Excluded Investments
December 2022
Funds and other investments products managed through the Danske Bank Group can be restricted by a pre-defined list of investment exclusions ensuring adherence to Group Position Statements and/or that that the respective strategies have a lower exposure towards investments with negative impact on sustainability factors. Exclusions may also safeguard principles on good governance.
Depending on the combination of exclusions, investment products that apply exclusions as binding elements in investment strategies are considered to promote environmental and/or social characteristics in the form of:
1 Adherence to UN Global Compact, principles, OECD Guidelines for Multinational Enterprises, UN Guiding Principles on Business and Human Rights and ILO conventions and other relevant social
safeguards through the exclusion of certain activities and conducts deemed harmful to society.
- Promotion of environmental safeguards through the exclusion of certain activities deemed to have significant negative climate impact.
- Promotion of certain ethical and social safeguards through the exclusion of certain activities deemed to be non-ethicalor controversial.
The table below outlines investments excluded under exclusions captured by each exclusion category. The exact combination of applicable exclusions in a product varies depending on the investment strategy.
For specific information on whether an investment product promote any of the above listed environmental or social characteristics and information on the exclusions applied for such characteristic, please see the so-called SFDR annex to the prospectus, portfolio management agreement or other pre-contractual documentation entered with Danske Bank.
For further information on the exclusion categories, activities, criteria, scope and thresholds employed by Danske Bank, see the Exclusion Instruction at Sustainability related disclosures (danskebank.com).
Because of current market conditions as well as our duty to act in best interest of clients, certain companies/countries listed below may at the time of publication of this list still be present in portfolios, but with the aim of being divested.
December 2022
Company | Exclusion Category | Criteria | |||||
Arrow Exploration Corp. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Athabasca Oil Corporation | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Baytex Energy (LP) Ltd. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Baytex Energy Corp. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
BlackPearl Resources, Inc. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Canadian Natural Resources | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Limited | |||||||
Cenovus Energy Inc. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Conoco Funding Co. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
ConocoPhillips | Activities resulting in significant negative impact on the climate | Tar sands | |||||
ConocoPhillips Australia | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Funding Co. | |||||||
ConocoPhillips Canada Funding | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Co. I | |||||||
ConocoPhillips Canada Funding | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Co. II | |||||||
Freehold Royalties Ltd. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Harvest Operations Corp. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Husky Energy Inc. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Imperial Oil Limited | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Japan Petroleum Exploration | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Co., Ltd. | |||||||
MEG Energy Corp. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
PC Financial Partnership | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Pengrowth Energy Corporation | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Petroteq Energy, Inc. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Strata Power Corp. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Strathcona Resources Ltd. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Suncor Energy Inc. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Sunshine Oilsands Ltd. | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Teck Resources Limited | Activities resulting in significant negative impact on the climate | Tar sands | |||||
Aboitiz Equity Ventures, Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
Aboitiz Power Corp. | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
AC Energy Corp. | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
Adani Electricity Mumbai Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
Adani Enterprises Limited | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
Adani Power Limited | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
Adani Transmission Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
AES Andes SA | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
AES Andres BV | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
AES Argentina Generacion SA | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
AES El Salvador Trust II | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
African Rainbow Minerals Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
AGL Energy Limited | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
Agritrade Resources Limited | Activities resulting in significant negative impact on the climate | Thermal coal | |||||
December 2022
Aksa Enerji Uretim AS | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Alabama Power Company | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Alarko Holding AS | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Albioma SA | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
ALLETE, Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Alliance Holdings GP LP | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Alliance Resource Operating | Activities resulting in significant negative impact on the climate | |||||
Partners LP | Thermal coal | |||||
Alliance Resource Partners LP | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Alliant Energy Corporation | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Alpha Metallurgical Resources, | Activities resulting in significant negative impact on the climate | |||||
Inc. | Thermal coal | |||||
Altius Minerals Corporation | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Ameren Corporation | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
American Electric Power | Activities resulting in significant negative impact on the climate | |||||
Company, Inc. | Thermal coal | |||||
An Hui Wenergy Co., Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Anglo Pacific Group Plc | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Anhui Hengyuan Coal Industry | Activities resulting in significant negative impact on the climate | |||||
& Electricity Power Co., Ltd. | Thermal coal | |||||
Appalachian Power Co. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Arch Resources, Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Arizona Public Service Co. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Atlantic Power Corporation | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Avista Corporation | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Banpu Power Public Co. Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Banpu Public Co. Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Bathurst Resources Limited | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Beijing Energy Investment | Activities resulting in significant negative impact on the climate | |||||
Holdings Ltd. | Thermal coal | |||||
Beijing Haohua Energy | Activities resulting in significant negative impact on the climate | |||||
Resource Co., Ltd. | Thermal coal | |||||
Beijing Jingneng Power Co., | Activities resulting in significant negative impact on the climate | |||||
Ltd. | Thermal coal | |||||
Berkshire Hathaway Energy | Activities resulting in significant negative impact on the climate | |||||
Co. | Thermal coal | |||||
