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Our method for the exclusions of companies is defined by the Storebrand Standard. The Storebrand Standard applies to all assets we manage.

The exclusion process is highly extensive. It involves both internal and external data and evaluations conducted by experts in the field. Excluded companies are removed from Storebrand’s investment universe, which is an investment ecosystem that consists of over 4,000 companies.

Storebrand's extra criteria build upon the Storebrand Standard for sustainable investments. The extra criteria will only apply to selected funds and saving profiles.

The Storebrand Standard includes:

Exclusions Summary

The table shows the number of excluded companies within each criterion per Q4 2021. 

Exclusion by category

Number of companies

Serious Environmental damage, inclusive Palm Oil 40
Corruption and Financial Crime 12
Human Rights and International Law 66
Tobacco 25
Controversial weapons 27
Weapons/arms 65
Gambling 43
Alcohol 84
Fossil Fuels 513
Cannabis 1

Total number of excluded companies


No. of companies on the observation list


* Some companies are excluded on the basis of several criteria. Storebrand also does not invest in companies that have been excluded by Norges Bank from the Government Pension Fund – Global. We have also excluded 25 countries that are systematically corrupt, systematically suppress basic social and political rights, or that are subject to UN Security Council sanctions. Companies on the observation list are monitored closely, and are subject to certain investment restrictions. The goal is to use active engagement to improve company performance and risk management.

Exclusion decision

The decision to exclude a company is based on assessment of the issue by Storebrand’s investment committee. The committee comprises several representatives of the Storebrand Group’s senior management team and other executives, who meet on a quarterly basis.

If the excluded companies demonstrate improvements in their policies and business operations, they may be reinstated in Storebrand’s investable universe.