Worldwide investments in CLUSTER MUNITIONS
report-worldwide_investments_cluster_munitions-2016
report-worldwide_investments_cluster_munitions-2016
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2.1.38 Storebrand Group (Norway)<br />
Storebrand Group is a lead<strong>in</strong>g player <strong>in</strong> the Nordic market for long-term sav<strong>in</strong>gs and <strong>in</strong>surance. It has<br />
also established asset management activities and offers life and health <strong>in</strong>surance products <strong>in</strong> Sweden.<br />
Storebrand Group serves a total of 1.8 million customers <strong>in</strong> Norway and Sweden. 327<br />
Storebrand Group’s Susta<strong>in</strong>able Investments – Standards document states that “Storebrand shall <strong>in</strong>vest<br />
<strong>in</strong> companies that comply with <strong>in</strong>ternational norms for controversial weapons. This criterion is based on<br />
the Ottawa Convention aga<strong>in</strong>st anti-personnel landm<strong>in</strong>es and the Oslo Convention aga<strong>in</strong>st cluster<br />
munitions.” 328 As such, Storebrand Group has barred cluster munitions producers from its <strong>in</strong>vestment<br />
portfolios. Storebrand Group applies its exclusion policy to all asset management activities. External asset<br />
managers are <strong>in</strong>structed to comply with the policy. 329<br />
Storebrand Group’s exclusion list currently conta<strong>in</strong>s 22 companies <strong>in</strong>volved <strong>in</strong> controversial weapons.<br />
This category <strong>in</strong>cludes cluster munitions, anti-personnel m<strong>in</strong>es and nuclear weapons. 330 The list is limited<br />
to the companies <strong>in</strong>cluded <strong>in</strong> the MSCI All Country Indexes, the Oslo Stock Exchange and the Stockholm<br />
Stock Exchange, which make up Storebrand Group’s <strong>in</strong>vestment universe. The exclusion list is based on<br />
<strong>in</strong>formation from data provider Susta<strong>in</strong>alytics and has been made public as of November 2015. The list<br />
consists of: Airbus, Babcock International, BAE Systems, Boe<strong>in</strong>g, F<strong>in</strong>meccanica, Fluor Corporation, General<br />
Dynamics, Hanwha Chemical Corporation, Hanwha Corporation, Honeywell International, Jacobs<br />
Eng<strong>in</strong>eer<strong>in</strong>g, Larsen & Toubro, Lockheed Mart<strong>in</strong>, Northrop Grumman, Oceaneer<strong>in</strong>g, Raytheon, Rockwell<br />
Coll<strong>in</strong>s, Rolls-Royce Hold<strong>in</strong>gs, Safran, S<strong>in</strong>gapore Technologies Eng<strong>in</strong>eer<strong>in</strong>g, Textron and Thales. 331<br />
Exclusion lists<br />
Several f<strong>in</strong>ancial <strong>in</strong>stitutions have put the companies they exclude on a blacklist. Not all lists are<br />
identical, s<strong>in</strong>ce not all f<strong>in</strong>ancial <strong>in</strong>stitutions rely on the same premises when draft<strong>in</strong>g a list. Some<br />
start from their own <strong>in</strong>vestment universes and exclude cluster munitions producers from that (e.g.<br />
the Norwegian Government Pension Fund – Global). Others start from companies listed <strong>in</strong> an <strong>in</strong>dex<br />
(DACS, MCSI, Dow Jones, BEL 20, etc.), or with headquarters <strong>in</strong> a given geographical area (America or<br />
Europe).<br />
Hav<strong>in</strong>g an exclusion list makes it easier for a f<strong>in</strong>ancial <strong>in</strong>stitution to implement its policy. A<br />
published exclusion list is an <strong>in</strong>dictment aga<strong>in</strong>st companies produc<strong>in</strong>g <strong>in</strong>discrim<strong>in</strong>ate weapons and<br />
an <strong>in</strong>ducement for them to stop produc<strong>in</strong>g these.<br />
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