Corporate dialogue and Exclusions

Corporate dialogue per topic per 31.12.2020

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

Topic No. dialogues

Climate change/greenhouse gas emissions 29
Water 8
Other environmental issues


Human rights, child labour, labour rights, local communities/indigenous rights 81
Other social issues 19
Board structure and independence 12
Remuneration 10
Other governance issues (incl. tax and corruption) 42
Total 229
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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
Environment/Human rights Elsewedy Electric Co
Evergreen Marine Corp. (Taiwan) Ltd.
Korea Line Corporation
Precious Shipping PCL
Thoresen Thai Agencies PCL
Vale SA
Cluster weapons 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
General Dynamics Corporation
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 Technologies Corp.
Safran SA
Serco Group Plc
Thales SA

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
Halcyon Agri Corp Ltd
IJM Corp Bhd
IJM Plantations Bhd.
Lingui Development Bhd (de-listed)
Noble Group Ltd.
MMC Norilsk Nickel PJSC
Posco Daewoo Corp.
Progress Energy Inc.
Samling Global Ltd. (de-listed)
Ta Ann Holdings Bhd
Vedanta Ltd. (previous Sesa Sterlite)
Vedanta Resources Plc
Volcan Compania Minera
WTK Holdings Bhd
Zijin Mining Group
Human rights/labour rights
Atal SA
Africa Israel Investments Ltd. (Inclusive Danya Cebus Ltd.) (de-listed)
Centrais Electricas Brasileira S.A.
Elbit Systems Ltd.
Formosa Chemicals and Fibre Corp.
Formosa Taffeta Co Ltd.
Hangzhou Hikvision Digital Technology Co. Ltd.
Incitec Pivot Ltd.
Luthai Textile Co. Ltd.
Office Cherifien des Phosphates SA (OCP SA) (unlisted)
Page Industries Ltd.
San Leon Energy Plc.
Shikun and Binui Ltd.
Zuari Agro Chemicals Ltd.
Corruption JBS S.A.
PetroChina Co Ltd.
ZTE Corp

Playboy Enterprises Inc (de-listed)

Tobacco Altria Group Inc.
British American Tobacco Plc (including Reynolds American Inc)
British American Tobacco Malaysia Bhd
Eastern Tobacco
Godfrey Phillips India Ltd
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
Pyxus International Inc.
Reinet Investments SCA
Scandinavian Tobacco Group AS
Scandinavian Tobacco Group AS
Schweitzer Maudit International Inc.
Shanghai Industrial Holdings Ltd.
Souza Cruz (de-listed)
Swedish Match AB
Turning Point Brands Inc
Universal Corp/VA
Vector Group Ltd.

Aboitiz Equity Ventures Inc.
Aboitiz Power Corp
AES Gener SA
AGL Energy Limited
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
Anglo American Plc.

Banpu Public Company Limited
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
DTE Energy Co
Electricity Generating PCL

Electric Power Development Co Ltd
Emera Inc
Empire District Electric Co

Evergy Inc.

Eneva SA

Exxaro Resources Ltd
FirstEnergy Corp

GD Power Development Co Ltd
Glencore Plc

Great River Energy (unlisted)

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

Inner Mongolia Mengdian Huaneng Thermal Power Corporation Limited
Inner Mongolia Yitai Coal Co Ltd
Jastrzebska Spolka Weglowa 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


PGE Polska Grupa Energetyczna SA

PNM Resources Inc
--Bonds in Public Service Co of New Mexico
PPL Corp
Public Power Corp SA

PT Adaro Energy Tbk

Pt Bukit Asam Tbk

PT Perusahaan Listrik Negara 

Pt United Tractors Tbk

Reliance Infrastructure Ltd
Reliance Power Ltd

Sasol limited

SDIC Power Holdings Co Ltd

Shaanxi Coal Industry Company Limited
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
Tucson Electric Power

Peabody Energy Corp

TransAlta Corp

Tri-State Generation and Transmission Association Inc.

WEC Energy Group Inc
--Bonds in Wisconsin Electric Power Co
Whitehaven Coal Ltd

Washington H Soul Pattinson and Company 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/unacceptable GHG emissions Athabasca Oil Corp
Canadian Natural Resources Ltd.
Cenovus Energy Inc.
Imperial Oil Ltd.
MEG Energy Corp 
Pengrowth Energy Corp
Suncor Energy Inc.