DNB is Norway’s largest financial services group, serving 2.1 million retail customers and 220,000 corporate clients in Norway. It offers a wide variety of financial services, including loans, savings, advisory services, and insurance pension products.[i]
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.[ii]
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 Honneywell.[iii]
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.[iv] DNB does not publish its exclusion list.[v]
We commend DNB for adopting a public policy on nuclear weapons. Below the threshold investments in nuclear weapon producers listed in this report hold DNB back from entering the Hall of Fame. We recommend DNB divest from the remaining nuclear weapons associated companies in its portfolio, so that it may be listed in the Hall of Fame in a future update of this report.
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Congratulations DNB. 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 Don’t Bank on the Bomb report shows how you still invest in nuclear weapons producers. I am concerned about this, because DNB 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 DNB would divest from the remaining nuclear weapons associated companies in its portfolio.
With kind regards,
[i] DNB, “About the Group”, website DNB (https://www.dnb.no/en/about-us/about-the-group.html), viewed 8 May 2015.
[ii] DNB, “DNB Corporate Social Responsibility Report 2014”, p.22, available at https://www.dnb.no/portalfront/nedlast/no/om-oss/samfunnsansvar/2014/Corporate-social-responsibility-report-2014.pdf, viewed 8 May 2015; DNB, written response to Profundo dated 9 May 2014; DNB, written response to Profundo dated 13 June 2014.
[iii] 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 12 June 2014; 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 14 September 2015.
[iv] DNB, written response to Profundo dated 3 July 2014.
[v] DNB, written response to Profundo dated 9 May 2014.