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Active Ownership Report: 2020 Danske Bank Asset Management January 2021 Active Ownership Report

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Active Ownership Report: 2020 Danske Bank Asset Management January 2021 Active Ownership Report When customers entrust us with their assets and savings, it is our duty to serve their interests by providing investment solutions with the goal to deliver competitive and long-term performance. Our firm commitment to Responsible Investment is an integral part of this duty. It is about making better-informed investment decisions – addressing issues of risk, problems, and dilemmas, and influencing portfolio companies through active ownership to contribute to a positive outcome. Active ownership – through direct dialogue, collaborative engagement and voting at the annual general meetings – is an important part of our ability to create long-term value to the companies we invest in and to our customers. We believe it is more responsible to address material sustainability matters as investors rather than refraining from investing when issues of concern arise, leaving the problem to someone else to solve. Our portfolio managers are the change agents who can impact companies to manage risks and opportunities. The aim of our Active Ownership Report covering three parts ‘Engagements’, ‘Collaborative Engagements’ and ‘Voting’ is to provide our customers and stakeholders with regular updates on our progress and results. The three parts of the report Part 1: Engagements Part 2: Voting Part 3: Collaborative Engagements 2 Where to get additional information Sustainable Investment Policy Our Sustainable Investment Journey click here click here Active Ownership Instruction Active Ownership Stories click here click here Voting Guidelines Proxy Voting Dashboard click here click here 3 Active Ownership Report, Part 1 Engagements This presentation is intended to be used as marketing material as defined by the European Directive 2014/65/EU dated 15 May 2014 (MiFID II) in Austria, Belgium, Denmark, Finland, France, Germany, Luxembourg, the Netherlands, Norway, Sweden, Switzerland and the United Kingdom. Engagements introduction We believe that fund-manager-driven dialogue with companies is the most effective as the investment teams are the experts of their respective strategies and portfolios, and tasked with the buy/sell decision. Our investment teams engage on a regular basis with companies on material sustainability matters to understand their risks and opportunities, and to support their growth and development. We log and monitor company dialogue and progress to ensure a structured engagement process. 5 In 2020, we have had the following engagement activities Companies 525 Country domiciles 42 ESG engagement topics 103 Interactions 845 6 Companies 525 Top 10 industries most engaged with Number of companies per industry (Sector in bracket) Banks (Financial) 52 Food (Consumer, Non-cyclical) 28 Real Estate (Financial) 26 Healthcare-Products (Consumer, Non-cyclical) 24 Commercial Services (Consumer, Non-cyclical) 21 Software (Technology) 20 Telecommunications (Communications) 19 Electric (Utilities) 19 Transportation (Industrial) 18 Chemicals (Basic Materials) 17 Note 1: The Bloomberg Industry Classification Systems (BICS) is used for sector classification Note 2: Eight companies lack BICS data 7 Country domiciles 42 Engagement with companies domiciled across the world 8 ESG engagements topics 103 Split between ESG engagement themes E S G Governance 31% Environmental 41% Social 28% 9 ESG engagements topics 103 Split between ESG engagement themes across regions E S G 32% 44% 24% Nordics 27% 36% 37% 35% Rest of the world 52% 28% 40% 13% Eastern Europe 32% Western & Southern Europe 10 ESG engagements topics 103 ESG engagements topics discussed E S G Anti-Trust Issues & Competitive Behaviour Responsible Drinking M&A Physical Impacts Of Climate Change Profit Warning Sustainable Products Palm Oil Production PPI Claims Sustainable Shipping Financial Accessibility Data Security Materials Sourcing & Efficiency Energy Transformation SDGs Executive Compensation Agriculture AML Issues & Handling GHG Emissions Share Buybacks Access & Affordability Sustainability Strategy Digitalisation Environmental Incidents Overboarding Labour Standards/PracticesCompliance Procedures Energy Consumption Employee Retention Regulatory Compliance Board Compensation Animal Welfare Corporate purpose Restructuring SDGs Future Fit Dividends Selling Practices & Product Labelling Indigenous Rights Data Privacy EU Taxonomy Critical Incident Risk Management Environmental Issues Business Ethics Plastic/Recycling Products Bond redemption Personnel Turnover Waste & Hazardous Materials Management Corporate Behaviour Product Quality & Safety Restructuring Sustainability Certificates International Norms & Principals