DNB (Den Norske Bank) is Norway’s largest financial services group, serving 2.1 million retail customers and 221,000 corporate clients in Norway. It offers a wide variety of financial services, including loans, savings, advisory services, insurance and pension products.[1] As of the end of 2018, DNB group held NOK604.7 billion (€60.9 billion) assets under management.[2]
DNB does not invest in companies “produce weapons which through normal use violate basic humanitarian principles”. This covers anti-personnel landmines, cluster munitions NBC weapons (nuclear, biological and chemical weapons).[3]
The exclusion policy applies to investments including all assets managed, regardless of whether they are managed by DNB‘s internal or external asset managers.[4]
DNB uses an exclusion list to implement its policy, which is based on information from internal research and external research providers Sustainalytics, MSCI ESG Managers and Reprisk.[5] As of 30 June 2019, the following companies are excluded for involvement in nuclear weapons: AECOM;
Aerojet Rocketdyne Holdings; Airbus (including bonds in Airbus Group Finance); BAE Systems; Boeing; BWX Technologies; Fluor; General Dynamics; Honeywell International; Huntington Ingalls Industries; Jacobs Engineering; Leidos Holdings; Leonardo; Lockheed Martin; Northrop Grumman (including Northrop Grumman Innovation Systems); Raytheon; Safran; Serco and Thales.[6]
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LinkedIn: https://www.linkedin.com/company/dnb/
[1] DNB, “About the Group”, website DNB (https://www.dnb.no/en/about-us/about-the-group.html), viewed 20 February 2019.
[2] DNB, “PRI reporting framework 2019”, UNPRI website (https://reporting.unpri.org/surveys/PRI-reporting-framework-2019/0769F73D-A7A4-4799-89A2-1C58631645AB/79894dbc337a40828d895f9402aa63de/html/2/?lang=en&a=1), viewed 25 September 2019.
[3] DNB, “Standard for Responsible Investments”, 19 November 2019, page 1, available at https://www.dnb.no/portalfront/nedlast/en/about-us/corporate-responsibility/2019/181119_Standard_Responsible_Investment_v.5.1.pdf, viewed 20 February 2019; DNB, written response to Profundo dated 9 May 2014; DNB, written response to Profundo dated 13 June 2014.
[4] DNB, “Group guidelines for corporate social responsibility – credit activities”, page 1, available at https://www.dnb.no/portalfront/nedlast/en/about-us/corporate-responsibility/Group-guidelines-corporate-social-responsibility-in-credit-activities.pdf?popup=true, last viewed 20 February 2019; DNB, “Standard for Responsible Investments”, 19 November 2018, page 5, available at https://www.dnb.no/portalfront/nedlast/en/about-us/corporate-responsibility/2019/181119_Standard_Responsible_Investment_v.5.1.pdf, viewed 20 February 2019; DNB, written response to PAX dated 25 June 2018..
[5] DNB, written response to PAX dated 18 May 2018.
[6] DNB, “Exclusions”, DNB website (https://www.dnb.no/en/about-us/exclusions.html), viewed 20 September 2019.