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 Q2-2022. 

Exclusion category

Number of companies

Conduct-based exclusions - Environment 18
Conduct-based exclusions - Corruption 10
Conduct-based exclusions - Human Rights and International Law 40
Tobacco 26
Controversial weapons 29
Climate - Coal 134
Climate - Oilsand 9
Climate - Lobbying 5
Deforestation 14
Cannabis 1
State-controlled companies 3

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

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.

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.