AP7 set to blacklist construction company
SWEDEN- Sweden’s AP7 default fund looks set to blacklist NCC, a construction company that has admitted illegal collusion with competitors over tendering for road building projects.
Richard Grottheim, executive vice president at AP7, says there is a high probability that NCC will fail the fund's SRI criteria at the next portfolio screening in July.
Although AP7’s holding in NCC amounts to only Sek3.5m (e0.4m), the likely decision to offload it demonstrates the fund is serious about pulling investment in companies not meeting its SRI requirements.
Last June it blacklisted 30 companies from its equity portfolio following a scathing report on their environmental and ethical records.