Danske Bank Group is a Danish financial enterprise, operating in 15 countries mainly in the Nordic region and serving around 3.6 million 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[i] At the end of 2015, Danske Capital held DKK 714 billion (€96 billion) assets under management.[ii]
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.[iii]
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.”[iv]
Danske Bank maintains an exclusion list based on research by Ethix SRI advisors. As of June 2016, Danske Bank excludes the following companies for involvement with nuclear weapons: Aerojet Rocketdyne Holdings Inc.; Airbus Group SE; General Dynamics Corp; Lockheed Martin; MOOG; Northrop Grumman Corp; Orbital ATK Inc.; Safran SA; Serco Group Plc., and; United Technologies.[v]
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.
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Congratulations Danske Bank. I saw on www.dontbankonthebomb.com that you have a policy limiting investments in nuclear weapons. I think it’s really important that you share my concern about these weapons, and I appreciate that there is a public policy.
However, the policy does have some loopholes and the Don’t Bank on the Bomb report shows how you still might invest in nuclear weapons producers. I am concerned about this, because Danske Bank also invests my money and I don’t want to be associated in any way with the production of these inhumane weapons.
It would be great if Danske Bank made the following change to make the policy airtight:
• Expand the scope of the policy to cover all finanical products, including assets managed.
With kind regards,
[i] Danske Bank, “Our Business”, website Danske Bank (http://danskebank.com/en-uk/About-us/Our-business/Pages/Danske-bank-business.aspx), viewed 8 August 2016; Danske Bank, “Personal customers” website Danske Bank (http://danskebank.com/en-uk/About-us/Our-business/Pages/PersonalBanking.aspx), viewed 1 October 2016..
[ii] Danske Bank, “Annual Report 2015”, p.29, website Danske Bank (https://www.danskebank.com/en-uk/ir/Documents/2015/Q4/annualreport2015.pdf), viewed 1 October 2016.
[iii] 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 1 October 2016.
[iv] Danske Bank, “Responsibility Policy”, available at http://danskebank.com/en-uk/CSR/strategy-and-policies/Documents/Responsibility%20Policy_2015.pdf, viewed 1 October 2016.
[v] Danske Bank, “Excluded Companies”, 03 June 2016, website Danske Bank (http://danskebank.com/en-uk/CSR/business/SRI/Pages/exclusionlist.aspx), viewed 1 October 2016.