Nordea is the largest Nordic bank. It is active in in corporate and institutional banking as well as in retail and private banking.[i] Nordea serves more than 10 million investors and has over €260 billion assets under management.[ii]
Nordea’s policy on nuclear weapons states that Nordea “does not invest in companies which are involved in the production of nuclear weapons”.[iii] Nordea excludes companies that contribute to the development or manufacture of new nuclear weapon programs, including delivery systems that are specifically designed for nuclear weapons[iv], in line with Nordea’s 2010 policy on illegal weapons.[v] Nordea’s policy does not exclude companies that are involved in the trade of already developed nuclear weapons. Companies that contribute to the maintenance of new nuclear weapon programs are also not excluded.[vi]
Nordea’s exclusion policy applies to all actively managed products, except for “index funds, fund of funds using index derivatives, index funds or external funds and external funds.” External asset managers are encouraged to implement Nordea’s Policy for Responsible Investment. [vii]
As of March 2015, Nordea’s exclusion list currently contains 19 companies for involvement with nuclear weapons: Airbus Group; Areva SA; Babcock International; BAE Systems; Boeing;; Contructions industrielles de la Méditerranée; China Shipbuilding Ltd; EADS[viii]; Finmeccanica; General Dynamics; Huntington Ingalls; Jacobs Engineering Group; Lockheed Martin; Northrop Grumman; Premier Explosive; Rolls-Royce Holdings; Safran; Thales; United Technologies and Walchandnagar Industries.[ix] The exclusion list is based on the findings of data provider Ethix SRI Advisors.[x]
We commend Nordea for adopting a public policy on nuclear weapons. We recommend Nordea strengthen its policy to cover all nuclear weapons producing companies including those involved in nuclear weapon maintenance and modernisation. Furthermore, the policy should apply to all of Nordea’s financial products including commercial banking and investment banking activities, passively managed funds and external asset managers. We look forward to engaging with Nordea, 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 Nordea. 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 Nordea 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 Nordea made the following changes to make the policy airtight:
• Cover all nuclear weapons producing companies including those involved in nuclear weapon maintenance and modernisation;
• Apply the policy to all of Nordea’s financial products including commercial banking and investment banking activities, passively managed funds and external asset managers.
With kind regards,
[i] Nordea, “Our organisation”, Nordea website (http://www.nordea.com/en/about-nordea/who-we-are/our-organisation/), viewed 17 October 2016.
[ii] Nordea, “Polices”, Nordea website (http://www.nordea.com/en/responsibility/sustainable-finance/policies/), viewed 17 October 2016.
[iii] Nordea, “Responsible investment policy”, page 9, available at: http://www.nordea.com/Images/33-99083/RI_Policy_JAN2016_3.pdf, viewed 17 October 2016.
[iv] Nordea, “Responsible Investment Policy”, p.9, available at http://www.nordea.com/Images/33-99083/RI_Policy_JAN2016_3.pdf, viewed 17 October 2016; Nordea, written response to Profundo dated 25 June 2014.
[v] Nordea, “Responsible Investments & Identity. Annual Report 2012”, p.13, available at http://www.nordea.com/sitemod/upload/root/www.nordea.com%20-%20uk/aboutnordea/csr/RIG_Annual_2013_final_web.pdf, viewed 17 October 2015.
[vi] Nordea, written response to Pax dated 2 September 2013; Nordea, written response to Profundo dated 25 June 2014.
[vii] Nordea, “Responsible investment policy”, page 4, January 2016, available at: http://www.nordea.com/Images/33-99083/RI_Policy_JAN2016_3.pdf, viewed 17 October 2016.
[viii] EADS renamed itself in 2014 and is now known as Airbus Group.
[ix] Nordea, “Exclusion List”, available at http://www.nordea.com/en/responsibility/sustainable-finance/exclusion-list/, viewed 17 October 2016.
[x] Nordea, “Responsible Investment Report 2014 ”, p.9, available at http://www.nordea.com/Images/33-50580/Nordea_RII_Annual_Report_2014.pdf, viewed 17 October 2016 .