Danske Bank

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.

Danske Bank's policy on nuclear weapons is leaky! Let's fix it!


Congratulations Dankse Bank!

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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,

Or :

Tweet: Even @DanskeBank_DK knows investing in #nuclear weapons should be restricted. Strengthen the policy& say #goodbyenukes! http://ctt.ec/X710N+

Website: Twitter: Facebook:
www.danskebank.dk/en-dk/Personal/Pages/personal.aspx @DanskeBank_DK www.facebook.com/DanskeBankDanmark


[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.



Who divests?

Policy Research

The financial institutions presented all have publicly available policies – or summaries thereof – excluding investments in nuclear weapons producing companies. Since the banking group usually sets the investment policy and since the group directly or indirectly supervises its subsidiaries, we research the group policy only.

The Hall of Fame section highlights financial institutions that have comprehensive policies preventing investments in nuclear weapon producers. These policies meet all of the criteria.
The Runners-Up provides information on existing policies and makes recommendations for how to strengthen them.


Hall of Fame finanical institution policies policy must:

1. Exclude all nuclear weapon associated companies

The policy excludes:

  • whole companies not only nuclear weapons related projects
  • companies associated with nuclear weapons including through joint ventures
  • companies regardless of their country of origin
  • companies regardless their country of operation

2. Exclude all nuclear weapon associated activities

The policy excludes companies associated with:

  • development, testing, production, maintenance or trade of nuclear weapons related technology, parts, products or services, and;
  • delivery systems such as missiles, that are specifically developed for nuclear tasks. This includes technology that is designed for ‘dual use’ (military and civilian) but excludes technology that is not designed for, but can be used in nuclear warfare. It does not include delivery platforms such as bombers and submarines.

3. Apply to all the institution’s products and services

The institution applies the policy:

  • for the entire Group, including subsidiaries
  • in all markets
  • to all asset management classes – passive and active, internal and external.
  • to all existing and future investments.

The financial institutions in the Hall of Fame have not engaged in any financial relationships with any of the nuclear weapon associated companies listed in this report. The policies of over 80 financial institutions were analysed for this report.

Runners-Up are financial institutions whose nuclear weapons policy does not meet all of the above criteria .


To identify financial institutions with a policy on nuclear weapons, we research a variety of sources: NGO reports, screening-agency information, financial institution reports and websites, information from campaigners and other public sources. For practical reasons, the scope of this report is limited to those financial institutions that have an investment policy or a summary of that policy in English. The list of institutions in the Hall of Fame is not exhaustive. We welcome additions from those able to provide them.

For the purposes of this report, nuclear weapon producers are defined as companies that produce key components to test, develop, maintain, modernise and deploy nuclear weapons. There are countless companies involved in the broad nuclear weapons complex, and this report only details those most heavily involved in the production and maintenance of nuclear warheads and their delivery systems (such as missiles and launch tubes). The report does not include companies involved in the production of delivery platforms (such as nuclear capable bombers and submarines).

In advance of this report, all financial institutions not previously reported on were asked to fill in a standardised questionnaire with detailed questions on the scope and content of their policies. Financial institutions that did not respond are not included. Of the financial institutions listed in the Hall of Fame, several publish a list of companies that they exclude from their investment universe. The companies excluded are listed in the profiles of the financial institutions as a resource. Some financial institutions in the Hall of Fame work with an inclusion list rather than an exclusion list, while others do not make their lists public.

Each financial institution profile in the Hall of Fame includes a brief description of the institution, a summary of key policy elements, and the exclusion list if applicable. We researched investments in companies on our producers list for each of the financial institutions listed in the Hall of Fame. None of the financial institutions listed in the Hall of Fame invest in any of the 27 identified nuclear weapon producers.