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DNB AM launches updated expectations to companies on Human Capital Management

At DNB AM, we recognise that people are central to business success. How companies attract, develop, and retain talent is no longer just a question of HR—it’s a strategic issue with direct implications for long-term value creation.

Finance Blog

Peder Heiberg Sverdrup

Lise Børresen

Lise Børresen

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That’s why we’ve launched an updated expectation document on Human Capital Management (HCM). The aim is clear: encourage companies to take a more structured, forward-looking approach to how they manage their workforce. Our position is grounded in international standards such as the UN Guiding Principles on Business and Human Rights, the OECD Guidelines for Multinational Enterprises, and the ILO Core Conventions.

DNB AM has worked on advancing the concept of this document from a previous focus on diversity and inclusion to a more comprehensive approach to human capital management. This broadening of the scope reflects a maturation of our work on this topic, highlighting active human capital management as essential for unlocking value and addressing evolving business risks in line with shifting market trends.

From compliance to competitiveness

Human capital—the skills, experience and well-being of employees—is increasingly recognised as a strategic asset. Companies that invest in people are better positioned to manage change, drive innovation, and maintain operational continuity.

Our expectations reflect this, encouraging companies to:

  • Ensure Board-level oversight of human capital, with focus on innovation and leadership capability.
  • Build inclusive and supportive workplaces, with clear strategy and policy-based approach to training, pay equity, and work-life balance.
  • Integrate AI responsibly, with transparency, accountability, and worker input.
  • Align with the principles of a just transition, managing workforce impacts in the shift to a green and digital economy.
  • Foster open dialogue with employees and unions, and maintain robust grievance mechanisms.

Closing the data gap

Despite growing relevance, disclosure on workforce matters often lacks consistency and comparability. We call on companies to report key metrics—such as workforce composition, turnover, safety incidents, and training—in line with frameworks like CSRD, ISSB, and GRI.

Why it matters

A well-supported, diverse, and future-ready workforce isn’t just good for employees—it’s good for business. As long-term investors, we see sound human capital management as essential for performance, risk mitigation, and sustainable growth.

This has been a topic we have engaged companies on for several years and the new expectations will strengthen our discussions with companies on this key topic going forward.

The complete expectations document can be read here.

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