Product Design & Lifecycle Management Sustainability Integration & Reporting Automation Decent Work & Economic Growth Air Quality Sustainability Targets Ecological Impacts Capital Structure Supply Chain Management Corporate Governance Circular Economy ESG Integration Resource Efficiency Research & Development Water & Wastewater Management Regulations Customer Education Environmental Supply Chain Systemic Risk Management Product Development Sustainability Ratings Environmental Regulation Technology Disruption Customer Welfare Board Leadership Energy Management Ownership Structure Employee Engagement, Diversity & Inclusion Sustainable Transports Impact Investment Biodiversity Board Composition Business Model Resilience Impact Of Tax Regulation ESG Issues In Fish Farming Political Risk Circular Economy Quality Management Food Safety Incentive Programs Digitalisation Customer Privacy Anti-Corruption Issues & Handling Management Of The Legal & Regulatory Environment Green Financing Employee Health & Safety Executive Composition Climate Neutrality SDGs Competence Energy Efficiency Corporate Disclosure Automation Sanctions Human Rights & Community Relations Accounting Green Buildings 11 ESG engagements topics 103 Top 7 ESG engagement topics discussed across themes E S G E S G Rank Topic Count Rank Topic Count Rank Topic Count Employee Health & 11 GHG Emissions 128 11 88 11 Dividends 68 Safety 22 Energy Efficiency 72 22 Access & Affordability 56 22 Capital Structure 66 Business Model 33 Energy Transformation 71 33 53 33 M&A 57 Resilience 44 Circular Economy 63 4 Customer Welfare 46 44 ESG Integration 56 Supply Chain 55 Green Financing 56 5 42 55 Restructuring 32 Management Product Quality & Sustainability Integration 66 Sustainable Products 42 6 37 66 31 Safety & Reporting Product Design & 77 Digitalisation 36 7 37 77 Business Ethics 24 Lifecycle Management 12 ESG engagements topics 103 Most frequent ESG engagement topics discussed E S G 128 88 71 72 66 66 68 68 57 53 56 56 56 Business Model Green Access & ESG Integration M&A Capital Circular Dividends Digitalisation Energy Energy Employee GHG Emissions Resilience Financing Affordability Structure Economy Transformation Efficiency Health & Safety 13 Interactions 845 Top 10 and interactions distribution across Nordic countries & regions Rank Country Count 1 Sweden 178 2 Norway 118 3 Denmark 71 4 United States 60 5 Germany 50 49 6 United Kingdom 49 118 7 Finland 49 8 Russia 48 178 Region Count 9 Switzerland 35 Nordics 423 Western & Southern Europe 262 10 Netherlands 32 71 Rest of the world 103 Eastern Europe 57 14 Interactions 845 Most commonly addressed ESG engagement topics across geography Ownership Structure Employee Health ESG Issues In Dividends & Safety Fish Farming Energy Efficiency Capital Dividends Structure GHG Emissions GHG Emissions Capital ESG Integration Structure GHG Energy Dividends Emissions Efficiency GHG Emissions GHG Emissions Circular Employee Health Economy & Safety M&A Employee Health & Safety Capital GHG Emissions Structure Management Of The Legal & Regulatory Environment Energy Transformation 15 Interactions 845 Company interactions by meeting type and participants Share of meeting types Share of meetings by participants 34,4% With other investors 48% 23,9% 18,5% One-to- one 12,1% 52% 4,4% 3,9% 1,5% 1,3% CEO IR CFO Other Executive Vice Corporate Treasury Board of President Sustainability directors 16 Top 3 ESG engagement topics GHG Emissions is the 1st most common Sector: Utilities topic for our portfolio “Discussion about decreasing dependence on managers to engage coal and lowering CO2 emissions.” with companies on. 128 Sector: Industrial engagements among the total of “Company’s target to reduce GHG emissions.” 845 Sector: Basic Materials GHG Emissions “Discussed about company’s CO2 footprint are emissions into earth’s reductions through procurement of renewable atmosphere of any type of energy and process optimization including various gases contributing energy efficiency investments.” to the greenhouse effect. GHG Emissions addressed 17 Top 3 ESG engagement topics Employee Health & Safety is the 2nd most common Sector: Consumer, Non-cyclical topic for our portfolio “Company’s actions to protect employees managers to engage during Covid-19.” with companies on. 88 Sector: Basic Materials engagements among the total of “Discussed about employee safety, operational safety and preparedness related 845 to Covid-19.” Employee Health & Safety Sector: Consumer, Cyclical focuses on creating and maintaining safe and healthy “Safety for workers in connection to workplace environment that is production start up after Covid-19.” free of accidents, injuries, Employee Health & Safety addressed fatalities, and illness. 18 Top 3 ESG engagement topics Energy Efficiency is the 3rd most common Sector: Consumer, Cyclical topic for
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