Ethical guidelines

For our foreign investments, we follow the recommendations of the council on ethics for the Government Pension Fund Global (the norwegian sovereign wealth fund) but can draw stricter conclusions

In addition, Fondsfinans Kapitalforvaltning has chosen to exclude:

  • Companies that produce weapons of mass destruction or weapons that particularly affect civilians
  • Companies that have a significant part of the business related to production of weapons
  • Companies that produce pornographic material
  • Companies that have gambling as their core business
  • Companies that are producers of spirits

Furthermore, we have chosen to be cautious about investing in:

  • Companies that are associated with the production and marketing of wine and beer

We do not seek to invest in companies that:

  • Contributes to serious or systematic violations of labor and human rights, serious environmental damage, serious corruption or to other violations of basic ethical standards.

Before an investment decision is made, the portfolio-manager is required to check whether the activity of the company in question may be in violation of our guidelines. If a company in which the funds have invested violates our guidelines, the holding will be disposed of in a manner that best safeguards the interests of the unit holders. As part of our risk analysis, we assess the company’s social impact and its focus on ESG (environment, social and governance).


Fondsfinans Kapitalforvaltning has signed UNPRI. This implies that we strive to be aligned with their “principles for responsible investment” and report our progress on this journey.