Voting behaviour of Norwegian investors Analysis of active ownership strategies on selected ESG resolutions Juliette Laplane and Stefanie Geurts 19 January 2021 About this report This report has been commissioned by Fair Finance International. Fair Finance International (FFI) is an international civil society network of 70 CSOs, initiated by Oxfam, that seeks to strengthen the commitment of banks and other financial institutions to social, environmental and human rights standards. Currently Fair Finance International has set up local coalitions in 14 countries worldwide. This report is part of a research project conducted simultaneously by three Fair Finance coalitions: Norway, Germany, and Japan. The objective of this research is to assess the voting behaviour of large investors on ESG related resolutions. This report presents the findings of this research for the largest investors in Norway. About Profundo With profound research and advice, Profundo aims to make a practical contribution to a sustainable world and social justice. Quality comes first, aiming at the needs of our clients. Thematically we focus on commodity chains, the financial sector and corporate social responsibility. More information on Profundo can be found at www.profundo.nl. Authorship This report was researched and written by Juliette Laplane and Stefanie Geurts with contribution of Alaia Moreno. Correct citation of this document: J., Laplane, J. and S. Geurts, Voting behaviour of Norwegian investors - Analysis of active ownership strategies on selected ESG resolutions, Amsterdam, The Netherlands: Profundo. Front page cover photograph by Element 5 on Unsplash. Disclaimer Profundo observes the greatest possible care in collecting information and drafting publications but cannot guarantee that this report is complete. 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Page | 2 Contents Summary ....................................................................................................................................... 5 Abbreviations ................................................................................................................................ 7 Introduction ................................................................................................................................... 8 Methodology ......................................................................................................... 10 1.1 Objectives of the study ........................................................................................... 10 1.2 Selected financial institutions and their asset managers ......................................... 10 1.3 Selected ESG resolutions ...................................................................................... 11 1.4 Research design .................................................................................................... 11 Desk research ........................................................................................................ 11 Survey .................................................................................................................... 12 Scoring model ........................................................................................................ 12 Research steps ...................................................................................................... 13 Limitations of the study ........................................................................................... 14 Main findings ........................................................................................................ 15 2.1 Responsible voting score ....................................................................................... 15 2.2 Main findings .......................................................................................................... 17 Assessment per investor ..................................................................................... 20 3.1 Danske Bank .......................................................................................................... 20 Profile ..................................................................................................................... 20 Voting policy ........................................................................................................... 20 Results ................................................................................................................... 21 3.2 DNB ....................................................................................................................... 21 Profile ..................................................................................................................... 21 Voting policy ........................................................................................................... 22 Results ................................................................................................................... 22 3.3 Eika Kapitalforvaltning ............................................................................................ 23 Profile ..................................................................................................................... 23 Voting policy ........................................................................................................... 24 Results ................................................................................................................... 24 3.4 Handelsbanken ...................................................................................................... 24 Profile ..................................................................................................................... 24 Voting policy ........................................................................................................... 25 Results ................................................................................................................... 25 3.5 KLP ........................................................................................................................ 25 Profile ..................................................................................................................... 25 Voting policy ........................................................................................................... 26 Results ................................................................................................................... 26 3.6 Nordea ................................................................................................................... 27 Profile ..................................................................................................................... 27 Voting policy ........................................................................................................... 27 Results ................................................................................................................... 28 3.7 ODIN Forvaltning ................................................................................................... 28 Profile ..................................................................................................................... 28 Page | 3 Policy ..................................................................................................................... 28 Results ................................................................................................................... 29 3.8 SpareBank 1 Forsikring .......................................................................................... 29 Profile ..................................................................................................................... 29 Voting policy ........................................................................................................... 30 Results ................................................................................................................... 30 3.9 Storebrand ............................................................................................................. 32 Profile ..................................................................................................................... 32 Voting policy ........................................................................................................... 32 Results ................................................................................................................... 32 Conclusions & recommendations ....................................................................... 34 4.1 Conclusions ........................................................................................................... 34 4.2 Recommendations to investors .............................................................................. 35 Appendix 1 Selected ESG resolutions .................................................................................... 37 Appendix 2 Voting results per investor per selected ESG resolution .................................. 40 Appendix 3 Investors’ exclusion of companies with selected ESG resolutions ................. 44 List of tables Table 1