Exclusions
Companies that breach DNB’s standard for responsible investments, and that do not show a willingness to change, may be excluded from our investment remit.
Updating the exclusion list
The list is updated regularly and was last updated:
29.05.2024
Standard-based exclusions
Evergreen Marine Corp. (Taiwan) Ltd
Korea Line Corporation
Thoresen Thai Agencies PCL
Vale SA
Ashtrom Group Ltd
AviChina Industry & Technology Co. Ltd
Bharat Electronics Ltd
Centrais Electricas Brasileira S.A.
Cognyte Software Ltd
Danya Cebus Ltd
Elbit Systems Ltd
Elco Ltd
Electra Ltd
Formosa Chemicals and Fibre Corp
Formosa Taffeta Co Ltd
Hangzhou Hikvision Digital Technology Co Ltd
Honeys Holdings Co Ltd
Gail India Ltd
Korea Gas Corporation
Li Ning Co Ltd
Luthai Textile Co Ltd
Mivne Real Estate KD Ltd
Oil & Natural Gas Corp Ltd
Office Cherifien des Phosphates SA (OCP SA) (private company)
Page Industries Ltd
PPT PCL
PTT Oil and Retail Business PCL
PTT Exploration and Production PCL
Shapir Engineering and Industry Ltd
Shikun and Binui Ltd
Zuari Agro Chemicals Ltd
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
Elsewedy Electric Co
Freeport-McMoRan Inc
Genting Bhd
Genting Plantations Bhd
Grand Pharmaceutical Group Ltd
Halcyon Agri Corp Ltd
IJM Corp Bhd
IJM Plantations Bhd
Noble Group Ltd
MMC Norilsk Nickel PJSC
POSCO
Posco International Corp
Power Construction Corporation of China Ltd
Progress Energy Inc
Samling Global Ltd (taken by stock exchange)
Take Ann Holdings Bhd
Tong Ren Tang Technologies Co Ltd
Vedanta Ltd (formerly Sesa Sterlite)
Vedanta Resources Plc
Volcan Compania Minera
WTK Holdings Bhd
Yunnan Baiyao Group Co Ltd
Zijin Mining Group
JBS SA
PetroChina Co Ltd
ZTE Corp
Product-based exclusions
Poongsan Corp
Poongsan Holdings Corp
Textron Inc
Aerojet Rocketdyne Holdings Inc (previously GenCorp.)
Airbus Group SE (previously EADS)
--Bonds in Airbus Group Finance BV
BAE Systems Plc
Boeing Co
BWX Technologies Inc
Fluor Corp
General-Corporate Corporation
Honeywell International Inc
Huntington Ingalls Industries Inc
Jacobs Engineering Group Inc
Leidos Holdings Inc
Leonardo SpA
Lockheed Martin Corp.
Northrop Grumman Corp. (including Northrop Grumman Innovation Systems Inc - formerly Orbital ATK Inc/Alliant Techsystems Inc)
Raytheon Technologies Corp
Safran SA
Serco Group Plc
Thales SA
Playboy Enterprises Inc
Plby Group Inc
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 Sampoerne 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 A/S
Schweitzer Maudit International Inc
Shanghai Industrial Holdings Ltd
Swedish Match AB
Turning Point Brands Inc
Universal Corp/VA
Vector Group Ltd
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
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
DTE Energy Co
Electricity Generating PCL
Electric Power Development Co Ltd
Emera Inc
Evergy Inc
Eneva SA
Engie Energia Chile SA
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 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
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
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
RWE AG
Sasol Limited
SDIC Power Holdings Co Ltd
Shaanxi Coal Industry Company Limited
Shan Xi Hua Yang New Energy 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
TransAlta Corp
Tri-State Generation and Transmission Association Inc
Tucson Electric Power
Wintime Energy Co. Ltd.
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 the Public Service Co of Colorado
--Bonds in Southwestern Public Service Co
Yankuang Energy Group Co Ltd
Zhejiang Zheneng Electric Power CO., LTD
Imperial Oil Ltd.
Excluded companies as of 29.05.2024 (Excel)
The Excel list only applies to equity investments.