Active ownership and restricted investments
An important part of our work with responsible investments is active ownership as described in our policy for active ownership. That implies that we work to encourage the companies, in which we invest, to act and develop according to our policy for responsible investments
Engagement
Engagement is a cornerstone in P+'s active ownership. When we engage with listed companies, it is primarily done in cooperation with other investors via global investor cooperations. This way we have a bigger say. P+ cooperates with the English advisory firm EOS (Equity Ownership Services) that specialises in screening, engagement and voting with listed companies.
Besides the cooperation with EOS, we may prioritise to engage directly with chosen companies, just as we are in continuous dialogue with both investment managers and unlisted companies.
You can see the latest list of companes that EOS has engaged with here, and an archive of our engagement via EOS here
Voting
We use our influence by voting at listed companies' annual general meetings. In 2023, we voted on almost 35,000 proposals at just under 3,200 annual general meetings. Our online voting system is updated on a daily basis, and here you can see how P+ has voted. You can find the voting system here, and you can read more about our approach to voting here
Observation list
As a part of our active ownership, we can place companies on our observation list. This implies that we intensify our engagement or monitor the companies closely. As a part of our climate targets, we exercise e.g. active ownership towards the 20 largest CO2-emitting companies in our portfolio. You can see the latest version of our observation list (only available in Danish) here
Deselection
In P+ we see deselection as one of many tools in our tool box - and not as an objective in itself. If engagement is pointless, we can deselect companies. But we prioritise active ownership as far as it is possible. And we go through our restricted list regularly to assess if the companies have improved enough for us to invest in them again. This way, we believe to support an actual transition and development in the best possible way.
When a company or a country are placed on the restricted 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.
Deselection of funds in unlisted companies as well as companies owning forest, 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