Conflict Areas (Occupied Territories)

Companies with operations in conflict-affected areas are exposed to a higher risk of involvement in Human Rights violations. Conflict-affected areas are identified by the presence of armed conflict and widespread violence. Some of the worst Human Rights abuses involving business occur amid conflict over the control of territory or resources and where central Governmental control is weak or has broken down completely.

We expect companies we invest to exercise extreme caution when operating in these areas so that their operations do not contribute to the conflict. Therefore, we carry out a screening of all the companies we invest in and engage with them so that we do not contribute with our investments to human rights abuses and instability.

Palestinian territories and Western Sahara

During 2022, Storebrand is carrying out its annual screening to identify and engage with companies with operations in occupied Palestinian territories and occupied Western Sahara. These companies may contribute and profit from the occupation by supplying security and surveillance services and equipment. They may also profit from the maintenance, development and expansion of settlements by providing construction materials and services or directly financing the construction of settlements or by being involved in the exploitation of natural resources without the consent of the occupied people.

Despite international attention on these conflicts, none of them seems near a resolution. According to reports from the UN and several Human Right organizations, the occupying powers in these territories continue expanding their occupation which in turn results in continuing violations of human rights. In addition, attention to these issues by companies and investors continues to be low. Therefore, we have decided to make conflict areas one of our top engagement priorities.

Storebrand has been engaging and excluding companies under these themes since 2009. As a result, some companies have been excluded and re-invested whereas others still involved remained on the lists below.

Companies currently excluded for contributing to the occupation of occupied Palestinian territories:

  • Alstom
  • Ashtrom Group *
  • Bank Hapoalim
  • Bank Leumi Le-Israel
  • Cemex Cpo
  • DXC Technology Co
  • Elbit Systems Ltd
  • Electra Ltd *
  • First Solar
  • General Electric Co PLC
  • Heidelberger Zement
  • Israel Discount Bank
  • Mizrahi Tefahot Bank Ltd
  • Motorola Solutions
  • Shikun & Binui *

Companies currently excluded for contributing to the occupation of Western Sahara:

  • Enel Spa
  • Incitec Pivot Ltd
  • Siemens Gamesa Renewable Energy
  • Siemens Energy

*Based on NBIM's assessment

A fund having performed well in the past is no guarantee for future returns. Other factors with an impact on how a fund may perform in the future include market developments, the fund manager's performance, the fund's risk profile, and management fees. When the shares a fund is invested in decline in value, it may lead to negative returns.