Active ownership and deselection
An important part of our work on responsible investment consist of exercising ownership as described in our Policy for active ownership. That means that we work to influence the companies in which we invest to that they develop in accordance with Policy for responsible investment.
Engagement
Engagement is a cornerstone of P+'s active ownership. When we engage with listed companies, it is primarily done in cooperation with other investors through international investor initiatives. This way, we speak with a louder voice. P+ cooperates with the English consultancy EOS (Equity Ownership Services) that specialises in screening, engagement and voting in relation to listed companies.
Alongside the cooperation with EOS, we may prioritise to engage directly with selected companies, and we are also in ongoing dialogue with both fund managers and unlisted companies.
You can see the latest list of companies that EOS has engaged in dialogue with here
Voting
We regularly use our influence by voting at listed companies' annual general meetings. In 2024, we voted on almost 37,000 proposals at close to 3,500 annual general meetings. Our digital voting portal is updated daily, and here you can see how P+ has voted in each individual case. You can find the voting portal here, and you can read more about our approach to voting here
Watch list
As a part of our active ownership, we can place companies on our watch list. This means that we intensify our engagement or monitor the companies closely. As a part of our climate targets, we exercise active ownership with the largest CO2 emitters in our portfolio. You can see the latest version of our watch list (only available in Danish) here
Deselection
In P+ we see deselection as one of many tools in our tool box - and not as a goal in itself. If engagement is pointless, we may deselect companies. But, we prioritise active ownership wherever possible. We also continuously review our restricted list to assess whether companies have improved to the point where investment may be considered again. This way, we believe we best support genuine transition and development.
When a company or a country is placed on the restricted list, no further investment must be mad in the company or the country's government bonds. And when the market conditions reasonably allow, the pension fund must divest from the investment.
Deselection of funds of unlisted companies as well as companies owning forestry, infrastructure and real estate can often only be done in agreement with other investors in the fund.
You can see the latest version of P's restricted list (only available in Danish) here