Storebrand Group is a leading institution in the Nordic market for long-term savings and insurance. Storebrand manages more than NOK 621 billion (€64 billion) and is Norway’s largest asset manager.[1]
Storebrand Group’s investment policies, the “Storebrand Standard” state that the group “will not invest in companies involved in the development and/or production of controversial weapons; testing of controversial weapons; production of components to be used exclusively for controversial weapons; or stockpiling and/or transfer of controversial weapons. This criterion includes but is not limited to: landmines, cluster munitions, nuclear weapons and biological and chemical weapons.”[2]
The exclusion policy applies to all asset management activities. External asset managers are instructed to comply with the policy.[3]
Storebrand bases its exclusions on companies in MSCI AC + companies on the Swedish and Norwegian stock exchanges.[4] The final decisions are made by an investment committee, which is made up of selected representatives from the Storebrand Group.
Storebrand Group conducts quarterly reviews of its exclusion list, and at a minimum is compliant with the exclusion list published by Norges Bank Investment Management.[5] As of the third quarter 2017, Storebrand Group excluded the following companies for their involvement with controversial weapons: Airbus Group; Aselsan Elektronik Sanayi Ve Ticaret AS; Babcock International Group PLC; BAE Systems plc; Boeing Corp; Elbit Systems Ltd; Finmeccanica SpA; Fluor Corp; General Dynamics Corp; Hanwha Corp; Hanwha Techwin Co Ltd; Harris Corporation; Honeywell International; Huntington Ingalls Industries Inc; Jacobs Engineering Group; Larsen & Toubro Ltd; Lockheed Martin; Northrop Grumman Corporation; Raytheon Company; Rockwell Collins; Rolls-Royce Holdings PLC; Safran; Singapore Technologies Engineering; Textron Inc; Thales.[6]
Storebrand Group actively supports a world without nuclear weapons and supports the International Campaign to Abolish Nuclear Weapons (ICAN) efforts in the Norwegian campaign.
Website: http://www.storebrand.no/
Twitter: @storebrand_no
Facebook: https://www.facebook.com/storebrand.no
[1] Storebrand Group, “Welcome to Storegrand”, website Storebrand Group (https://www.storebrand.no/en), viewed 23 January 2018, written response to PAX dated 22 November 2017.
[2] Storebrand Group, “Storebrand Investments — Storebrand Standard”, website Storebrand Group (https://www.storebrand.no/en/sustainability/storebrand-standard), viewed 23 January 2018.
[3] Storebrand Group, “Guidelines for Sustainability”, website Storebrand Group (https://www.storebrand.no/en/sustainability/guidelines), viewed 23 January 2018; Storebrand Group, written response to Profundo dated 23 May 2014.
[4] Storebrand Group, written response to PAX dated 26 May 2016.
[5] Storebrand Group, “Storebrand Sustainable Investments Policy”, page 3, available at: https://www.storebrand.no/en/sustainability/guidelines/_attachment/7747?_ts=15b333dd6bd, viewed 23 January 2018.
[6] Storebrand Group, “Bærekraftige investeringer i Storebrand Q3 2017”, available at https://www.storebrand.no/om-storebrand/barekraft/utelukkelser/_attachment/8488?_ts=15f10221044, viewed 23 January 2018.
Last modified March 2018