that the use of nuclear weapons most likely would have indiscriminate effects and would violate human rights. Danske Bank therefore does not conduct business with or invest in companies that directly or through their supply of bespoke components are involved in the production of nuclear warheads or missiles. We recognise, however, that maintenance and service are necessary to ensure an adequate level of security regarding existing nuclear weapons.” The policy excludes investment in companies involved in nuclear weapons production, development, trade and specifically designed delivery systems.[3]
The exclusion policy applies to all asset classes, including both internally and externally managed funds, and also including passively managed funds. However, “the policy does not apply to funds-of-funds, structured products, individual securities or derivatives, institutional mandates, institutional funds or managed accounts.”[4]
Danske Bank maintains an exclusion list based on research by Ethix SRI advisors. As of January 2017, Danske Bank excludes the following companies for involvement with nuclear weapons: Aerojet Rocketdyne Holdings; Airbus; General Dynamics; Lockheed Martin; MOOG; Northrop Grumman; Orbital ATK; Safran; Serco and United Technologies.[5]
Danske Bank was also found to have several investments in nuclear weapon producing companies identified by this report, more information can be found in the Hall of Shame.
We commend Danske Bank for adopting a public policy on nuclear weapons. We recommend Danske Bank expand the scope of its policy to cover all financial products, including assets managed. We look forward to engaging Danske Bank, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
[1] Danske Bank, “Our Business”, website Danske Bank (https://danskebank.com/about-us), viewed 23 January 2018.
[2] Danske Bank, “Annual Report 2017”, p.29, available at (https://danskebank.com/-/media/danske-bank-com/file-cloud/2018/2/annual-report-2017.pdf, viewed 23 January 2018.
[3] Danske Bank, “Arms and defence position statement”, 4 April 2016, page 4, available at: http://danskebank.com/en-uk/CSR/strategy-and-policies/Documents/DanskeBank_PositionStatement_Arms_and_defence.pdf, viewed 23 January 2018.
[4] Danske Bank, “Responsibility Policy”, available at http://danskebank.com/en-uk/CSR/strategy-and-policies/Documents/Responsibility%20Policy_2015.pdf, viewed 23 January 2018.
[5] Danske Bank, “Excluded Companies”, 2 January 2017, available at https://danskebank.com/-/media/danske-bank-com/file-cloud/2017/2/excluded-companies.pdf, viewed 23 January 2018.
Last updated March 2018