Company dialogues and exclusions

Company dialogues per topic

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

Topic No. dialogues
Climate change/greenhouse gas emissions
Water and oceans 22
Biodiversity and deforestation 30
Other environmental issues
Human rights, children's rights, labour rights, local communities/indigenous rights


Other social issues
Board structure and independence
Other governance issues (incl. tax and corruption)

Total 309
Contact us
(+47 915) 04800

Excluded companies (Last updated: 19.03.2024)

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
Vale SA
Cluster weapons 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
Thales SA

Environment Astra International Tbk Pt
Barrick Gold Corporation
Beijing Tong Ren Tang Chinese Med Co Ltd
Bharat Heavy Electricals Ltd
China Traditional Chinese Medicine Holdings Co Ltd
Duke Energy Corp
--Bonds in Duke Energy Carolinas LLC
--Bonds in Duke Energy Progress LLC
Freeport-McMoRan Inc.
Genting Bhd
Genting Plantations Bhd
Grand Pharmaceutical Group Co Ltd
Halcyon Agri Corp Ltd
IJM Plantations Bhd.
Jardine Cycle & Carriage Ltd
Jardine Matheson Holdings Ltd
MMC Norilsk Nickel PJSC
Posco International Corp.
Power Construction Corporation of China (Power China)
Progress Energy Inc.
Samling Global Ltd. (delisted)
Ta Ann Holdings Bhd
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
Human rights/labour rights
Ashtrom Group Ltd
AVIChina Industry & Technology Co Ltd
Bharat Electronics Ltd
Centrais Electricas Brasileira S.A. (delisted)
Cognyte Software Ltd
Danya Cebus Ltd
Delek Group
Elbit Systems Ltd
Elco Ltd
Electra Ltd
Formosa Chemicals & Fibre Corp.
Formosa Taffeta Co Ltd
Gail India Ltd
Hangzhou Hikvision Digital Technology Co. Ltd.
Honeys Holdings Co. Ltd.
Korea Gas Corporation
Li Ning Co Ltd
Luthai Textile Co. Ltd
Mivne Real Estate KD Ltd
NewMed Energy LP
Office Cherifien des Phosphates SA (OCP SA) (delisted)
Oil & Natural Gas Corp Ltd
Page Industries Ltd.
PTT Oil and Retail Business PCL
PTT Exploration and Production PCL
Shapir Engineering and Industry Ltd.
Shikun and Binui Ltd.
Zuari Agro Chemicals Ltd.
Corruption JBS S.A.
PetroChina Co Ltd.
ZTE Corp

Plby Group Inc (including Playboy Enterprises Inc. (delisted))

Tobacco 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
Scandinavian Tobacco Group AS
Schweitzer Maudit International Inc.
Shanghai Industrial Holdings Ltd.
Swedish Match AB
Turning Point Brands Inc
Universal Corp/VA
Vector Group Ltd.

Aboitiz Equity Ventures Inc.
Aboitiz Power Corp
AES Gener SA
Adani Power
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
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
Engie Energia Chile SA
Electricity Generating PCL
Electric Power Development Co Ltd
Emera Inc
Evergy Inc.
Eneva SA
Exxaro Resources Ltd
FirstEnergy Corp
GD Power Development Co Ltd
Glencore Plc
Great River Energy (delisted)
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 Dian Tou Energy Corp Ltd
Inner Mongolia Mengdian Huaneng Thermal Power Corporation Limited
Inner Mongolia Yitai Coal Co Ltd
Jastrzebska Spolka Weglowa SA
Jizhong Energy Resources Co Ltd
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
Pingdingshan Tianan Coal Mining Co Ltd
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 (delisted)
Pt United Tractors Tbk
Reliance Infrastructure Ltd
Reliance Power Ltd
Sasol limited
SDIC Power Holdings Co Ltd
Shan Xi Hua Yang New Energy 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
Thungela Resources Limited
Tucson Electric Power
TransAlta Corp
Tri-State Generation and Transmission Association Inc.
WEC Energy Group Inc
--Bonds in Wisconsin Electric Power Co

Wintime Energy Co. Ltd

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
Yankuang Energy Group Co Ltd

Zhejiang Zheneng Electric Power Co. Ltd

Shanxi Coal International Energy Group Co Ltd

Petrindo Jaya Kreasi Tbk PT

Oil sands/unacceptable GHG emissions Athabasca Oil Corp
Canadian Natural Resources Ltd.
Cenovus Energy Inc.
Imperial Oil Ltd. (delisted)
MEG Energy Corp 
Strathcona Resources Ltd.
Suncor Energy Inc.
Cannabis Aurora Cannabis
Canopy Growth
Cronos Group
Tilray Brands