AP7 adds 14 companies to blacklist

14 North American and Asian coal and oil companies are new additions to the Swedish pension fund’s blacklist due to their large-scale fossil fuel operations and lack of “credible transition plans”.

Photo: AP7

Swedish pension fund AP7 has completed its biannual revision of its company blacklist and has now excluded 14 new companies from its investment universe.

The businesses - which conduct large-scale coal operations or oil/tar sand extractions - are not acting in line with the Paris Agreement and have no “credible transition plans”, according to a new statement.

AP7’s blacklist is updated every December and June and the pension fund considers the action an active ownership measure that aims to encourage companies to transition to more sustainable practices.

The fund invests in companies that act in accordance with international conventions that Sweden has signed, with principles concerning human rights, working conditions, anti-corruption and the environment.

“A large proportion of the new blacklisted companies are coal companies without credible transition plans. We do not make sector-wide exclusions but blacklist companies with large scale operations in thermal coal and coal power that haven’t initiated their transition. Our blacklisting is the result of engagement and analysis where we have found that many companies are moving in a positive direction. In some cases, it is too early to determine the credibility in companies transition plans, but over time it will become increasingly clear”, says Charlotta Dawidowski Sydstrand, Head of ESG at AP7.

In addition, AP7 has also removed five companies from its blacklist. These are Cintas Corp, Entergy Corp, The Southern Company, TC Energy Corp (formerly TransCanada) and Toshiba Corp. They have now been removed from the blacklist as there is no verified information about ongoing norm violations at these firms.

Ten funds make up nearly a quarter of the Swedish market

Catella’s funds dumped from Fondtorget for breach of contract

Nordic pension funds and Church of England put pressure on Volkswagen over climate lobbying

More from AMWatch

Business developer makes u-turn back to BlackRock

After a brief spell away from BlackRock, the world’s biggest asset manager has filled the position as head of business development for its technology platforms in the Nordic region with a familiar face.

Further reading

Related articles

Latest news

AMWatch job

See all jobs

See all jobs

Watch job

See all jobs

See all jobs

Latest news from FinansWatch (dk)

Latest news from EnergyWatch

Latest news from ShippingWatch