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] As of June 2016, Folksam holds SEK 385,185 assets under management.[ii]

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.[iii]

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.[iv] However, Folksam does not currently apply the exclusion policy to index-linked products managed by external managers.[v]

Folksam’s exclusion list is publicly available based on research by MCSI and SIX. As of 23 May 2016, the following companies were exclude from the Folksam investment universe: Airbus Group; Babcock International Group; BAE Systems; Boeing CO; EADS[vi]; Elbit Systems; Finmeccanica; Flour Corp; Gencorp[vii]; General Dynamics; Honeywell International; Jacobs Engineering; L-3 Communication; Lockheed Martin; Northrop Grumman; Raytheon; Safran; ST Engineering, and; Textron.[viii]

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.

Folksam's policy on nuclear weapons is leaky. Tell them to fix it!


Congratulations Folksam!

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Congratulations Folksam. I saw on 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,

Or :

Tweet: Even @Folksam knows investing in #nuclear weapons should be restricted. Strengthen the policy & say #goodbyenukes.


Website: Twitter: Facebook @Folksam


[i] Folksam, “About Folksam”, website Folksam (, viewed 10 October 2016.

[ii] Folksam, “Interim Report January – June 2016”, page 3, available at:, viewed 10 October 2016.

[iii] Folksam, “Annual Report and Sustainability Report 2015”, p.44, available at, viewed 10 October 2016; Folksam, written response to Profundo dated 23 May 2014.

[iv] Folksam, written response to PAX dated 26 April 2015.

[v] Folksam, “Företag i vilka vi inte placerar”, website Folksam (, viewed 10 October 2016; Folksam, written response to PAX dated 23 June 2015.

[vi] EADS renamed itself in 2014 and is now known as Airbus Group.

[vii] GenCorp renamed itself in 2015 and is now known as Aerojet Rocketdyne.

[viii] Folksam, “Företag i vilka vi inte placerar”, website Folksam (, viewed 10 October 2016


Who divests?

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.