Corporate dialogue and Exclusions

Corporate dialogue per topic per 31.12.2018

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


Topic No. dialogues


Climate change/greenhouse gas emissions 22
Water 5
Other environmental issues

35

Human rights, child labour and labour standards 60
Local communities/indigenous rights 3
Other social issues 1
Corruption 19
Board structure and independence 14
Remuneration

11

Other governance issues 6
Total 176
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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 Evergreen Marine Corp. (Taiwan) Ltd.
Korea Line Corporation
Precious Shipping PCL
Thoresen Thai Agencies PCL
Vale SA
Cluster weapons General Dynamics Corporation
Hanwha Corp
Poongsan Corp
Poongsan Holdings Corp
Textron Inc.
Nuclear weapons

AECOM
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
Thales

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.
Norilsk Nickel
POSCO
Posco Daewoo Corp.
Progress Energy Inc.
Rio Tinto Plc/Ltd.
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.)
Elbit Systems Ltd.
Incitec Pivot Ltd.
Innophos Holdings Inc.
Luthai Textile Co. Ltd.
Nutrien Ltd. (merger of Potash Corp of Saskatchewan and Agrium Inc). 
Office Cherifien des Phosphates SA (OCP SA) (unlisted)
San Leon Energy Plc.
Shikun and Binui Ltd.
Texwinca Holdings 
Wal-Mart Stores Inc.
Wal-Mart de Mexico SAB de CV
Zuari Agro Chemicals Ltd.
Corruption JBS S.A.
ZTE Corp
Pornography

Playboy Enterprises Inc (de-listed)

Tobacco 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
Pyxus International Inc.
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
Turning Point Brand Inc
Universal Corp/VA
Vector Group Ltd.
Coal

Aboitiz Power Corp
AES Corp/VA
AES Gener SA
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
Capital Power Corp

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
Drax Group PLC
DTE Energy Co
Dynegy Inc
E.CL SA
Electricity 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 (unlisted)

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
IDACORP Inc
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
NTPC Ltd
Okinawa Electric Power Co Inc./The

Otter Tail Corp

PacifiCorp

PGE Polska Grupa Energetyczna SA

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

PT Adaro Energy Tbk

Pt Bukit Asam Tbk

Pt United Tractors Tbk

Reliance Infrastructure Ltd
Reliance Power Ltd

SDIC Power Holdings Co Ltd

Shikoku Electric Power Co Inc
Tata Power Co Ltd
Tenaga Nasional Bhd

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 Athabasca Oil Corp
Canadian Natural Resources Ltd.
Cenovus Energy Inc.
MEG Energy Corp 
Pengrowth Energy Corp