Bisichi Plc | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Black Hills Corporation | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Brickworks Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Bulgarian Energy Holding EAD | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Bumi Investment Pte Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Capital Power Corporation | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
CenterPoint Energy, Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
CESC Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
CGN New Energy Holdings Co., | Activities resulting in significant negative impact on the climate | |||||
Ltd. | Thermal coal | |||||
China Coal Energy Company | Activities resulting in significant negative impact on the climate | |||||
Limited | Thermal coal | |||||
China Coal Xinji Energy Co., Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
China Huadian Corp., Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
December 2022
China Huadian Overseas | Activities resulting in significant negative impact on the climate | |||||
Development 2018 Ltd. | Thermal coal | |||||
China Huadian Overseas | Activities resulting in significant negative impact on the climate | |||||
Development Management Co., | ||||||
Ltd. | Thermal coal | |||||
China Huaneng Group Co., Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
China Longyuan Power Group | Activities resulting in significant negative impact on the climate | |||||
Corp. Ltd. | Thermal coal | |||||
China Power International | Activities resulting in significant negative impact on the climate | |||||
Development Limited | Thermal coal | |||||
China Qinfa Group Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
China Resources Power | Activities resulting in significant negative impact on the climate | |||||
Holdings Co. Ltd. | Thermal coal | |||||
China Shenhua Energy | Activities resulting in significant negative impact on the climate | |||||
Company Limited | Thermal coal | |||||
China Shenhua Overseas | Activities resulting in significant negative impact on the climate | |||||
Capital Co., Ltd. | Thermal coal | |||||
Chubu Electric Power Co., Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Cleco Corporate Holdings LLC | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Cloud Peak Energy Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Cloud Peak Energy Resources | Activities resulting in significant negative impact on the climate | |||||
LLC | Thermal coal | |||||
CLP Holdings Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
CMS Energy Corporation | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Coal Energy SA | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Coal India Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Colbun SA | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Comision Federal de | Activities resulting in significant negative impact on the climate | |||||
Electricidad SA de CV | Thermal coal | |||||
CONSOL Energy Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Consumers Energy Company | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Coronado Global Resources, | Activities resulting in significant negative impact on the climate | |||||
Inc. | Thermal coal | |||||
Datang International Power | Activities resulting in significant negative impact on the climate | |||||
Generation Co., Ltd. | Thermal coal | |||||
DMCI Holdings, Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Dominion Energy, Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Dominion Resources Capital | Activities resulting in significant negative impact on the climate | |||||
Trust I | Thermal coal | |||||
Drax Finco Plc | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Drax Group Plc | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
DTE Electric Co. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
DTE Energy Company | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Duke Energy Carolinas LLC | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Duke Energy Corporation | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Duke Energy Florida LLC | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Duke Energy Florida Project | Activities resulting in significant negative impact on the climate | |||||
Finance LLC | Thermal coal | |||||
Duke Energy Ohio, Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Dynegy Finance I, Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Electric Power Development | Activities resulting in significant negative impact on the climate | |||||
Co., Ltd. | Thermal coal | |||||
Electricity Generating Public | Activities resulting in significant negative impact on the climate | |||||
Co., Ltd. | Thermal coal |
December 2022
Emera Incorporated | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Empresa Electrica Angamos | Activities resulting in significant negative impact on the climate | |||||
SA | Thermal coal | |||||
Empresa Electrica Guacolda | Activities resulting in significant negative impact on the climate | |||||
SA | Thermal coal | |||||
ENEA SA | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Energa Finance AB | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Energa SA | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Eneva SA | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
ENGIE Brasil Energia SA | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Engie Energia Chile SA | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Engro Corporation Limited | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Entergy Arkansas LLC | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Entergy Utility Property, Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
EP Energy as | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
EP Infrastructure as | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Eskom Holdings SOC Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Eterna Capital Pte Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Evergy Kansas Central, Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Evergy, Inc. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
EVN AG | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
EWE AG | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Exxaro Resources Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Federal Hydro-Generating Co. | Activities resulting in significant negative impact on the climate | |||||
RusHydro PJSC | Thermal coal | |||||
Feishang Anthracite | Activities resulting in significant negative impact on the climate | |||||
Resources Ltd. | Thermal coal | |||||
FirstEnergy Corp. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Foresight Energy LLC | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Foresight Energy LP | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Gansu Jingyuan Coal Industry | Activities resulting in significant negative impact on the climate | |||||
& Electricity Power Co., Ltd. | Thermal coal | |||||
GD Power Development Co., | Activities resulting in significant negative impact on the climate | |||||
Ltd. | Thermal coal | |||||
Genesis Energy Limited | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Genting Bhd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Georgia Power Co. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Global Power Synergy PCL | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Glow Energy Public Co., Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
GOHL Capital Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Great River Energy | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Guacolda Energia SA | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Guangdong Baolihua New | Activities resulting in significant negative impact on the climate | |||||
Energy Stock Co., Ltd. | Thermal coal | |||||
Guangdong Electric Power | Activities resulting in significant negative impact on the climate | |||||
Development Co., Ltd. | Thermal coal | |||||
Guanghui Energy Co., Ltd. | Activities resulting in significant negative impact on the climate | Thermal coal | ||||
Guangxi Guiguan Electric | Activities resulting in significant negative impact on the climate | |||||
Power Co., Ltd. | Thermal coal |
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Danske Bank A/S published this content on 13 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2023 13:39:07 UTC.