DNB is Norway’s largest financial services group, serving 2.1 million retail customers and 230,000 corporate clients in Norway. It offers a wide variety of financial services, including loans, savings, advisory services, and insurance pension products.[i] As of the end of 2015, DNB held NOK 287 billion (€22 billion) assets under management.[ii]
DNB does not invest in companies that are in any way involved in weapons of mass destruction or central components for the use of these weapons. The financial group defines weapons of mass destruction as NBC weapons (nuclear, biological and chemical weapons) and excludes companies regardless of their origin.[iii]
In 2013, DNB decided to extend its weapons of mass destruction policy to its commercial banking activities, which means that DNB no longer provides credit or finance to companies with activities related to nuclear weapons. As a consequence, DNB actively ended its participation in a loan to Honeywell.[iv]
The exclusion policy applies to all assets managed, regardless of whether they are managed by DNB‘s internal or external asset managers. DNB maintains an internal blacklist of companies, which is based on information from external research providers GES Investment Services and GMI Ratings.[v] DNB does not publish its exclusion list.[vi]
In the previous update of this report DNB was listed in the Runners-Up category for below the threshold investments. We commend DNB for divesting from the remaining nuclear weapons producer in its portfolio in 2016 and welcome it to the Hall of Fame.
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I saw on www.dontbankonthebomb.com that you have a comprehensive policy prohibiting investments in nuclear weapons producing companies.
Financial institutions like yours are helping to build the stigma around these inhumane weapons, something that is urgently needed. Nuclear weapons are the only weapon of mass destruction that’s not explicitly outlawed through an international treaty- and thanks to your policy we can show how important and necessary it is that all of society act urgently to prohibit and eliminate nuclear weapons once and for all.
Thank you for your help in creating a nuclear weapons free world.
With kind regards,
[i] DNB, “About the Group”, website DNB (https://www.dnb.no/en/about-us/about-the-group.html), viewed 13 June 2016.
[ii] DNB, “DNB Group Annual Report 2015”, p.162, available at https://www.dnb.no/portalfront/nedlast/no/om-oss/resultater/2015/annual-report-dnb-group-2015.pdf, viewed 22 September 2016.
[iii] DNB, “DNB Group Annual Report 2015”, p.52, available at https://www.dnb.no/portalfront/nedlast/no/om-oss/resultater/2015/annual-report-dnb-group-2015.pdf, viewed 22 September 2016; DNB, written response to Profundo dated 9 May 2014; DNB, written response to Profundo dated 13 June 2014.
[iv] DNB, “DNB Corporate Social Responsibility Report 2013”, p.16, available at https://www.dnb.no/portalfront/nedlast/no/om-oss/samfunnsansvar/2013/Corporate-social-responsibility-report-2013.pdf, viewed 22 September 2016; DNB, “Group guidelines for corporate social responsibility in credit activities within DNB”, p.1, available at https://www.dnb.no/portalfront/nedlast/en/about-us/corporate-responsibility/Group-guidelines-corporate-social-responsibility-in-credit-activities.pdf , viewed 22 September 2016.
[v] DNB, written response to Profundo dated 3 July 2014.
[vi] DNB, written response to Profundo dated 9 May 2014.