Storebrand committed to act in support of the Investor Statement on Coronavirus Response (eng.)

Storebrand is working actively to mitigate the impact the pandemic is having on companies, society, the economy and the financial markets.

As a result, Storebrand has committed itself to act in support of the

In order to assess where we can have a greater impact, Storebrand has carried out a human rights' due diligence of its portfolios in connection with the social effect of Covid-19. As a result, we have decided to focus our active ownership on two of the most vulnerable groups affected by this crisis: supply chain workers and indigenous peoples.

Supply chain workers

COVID-19 has struck at the core of global supply chains. The effect of virus containment measures has led to a sudden and substantial drop in demand and a dramatic fall in production especially in emerging markets. The garment sector is one of the most deeply affected. To make matters worse and in response to the pandemic, some retailers are cancelling orders and stopping payments for orders already placed, taking no responsibility for the impact this has on their supply chain workers. This is having an unprecedented impact on millions of garment workers living in countries highly dependent on the textile industry and with weak social protection systems. Therefore, Storebrand is part of an investor group engaging with 45 garment and retail companies to make sure that manufacturers are paid for finished goods and goods in production and that core ILO labor standards are respected including the health and safety of workers to protect them from Covid-19. Storebrand is currently lead investor for Burberry and is also in direct dialogue with Hennes & Mauritz.

Indigenous Peoples

Covid-19 is reaching remote areas such as indigenous peoples territories. Indigenous peoples are particularly vulnerable to Covid-19 because they are already disadvantaged in terms of access to quality health care and are more vulnerable to numerous health problems. Diseases such as the measles, smallpox, diphtheria or influenza have not just decimated but sometimes annihilated entire tribes. The UN Expert Mechanism on the Rights of Indigenous Peoples (EMRIP) requires governments to create sanitary cordons preventing outsiders from entering their territories that are strictly controlled to avoid any contact. Despite these recommendations, many extractive industries companies such as oil and gas companies or mining companies continue with business as usual. Storebrand has been active in raising awareness of this issue among PRI investors and is currently discussing this issue with Repsol, with the aim to contribute to an industry best practice.

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