Guidelines and Exclusions
Sustainability standards
Standard settings in many ways informs how we practice active ownership.
DNB's Instruction for Responsible Investments ensures that our investments are aligned with international norms and standards, and defines which products and services we do not tolerate.
Sustainability standards
Guidelines, expectations documents and reports
Additional documents can be found in DNB's sustainability library.
- DNB Group Instruction for Responsible Investments
- Mandate - Committee for Responsible Investments
- Voting guidelines for Norway
- Global voting guidelines
- Principal Adverse Impact Statement
- Sustainability Risk Integration Guidelines
- Engagement Guidelines
- DNB AM Private Equity ESG Guidelines
- Integration of Sustainability Risks in Remuneration
Our company exclusions
Companies that are in breach with our Instruction for Responsible Investments, and which show unwillingness to change, may be excluded from our investment universe.
The exclusion list was last updated on 10.12.24
Criteria
Criteria
- Evergreen Marine Corp. (Taiwan) Ltd
- Korea Line Corporation
- Vale SA
Criteria
- Poongsan Corp.
- Poongsan Holdings Corp.
- Textron Inc
Criteria
- Airbus Group SE (previous EADS)
--Bonds in Airbus Group Finance BV - BAE Systems Plc
- Boeing Co
- BWX Technologies Inc
- Fluor Corp.
- General Dynamics Corporation
- Honeywell International Inc
- Huntington Ingalls Industries Inc
- Jacobs Engineering Group Inc
- L3Harris Technologies Inc
- Leidos Holdings Inc
- Leonardo SpA
- Lockheed Martin Corp.
- Northrop Grumman Corp. (inclusive Northrop Grumman Innovation Systems Inc - Previously Orbital ATK Inc/Alliant Techsystems Inc)
- Raytheon Technologies Corp
- Safran SA
- Thales SA
Criteria
- Astra International Tbk Pt
- Barrick Gold Corporation
- Beijing Tong Ren Tang Chinese Med Co Ltd
- Bharat Heavy Electricals Ltd
- Grand Pharmaceutical Group Ltd
- China Traditional Chinese Medicine Holdings Co Ltd
- Duke Energy Corp.
--Bonds in Duke Energy Carolinas LLC
--Bonds in Duke Energy Progress LLC - Elsewedy Electric Co
- Freeport-McMoRan Inc
- Genting Bhd
- Genting Plantations Bhd
- Halcyon Agri Corp. Ltd
- Jardine Cycle & Carriage Ltd
- Jardine Matheson Holdings Ltd
- IJM Plantations Bhd
- MMC Norilsk Nickel PJSC
- POSCO
- Posco International Corp.
- Power Construction Corporation of China Ltd
- Progress Energy Inc
- Samling Global Ltd (Delisted)
- Ta Ann Holdings Bhd
- Tianjin Pharmaceutical Da Ren Tang Group Corp Ltd
- Tong Ren Tang Technologies Co Ltd
- Vedanta Ltd (previous Sesa Sterlite)
- Vedanta Resources Plc
- Volcan Compania Minera
- WTK Holdings Bhd
- Yunnan Baiyao Group Co Ltd
- Zijin Mining Group
Criteria
- Adani Ports & Special Economic Zone Ltd
- Ashtrom Group Ltd
- AviChina Industry & Technology Co Ltd
- Bezeq The Israeli Telecommunication Corp Ltd
- Bharat Electronics Ltd
- Bolloré SE
- Centrais Electricas Brasileira S.A
- Cognyte Software Ltd
- Compagnie de l’Odet
- Danya Cebus Ltd
- Elbit Systems Ltd
- Elco Ltd
- Electra Ltd
- Evraz Plc
- Delek Group Ltd
- Formosa Chemicals and Fibre Corp
- Formosa Taffeta Co Ltd
- Gail India Ltd
- Korea Gas Corporation
- Hangzhou Hikvision Digital Technology Co Ltd
- Honeys Holdings Co Ltd
- Li Ning Co Ltd
- Luthai Textile Co Ltd
- Mivne Real Estate KD Ltd
- NewMed Energy LP
- Office Cherifien des Phosphates SA (OCP SA) (privat selskap)
- Oil & Natural Gas Corp Ltd
- Page Industries Ltd
- PPT PCL
- Prosegur Cia De Seguridad Sa
- PTT Oil and Retail Business PCL
- PTT Exploration and Production PCL
- Shapir Engineering and Industry Ltd
- Shikun and Binui Ltd
- Weichai Power Co Ltd
- Zuari Agro Chemicals Ltd
Criteria
- China State Construction Engineering Corp Ltd
- JBS SA
- PetroChina Co Ltd
- ZTE Corp.
