DENMARK - Danica Pension, the DKK241bn (€32.3bn) pensions arm of Danske Bank, is planning to roll out a new ethical investment policy from the end of next month, IPE has learnt.

A spokesman confirmed the pension fund is revising its ethical investment policy, but added details still have to be finalised and the full policy will be published at the end of September.

Public criticism of its holdings in companies linked to the manufacture of cluster bombs forced Danica to offloaded DKK103m of shares in such firms earlier this year.

Danske Bank did sign up to the UN Global Compact - a set of principles on corporate social responsibility - in August last year, but in February ethical watchdog DanWatch criticised Danica Pension for holding investments in four companies that make cluster bombs, or components of them - Raytheon, Lockheed Martin, General Dynamics and L-3 Communications - along with holdings in several other companies which it says harm the environment.

The complaint triggered widespread press coverage and public criticism. (See earlier IPE story: ‘Danica reacts to outcry on cluster bombs')

In a separate move, the spokesman also said the fund had reduced its equity allocation in favour of fixed income in the first half of the year.

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email