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Excluded companies

If AP2 has reason to suspect that any of the companies it invests in gravely and systematically violates an international convention to which Sweden has acceded to or has expressed the intention to accede to, the facts will be investigated.

This includes a dialogue with the company in question. If the suspicions are confirmed, the company will be requested to provide an explanation and to develop an action plan. In its assessment of the case, the Fund shall take into account the nature of the incident, and any action taken (or to be taken) will ensure that the incident is not repeated. If communication with the company does not provide a satisfactory result, AP2 will, after completing an overall assessment, decide whether the company should be excluded. AP2 may also decide on exclusion if it considers that the circumstances are so serious as to warrant exclusion, despite the fact that a violation of a convention did not take place or cannot be proven.

Since 2014, the Ethical Council has introduced a deadline of four years for reactive dialogues with companies, during which convention violations shall be verified by external experts. If the objective of the dialogue is not achieved within four years, the Ethical Council recommends that the Fund divests the holdings of the company concerned. AP2 has decided to exclude a number of companies that have violated international conventions and where dialogue with the companies in question has not led to improvement.

First – Forth AP Funds have jointly agreed on common guidelines for which assets the funds should not be invested in.

List of excluded companies:

Company

Year excluded

Country

Sector

Aphria

2018

Canada

Cannabis

Aurora Cannabis 2018 Canada Cannabis

Barrick Gold

2014

USA

Metals and mining

Cannopy Growth

2018

Canada

Cannabis

CannTrust Holding Inc

2019

Canada

Cannabis

China Spacesat Co Ltd
2020  China
Aerospace and defence

Cronos Group Inc

2019

Canada

Cannabis

Elbit Systems Ltd

2010

Israel

Aerospace and defence

Freeport McMoran Copper & Gold Inc.

2013

USA

Metals and mining

Hanwha Corp

2008

South Korea

Chemicals

HEXO Corp

2019

Canada

Cannabis

Incitec Pivot Ltd.

2013

Australia

Chemicals

Larsen & Toubro

2015

India

Industrial

Motorola Solutions

2015

USA

Telecom

Nutrien

2018

Canada

Chemicals

Poongsan Corp

2008

South Korea

Metals and mining

Vale S.A.

2019

Brazil

Metals and mining

Walmart

2006

USA

Food and staples retailing

Zijin Mining

2016

China

Metals och mining

More information and contact details

Andra AP-fonden / AP2

  • Box 11155, SE-404 24 Göteborg
  • Telephone: +46 31-704 29 00
  • Email: info@ap2.se

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