IconResponsible investments 

Active ownership and divestment

Learn about how P+ exercises active ownership and which companies we have divested.

Active ownership

P+ exercises active ownership in its investments, and dialogue with portfolio companies is an important tool for the pension fund in its work with responsible investments. 

P+ enters into dialogue with companies about:

  • Rehabilitation of potential adverse impact on environmental and social conditions which have occured.
  • Prevention from occurance of future adverse impact.
  • How companies can promote environmental and social characteristics.
  • Development of companies' long-term value creation and reduction of financial risks. 

Read our policy for active ownership here

The dialogue with portolio companies is engaged in by different parties, including bilateral, through external advisors and investment managers as well as through cooperations between investors. 

The English consultancy firm EOS (Equity Ownership Services) engages in dialogue with portfolio companies on behalf of the pension fund. EOS is specialised in screening of, dialogue with and voting in listed companies. The consultancy firm represents investors from all over the world. When EOS engages in dialogue with a company, they do it on behalf of all investors with equities in the company.  

See the latest list with examples of companies that EOS has engaged in dialogue with here

Observation list
P+ wants to be transparent in its work with the companies that the pension fund currently supervises closely. Accordingly, we publish our observation list which provides an overview of the companies that we have extra focus on in relation to our active ownerhip or that we monitor closely. See our latest observation list here (only available in Danish). 

P+ invests as far as possible not in companies and countries which are on the pension fund's exclusion list. Companies and countries are placed on the exclusion list for different reasons. 



Violating the policy for responsible investments

Companies that systematically violate the pension fund's policies for responsible investments and active ownership is pointless.

Controversial weapons

Companies that violate UN treaties and conventions which Denmark has signed related to nuclear weapons, anti-personnel mines, cluster ammunition, chemical weapons, biological weapons and other types of controversial weapons. 



Companies producing cigarettes and other tobacco products.


Coal mining companies

Companies with a turnover from coal mining. 


Oil companies

Companies where more than 30 percent of the turnover origin from extraction of oil and more than 20 percent origin from extraction of oil sands.

Large companies with a turnover from extraction of oil which do not fall within abovementoined limits, but where their business model is assessed to have a substantial adverse impact on the climate. 

Companies can be kept in the portfolio if they are assessed to be in a sifficient transition ro reduce their adverse impact on the climate.  


Utility companies

Companies where more than 25 percent of the turnover origin from coal-fired power stations or companies with a coal-fired production of electricity of more than 10,000 MW.

Companies can be kept in the portfolio if they are assessed to be in a sufficient transition to reduce their adverse impact on the climate. 


Overall conditions in the country

Countries can be deselected on basis of an assessment of state institutions' governance and environmental and social conditions in the country.


When a company or a country is put on the exclusion list, the pension fund must not invest further in the company or the country’s government bonds, and when the market conditions allow for it, the pension fund must divest the investment.

Divestment of unlisted companies and companies owning forest, infrastructure and properties can often only be done in agreement with other investors.

Exclusion list
P+'s exclusion list includes names of a number of companies and countries which the pension fund does not invest in. P+ reconsiders annually if companies and countries on the exclusion list must continue being on the list, or if the companies and countries have improved sufficiently to be included again. 

See the latest version of the exclusion list here