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.


Congratulations DNB!


Congratulations DNB!

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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,

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Tweet: Congratulations @dnb_nor for having a policy limiting investments in #nuclear weapons and for saying #goodbyenukes! http://ctt.ec/Ec1jZ+

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[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.

Hall of Fame Institutions

ASN Bank, The Netherlands

ASR, The Netherlands

Australian Ethical, Australia

Banca Etica, Italy

The Co-operative Bank, United Kingdom

DNB, Norway

Menzis, The Netherlands

NIBC, The Netherlands

Pensioenfonds Horeca & Catering, The Netherlands

Philips Pension Fund, The Netherlands

PFA, Denmark

PNO Media, The Netherlands

SNS Bank N.V., The Netherlands

Spoorwegpensioenfonds, The Netherlands

Stichting Pensioenfonds Openbaar Vervoer (SPOV), The Netherlands

Storebrand Group, Norway

Swedish Pension Fund AP7, Sweden

Triodos Bank, The Netherlands

Criteria and Methodology

Policy Research

The financial institutions presented all have publicly available policies – or summaries thereof – excluding investments in nuclear weapons producing companies. Since the banking group usually sets the investment policy and since the group directly or indirectly supervises its subsidiaries, we research the group policy only.

The Hall of Fame section highlights financial institutions that have comprehensive policies preventing investments in nuclear weapon producers. These policies meet all of the criteria.
The Runners-Up provides information on existing policies and makes recommendations for how to strengthen them.


Hall of Fame finanical institution policies policy must:

1. Exclude all nuclear weapon associated companies

The policy excludes:

  • whole companies not only nuclear weapons related projects
  • companies associated with nuclear weapons including through joint ventures
  • companies regardless of their country of origin
  • companies regardless their country of operation

2. Exclude all nuclear weapon associated activities

The policy excludes companies associated with:

  • development, testing, production, maintenance or trade of nuclear weapons related technology, parts, products or services, and;
  • delivery systems such as missiles, that are specifically developed for nuclear tasks. This includes technology that is designed for ‘dual use’ (military and civilian) but excludes technology that is not designed for, but can be used in nuclear warfare. It does not include delivery platforms such as bombers and submarines.

3. Apply to all the institution’s products and services

The institution applies the policy:

  • for the entire Group, including subsidiaries
  • in all markets
  • to all asset management classes – passive and active, internal and external.
  • to all existing and future investments.

The financial institutions in the Hall of Fame have not engaged in any financial relationships with any of the nuclear weapon associated companies listed in this report. The policies of over 80 financial institutions were analysed for this report.

Runners-Up are financial institutions whose nuclear weapons policy does not meet all of the above criteria .


To identify financial institutions with a policy on nuclear weapons, we research a variety of sources: NGO reports, screening-agency information, financial institution reports and websites, information from campaigners and other public sources. For practical reasons, the scope of this report is limited to those financial institutions that have an investment policy or a summary of that policy in English. The list of institutions in the Hall of Fame is not exhaustive. We welcome additions from those able to provide them.

For the purposes of this report, nuclear weapon producers are defined as companies that produce key components to test, develop, maintain, modernise and deploy nuclear weapons. There are countless companies involved in the broad nuclear weapons complex, and this report only details those most heavily involved in the production and maintenance of nuclear warheads and their delivery systems (such as missiles and launch tubes). The report does not include companies involved in the production of delivery platforms (such as nuclear capable bombers and submarines).

In advance of this report, all financial institutions not previously reported on were asked to fill in a standardised questionnaire with detailed questions on the scope and content of their policies. Financial institutions that did not respond are not included. Of the financial institutions listed in the Hall of Fame, several publish a list of companies that they exclude from their investment universe. The companies excluded are listed in the profiles of the financial institutions as a resource. Some financial institutions in the Hall of Fame work with an inclusion list rather than an exclusion list, while others do not make their lists public.

Each financial institution profile in the Hall of Fame includes a brief description of the institution, a summary of key policy elements, and the exclusion list if applicable. We researched investments in companies on our producers list for each of the financial institutions listed in the Hall of Fame. None of the financial institutions listed in the Hall of Fame invest in any of the 27 identified nuclear weapon producers.