Corporate dialogue per topic per 30.09.2017

(more than one topic may be raised in one meeting)

Topic No. dialogues

Climate change/greenhouse gas emissions 6
Water management


Other environmental issues 26
Corruption 17
Human rights and labour standards included indigenous rights 76
Structure and independence of the Board of Directors etc.


Other CSR issues 7

Contact us
(+47 915) 04800

Excluded companies

Companies breaching DNB's ethical investment guidelines which show no willingness to rectify the situation may be excluded from the investment universe (updated when changes).

Breach of criterion Companies
Cluster weapons General Dynamics Corporation
Hanwha Corp
Poongsan Corp
Poongsan Holdings Corp
Textron Inc.
Nuclear weapons

Aerojet Rocketdyne Holdings Inc. (previous GenCorp)
Airbus Group SE (previous EADS)
--Bonds in Airbus Group Finance BV
BAE Systems Plc
Boeing Co.
BWX Technologies Inc.
Fluor Corp
Honeywell International Inc.
Huntington Ingalls Industries Inc.
Jacobs Engineering Group 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 Co.
Safran SA
Serco Group Plc

Environment Barrick Gold Corporation
Bharat Heavy Electricals Ltd.
Duke Energy Corp
--Bonds in Duke Energy Carolinas LLC
--Bonds in Duke Energy Progress LLC
Freeport-McMoRan Inc.
Genting Bhd
Genting Plantations Bhd
IJM Corp Bhd
IJM Plantations Bhd.
Lingui Development Bhd (de-listed)
Noble Group Ltd.
Norilsk Nickel
Posco Daewoo Corp.
Progress Energy Inc.
Rio Tinto Plc/Ltd.
Samling Global Ltd. (de-listed)
Ta Ann Holdings Bhd
Vedanta Ltd. (tidligere Sesa Sterlite)
Vedanta Resources Plc
Volcan Compania Minera
WTK Holdings Bhd
Zijin Mining Group
Labour standards Wal-Mart Stores Inc.
Wal-Mart de Mexico SAB de CV
Human rights Africa Israel Investments Ltd. (Inclusive Danya Cebus Ltd.)
Cairn Energy Plc
Elbit Systems Ltd.
Incitec Pivot Ltd.
Innophos Holdings Inc.
Kosmos Energy Ltd.
Nutrien Ltd. (merger of Potash Corp of Saskatchewan and Agrium Inc). 
Office Cherifien des Phosphates SA (OCP SA)
San Leon Energy Plc.
Shikun and Binui Ltd.
Zuari Agro Chemicals Ltd.
Corruption ZTE Corp

Playboy Enterprises Inc (de-listed)

Tobacco Alliance One International Inc.
Altria Group Inc.
British American Tobacco Plc
British American Tobacco Bhd
Eastern Tobacco
Godfrey Phillips India Ltd
Grupo Carso SAB de CV
Gudang Garam Tbk PT
Haci Omer Sabanci Holding A.S.
Hanjaya Mandala Sampoerna Tbk PT
Huabao International Holdings Ltd.
Imperial Brands Plc.
ITC Ltd.
Japan Tobacco Inc.
KT&G Corp
Lorillard LLC (de-listed)
LT Group Inc.
Philip Morris International Inc.
Philip Morris CR AS
Reinet Investments SCA
Reynolds American Inc.
Scandinavian Tobacco Group AS
Scandinavian Tobacco Group AS
Schweitzer Maudit International Inc.
Shanghai Industrial Holdings Ltd.
Souza Cruz (de-listed)
Swedish Match AB
Universal Corp/VA
Vector Group Ltd.

Aboitiz Power Corp
AES Gener SA
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
Capital Power Corp


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
Drax Group PLC
DTE Energy Co
Dynegy Inc
ELectric Generating PCL

Electric Power Development Co Ltd
Emera Inc
Empire District Electric Co

Evergy Inc.

Eneva SA

Exxaro Resources Ltd
FirstEnergy Corp
Great Plains Energy Inc

Great River Energy

Guangdong Electric Power Development Co Ltd
Gujarat Mineral Development Corp Ltd

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
Inner Mongolia Yitai Coal Co Ltd
Jastrzebska Spolka Wglowa SA

Korea Electric Power Corp

Lubelski Wegiel Bogdanka SA

Malakoff Corp Bhd

MGE Energy Inc
New Hope Corp Ltd
NRG Energy Inc
Okinawa Electric Power Co Inc/The

Otter Tail Corp

Peabody Energy Corp

PGE Polska Grupa Energetyczna SA

PNM Resources Inc
--Bonds in Public Service Co of New Mexico
Public Power Corp SA
Reliance Infrastructure Ltd
Reliance Power Ltd

SDIC Power Holdings Co Ltd

Shikoku Electric Power Co Inc
Tata Power Co Ltd
Tenaga Nasional Bhd
TransAlta Corp
WEC Energy Group Inc
--Bonds in Wisconsin Electric Power Co
Whitehaven Coal Ltd
Xcel Energy Inc
--Bonds in Northern States Power Co MN
--Bonds in Public Service Co of Colorado
--Bonds in Southwestern Public Service Co
Yanzhou Coal Mining Co Ltd

Oil sands Cenovus Energy Inc.
MEG Energy Corp