Folksam is a Swedish insurance company that offers a wide variety of insurance, savings and loan products. With about 4 million customers, it is one of Sweden’s largest investment managers.[i]
Folksam excludes companies that are involved in the development, manufacture and maintenance of nuclear weapons or delivery systems designed for nuclear weapons, as well as companies trading in these weapons.[ii]
The exclusion policy applies to all of Folksam’s commercial banking and asset management activities, regardless of whether they are managed internally or by external asset managers.[iii] However, Folksam does not apply the exclusion policy to index-linked products managed by external managers.[iv]
Folksam’s exclusion list is publicly available and features the following companies since October 2014 for involvement with nuclear weapons: Babcock International; BAE Systems; Boeing; Finmeccanica; Fluor; GenCorp[v];Honeywell International; Jacobs Engineering; Northrop Grumman and Safran.[vi]
Folksam was listed in the Hall of Fame of the 2014 Don’t Bank on the Bomb report but additional research has uncovered that the scope of the policy does not apply to all of Folksam’s financial products. We recommend Folksam expand the scope of its exclusion policy to apply to all financial products, including index-linked products managed by external managers. We look forward to engaging with Folksam, 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 Folksam. 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 Folksam 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 Folksam made the following change to make the policy airtight:
• Expand the scope of the exclusion policy to apply to all financial products, including index-linked products managed by external managers.
With kind regards,
[i] Folksam, “About Folksam”, website Folksam (http://omoss.folksam.se/inenglish/aboutfolksam), viewed 11 May 2015.
[ii] Folksam, “Annual Report and Sustainability Report 2014”, p.42, available at http://media.folksam.se/en/files/2015/05/Folksam-Annual-Report-and-Sustainability-Report-2014.pdf, viewed 11 May 2015; Folksam, written response to Profundo dated 23 May 2014.
[iii] Folksam, written response to PAX dated 26 April 2015.
[iv] Folksam, written response to PAX dated 23 June 2015.
[v] GenCorp renamed itself in 2015 and is now known as Aerojet Rocketdyne.
[vi] Folksam, “Företag i vilka vi inte placerar”, website Folksam (http://omoss.folksam.se/meranforsakring/varaplaceringskriterier/uteslutnaforetag), viewed 11 May 2015.