Excluded companies

Listed below are the companies that the Council on Ethics of the AP Funds recommended each AP-fund to exclude. The recommendation on exclusion includes listed subsidiaries.

AP4 has, in accordance with their values, excluded companies from its investment universe that are directly involved in the production or marketing of anti-personnel landmines and cluster munitions. Companies can also be divested if they violate the UN Global Compact and the OECD Guidelines for Multinational Enterprises and where dialogue with the companies has not led to improvements.

As part of an annual procedure, the Council on Ethics of the AP Funds urges all the excluded companies to act in accordance with international conventions.

List over companies that AP4 has excluced:

Company Year excluded Country Sector 
Aphria 2018 Canada Cannabis
Aurora Cannabis 2018 Canada Cannabis
Cannopy Growth 2018 Canada Cannabis
Elbit Systems Ltd 2010 Israel Aerospace and defence 
Freeport McMoRan Copper & Gold Inc 2013 United States  Metals and mining 
Hanwha Corporation 2008 South Korea  Chemicals 
Incitec Pivot Ltd 2013 Australia  Chemicals 
Innophos Holdings 2010 USA Chemicals
L-3 Technologies, Inc. 2008 United States  Aerospace and defence 
Larsen & Toubro 2015 India Industrial
Motorola Solutions 2015 United States  Telecom 
Nutrien 2014 Kanada Chemicals
Orbital 2008 United States  Aerospace and defence 
Poongsan Corp 2008 South Korea  Metals and mining 
Textron Inc  2008 United States  Aerospace and defence 
Walmart Stores Inc 2013 United States  Food and staples retailing 
Zijin Mining 2016 China Metals and mining


For more information about the excluded companies and details about the specific cases,
please read the Council on Ethics of the AP Funds annual reports.