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Storebrand Bank names acting CEO, excludes 90 firms

Management change at Norwegian insurance and asset management group

Norwegian financial group Storebrand has named Truls Nergaard as the acting chief executive of Storeband Bank following the resignation of Klaus-Anders Nysteen.
Storebrand, a signatory to the United Nations Principles for Responsible Investment, is among a group of institutional investors that has lobbied top Norwegian firms to report to a public set of ESG standards.
Nergaard currently heads Storebrand Bank’s corporate department and was formerly a financial manager at DnB Nor. Nysteen quit late last month. The news comes as Storebrand swung to a first quarter profit of NOK278m.
Storebrand has also revealed that as of the first quarter it has excluded 90 companies from its investment universe, although it did not name them.
Fourteen were excluded over human rights, eight over corruption and seven over “severe environmental degradation”. Landmines, cluster munitions and nuclear weapons accounted for one, six and 14 companies while a further 14 tobacco companies wereexcluded. Some companies were excluded more than once.
Some 35 companies are excluded as they are among the 10% worst performers in high risk industries such as oil and gas, chemicals, textiles, metals and mining, marine, pharmaceuticals, electric utilities and paper and forest.
Storebrand engages with around 400 companies a year. It also engages on ESG matters with the third-party investment funds on its own ‘Link’ funds platform to increase pressure on companies. If the external funds’ response is inadequate, Storebrand may divest from them as a last resort.
It has also named 30 companies for best-in-class environmental and social performance. They are: Adidas-Salomon, BASF, Bayer, British Airways, Danone, DSM, EON, Fortum, H&M, Hydro, Iberdrola, Inditex, Nike, Neste Oil, Norske Skog, Novo Nordisk, Novozymes, Petroleum Geo Services, SAS, Skanska, Statoil, Stora Enso and Unilever. Link to exclusions page: