Danske Bank Group is a Danish financial enterprise, operating in 15 countries mainly in the Nordic region and serving around 3.7 million customers. The group offers banking, insurance, mortgage finance and asset management services to Danish and international customers.[i]
Danske Bank’s 2014 arms policy states: “Although the possession of nuclear weapons is not in conflict with international law, their use would most likely violate the human rights. Therefore, Danske Bank does not invest in producers of nuclear weapons nor in companies that contribute to the production of illegal weapons.”[ii] The policy excludes investment in companies involved in nuclear weapons production, development, maintenance, trade and specifically designed delivery systems.
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.”[iii]
Danske Bank maintains an exclusion list based on research by Ethix SRI advisors. Danske Bank currently excludes the following companies for involvement with nuclear weapons: Airbus; Alliant Techsystems; General Dynamics; Gencorp[iv]; Lockheed Martin; MOOG; Northrop Grumman; Safran; Serco and United Technologies.[v]
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 finanical 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 20 May 2015; Danske Bank, “Our markets” website Danske Bank (http://danskebank.com/en-uk/About-us/Our-business/Pages/our-markets.aspx), viewed 20 May 2015;
[ii] Danske Bank, “Arms”, 7 May 2014, website Danske Bank (http://danskebank.com/en-uk/CSR/business/SRI/Pages/Arms.aspx), viewed 20 May 2015.
[iii] Danske Bank, “Responsibility Policy”, 28 November 2014, p.1, available at http://danskebank.com/en-uk/About-us/strategy/policies/Documents/Responsibility_policy_2014.pdf, viewed 19 June 2015.
[iv] GenCorp renamed itself in 2015 and is now known as Aerojet Rocketdyne.
[v] Danske Bank, “Excluded Companies”, 25 March 2015, website Danske Bank (http://danskebank.com/en-uk/CSR/business/SRI/Pages/exclusionlist.aspx), viewed 20 May 2015.