Criteria
- Playboy Enterprises Inc (delisted)
- Plby Group Inc
Criteria
- Aurora Cannabis
- Canopy Growth
- Cronos Group
- Tilray Brands
Criteria
- Altria Group Inc
- British American Tobacco Plc (including Reynolds American Inc)
- British American Tobacco Malaysia Bhd
- Eastern Co SAE
- Godfrey Phillips India Ltd
- Gudang Garam Tbk PT
- Hanjaya Mandala Sampoerna Tbk PT
- Huabao International Holdings Ltd
- Imperial Brands Plc.
- ITC Ltd
- Japan Tobacco Inc
- KT&G Corp.
- LT Group Inc
- Philip Morris International Inc
- Philip Morris CR AS
- Pyxus International Inc
- Reinet Investments SCA
- Scandinavian Tobacco Group AS
- Shanghai Industrial Holdings Ltd
- Swedish Match AB
- Turning Point Brands Inc
- Universal Corp./VA
- Vector Group Ltd
Criteria
- Aboitiz Equity Ventures
- Aboitiz Power Corp.
- Adani Power
- AES Corp./VA
- AES Gener SA
- AES CORP (PE)
- AGL Energy Limited
- ALLETE Inc
- Alliant Energy Corp.
- Ameren Corp.
--Bonds in Union Electric co - American Electric Power Co Inc
--Bonds in Appalachian Power Co
--Bonds in Indiana Michigan Power Co - Banpu Public Company Limited
- CEZ AS
- CESC Ltd
- China Coal Energy Co Ltd
- China Power International Development Ltd
- China Resources Power Holdings Co Ltd
- China Shenhua Energy Co Ltd
- Chugoku Electric Power Co Inc/The
- Clp Holdings Ltd
- Coal India Ltd
- CONSOL Energy Inc
- Datang International Power Generation Co Ltd
- DMCI Holdings Inc
- DTE Energy Co
- Engie Energia Chile SA
- Electricity Generating PCL
- Electric Power Development Co Ltd
- Emera Inc
- Evergy Inc
- Exxaro Resources Ltd
- FirstEnergy Corp.
- GD Power Development Co Ltd
- Glencore Plc
- Great River Energy
- Guangdong Electric Power Development Co Ltd
- Gujarat Mineral Development Corp. Ltd
- Gulf Power Company
- HK Electric Investments & HK Electric Investments
- Hokkaido Electric Power Co Inc
Hokuriku Electric Power Co - Huadian Energy Co Ltd
- Huadian Power International Corp. Ltd
- Huaneng Power International Inc
- IDACORP. Inc
- Inner Mongolia Dia Tou Energz Corp Ltd
- Inner Mongolia Mengdian Huaneng Thermal Power Corporation Limited
- Inner Mongolia Yitai Coal Co Ltd
- Jizhong Energz Resources Co Ltd
- JSW Energy Ltd
- Korea Electric Power Corp.
- Lubelski Wegiel Bogdanka SA
- Malakoff Corp. Bhd
- MGE Energy Inc
- New Hope Corp. Ltd
- NRG Energy Inc
- NTPC Ltd
- Okinawa Electric Power Co Inc/The
- Otter Tail Corp.
- PacifiCorp.
- Peabody Energy Corp.
- PGE Polska Grupa Energetyczna SA
- Pingdingshan Tianan Coal Mining Co Ltd
- PPL Corp.
- Public Power Corp. SA
- PT Adaro Energy Tbk
- Pt Bukit Asam Tbk
- PT Perusahaan Listrik Negara
- PT
Petrindo Jaya Kreasi Tbk
- Pt United Tractors Tbk
- Reliance Infrastructure Ltd
- Reliance Power Ltd
- RWE AG
- Sasol Limited
- SDIC Power Holdings Co Ltd
- Shaanxi Coal Industry Company Limited
- Shanxi Coal International Energy Group Co Ltd
- Shan Xi Hua Yang New Energz Co Ltd
- Shanghai Electric Power Company Ltd
- Shanxi Lu'an Environmental Energy Development Company Ltd
- Shenzhen Energy Group Co Ltd
- Shikoku Electric Power Co Inc
- Tata Power Co Ltd
- Tenaga Nasional Bhd
- Thungela Resources Limited
- Tri-State Generation and Transmission Association Inc
- Tucson Electric Power
- WEC Energy Group Inc
--Bonds in Wisconsin Electric Power Co - Whitehaven Coal Ltd
- Washington H Soul Pattinson and Company Ltd
- Wintime Energy Co. Ltd.
- Xcel Energy Inc
--Bonds in Northern States Power Co MN
--Bonds in Public Service Co of Colorado
--Bonds in Southwestern Public Service Co - Yankuang Energz Group Co Ltfd
- Zhejiang Zheneng Electric Power Co., Ltd
Criteria
- Athabasca Oil Corp.
- Canadian Natural Resources Ltd
- Cenovus Energy Inc
- MEG Energy Corp.
- Strathcona Resources Ltd.
- Suncor Energy Inc
Criteria
- Imperial Oil Ltd.
Excluded companies (excel download)