Exclusion criteria

AP Pension follows the UN, EU and Denmark’s official policy on countries and companies. This means that if sanctions have been adopted for specific countries or companies, it is AP Pension’s policy to follow these sanctions in its investments.

At AP Pension, we do not wish to invest in companies involved in the production of controversial weapons. This includes cluster bombs, anti-personnel mines, nuclear weapons, as well as biological and chemical weapons.

AP Pension distances itself from tax evasion and expects our partners to do the same. AP Pension does not wish to work with partners who deliberately engage in tax planning that contradicts the OECD’s BEPS Actions. AP Pension has produced a specific tax policy.

We do not want to support those companies that pose the greatest threat to achieving the goals of the Paris Agreement, and where a transition to a sustainable business model is immediately considered out of reach.

In addition, AP Pension does not invest in companies involved in tobacco production. The exclusion of thermal coal and tar sands as well as tobacco production is a natural part of AP Pension’s work on the UN Sustainable Development Goals and supports AP Pension’s desire to actively contribute to a greener, healthier, and more sustainable future.

As of July 2024, AP Pension excludes:

Companies that do not comply with AP Pension’s policy and where dialogue is ineffective
Companies where 5% or more of revenue is related to tobacco production
Companies involved in the production of controversial weapons, including cluster bombs, anti-personnel mines, and biological and chemical weapons*
Companies where 5% or more of revenue is related to the extraction of thermal coal, or where the company has expansion plans
Companies where 25% or more of revenue is related to energy production with thermal coal, or where the company has expansion plans
Companies where 5% or more of revenue is related to the extraction of tar sands
Companies where 20% or more of revenue is related to oil and gas upstream activities**

* We exclude companies that act in violation of UN treaties and conventions that Denmark has signed regarding nuclear weapons, anti-personnel mines, cluster munitions, chemical weapons, biological weapons, and other types of controversial weapons.

** Upstream activities include exploration, drilling, and extraction of oil and gas.

The full list of companies excluded by AP Pension is available here. The decision on whether a company should be on the exclusion list is primarily made by AP Pension’s management, but principal issues can be brought to the board for decision. Companies listed on AP Pension’s exclusion list will continue to be monitored and can be reconsidered at any time if the company has taken necessary steps to comply with international principles.

The exclusion list applies to all investments in AP Pension, but there are additional stricter exclusion criteria for the sustainable product, AP Bæredygtig, including within controversial weapons.