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Active ownership and responsibility

15. October 2020

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PensionDanmark is a Danish non-profit labour market pension fund. The fund manages pensions under collective and corporate agreements and health care products on behalf of 23,000 businesses. PensionDanmark  is one of the 50 largest pension funds in Europe and currently has EUR 42 billion under management.

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PensionDanmark fulfils its investment responsibilities by means of active ownership. This means that the pension fund believes that attempting to steer a company in a sustainable direction rather than divesting if the company makes a mistake or fails to comply with international standards is the responsible approach. PensionDanmark exercises active ownership through dialogue with authorities and other stakeholders concerning societal challenges. The approach extends investment opportunities, while at the same time helps solve societal tasks such as the UN's global goals.

An example of how active ownership has led to action is the dialogue with Royal Dutch Shell, one of the world's largest oil and gas companies. Since 2003, PensionDanmark and other investors, has sought to influence Shell in a  sustainable direction. At the 2019 general meeting, a large majority of shareholders decided that Shell should meet the objectives of the Paris Agreement. Shell now recognises the need for efficient products associated with lower or no GHG emissions, and it has announced a 50 per cent reduction in emissions by 2050. PensionDanmark welcomes Shell’s efforts to limit the temperature rise. However, dialogue will continue as PensionDanmark seeks to promote further improvements on a number of topics, including issues related to occupational health and safety.