PenSam is a Danish pension fund that manages occupational pension schemes for about 400,000 clients in Danish municipalities and regions and private organisations. PenSam also offers banking and insurance products.[1] In 2016, PenSam managed 130 billion Danish kroner (€17,5 billion) in assets.[2]
PenSam’s guidelines on ethical investments state that PenSam avoids “companies that contribute to the production or development of cluster bombs, nuclear weapons or any sub-components used only for such weapons.”[3] Pensam excludes companies involved in the production, development, trade, maintenance of nuclear weapons and specifically designed delivery systems for nuclear weapons.[4]
The exclusion policy applies to all of the pension fund’s investments, including those managed by external asset managers.[5]
PenSam maintains a publicly available exclusion list based on research by EIRIS to implement its policy.[6] As of December 2018, the list contains the following companies for involvement with nuclear weapons: Babcock & Wilcox; BAE Systems; Boeing; EADS; Finmeccanica; Fluor Systems; GenCorp; Huntington Ingalls; Honeywell International; Jacobs Engineering; Northrop Grumman Corp; Northrop Grumman Space; Safran; Serco and United Technologies.[7]
Website:
https://www.pensam.dk/engelsk/Pages/Engelsk.aspx
[1] Pensam, “Forretningsområde”, website Pensam (https://www.pensam.dk/om-pensam/pensam-gruppen/forretningsomraade/Sider/Forretningsomraade.aspx), viewed 23 January 2018.
[2] PenSam, “Årsrapporter 2016”, website PenSam (https://www.pensam.dk/om-pensam/tal/aarsrapporter/Sider/Aarsrapporter.aspx#section-1), viewed 23 January 2018.
[3] Pensam, “Ethical investments”, website Pensam (https://www.pensam.dk/engelsk/Pages/Ethical-investments.aspx), viewed 23 January 2018.
[4] Pensam, written response to PAX dated 13 May 2015.
[5] Pensam, written response to PAX dated 13 May 2015.
[6] Pensam, written response to PAX dated 13 May 2015.
[7] Pensam, “Udelukkelsesliste december 2017”, December 2-017, available at https://www.pensam.dk/om-pensam/PDFfiler/Investering/PenSam’s%20udelukkelsesliste%20selskaber%20november%202017.pdf, viewed 23 January 2018.
Last modified March 2018