Kommunal Landspensjonkasse (KLP) is Norway’s largest life insurance company. It delivers financial and insurance services to the public sector, businesses associated with the public sector and their employees. KLP has total assets of NOK 553 billion (€59 billion).[i]

The 2014 KLP Guidelines for Responsible Investment state that KLP will exclude investments in “companies that produce weapons whose normal use violates fundamental humanitarian principles”.[ii] KLP guidelines are aligned with the ethical guidelines for the Norwegian Government Pension Fund and KLP follows the recommendations made by the Council on Ethics of the Norwegian Government.[iii] As a result, KLP does not invest in companies that develop, manufacture, maintain, buy or sell weapons that breach fundamental humanitarian principles or key components for these weapons.

KLP applies its exclusion policy only to those activities and components that contribute entirely or primarily to nuclear weapons. Following the reasoning of the Council on Ethics, which states that “dual use is, as a point of departure, not covered by the guidelines”,[iv] KLP does not exclude all companies producing weapon systems or key components that are designed for nuclear tasks, for example, components specifically but not solely designed for launching nuclear missiles from submarines.[v] The policy applies to internal and external asset managers.[vi]

KLP’s exclusion list of 21 June 2016 contains 18 companies with activities related to nuclear weapons:

Aerojet Rocketdyne Holdings; Airbus Group; Babcock & Wilcox; BAE Systems; Boeing; BWX Technologies Inc.; Finmeccanica; Fluor Corp.; General Dynamics; Honeywell International; Huntington Ingalls Industries; Jacobs Engineering; Lockheed Martin; Northrop Grumman; Orbital ATK; Raytheon;

Safran Group, and; Serco Group.[vii] The exclusion list is based on the findings of data provider Global Engagement Services (GES) and on the recommendations of the Council of Ethics of the Norwegian Government Pension Fund.[viii]

We commend KLP for adopting a public policy on nuclear weapons. We recommend KLP apply its policy to all nuclear weapons producing companies including those producing dual-use goods. We look forward to engaging with KLP, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.

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


Congratulations KLP!

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Congratulations KLP. 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 KLP 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 KLP made the following change to make the policy airtight:
• Apply the policy to all nuclear weapons producing companies including those producing dual-use goods.

With kind regards,

Website: Facebook:
www.klp.no/ www.facebook.com/klp.no


[i] KLP, “This is KLP”, website KLP (http://english.klp.no/about-klp/facts), viewed 13 October 2016.

[ii] KLP, “Guidelines for responsible investment”, page 2, 4 November 2014, available from: http://english.klp.no/polopoly_fs/1.33317.1459346158!/menu/standard/file/KLP%20guidelines%20for%20responsible%20investment%20-.pdf, viewed 13 October 2016.

[iii] KLP, “Exclusion and dialogue”, website KLP (http://english.klp.no/about-klp/corporate-responsibility/exclusion-and-dialogue#tab7-8022), viewed 13 October 2016; KLP, written response to Profundo dated 30 May 2014.

[iv] Etikradet, “Recommendation on exclusion”, 19 September 2005, p. 3., website Ethical Council (http://etikkradet.no/?p=1313), viewed 14 June 2016.

[v] Government Pension Fund Global, written response to PAX, 11 May 2015; Etikradet, “Recommendation of 19 September, 2009, on the exclusion of companies involved in the production of nuclear weapons”, 19 September 2005, p. 3., website Ethical Council (http://etikkradet.no/?p=1313), viewed 13 October 2016; written response to Profundo dated 30 May 2014.

[vi] KLP, written response to Profundo dated 30 May 2014.

[vii] KLP, “KLP list “, pages 16-22, available from: http://english.klp.no/polopoly_fs/1.34185.1466491449!/menu/standard/file/KLP-LISTEN_15%2006%202016_ENGLISH.pdf, viewed 13 October 2016.

[viii] KLP, “KLP-Listen. Selskaper ekskludert per 1. desember 2014”, December 2014, available at http://english.klp.no/polopoly_fs/1.29242.1417534451!/menu/standard/file/KLP-LISTEN_01%2012%202014_NORSK.pdf, viewed 13 October 2015; KLP, “Exclusion and dialogue with companies”, website KLP (http://english.klp.no/about-klp/corporate-responsibility/exclusion-and-dialogue), viewed 13 October 2016; KLP, written response to Profundo dated 30 May 2014.


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.