Worldwide investments in CLUSTER MUNITIONS

2.1.38 Storebrand Group (Norway)
Storebrand Group is a leading player in the Nordic market for long-term savings and insurance. It has
also established asset management activities and offers life and health insurance products in Sweden.
Storebrand Group serves a total of 1.8 million customers in Norway and Sweden. 327
Storebrand Group’s Sustainable Investments – Standards document states that “Storebrand shall invest
in companies that comply with international norms for controversial weapons. This criterion is based on
the Ottawa Convention against anti-personnel landmines and the Oslo Convention against cluster
munitions.” 328 As such, Storebrand Group has barred cluster munitions producers from its investment
portfolios. Storebrand Group applies its exclusion policy to all asset management activities. External asset
managers are instructed to comply with the policy. 329
Storebrand Group’s exclusion list currently contains 22 companies involved in controversial weapons.
This category includes cluster munitions, anti-personnel mines and nuclear weapons. 330 The list is limited
to the companies included in the MSCI All Country Indexes, the Oslo Stock Exchange and the Stockholm
Stock Exchange, which make up Storebrand Group’s investment universe. The exclusion list is based on
information from data provider Sustainalytics and has been made public as of November 2015. The list
consists of: Airbus, Babcock International, BAE Systems, Boeing, Finmeccanica, Fluor Corporation, General
Dynamics, Hanwha Chemical Corporation, Hanwha Corporation, Honeywell International, Jacobs
Engineering, Larsen & Toubro, Lockheed Martin, Northrop Grumman, Oceaneering, Raytheon, Rockwell
Collins, Rolls-Royce Holdings, Safran, Singapore Technologies Engineering, Textron and Thales. 331
Exclusion lists
Several financial institutions have put the companies they exclude on a blacklist. Not all lists are
identical, since not all financial institutions rely on the same premises when drafting a list. Some
start from their own investment universes and exclude cluster munitions producers from that (e.g.
the Norwegian Government Pension Fund – Global). Others start from companies listed in an index
(DACS, MCSI, Dow Jones, BEL 20, etc.), or with headquarters in a given geographical area (America or
Europe).
Having an exclusion list makes it easier for a financial institution to implement its policy. A
published exclusion list is an indictment against companies producing indiscriminate weapons and
an inducement for them to stop producing these.
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